At an early point in the film The Paper Chase Professor Kingsfield tells his students in his Contract Law class at (a close copy of) Harvard Law School that they teach themselves the law, but he teaches them to think.
And this is an important element of higher education. A university should not be concerned with training but with education. What a university should be doing is developing high level skills - the ability to evaluate, to analyse, to synthesise, to inform and convince, and to apply. These are all skills that are vital for effective performance at tactical and strategic organisational levels and can be important in operations. Anyone entering a university should be aware that the acquisition of these skills is the real purpose of tertiary level education and that the subject area is the context within which they are developed.
There is no reason why any subject area may not be an appropriate forum for higher-level skill development - even Theology (or media Studies, for that matter). To the best of my understanding, Theology is not taught as a belief-enhancing subject but as an aspect of human behaviour and culture which is worthy of involved study and investigation and which does not require the holding of any beliefs. A Theology department could be staffed entirely by atheists and still be effective. The important considerations are the depth and complexity of the subjects being studied and the fact that they are amenable to investigation, analysis and argument.
The majority of graduates do not find employment related to the subject areas they studied, and most of those do, eventually rise above the operational levels of their organisations to become administrators away from the detail of their academic subjects.
Providing the high-level cognitive skills have been acquired, a Theology graduate should be as capable as an English, or History, or Mathematics, or Biology or Geography ... or even Media Studies ... graduate of being an effective manager.
One of the problems of the massive expansion in university places that took place a couple of decades ago is that all university entrants are not necessarily well-fitted to higher education. That was a shallow political move to reduce levels of structural unemployment. A further problem with higher education has been the introduction of fees - this has resulted in students perceiving themselves as consumers of a product (teaching) rather than as participants in the process of learning.