Do I focus on environment art, level design, or both?

Depends on what you love doing the most.

But I think if you're simply looking at numbers, by logic there are more environment artists required than leveldesigners, thus probably making it easier to get a job as an environment artist (if the quality of your portefolio supports it)

Focus on getting good at one thing before branching out to become a 'generalist'. You'll bring more to a team if you have a solid skill base and comprehension of one subject that is supplemented by knowledge of other disciplines, rather than mediocre skills but a knowledge of all disciplines.

I don't think generalists inherently have a harder time finding jobs, it's more to do with the fact that many have average skills spread throughout several roles which makes them a less attractive hire for a job that needs someone to focus on one particular role (which is a lot of games jobs, really).

If you really just want to make cool environments and spaces, focus on environment art first. There is a bit of skill overlap anyway, knowing how to use 3dsmax is useful to designers when building a greybox level, for example.

Everything feeds into everything else. Learning how to make assets for your level will invariably make you a better level designer. Learning how to code will invariably make you a better designer. If someone doesn't hire you because you're also good at other things they should probably go get fucked. No one is ever less useful because they have a more thorough understanding of the development process.

Mostly what they're probably looking for with hiring though is clarity in your desired position. Target a position and build a portfolio for that but get good at whatever the fuck you can.

My advice, when you're starting use a shotgun and try and hit as much shit as possible, do as much as possible on different fields. You'll have fun while you're at it too.

As the years go by, and start to refine your skills eventually you'll fall in love with one specific thing in your skillset, that's when you sniper scope that and keep on hitting it over and over again.

Nothing wrong with giving different things a try and see what you like most but in the end you're better off to spezialize. The softwares are so complex and possibilities so vast you will never become really good at something if you don't stick to it and learn it inside out. I started with level design then moved into environment art. Even just sticking with env art now it often feels like stretching thin between too many different things and softwares. It's very hard to get better at hard surface and sculpting at the same time for instance.

if you want to make levels, grab a game like UT4 and whip up some maps, using what ever content you can find. If you like the idea of making a scene pretty, grab a concept/ref pic and start to figure out how build it. Theirs tons of online, free tutorials for both.

What Erratic said, you will have to learn a bit of both, most env artists these days actually started making maps - and the best ones still care about game play, it's more a question of what you get excitement doing - I'm not sure it's particularly useful to make a plan, if your just getting started - chances are it will fall to pieces (hell most game development by pros is a clusterfeck!) just start a level for a game that interests you, then when you have something that your happy with, slap some art in it.

Looking back, I was interested in both visuals and the level design, and to be fair, I've swung back and forward between both in the past, I dunno decade or so. The point really is both are important and complement each other. I'm no artist, but I do make it much easier for artists to work on my designs, which in theory gives me more time refining the experience and less time arguing why it looks shite A "whitebox" is only useful if it can somehow translate into a real level, meaning proportions, technical limitations are considered and of course it plays well.

Do whatever the hell you want. That's the fun part

Make use of the time as a student as well. I've been out of university for a bit after dragging myself through the most mind numbing Computer Science course ever, and now would much rather be in this sort of a field...

Good luck with it, just make sure you enjoy whatever it is you're doing is what I've learnt