Well, after my MA graduation, I received a gift card to Moo.com to print my business cards, and an engraved business card holder.
(British side track: I got my graduate scarf as well).
Other things: a leather padfolio for interviewing (maybe with the university seal on it?), a nice leather day minder?, if they're going into university teaching/ academics maybe help them purchase their academic dress? (hooo boy was THAT expensive.. Ede and Ravenscroft got a large chunk of cash from me)
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Buy the ticket, take the ride!
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