The long-term effects of undergraduate involvement on advanced degree attainment and career choice were studied. The longitudinal study involved 299 freshmen who entered college between 1973 and 1976 and participated in the institutional research program's followup questionnaire 17-20 years later. Astin's Input-Environment Outcomes model and multivariate analysis with temporal sequencing were used to control for various input-background characteristics so that the effects of selected undergraduate and post-college involvement variables could be assessed. The concept of "channeling" is used to explain some of the mediating effects of post-college outcomes such as graduate or professional school attendance, marriage, or early employment. The student's chances of obtaining an advanced degree after college appear to be enhanced by interactions with faculty, academic achievement, and academic involvement. Obtaining an advanced degree channeled men away from business careers, while women who went to work immediately after graduation were more likely to pursue business careers. The results suggest that the theory of involvement is applicable over relatively long time periods, and that it can and should be extended to incorporate various forms of post-college involvement. (Contains 15 references.) (SW)