"The value of Internet stocks have fallen through the floor. This is going to put a damper over the Internet sector and Wall Street, which is down already 10 percent from what it was a year ago," Mankiw said.

Still, several on campus recruiters said that they will not dramatically alter their hiring practices this year.

Bain and Company intends to hire about the same number of Harvard graduates as last year, said Connie Clifford, director of the company's college recruiting.

And Matt Kramer '98, director of college recruiting for McKinsey & Company, said the company expects to "be within eight to ten of the number of offers we extended last year."

In the event of a downturn, economists say, Harvard students will not be the hardest hit.

"The truth is, Harvard students are at the top of the pecking order. People will recruit here even if there is an economic slowdown," Murray said.

In the recruiting market, an Ivy League diploma is a coveted commodity.

"If this affects anyone, it will hurt the people at second rate schools. There simply isn't that much competition because there aren't that many top graduates around," Mankiw said.