I recently graduated with a BFA in Studio Art and have been wondering the same thing.
Although I haven't gotten a job and am still working as a cake decorator, there are jobs that seem to vaguely employ my skills (although they are all a bit of a comprimise:)
so far I have found:
studio art director in advertising firm
creative director (film)
Technical drawings (in my case a crane company... Snore)
Marketing/advertising
Layout
There are a lot of jobs for web designers
wall design - professional wall finishing, leaving, murals
Also, you can work in a gallery but most of those jobs are unpaid.
I have seen some people make money selling cheap paintings on e-bay, but lets face it their art is tacky and caters to a specific crowd.
I have found one thing that lets me do my art for money successfully, but it is not steady and takes a lot of self-management and that is freelance jobs. It seems like someone always needs an artist for somthing thats a bit odd. In the last four years (freelance) I have:
made decorative maps
painted murals
illustrated children's books
painted portraits
wedding photography
been commissioned for living room art
drew patent drawings ($$$)
if you do go the freelance route, it is more challenging and creative but you have to be vigilant about charging enough money, and take into account that its not stable and you don't get any benefits. If you decide to do freelance you should probably also have a part-time job. You can, for example, teach school and work freelance during the summer.
You can look for freelance jobs on
www.craigslist.com and your school career services should also have a listing.