As a relatively new MSME myself I can't answer your specific questions, but I can give you some general advice. Hopefully, my observations and advice will be useful to others too.
If you haven't applied more many jobs yet, you might not like what you find. I received my MSME in the spring of 2010 and have yet to land a job. The job market is saturated with unemployed engineers who have decades of experience. Until these people find jobs, the prospects for most new graduates will remain pretty grim. After massive layoffs, companies have learned they can do just as much with fewer people, and so corporate profits have rebounded without the job market following. With few definite things on the horizon to spur real GDP growth, I expect this situation to persist for the foreseeable future.
To have a good shot at getting hired, a new graduate needs to possess all or most of the following (in order of importance):
1) A minimum GPA of 3.5
2) A degree from a well-regarded university
3) A strong Internet/social media presence
I haven't done well in any of these aspects, and consequently I get no response to nearly all the applications I fill out. I kid you not, I'm happy to get one response from a human for every 100 applications I submit. I've gotten two interviews so far and no offers after hundreds of applications.
I knew when I started college that choosing the right university and having a high GPA were important, but at the time they weren't as important as they are now. I chose a good, but not great, school to save tuition costs. I maintained a good GPA, but didn't torture myself chasing a stratospheric GPA, because anyone at the time could get a job with a 3.0 GPA. Also, I have a love and passion for engineering, science, and math and didn't feel like I needed to show off by getting a 4.0 GPA from MIT. Alas, that was before we ended up in this job market quagmire.
These folks with super-high GPAs from elite schools will generally be hired first. Most average engineering students are shut out of the job market for now. If you don't meet these criteria, you might consider doing something else for now. As for myself, I've been serving coffee at the local coffee house for the past six months. I can't help but laugh that a girl I went to high school with, who was in special education classes and never went to college, is now my boss. She's the manager and makes well over double what I do. She drives a new convertible to work. I drive the same rusty 3-cylinder Geo Metro I had in college.
I can't stress enough how important social media has become for job seekers. I haven't done well in the social media arena because I don't want to give up the privacy that participation in social media demands. I've spoken to several hiring managers I know personally, and one of the first things they do after glancing at your resume is Google you. If they find anything negative or you don't appear on the first search results page at all, they move on to the next resume. You need to be on Facebook, Twitter, and LinkedIn at a minimum. You also need to participate vigorously and have lots of friends, followers, and connections. Hiring managers are increasingly checking your Klout and PeerIndex scores. If you don't believe it, read
this.
Participating in Facebook, Twitter, and LinkedIn is just a minimum. You need to have a bigger Internet presence to really compete. If you wrote a thesis, make sure it is accessible on the Internet. Write conference papers and journal articles that Google Scholar can find. File patent applications for Google Patents to find. Have a personal website with information about you, your resume, and details about projects you have worked on. Have a blog and update it often. Try to get something you did Slashdotted or at least featured on Hack a Day. In short, Google can make or break your career.
Keep in mind a lot of jobs ads are actually fake. Companies prefer H-1B workers and will post these fake job ads to help show they can't find qualified American workers.
This video shows how it works. I wish I knew how many of these jobs I've applied for.
If you can make all these things come together, you have an excellent chance of getting hired even in this awful job market. If you can't make it all work for you, don't give up. You never know--you might get lucky. Maybe you can do well in an interview and have a good rapport with the interviewer. Never give up.
Good luck,
T0rque