Policy and practice in the employment of college and university graduates in business and industry were investigated in 1982 with a sample of 251 well-known companies. All but a few were national, large or medium-sized corporations representing 29 states and Washington, DC. Almost half of the respondents stated that business was worse in 1982, 25 percent saw improvement, and 20 percent stated it had not changed from 1981. Projections of respondents regarding 1983 business, and external factors that might lead to a better/worse market were cited. Fifty-four percent of the corporations said that they were going to recruit fewer bachelor graduates and 34 percent said cuts would be made in master's recruiting. About 36 percent said they were going to hire more bachelor's graduates and 18 percent will be increasing their master's hiring. The demand for engineers and computer scientists and salaries for different professionals at the bachelor's and master's levels are cited. Views were also expressed regarding: the cutback in federal aid to college students and its effect on their corporation's ability to recruit graduates, the candidate's need for information about the corporation, the company's need to lay off graduates they recently hired, and relationships between companies who are hiring and the college. (SW)