Although computer science, information systems, and information technology educators often do an exemplary job of preparing their students for jobs in industry or for further education, there are still many areas where these students do not possess the necessary skills or knowledge based on the expectations of employers or academia. These gaps between the abilities of graduating students and those expectations can prevent them from succeeding in their careers. This paper presents the results of a systematic literature review conducted to determine which areas graduating students most frequently fall short of the expectations of industry or academia. The results of this review indicate that graduating students are lacking in many different areas, including technical abilities (design, testing, configuration management tools, etc.) personal skills (oral and written communication, teamwork, etc.) and professional qualities (e.g. ethics). By raising awareness of these areas, it is possible for educators to become aware of areas where students most frequently fail to meet expectations and to make curriculum changes or other adjustments to address these problems.