This study examined the academic labor market experiences of 393 recipients of Ford Minority Fellows, Mellon Fellows, and certain Spencer Fellows who had recently completed doctoral degrees. Of the original 393 individuals, 78 percent responded to telephone interviews that focused on their hiring experiences relative to eight prototypes, which ranged from "sought after" to "never applied for faculty position." Based on the data, the report addresses and debunks five "myths" of the academic labor market and concludes that institutions can raise the level of qualified candidates by improving the search and hiring process, and by considering nontenure alternatives. The report sees opportunities for diversity decreasing in the future and suggests fellowships as a way to provide important networking links. Additionally, it sets out some strategies and principles of good hiring practice for institutions and suggests also that institutions provide graduate students with support in preparing for the job market and be ethical and honest when opportunities for academic posts are limited. (Contains 25 references.) (CH)