Physicists Get High Paying Jobs in Recessions
Physics Graduates Can Find Science, Engineering, & Computer Careers
Nov 16, 2009
With the world-wide near economic collapse of late 2008 and 2009, recent college graduates face a very difficult entry level job market. High unemployment rates and a deep recession combined to produce the worst job market for new college graduates in many years.
College graduates who had majored in physics, however did very well and reported among the highest salaries of any major. Only graduates in computer science and some engineering fields received higher initial salary offers.
Salary Offers for New College Graduates in 2009
An article by Toni Feder on page 29 of the November 2009 issue of Physics Today compares salary offers for 2009 college graduates in various majors. The highest salary offers went to chemical engineering majors who received initial annual salary offers ranging from about $60,000 to $70,000. Graduates in computer science, electrical engineering, physics, and mechanical engineering also received high initial salary offers. Physics graduates received salary offers ranging from $40,000 to $64,000.
College graduates with majors in mathematics received offers a few thousand dollars less than physics graduates. New college graduates in such fields as civil engineering, finance, accounting, nursing, and marketing all reported initial salary offers lower than those received by physics majors.
In other areas of science, college graduates majoring in biology and chemistry did not do as well as physics majors. Recent chemistry graduates reported initial annual salaries from the low $30s to the upper $40s. Biology graduates received offers from ranging from the mid $20s to about $40,000.
Types of Jobs for Physics Graduates
College graduates in physics are not all working as physicists. A physics major provides students with broad training and a set of fundamental skills that allows physics graduates to find good careers in other related areas. Many of the 2009 physics graduates are working in a variety of fields.
Top earning physics graduates are often have careers as engineers, computer programmers, or other math intensive jobs. Physics graduates can find jobs working for the defense industry, finance industry, high tech companies, the insurance actuarial industry, and any industry or company that needs problem solvers with good mathematical skills.
The American Institute of Physics maintains job statistics for physics graduates at all educational levels. New physics graduates seeking employment may be interested in their list of companies that have recently hired physics graduates.
Value and Skills of Physics Graduates
Why do physics graduates find high paying jobs and good careers? Even employers who do not need to hire physicists value the skills that physics graduates have. Physicists have mathematical and computer programming skills that are useful in many professions.
Because engineering is applied physics, physics graduates often work as engineers. Engineering training is usually very specialized, but physicists have the basic skills needed to learn most areas of engineering. The engineering job market can be very cyclical. Specialized engineering graduates who are fortunate enough to graduate in a year when their specialization is in demand get very good job offers. In bad years, however, they may have difficulties. Physics graduates can learn whatever engineering specialization is in demand the year they graduate and then change careers later if necessary.
Physicists are excellent problem solvers. College physics classes emphasize problem solving skills, which physics graduates can apply to almost anything. All companies need employees who can efficiently solve problems.
Major in physics. Get a good high paying job, even during a recession.
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