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software engineering would probably be the cs specialization that's declining the most in employability (due to oversees outsourcing).
If you have a phd in cs, you probably wouldn't have to worry about a job, but I think that networking and systems administration is the only cs/engineering field that isn't becoming less employable.
But, management information systems is the most employable of all the specializations, because good IT managers are always in high demand.
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