Making Money in Physics: Is it Possible?

  • Context: Physics 
  • Thread starter Thread starter garrettmills9
  • Start date Start date
  • Tags Tags
    Money Physics
Click For Summary

Discussion Overview

The discussion revolves around the potential for making a substantial income in the field of physics, particularly in applied physics. Participants explore various career paths, salary expectations, and the feasibility of reconciling a passion for physics with financial aspirations.

Discussion Character

  • Debate/contested
  • Exploratory
  • Technical explanation
  • Conceptual clarification

Main Points Raised

  • Some participants suggest that achieving a high salary in physics typically requires exceptional accomplishments, such as winning a Nobel Prize or attaining a high-level academic position.
  • Others propose that while a physics degree may not directly lead to a $150,000 salary, there are alternative paths, such as finance or consulting, that could utilize a physics background.
  • Several participants mention specific fields within physics, like medical physics and geophysics, as potential avenues for higher salaries, although they note that starting salaries may be lower.
  • Entrepreneurship is highlighted as a viable option for physicists to achieve significant financial success, with examples of physicists who have founded successful companies based on their research.
  • Some participants caution that salary alone may not be a reliable measure of a career's financial rewards, suggesting that many physics-related jobs may have delayed earning potential.
  • There is discussion about the overlap between physics and engineering, with some arguing that applied physics is essentially engineering, which tends to offer higher salaries.
  • Participants express interest in exploring specific types of companies or consulting opportunities that physicists could pursue to align with their financial goals.

Areas of Agreement / Disagreement

Participants generally acknowledge that making a high salary directly from a physics career is challenging, with multiple competing views on the best paths to achieve financial success. The discussion remains unresolved regarding the best strategies for reconciling a career in physics with high income aspirations.

Contextual Notes

Participants note that salary expectations can vary significantly based on industry, role, and geographic location. There is also an acknowledgment that many high-paying positions may require additional qualifications or experience beyond a physics degree.

Who May Find This Useful

Individuals considering a career in physics, especially those concerned about financial outcomes, as well as current physics students exploring career options that align with their financial goals.

  • #31
Vanadium 50 said:
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.
 
Physics news on Phys.org
  • #32
Vanadium 50 said:
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.
 
  • #33
StatGuy2000 said:
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.
 
  • #34
If his plan is to have $120K before-tax at the same time as the two kids, I think that's unrealistic.
 
  • #35
clope023 said:
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.
 
  • #36
Marry rich.
 
  • #37
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
 
  • #38
set said:
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).
 
  • #39
AnTiFreeze3 said:
Marry rich.

Marry for money and you'll earn every penny.
 

Similar threads

  • · Replies 3 ·
Replies
3
Views
3K
  • · Replies 9 ·
Replies
9
Views
2K
  • · Replies 16 ·
Replies
16
Views
2K
  • · Replies 36 ·
2
Replies
36
Views
10K
  • · Replies 33 ·
2
Replies
33
Views
13K
  • · Replies 6 ·
Replies
6
Views
3K
  • · Replies 15 ·
Replies
15
Views
7K
  • · Replies 62 ·
3
Replies
62
Views
10K
Replies
17
Views
4K
  • · Replies 7 ·
Replies
7
Views
2K