Data from the 1980 Sophomore Cohort of the High School and Beyond (HS&B) study were used to examine the stability of the first employment experiences of high school diploma, associate's degree, and Bachelor's degree recipients. Approximately 51% of the original HS&B sophomore cohort were included in the study. Data used in the study were collected in 1980, 1982, 1984, 1986, and 1992. Questions concerning employment and enrollment after 1986 were by necessity retrospective. High school graduates were less likely to be employed and more likely to have longer periods of not working than were associate's and bachelor's degree recipients. High school graduates who were continuously or sporadically employed in the first 18 months after graduation earned more Carnegie credits in math and English, more total academic credits, and more Carnegie credits overall than high school graduates who were not employed. Among high school graduates, likelihood of being continuously employed after graduation increased with number of hours worked per week in the junior year. Among women with a high school education, having children by 1984 was associated with a lower likelihood of continuous employment. (Twenty-one tables/figures are included. Appended are a glossary and technical notes and information on the study methodology.) (MN)