It seems to me, correct me if I'm wrong, the vast majority of physics PhD's do not work in physics, science, or even related disciplines (applied science, engineering, etc). From what I understand, the majority seem to be working in finance, software development, and data mining. At one point in time in the past, it wasn't uncommon to see physics PhDs and even those with only a bachelors working engineering type jobs. These days this is almost never possible and a physics PhD is deemed as qualified for a related engineering job by HR as is someone with a PhD in history. If this shift to credentials rather than hard skills occurred in engineering, what's to stop this from eventually happening in all of the common industries most physics PhDs tend to work in? In software development, I myself am seeing the beginning of this and the strict requirement of a computer science degree is non-negotiable for a majority of the job postings I've seen. What exactly would stop the same from happening in data mining and finance jobs, where HR and the hiring manager deem only those with relevant credentials to be qualified for an interview? Are the days of a physics PhD using the skills they learned to retool for a different but tangentially related career numbered? Will there perhaps soon be a large number of unemployable PhD graduates who need to restart the training process for a different career in a formal setting (i.e college/university)?