"Then Bear's stock tanked," he recalled the other day, sharing how he lived through the collapse of the iconic Wall Street firm.

Classmate Kate Finley, 21, who gave up plans to become a doctor when an internship gave her a taste of Wall Street's competitive atmosphere, learned that Bear's stock was sinking while she was studying for a midterm exam. She spent the weekend with a computer in her lap, poring over news reports about her future employer.

Their anxiety was short-lived. Within two days, Bear executives called with encouraging news: They'd probably have jobs at JPMorgan Chase & Co., the firm that is taking over Bear. They were hired within two weeks.

They quickly regained confidence that Wall Street would remain the place to be for finance majors for years to come. If the credit crisis leads to more regulation, that will mean even more jobs. And rapid development overseas will mean even more money to manage, more opportunities to use skills that long have been a hallmark in the free-market United States.

Still, the students, at the urging of their deans, professors and placement officers, are taking the economic uncertainty to heart. Finance and accounting majors once looked forward to picking from among several offers. Now, they are planning to network more and develop a broader range of skills and interests to reduce the risk of future unemployment.

Recent college graduates fare better in a weak economy than those without degrees and laid-off older workers. "If you look at the March unemployment rate, it was 5.1 percent. But it was only 2 percent for those with a bachelor's degree," said Beth Paulin, associate professor of economics at LaSalle University.

"Banks, large companies and consulting firms rely on the university talent pipeline," said Patricia Rose, director of career services at the University of Pennsylvania. "In the last recession - late 2000 through 2002 - some companies rescinded offers, and that hurt their reputation on campus."

Joseph A. DiAngelo, business dean at St. Joseph's University, agreed. "It took a while to build back the bond they had with students and faculty," he said.

Rescinding offers also causes a ripple of problems, Rose said. When people were ready for promotions, no one was ready to replace them.

Finance and accounting graduates are among the first hired, usually in the fall before June graduation. Hires for marketing and other jobs come much later, placement officers said.

Campus placement centers report that most finance majors are getting hired, though in some cases later than they would in good times.

A spokeswoman for Goldman Sachs said they were honoring all job offers. They are hiring 1,700 interns and about 1,800 analysts this year, about the normal amount.

Bank of America would not disclose how many new graduates and interns it has hired. But spokeswoman Kelly Sapp said the firm was honoring all offers and filling vacant positions.

"We are active on campus," she said, "seeking to deepen relationships and be the employer of choice."

JPMorgan said it was honoring job and internship offers Bear made before its collapse, except in investment-banking areas that were being eliminated because they would duplicate existing operations. Those whose full-time job offers JPMorgan won't honor are allowed to keep their signing bonuses and relocation allowances, and the company is helping them find jobs elsewhere.

JPMorgan will pay the interns it cannot use, if they work for nonprofit organizations. Those who do that will be considered for employment after the internships.

Even finance and accounting majors who haven't yet found jobs are optimistic.

At Drexel University, Eric Meyer, 27, who grew up in Harrisburg, didn't get the Wall Street capital analyst position he wanted, and he has expanded his search to other finance-related jobs. He "has a good lead in Baltimore" and is working to develop others.

"You live and learn, take what you can get, and get experience you can apply when the job you want opens up," Meyer said.

Some who didn't get the Wall Street job they wanted were seeing advantages in the jobs they did get as places to learn while investment banking recovered. Drexel's Warren Bloom, 28, who grew up in Huntingdon Valley, took a leadership-development job with a corporation instead. He's excited about the overseas experience it will offer.

Jason Weber landed a vice presidency at a smaller brokerage. He sees the problems at big firms as a grand opportunity to "create business and bring in revenue," using the entrepreneurial training he gained getting a master's of business administration at Drexel.

The students say watching the credit crisis unfold has taught good lessons.

"You've got to be more careful with the risk you take on," said Kleinman, "and you've got to be more careful about new products."

In the future, said Alexander Zozos, 23, of Villanova, "the people who survive are the ones who can look past the current state, look at the long term and remain professional."

Meanwhile, DiAngelo, the St. Joseph's dean, is giving faculty members summer fellowships to build ethics lessons into courses they teach.

Villanova has revised its curriculum to better integrate finance, accounting and operations. Professors from different disciplines will team-teach courses that blend multiple disciplines.

This is designed, said James M. Danko, dean of the business school, to give students a clearer picture of the relationship of these disciplines in the real world and to help them avoid becoming a part of something like the Bear Stearns collapse.