Undergrads Shuffle List of Dream Employers

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"They were probably on campus a little more and also more visible because of the commercial banking, too."

That helps, but how does Morgan sell students on investment banking with the current unrest in the markets? "It's challenging and [young people] have an ability to make an impact," says Sheri Denmark, J.P. Morgan's global head of investment banking recruiting.

Still, the place where students really want to work is Google (GOOG)—No. 1 for three years running. However, this year the victory was by a much smaller margin than in years past. "They've pulled back a little on recruiting," says Tattanelli, adding that students are also "looking at a larger number of companies," out of necessity in today's tough market. In the past, she notes, students relied more on big brands in choosing ideal employers. Now they're more concerned with who actually has jobs and will serve as a safe and secure employer.

Stable Employment Would Be Nice

Companies that stress work/life balance continue to be a top characteristic of an ideal employer for the students surveyed—but more so for women than men. Seventy percent of women listed this as a top priority and 60% of the men put this on their list. Furthermore, only 26% of women surveyed mentioned "leadership opportunities" among the most important characteristics of an ideal employer, whereas 41% of men said this was of the utmost importance.

But when it comes right down to it, students want what they've always wanted: a good, steady paycheck.

In the section of the Universum survey that asks students to expand on the factors that went into their choice of ideal employers, stability was a constant refrain. "A very prestigious and reliable company," said one student of Ernst & Young. "A solid organization with a stable history," said another of the FBI. "A position at NASA would be very stable," said another about the U.S. space agency.

On the flip side, some expressed their concerns about a lack of security at other employers. One worried about "an uncertain future given the current economic conditions" at J.P. Morgan, for instance.

And while J.P. Morgan and other employers on our list admitted to some belt tightening around perks, recruiting and developing young talent still remains a top priority. "We want to have the right dialogues with [interns] from a mentoring and coaching perspective," says J.P. Morgan's Denmark. "What is not important is a cocktail party or serving bagels and lox." Nor is that what today's job-hunting undergrads are looking for in an ideal employer.

Click to view a slide show of Universum's 25 Ideal Employers.

Gerdes is a staff editor for BusinessWeek in New York.

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