FizzKid said:
I'm told that as a PhD candidate, you have about a 60% chance of getting your PhD, which would almost seem like close to half the candidates don't get their PhDs at all and go home with nothing. Is this generally true at every graduate school in the U.S.? Strictly speaking of any given field in Physics, of course.
What do you do after a failed PhD attempt and you're left with a useless bachelor's? (I guess something not Engineering-related?)
I'm sure there are considerable fluctuations on the success rate - from school to school and from year to year.
But this is one of those things where you have to look deeper than just a single statistic. Let's say for argument that your number is true (it seems a little low, but not completely unreasonable based on my non-US experience). How many of those actually FAIL, as in attempt the candidacy/comprehensive/defence and do not pass? And how many chose to pursue other interests?
It's not uncommon for a PhD candidate to receive a job offer over the 5 year period he or she is working. Some students actively seek these out and jump on them when they come. Others will discover they don't have a passion for research, or perhaps that their passions lie in other fields. Others will pursue professional degrees such as medicine or law. Some will realize that their project has a commercial application and head straight for the patent office. In none of these cases is the subject really considered a "failure."
In fact, even in the first scenario, often it's similar factors that lead to the result, it's just that unfortunately the system figures it out before the student does.
In physics, given the competative nature of graduate school placements, the GPAs needed to get in, the PGRE, the reference letters, etc. most students who do get in have a reasonable chance at success. Remember, if the admissions committee doesn't think you'll be successful, they're not going to invite you to the party. In my experience cases where the student has the right background, has earned acceptable marks, has the passion for the field and does the work, but still fails are extremely rare.