A designer needs to a jack of all trades and a master of none - it seems that's the way the situation is. It's daunting to prospective candidates as companies make one feel under qualified to do the job. I'd rather be a master of one medium as it's my strenght, than to be all over the place and feel as if I have under-achieved on many projects.

What about being multi skilled and still specialize in one particular skill.

Very cool plan, it has served me well, but don't forget to keep your main skill sharp because in the computer design world things happen fast.

Look, to understand the management of a company, one must become the management of a company. Let's put it this way, if I owned my own design studio for instance, I too would want to employ an all-rounder...it means I have to fork out less for you to keep me happy. Simple! Should I start employing specialists in print, web, interactive, 3d and all that good stuff...my company would run at a loss just from paying salaries. Welcome to the real world...it's so cruel!

Whilst I agree that the quality of the work output from a 'specialist' would be higher if it was in his/her speciality field, there is also the problem of being so specialised that you don't have that many opportunities to use that knowledge. It is far better to have a grounding in overall design from conception thru' design to print so as to have the maximum exposure to possible work opportunities. You could end up being specialised in sitting around doing nothing! lol
I cut my teeth as a junior copy-writer in a (now defunct) ad agency in the early 80's, from there I moved up to lay-out artist, PMT machine operator, etc. learning all the way.
I eventually found out that my forte lay in conceptual design and in 2D rendering and design of 3D product packaging. What I'm trying to say is that before computer-based desing courses we had to draw camera-ready artwork by hand, and be available to help out where we were needed and we were trained to be able to do just that - was the work output "thin" - I don't know, just how many Jumbo Golf II's were sold in the Eastern Cape(that was one of our accounts)? I suppose some areas need certain levels of expertise and, if you can crack the nod, you will eventually be head-hunted for what you can do by somebody that needs that specific talent. I love the whole process from talking to the client to getting the finished job back from the print-shop.

Being an all rounder depends on ones level of skills.If a person is at Junior level,to be an all rounder becomes more beneficial to them to acquire more skills, because at that stage a person cant pin point their strengths. At a long run they know what they are good at and start putting more effort and follow that root. That is when they become specialist.
Its like at high school , your first year you are taught almost all subject and as you move standards you get to know which subjects you master and follow them.

I do agree with you to a certain extent. In order to get the best creative results one should specialize in one or two things. However, the design industry is growing so fast and everchanging software (some better - some worse) that its not really feasible to be single minded about these things.
I also believe that by making yourself or becoming an all-rounder makes you more "employable". Who out there has lately been looking for work? It is not easy anymore, even with proper qualifications and experience. The compitition is always stiff and literally hundreds of people apply for the exact same position. Thus by making yourself more employable, you stand a much better chance.
Besides, the more you know and the more you are capable of the better. One should always try to improve on yourself and your situation. Become an expert in more than one area.
Unlike a race-horse you are not forced to look in one direction only. You are doing it to yourself.
I am a computer graphic artist by trade, not only do I do print design, but also digital design, general office admin, sales, purchasing, marketing, video editing, etc etc etc... I push al my effort and concentration on the job at hand. This makes me successful in everything I do.

I agree

i have been knocking at almost every agency and web design company's door since transmigrating from (top salary paying) Cape Town to Durban.. had to eventually settle for a job in customer service with a cellular network.

have since started working from home, and the work just comes.. God knows where from.. this since i let out that I CAN design..

Now even the customer service division of teh cellular network is bypassing their agency and i get commissions to do work for them...

some agency's loss...