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From my undergraduate experience at Stanford, studying chemical engineering has been about building a broad foundation of engineering knowledge for postgraduate education or a career in a wide range of scientific fields--from oil and energy, to pharmaceutics and biotechnology, to (what I'm interested in) semiconductors and electronics development.
A chemical engineering student should try to get summer jobs in the chemical engineering field (which is usually done through the college placement office), as well as participate in co-op programs that alternate a semester of study with a semester of work.