There are many, many graduate exhibitions, too many to mention here. But you can get information for Penn shows here and for Tyler here. Artblog does a good job of covering young artists in Philadelphia including the graduate shows.
Above image from PAFA The Pennsylvania Academy of Fine Arts, MFA graduate Karen Baumeister. Detail of her painting "Green, It's Good for You." Acrylic on canvas 68 x 64 inches, 2007. Her work can be seen at the Second Floor Tuttleman Sculpture Gallery. Preview party info. Free public reception info.
