The purpose of the study was to examine and compare students’ job opportunity expectations in the programmes offered in two business schools in Tanzania in relation to industry demand, professional specialization, and demographics before graduation. The extent of students’ satisfaction with the knowledge, skills and competencies acquired were determined. The need for managing students’ job opportunity expectations is suggested. A cross-sectional survey covering a total of 192 first degree final year students from the Institute of Accountancy Arusha and the College of Business Education was conducted in June 2013. The students’ job opportunity expectations (dependent variable) were sought using a survey instrument consisting of demographic information items and the job expectations after completion of studies. The job expectations items were measured on a Likert scale anchored at 1(not at all easy/none) to 5(very easy/ plenty). Varying job opportunity expectations from the firstdegree final year students according to professional specialization and demographic variables were observed. It is recommended to business schools to continuously study the job market trend/industry needs, link with the industry and appropriately guide and counsel students about the industry status. A continuous management of students’ job opportunity expectations is emphasized.