"There will always be a need for analysts because they are a form of inexpensive labor [compared to higher paid M.B.A.'s]," the analysts just will not be learning the business as thoroughly as before," says one analyst, who asked not to be identified.

"A senior takes a job for the education the job will provide," says the analyst, "out now that the [intellectual challenge] has changed and the work consists of more 'busy work' than before Black Monday, your learning curve will not be as steep."

As students shy away from investment banking, other financial fields such as consulting and commercial banking have seen a huge growth in interest. These fields have benefited from more student application letters and crowded fall information sessions.

Unlike those seniors who entered investment banking, graduated seniors in the consulting field praise the "sane" hours, the value in learning about a variety of fields, and the expert on-the-job training they receive.

Commercial banking boasts reasonable working hours and solid preparation for business school, according to Paul Nechipurenko '87, a financial analyst in Shawmut's Corporate finance department.

Matthew E. Stasior '87, an associate consultant at Bain Consulting worked for Salomon Brothers during the summer prior to his senior year, but was not "in love with the hours that financial analysts work" and also did not like the idea of living in New York.

"If I had my choice of any job in the world--realistically speaking, I would want to be here [at Bain]," says Stasior. "I'm gaining a broad business experience, I am learning from the most incredibly motivated people and I only work 50 to 60 hours a week."