(FORTUNE Magazine) – ON AMERICA'S CAMPUSES the baby boom is finally over: fewer seniors are graduating into the job market than last spring. But that's cold comfort to the class of '85. Despite forecasts of abundant jobs for the next decade's diminishing waves of graduates, these pioneers of the baby-bust generation are finding life on the career frontier harsher than ever. In ''The Baby Bust Hits the Job Market'' (page 122) associate editor Monci Jo Williams reports that rampant anxiety to land jobs with top corporations has brought forth fierce competition and resourcefulness. Reconnoitering the mood took Williams and reporter John Steinbreder to ten campuses across the U.S. The single-mindedness with which baby-busters go about nailing down a choice slot astounded Williams. ''A lot of them took their interview with FORTUNE so formally that they showed up in three-piece suits, with briefcases full of work samples,'' she says. ''They are so practiced at interviews that it was hard to get them to give anything but prescribed answers. They were obviously anxious, but they insisted they were confident.'' Despite (or maybe because of) all the job pressure, some noncareerist activities are flourishing. Comparing today's atmosphere with their memories of college life in the mid-Seventies, Williams and Steinbreder, both 28, noted an upsurge in religious practice. They also saw some political action. John reports: ''I was walking with the placement director at the University of Texas and he was telling me how apolitical students were when we walked smack into a 2,000-person procession going to the State Capitol to protest tuition increases.'' Monci also observed a marked difference between the women in her class and this year's. As she says, ''We really believed we could do it all. This graduating class has wised up about this. If you want to have a career and have children, something's going to suffer for it. It's to their credit that they're more realistic.'' Most of the fretful class of '85 will, of course, soon find jobs. Nothing in their college life may so reassure them as the leaving of it.