Quite agree with Folkiedave. We also have to remember that these students aren't just there to learn the music: they need the wherewithal to build a career and for some that will mean they have a qualification that allows them to teach in fallow periods when performing doesn't pay the mortgage (just like classical and jazz/popular music graduates). Good thing - surely this ensures we have the tools with which to continue and extend the tradition?   

Congrats to the graduates.