Some finance majors said they may rethink their career choice after the fallout on Wall Street, while others are taking it all in stride.

"I'm a junior, so for myself, I'm thinking that two years is going be plenty of time for the market to rebound," said one student, "but I feel for the seniors that may be graduating mid-semester, it would be kind of scary."

"Being in Stern doesn't mean that you just do investment banking and trading, you can do a lot of other things," said another. "So this is an opportunity for us to really learn about other parts of the business world."

Some professors say they turned Wall Street's financial woes into a case study for class discussion.

"It's tough," said NYU Professor of Finance Sinan Cebenoyan. "You don't want to depress them, but things are not looking up. "

"Are we changing our syllabus or what we are teaching? Of course!" added Ozgur Demirtas, a professor at Baruch College. "There are many questions that students are asking us regarding this issue."

Greg Domres will graduate from Baruch in May with an MBA, but he said he is not worried.

"It's not optimal because you'd like to walk out with a number of great offers, but you do what you need to do and everything works out," he said.