Making Money in Physics: Is it Possible?

[StatGuy2000]

Good luck with that. Something like 85% of Canadians make less than that. While someday you might hit that, don't expect it for many years.

The point you make above is irrelevant for this discussion because the figure you quote refers to 85% of all Canadians, not 85% of Canadians who have STEM degrees.

Of course, it is unrealistic to expect anyone straight out of school to earn such a figure, it's not unreasonable to expect someone with an engineering degree in Canada to have a starting salary of $60000 (before tax), and earn his/her way to $120000 per year (equivalent of $80000 per year after tax) after, say, 10 years of experience.

For physics graduates (even someone with applied physics), it may indeed be unrealistic as I suspect that there is even less demand for physics PhDs in Canada than in the US.

 

[Mépris]

Good luck with that. Something like 85% of Canadians make less than that. While someday you might hit that, don't expect it for many years.

I don't think it's fair to imply that the odds of making that amount of money are low when one is considering the population as a whole. Set intends on going to college.

Would it not be more appropriate to consider the salaries of the following?

1) physics graduates who receive no further formal (academic) education beyond their respective bachelor's degrees
2) physics graduates who go on to earn a master's in engineering
3) engineering graduates (bachelor's)
4) engineering graduates (master's)

Edit:

I did not refresh the page before posting, and as such, had not seen StatGuy2000's post.

 

[clope023]

Of course, it is unrealistic to expect anyone straight out of school to earn such a figure

I know someone who is, she got pretty lucky IMO but still.

 

[Vanadium 50]

If his plan is to have $120K before-tax at the same time as the two kids, I think that's unrealistic.

 

[StatGuy2000]

I know someone who is, she got pretty lucky IMO but still.

I didn't say it was impossible for someone fresh out of school to earn that figure, just unrealistic to expect it.

 

[AnTiFreeze3]

Marry rich.

 

[set]

woah I was expecting that $90,000 (of course, with 10+ years of experience, so when I am about 35) will become $80,000 after tax, but $120,000? Hmm I think I first need to know the real world :S

 

[StatGuy2000]

woah I was expecting that $90,000 (of course, with 10+ years of experience, so when I am about 35) will become $80,000 after tax, but $120,000? Hmm I think I first need to know the real world :S

The income tax rate is approximately 30-40% in Ontario, Canada, so if you do the arithmetic:

$80000/(1-.3) = $114285.71

$80000/(1-.4) = $133333.33

(for simplicity, please note I am not taking into account deductions for the Canada Pension Plan, EI, or any corporate health insurance or pension contributions).

 

[Vanadium 50]

Marry rich.

Marry for money and you'll earn every penny.