As someone who has been stalking the game audio and game composition job openings for the last three years I can say this: You're probably not getting hired in this capacity right out of school. The postings companies have had have universally been for SENIOR sound designers in positions that "require" 5+ years of industry experience or equivalent.
Talking to guys in the industry it seems most people move sideways into the gaming industry from straight recording gigs in music and film. I can't authoratatively back this because I'm not working in the games industry but I don't know if entry level positions in this dicipline even exsist. To break into this scene I'd advise, as I've been advised by others, to get in with a mod team and do some sound design so amazing it just can't be ignored. THEN try to get companies to look at your portfolio (and your mod) for the only positions they have: Senior Sound Designer.
All this comes back to education. If you're getting an education and thinking in terms of a 4 year degree followed by a job search Audio is a very dicey prospect (as is anything in music due to market saturation). If you're thinking in terms of 10+ years of post secondary schooling, a terminal degree, and cooling your heels as a professor for a while doing enthusiast mod work on your spare time then Audio is more up your alley. Alternately becoming wildly successful in another area of Audio is a proven method of breaking in.