Last fall, when Stanford's Graduate School of Business (GSB)—long considered a top five biz school—ranked a dismal 39 out of 50 in the Wall Street Journal's MBA rankings, the low score prompted soul-searching, defensive dismissals ("who cares anyway?") and promises of change.

The ranking, based on recruiter feedback, reflected employers' perceptions of students. "Stanford students are seen as unaccommodating and entitled," says Deirdre Wanat of Harris Interactive, which compiled the rankings. Frustrated recruiters complained of "overly arrogant" salary and job demands; they felt students exhibited "dot-com tunnel vision" and a "California country club" (wish you were here!) attitude. The sole saving grace? A number one rank for entrepreneurship and e-commerce.

But with students chastened by a tight job market, one wonders: Was the boom-time crop of students responsible for Stanford's bad rep among recruiters? (Reports were for 1999 through 2001.) Or does the low rank just reflect the age-old clash of Eastern establishment values versus the entrepreneurial, freewheeling Silicon Valley (would you leave Palo Alto for a cubbyhole in Proctor & Gamble's Ohio headquarters?). The answer depends on whom you ask.

Only recently, recruiters recall, in-demand students snubbed big corporations for their own start-ups. Indeed, Andy Chan, director of GSB's Career Management Center, acknowledges that its own surveys last year echo the WSJ's results. Despite the program's receiving high marks from recruiters, respondents didn't give a passing grade for student enthusiasm.

"It does take a little work to get students interested, because they're highly sought after," says Mike Polak, a Lucent Technologies recruiter for 12 years. "But post-dot-com, students are making concessions."

Among the current class, few cop to any smugness. "We weren't around during the heyday," says David Yao, a student. "People always adapt to their environment. And right now, it's tough."

Perhaps an uptick in recruiter interest on the Farm signals a change in attitudes on both sides. This year, while other programs witnessed a recruitment drop, over 150 companies contacted Stanford, up from 134 last year. "The realities of 2003 are different," Chan says. "Students are responding." But just wait until the economy picks up.