The London School of Economics reports on the replacement of Tier 1 PSW visa.
When PSW Visa scheme closes, there will be a new scheme under Tier 2. You will need to find a sponsor in the UK, obtain a graduate level job and earn a minimum of £20,000. You will have to do this before your student visa expires. This is similar to the Tier 2 (General) route. The main difference will be that your employer will not have to pass the resident labour market test. This will makes it much easier for recent graduates.
For more details of Tier 2 (General) go to:
What is the resident labour test?
It is for the employer to take the test at present before employing a non EEA candidate for the job. Information available on the UKBA website.
Source: LSE Staff & Students