The current economic situation in the United States has associated ramifications for IS employment. This study identifies IS recruiters' perceptions vis-a-vis IT budget cuts and layoffs at their organizations. Additionally, it identifies IS student perceptions vis-a-vis employment opportunities and academic preparation. Similar surveys were completed by 232 IS recruiters and 182 IS students. Consistent with prior research, findings indicate that IS budgets are expected to decrease less than overall organizational budgets. Although IS students were optimistic about internship and employment opportunities; IS recruiters expressed more caution, suggesting no changes or decreases in employment opportunities. IS recruiters and students provided suggestions for curricular redesign due to the recession. The results of this study are discussed in terms of advising students and improving IS programs. (Contains 14 tables and 8 figures.)