(FORTUNE Magazine) – The 1990 college graduate faces one of the tightest job markets in almost a decade. The number of entry-level positions is expected to decline by 13.3%, the steepest drop since recession-plagued 1982 and far greater than the 0.5% decline in the number of people who will graduate. So says a report by Michigan State University's Career Development and Placement Services. Concludes assistant director Patrick Scheetz: ''It's going to be a big game of musical chairs, and somebody is surely going to lose out.'' He blames downsizing in major companies and tougher global competition. But the news is not all bad. Michigan State surveyed about 500 employers, including such corporations as General Motors, IBM, and Hyatt Hotels, and found that some industries -- notably utilities and big oil -- will have more openings for college graduates in 1990 than they did in 1989. (See table for a sampling of who's hiring and who isn't.) Utilities? They expect increased business in the coming decade and need electrical engineers (starting salary, $32,107) and computer scientists ($31,389). Some oil company recruiters worried that the 1989 oil spill off Alaska by the Exxon Valdez would make it tough to find the grads they need. They were wrong. Says Gerald Smith, manager of recruiting at Mobil: ''We were amazed there were no real repercussions. Our interview schedules have been full.'' Exxon itself will be hiring more people, and a spokesman says there is no shortage of recruits. Oil companies need graduates in chemical engineering ($33,380 to start), chemistry ($25,938), and marketing ($24,100).

BOX: WHO'S GOT MORE JOBS ''A big game of musical chairs''

INDUSTRY CHANGE FROM '89 $ Utilities +29.4% Petroleum +22.1% Publishing +13.7% Hotels, restaurants + 5.7%

. . . AND WHO's GOT FEWER Automakers -58.0% Electronics -24.5% Government -20.9% Aerospace -20.6%