Very interesting post indeed! (BTW, who cares if I get into B-school or not? Just going through the process has helped me broaden my views substantially).
I'm going to add to this discussion based on my experience with the educational system in Argentina. In case you don't care (and I understand if most of you don't), just skip this post.
a) The system does not allow for Major / Minor, double Major, no Major, etc. You study for a specific degree from day 1 (Eg: Engineer, lawyer, psychologist, Medicine doctor, philosopher, Architect, etc.). You can transfer to another degree later on, but it will take you longer, unless you transfer early on in between related degrees. For eg: if you want to transfer from Accounting to Business Administration, you can do so around year 3. Between Electrical an Industrial Engineering during year 2. But to transfer between Medicine and Law you would probably need to go back to year 1.
b) Electives are usually restricted to Senior year (usually 5th or 6th year).
c) Recruiters limit degree diversity much more than in the US (from what I've read here or elsewhere). While some degrees overlap, it is almost unheard of, for eg, an English major landing a job in finance. Finance would be typically restricted to: Economists, Business Admin Bs and to a lesser degree Accountants and maybe some Industrial Engineers.
d) Social sciences (eg: History, Literature, Sociology) degree holders are mostly limited to: teaching, writing (journalism, etc.), etc. HR departments may recruit some Sociologists / Psychologists and Psychologist can always work at hospitals or privately but it's almost unheard of, for example, a History degree holder becoming a CEO of any company but his own.
e) State run universities are free and well respected (paid for by taxpayers), so some people "experiment" with different choices for a few years.
f) Law is a 6-year degree, not grad.
g) English (or Spanish) degree holders usually work as teachers / translators or something like that.
To conclude, most students need to figure out the type of job they would like to land before enrolling into university. Or at least well in advance from graduation.
Most social sciences graduates are usually pursuing their passions, but they do so knowing that their salary prospects are most probably greatly diminished for years to come.
"What was the point of my post? Is it clear enough? -Probably not, but I've written so much that I'm not going to delete it-".
Cheers. L.