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A recent study says they don't.

An organization called Cap & Compass, which teaches "life skills" seminars at U.S. colleges, found that 73 percent of college students don't feel college prepares them for the real world when it comes to their finances and other experiences they are likely to have those first few months out of school.

Most say they learn about things like taxes, 401(k)s and credit card interest either through friends or trial and error.

With college graduation just around the corner, Cap & Compass is marketing its book, "life after school. explained" as the perfect gift for graduating seniors.

"We wanted to create a book that was helpful, but we didn't want to fill the pages with boring drivel," said Jesse Vickey, one of the book's authors and co-founder of Cap & Compass.

The challenge was to take seemingly dry and confusing topics, like health insurance or mutual funds, and explain them in a way that's both clear and entertaining, Vickey said.

Some of the chapters include:

-- Avoid Looking Stupid at Dinner. "Snobby wines, odd food and three different forks are the recipe for looking stupid," the chapter begins.

And since 85 percent of your job success is who you are, and 15 percent is what you know, the chapter focuses on decoding the business dinner.

For one thing, you're not there to eat, the authors say. "A work dinner is a social occasion with an agenda," where deals are closed and client relationships are formed.

Follow the lead of your host, which is usually your boss, and brush up your conversational skills.

The authors take readers step-by-step through the meal, from the handshake (find a happy medium between The Fish and The Gorilla) to which utensils to use and when.

-- Love Your Money. Most students have led a sheltered life when it comes to money, relying mainly on their parents for it during their college years.

This chapter explains the basics of earning and paying interest, checking and savings accounts, CDs, stocks, bonds and mutual funds.

A good portion is spent on credit cards - not just the dangers but the perks as well. It explains the importance of paying off monthly balances and finding a card that pays rewards.

The chapter also focuses on something familiar to many new graduates - student loans. There are a number of secret perks for student loans. Some lenders give discounts for direct deposit payments, for example.

-- Getting Your Apartment. This experience varies tremendously from city to city, but the authors give specific apartment hunting tips for New York City, Boston, Atlanta and Washington, D.C.

Recent graduates tend to look forward to finally living on their own, but roommates can significantly cut the cost of rent. "The bathroom and kitchen are the most expensive rooms in an apartment," it says.

The chapter also discusses the importance of having good credit. Even no credit is bad credit, they say, because you haven't proven you can pay your bills on time. "No credit is like having cooties but not even realizing it."

Be prepared to pay at least one month's rent up front and various security deposits, the book advises. The authors also delve into the intricacies of apartment hunting in New York and Boston, where using brokers and supplying references from previous landlords is the norm.

Finally, carefully examine the lease for such things as which party is responsible for fixing appliances, the length of the lease, rate increases and privacy rights.

-- Translating Day 1 at Work. Your first day on the job isn't that different from your first day of kindergarten, except everyone shaves and Milk Time has been replaced with Happy Hour, the chapter begins. It goes on to discuss work attire, HMOs and PPOs, 401(k)s and That Tax Form (the W-4).

The two dress codes - business professional and business casual - are explained for both men and women.

Business professional for men means wool suits. Buy at least two and keep them basic. "You may thing you look good in the olive green, but after a few weeks you'll be known as Olive Green Suit Boy." For women, the "hangar rule" applies. Buy your entire outfit off one hangar, don't mix and match jackets and skirts, in the business professional environment, it says.

As for business casual, the book says to always overdress for the first day of work. "Buy the majority of your wardrobe after your first day of work," to see what others in the office are wearing. No matter what, always tuck shirts in, don't reveal too much skin and always iron your clothes.

One of the first people you'll meet the first day is the human resources manager, who will go over important matters like health insurance. The chapter explains insurance jargon like deductible, co-payments and pre-existing condition. It also summarizes the differences between the two most prevalent health insurance plans - the HMO and PPO.

The greatest perk, the book says, is the 401(k). It allows your money to grow tax-free until it is taken out and is especially good for new college graduates, who tend to have little self-control when it comes to saving money, the authors say.

Finally, the chapter explains the confusing W-4 form, which basically lets you decide when you want to pay your taxes to Uncle Sam. "Many people always put down a zero on the form because they like to get back a refund at the end of the year," but this is a bad idea, the authors explain.

In order to get money back at the end of the year, you'll have to have had paid too much in taxes over the course of the year. "The refund was your money from the start. It's like getting your old sweater as a birthday gift."

You should always put down at least a 1 or 2 on your W-4. Otherwise you're passing up an opportunity to earn interest on your own money, it says.

-- The Least You Need to Know About Taxes. For many people, their first paycheck was a shocker. They weren't expecting to give away 30 percent of their money to things like Social Security, the book says.

It also discusses tax brackets, retirement accounts and special deductions for college graduates (student loans and moving expenses).

The book ends with tips on moving, auto insurance, buying or leasing a car, rental cars and engagement rings.

For more information on Cap & Compass and their new book, go the Web site www.capandcompass.com.

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