Forty-four alumni of the Sloan School of Management classes of 1961, 1962, and 1963 were followed up in 1973 by means of interviews and questionnaires to determine: (1) career paths followed; (2) value changes observed; and (3) relationships between value changes and career events. Careers were conceptualized in terms of "career anchors," five such anchors were defined covering all of the cases, and value changes were related to the different career anchors. Implications are that careers are motivated in different ways, and organizations must consider these differences in planning career development. (NTIS)