Interesting thread.
<soapbox on>
I come from a Computer Science educational background. Colleges offering Computer Science have NO business teaching COBOL and never did (except perhaps smatterings of COBOL in a Programming Languages or compiler design class). Their focus is on broad, theoretical topics related to the underlying science of computing, not on purely practical topics. A CS major ought to learn about operating systems, programming languages, algorithms, numerical methods, data structures, computer architecture, data base theory, and computer networking, among other things. None of these is particulary practical in terms of getting a job as an applications programmer. However, a CS degree is excellent preparation for any number of practical careers, including COBOL programming if that's your thing.
To carry that a step farther, any baccalaureate program needs to teach its students in broad brushstrokes and not in narrow niches. It's OK to teach COBOL, but not as an end in itself. It ought to be done in the framework of a degree in MIS (or whatever its called these days) and ought to include training in other related skills (e.g. accounting, data base design, systems analysis), languages (e.g. java, VB), and tools. The key point is to produce graduates who know how to think and how to learn and who have a solid, well-rounded foundation to build on. That way they can learn the language du jour and specific business practices on the job as they need them.
My present employer is a bit of an anomally. We have been training 30-45 or so new college graduates in mainframe skills every year for the past 10 years. Most of the 400 or so graduates of that program are still employed here. We also employee a huge number of mainframe contractors for multi-year contracts. In my group, the FTE/Contractor ration is 55/45. Yes, many of us are old and gray, but we do have a good bit of new blood. AND we're also pushing the frontiers of mainframe programming as we delve into SOA, Linux on the mainframe, etc.
We're ALWAYS looking for good mainframe talent and we have a hard time finding it. I'd guess 80% of the mainframe COBOL programmers whose resumes pass initial screening can't satisfactorily pass even a cursory technical interview on COBOL, CICS, JCL, and DB2. The point I'm trying to make is that many of us have an outsized view of our own knowledge and abilities. Remember the old saw about the guy with 30 years of experience who really had 1 year of experience 30 times. If you're not paying attention, its easy to let your skills atrophy or become completely invested in your particular company's standards, tools, etc. I think that in the long run it pays to broaden your skills and invest in keeping your technical skills sharp even if its just within the framework of COBOL applications development on the mainframe.
<soapbox off>
Regards,
Glenn