As the knowledge base expands, professionals in that field must specialize. In that sense, keeping up is no more or less difficult than it has always been provided we are selective. The days of knowing everything about IT were over by 1985 and it's time to accept that and adapt.
Basic education has changed very little: Freshman still need binary and introductory programming courses. It does take longer to teach just the basics that every IT professional needs so there's less room in the degree plan for specialization, so choices get driven into either OJT or graduate school. Students entering do know more, so introductory level courses are more advanced than in the past, but we're still pressed to get it all in.
Students don't know the things you think they should? Talk to professors and department heads and find out why before going curmudgeonly.
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