I am a Graduate Student and I have been suspended for 1 semester because of academic dishonesty.?

That was my first semester and there was an ignment given.The ignment was kind of challenging .so we sat together and did the ignment as a group. All of us were suspended because of this. I have got A's in all most all the courses and now all of a sudden I was suspended for cheating in exam with a F grade in the course. I have planned to apply for MBA or PhD in some good universities. I know for sure that i have ruined my chances.Th university said that I can remove the suspension part from my transcript before I graduate, But still this is going into my permanent record. Is there a way out for me? I mean I learned my lesson, But still my career is ruined.will this effect my job prospects? Kindly help. I don't know what to do!