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Phyisab**** said:What I mean is that I personally know many successful physics PhD's who are employed in industry.
So do I. Me for example. :-) :-) :-)
I'm pretty sure most of them didn't do more than one post-doc
A lot of people who end up in industry such as myself, didn't do any post-docs. I didn't think that I was likely to get a post-doc, and I didn't see much point in trying. People that try to go into industry after getting two post-doc tend to find it much harder than going in after just getting the Ph.D. The trouble is that in order to be successful at business, you have to "unlearn" a lot of academic habits, and the longer you are in academia, the harder it is.
Physics PhD's are very employable at high tech Fortune 500 companies. If I were to do a PhD it would be in hopes of getting a job like that, not with some pipe dream of being a professor at Princeton.
There is a pretty big caveat there. The reason physics Ph.D.'s are employable is that employers assume that you *liked* graduate school and are some odd freak of nature that happens to have this masochistic fetish at having equations tossed at you for twelve hours a day, which they can exploit to make themselves filthy rich.
Great if it happens to be true. Total hell if it is not.
The other thing is that there is a reasonable chance that all of the jobs that Ph.D.'s are currently doing will self-destruct by the time you get out. I honestly don't know if my job will still exist in five years. Personally, I think the challenge of figuring out what to do with your degree is part of the fun of the game, but other people have different priorities.
Personally, I think that anyone that thinks of physics as a *career* you are thinking about things in the wrong way. Getting a physics Ph.D. is in a real sense like joining the priesthood or enlisting in the military.