Education: Wanted: College Graduates

"I was just working at my afternoon job at Slater's Book Store," said Michigan Senior Art Derdarian, "when somebody came in, interviewed me, and offered me $70 a week at Burroughs Adding Machine Co."

For many seniors, it was as simple as that. Corporation talent scouts had swarmed into college employment bureaus, fighting for prospects. Columbia University figured that 80% of its graduating class would have jobs by July 1. The average M.I.T. senior, had six offers. Harvard Business School graduates were signing up for as much as $5,000 a year. Wellesley was "overwhelmed" with demands for secretaries.

Despite the rosy glow, many...