The tightening employment market during the first half of the 1970's has spotlighted a problem facing many college graduates: What can they do after graduation? The problem has become even more acute for liberal arts graduates, many of whom have difficulty identifying employment options other than those traditionally associated with a liberal arts background. The College Placement Council in this position paper recommends that: (1) Colleges and universities should make available a broader selection of elective courses that would benefit liberal arts graduates in a work environment. (2) Institutions should provide opportunities for all types of experiential education. (3) Faculty members should be involved as specialized career advisors. (4) The federal government should provide additional financial assistance for career counseling programs and cooperative education experiences at colleges and universities. (6) students should select a minor or elective courses that will demonstrate interest in business, industry, and government. (7) Students should identify employment options and remain flexible regarding career decisions. The liberal arts dilemma has become a problem of deep national concern, and only a strong national effort can produce meaningful solutions. (Author/PG)