Spread cream cheese evenly on 4 slices of bread. Spread jam over cheese. Top with remaining slices of bread. Beat together eggs, milk and vanilla in a shallow dish just large enough to hold the four sandwiches. Place sandwiches in dish and soak each side with egg mixture. In a non stick skillet, heat oil over medium low heat. Fry sandwiches until golden brown, 2-1/2 to 3 minutes per side. Sprinkle with icing sugar and serve.