How much money do Physicists make?

[Curious3141]

My parents are pressuring me to become a medical doctor but I don't really want to. I mean, I rather become a medical doctor more than a lawyer or business man but I still rather be a scientist, to be more particular a Theoretical Physicist. I am very interested in Time Travel, wormholes, and the natural wonders of the universe and would want to research those topics.

There is a problem though.

Well there is actually an advantage in being a medical doctor. They make more money than physicists...or at least I am told that by my parents. I do want to go into politics later in life so I need to make major money. As a heart surgeon for example I can make $540,000 an year or as a lower doctor I can make at least $200,000 an year.

How much money do Physicists make yearly? To be more specific, how much do Theoretical Physicists make yearly? I heard it was $90,000, but my parents told me that so they could be lying to get me in a medical profession. $90,000 dollars an year is kind of low, so I would want that.

I can't believe I'm spotting this thread so late, because I can offer you some first hand perspective on this.

I am a medical doctor, currently doing postgrad training in Microbiology. I never really wanted to do Medicine, it was a parental edict, much like in your case. My brain is firmly geared toward Math and Physics and I wanted to do either Physics or a closely allied applied discipline, like Electrical Engineering. I even had admission to Caltech on a full Singapore government scholarship.

Yet my parents basically goaded me into doing medicine and I've never been 100 % happy since. I got through medical school with no problems, hardly needing to work that hard (it isn't difficult, since a lot of it is rote memorisation). But I wasn't happy as a clinician, and quickly grew weary of patient contact, which is why I ended up in a lab based discipline. Yet even this isn't what I truly enjoy, and I often find myself wistfully looking at others doing what they (and *I*) love for a living.

The worst part is, being in a lab based discipline, my pay isn't all that high either. I would've gotten around the same pay as a researcher in Physics, and probably more as an Engineer.

The moral of the story is : do what you love, what you're passionate about. If you're good at it, the money will come in time. And it's your life to live, not your parents'. Always remember that. Your life, your choice.

EDIT : And if you're really worried about cashflow, there are a ton of different ways you can supplement your income. The stock/options market is an excellent source of income if you know what you're doing and play it smart.

 

[scarecrow]

Like you i prefer theretical physics as well, or theroetical chemistry, if there is such a thing.

Yes there is...I'm a theoretical chemist.

 

[cronxeh]

or 'theoretically' a chemist?

 

[bfd]

Focus on studying to get a job that you will enjoy doing. You want to be able to wake up every morning and look forward to going to work, that is the most important thing. I would rather make 45,000 a year doing a job I truly love than make 250,000 year doing a job I hate. Most people work at least 8 hours a day, that is a really long time to be doing something you hate.

Success is waking up every morning and being able to do whatever you want, and if that thing you want to do happens to be your job, then you have made it.

If you aren't sure, just go to college and start with physics as your major. This will let you know how much you truly love it. You can always change your mind about your major and remember that you need a 4 year degree in anything to get into medical school.

I agree with much of what you say. I believe if you choose a profession that is in conjuction with your passion in life, chances are the money will come anyway on account of such things as you will get good at your job not for just the money but because that is what you want to do anyway.

 

[Astro]

Ask yourself what is more important to you: politics or physics. If you know what you like and want pursue your interest directly. There is enough to deal in with life without unnecessarily making it harder on yourself. Is double majoring a possibility? Keep in mind that 'success' is cumulative in the sense that you build on your past. Ask yourself how becoming a doctor or studying physics would contribute to your goals and interests. I get the impression that you are uncertain what you really want out of life. Try to prioritize your interests and objectives. Don't focus on the order so much as what items are at the very top and which items are at the bottom. There is a saying that things are usually not as good nor as bad as you think, the reality being somewhere in between. As for money, obviously the more the merrier but I don't believe money alone will give you happiness. Most likely you will have to find a balance there. It's also important in any of your decisions to consider the day-to-day lifestyle involved in an occupation. What will you be happier with?

Good luck!

 

[Hesychast]

Rep. Rush Holt (D-NJ) has a PhD in plasma physics.

A related question concerns physics vs. engineering for someone with an interest in an academic career. It seems like getting a doctorate in engineering would be easier and that competition for the top schools is less intense, while engineering profs are shoveled money from industry, the Defense Dept., etc. A EE prof at my college recently donated over $1 million to Engineering, which he probably earned through licensing patents. Why would industry fund hep research, after all?

 

[firehand1011]

My parents are pressuring me to become a medical doctor but I don't really want to. I mean, I rather become a medical doctor more than a lawyer or business man but I still rather be a scientist, to be more particular a Theoretical Physicist. I am very interested in Time Travel, wormholes, and the natural wonders of the universe and would want to research those topics.

There is a problem though.

Well there is actually an advantage in being a medical doctor. They make more money than physicists...or at least I am told that by my parents. I do want to go into politics later in life so I need to make major money. As a heart surgeon for example I can make $540,000 an year or as a lower doctor I can make at least $200,000 an year.

How much money do Physicists make yearly? To be more specific, how much do Theoretical Physicists make yearly? I heard it was $90,000, but my parents told me that so they could be lying to get me in a medical profession. $90,000 dollars an year is kind of low, so I would want that.

Hey man, i know exactly what you're going through. My parents sent me to a good school, and because of this they want me to be something great like an engineer, or, just like you, a doctor. I'm really interested in the sciences, and that is my passion. A job as a successful physicist would be a dream come true.

But in actual fact, physicists don't get paid well at all, and on the other hand, being a doctor is the highest paid profession in the US. So here's my advice: Only enter the world of physics if that is truly your passion in life and you would devote every moment of your being to enriching yourself in its mysteries and learning everything there is to know. Because if you just stupidly half arse it and expect to create time machines, you will indeed have a profession that pays lower than your parents, and it will not be worth it. So please, if you are not fully prepared to embrace a low salary for your passion, then please, do not embrace it at all.

 

[jtbell]

Uh, just in case you haven't noticed, take a look at the date on Silverbackman's post. He's probably already finished college/university by now, and is well on his way to whatever career he did choose.

 

[Klockan3]

I am surprised none spotted this back then:

I am very interested in Time Travel, wormholes, and the natural wonders of the universe and would want to research those topics.

If this really is why he wanted to study physics then he most likely won't like the real deal.

 

[mathman44]

Why? Name me a better subject to study than physics to satisfy such curiosities.

 

[Matterwave]

If you can invent a way of time-traveling, you could get rich like Biff did in Back to the Future! (Or you can cause the space-time continuum to collapse and destroy the very universe as we know it! D=)

 

[G01]

I am surprised none spotted this back then:

If this really is why he wanted to study physics then he most likely won't like the real deal.

There are many real physicists who start out that way!

After immersion in the subject for several years, your interests tend to mature as your knowledge base grows. However, that same basic curiosity about the world remains.

 

[cronxeh]

Dude, not cool, this is like from 5 years ago

 

[General_Sax]

Well, he actually posted this thread 'yesterday' after he traveled back in time :D

 

[twofish-quant]

The premise of the question is flawed. It's not particularly difficult for a physics Ph.D. to get a job on Wall Street making between 150K and 250K, and it's definitely not the case that someone that is interested in physics will make less money than someone who ends up getting an MD.

Having said that, I think making career decisions based mainly on money is a *horrible* thing to do. If your main motivation to becoming a doctor, physicist, lawyer, or banker is money then you probably aren't going to be good at it, and even if you end up making the money, you are going to be rich and miserable.

 

[atyy]

Having said that, I think making career decisions based mainly on money is a *horrible* thing to do. If your main motivation to becoming a doctor, physicist, lawyer, or banker is money then you probably aren't going to be good at it, and even if you end up making the money, you are going to be rich and miserable.

Is this advice only for people born into rich, or at least middle class, families?

 

[Klockan3]

Is this advice only for people born into rich, or at least middle class, families?

Why would it be? You can have a nice life working at MCdonalds too.

 

[twofish-quant]

Is this advice only for people born into rich, or at least middle class, families?

It's advice for people born into rich, developed nations which includes most of the people in this forum. If you are born in the US or Western Europe with citizenship, you already lucked out big time. If you have parents that have skills but no money that managed to make it to the US with nothing but their brain power, then you really, really hit the jackpot.

This matters because you will always feel poor. If you make $250K on Wall Street, you will feel poor because you will have social contact with people making $1M. Similarly someone that makes $50K in the US has a standard of living that is totally out of reach by 85% of the people in the world.

 

[firehand1011]

Having said that, I think making career decisions based mainly on money is a *horrible* thing to do. If your main motivation to becoming a doctor, physicist, lawyer, or banker is money then you probably aren't going to be good at it, and even if you end up making the money, you are going to be rich and miserable.

You know, this brings to mind a story i know. There was a man who was extremely wealthy, and had everything he could have wished for, except happiness. He was not married and had few friends. But he always reminded himself, "Well, there's only one thing worse than being rich and miserable, and that's being poor and miserable"

 

[amnestic]

Whoever said don't do it for the money is a retard, everything in life is about the money. Do what makes the most money.

 

[Dembadon]

Whoever said don't do it for the money is a retard, everything in life is about the money. Do what makes the most money.

I don't make very much money at all and I find my life highly satisfying. Money is not as significant to others as it is to you. There are plenty of rich, miserable people in this world. Insulting others for having a different opinion is unnecessary.

 

[twofish-quant]

Whoever said don't do it for the money is a retard, everything in life is about the money. Do what makes the most money.

A lot about life is about money, but I think it's stupid to do what makes the most money. The thing about money is that it gives you choices, and if you start wearing golden handcuffs that defeats the purpose.

Suppose someone offered me the choice between a $350K job crunching astrophysics code and a $1M job producing powerpoints at meetings. I'd take the $350K because its more fun.

One thing that you have to remember is that anyone that is reading this forum is likely to be incredibly wealthy by global standards. Wealth gives you choices and wealth can also destroy you.

 

[dsb5092]

Keep in mind if you are good at what you do the money will be there. If you are in the top 5% of bakers you will be making more money than if you are in the top half of lawyers.

If you find something that you can be interested in and excel at money will not be a problem.

 

[TMFKAN64]

The thing about money is that it gives you choices, and if you start wearing golden handcuffs that defeats the purpose.

Exactly. Money is a means, not an end.

 

[elect_eng]

What if you were to find a major discovery as an theoretical physicist such as a way to travel time ec.t ect.

If you did that, you would be more famous than Aristotle, Newton and Einstein put together. You could make all the money you want as a professor, writing books, giving speeches and endorsements etc.

However, keep in mind that such major discoveries are very rare. You certainly can't bank on it. If you are really good, you might imagine a Noble Prize as a more realistic goal, but even that is nothing to bank on.

If love of Physics is not enough to draw you to that profession, then you are not cut out for it.

With regards to money, keep in mind that people who go into their own business make more money than people who work for others. Doctors with a successful practice do indeed make lots of money, but they deserve it because they have built up their own business. If they work at a hospital, they make much less. Same for lawyers - build your own practice and you are rich, but if you work as a public defender you are not rich. Hence, engineer's and physicists have the potential to build their own companies too (usually technology companies) and can make lot's of money. If one is a professor, he can have his own consulting company and do well also. However, if you work as a researcher or designer at a company, you may only make $90,000 per year.

 

[twofish-quant]

If you did that, you would be more famous than Aristotle, Newton and Einstein put together. You could make all the money you want as a professor, writing books, giving speeches and endorsements etc.

If you could figure out a way of sending information back in time, then just send back tomorrow's lottery ticket numbers, and you have all the money that you need. If you can even ***predict the future by five seconds***, it would be trivial to make a ton of money in the financial markets.

With regards to money, keep in mind that people who go into their own business make more money than people who work for others.

In fact, they don't...

http://www.businessweek.com/smallbiz/content/jan2008/sb20080123_809271_page_2.htm

Also I've known people who have successfully started their own company. One thing that they universally say is *do not start your company for the money*. It's not worth it, since you'll probably be making *less* money than working for someone else.

Hence, engineer's and physicists have the potential to build their own companies too (usually technology companies) and can make lot's of money.

Not really. The problem is that if you want to start a new technology company, you need skills in management, marketing, finance, and technology. A lot of physicists and engineers are simply incompetent at management, marketing, finance, and even those that aren't incompetent, just don't want to do it. I like crunching code.

I don't like making powerpoint presentations, writing business and marketing plans, filling out lone applications, talking with accountants, filling out tax forms, and generally being on the phone trying to figure out what happened to the shipment of network cables and cards that was supposed to arrive three days ago went off to. I mean there is this guy in the office right now all ready to install the network, and the UPS tracking says that they got delivered, but they are not... Oh, I know what must have happened, Frank must have signed for it, but oh no, he is heading for the airport on a sales call, and I need to get him on the cell before his flight leaves... Ring... Come on... Answer... OK, you wait right there, let me see if he put the cable in the supply closet. Found them... Now where are those damn cards...

That's your day in a small business...

However, if you work as a researcher or designer at a company, you may only make $90,000 per year.

If you start your own company and after three years, you are still alive, then break open the champagne because you are doing, really, really, really good.

 

[elect_eng]

If you start your own company and after three years, you are still alive, then break open the champagne because you are doing, really, really, really good.

You are clearly a pessimist. Pessimists never make it in business.

 

[TMFKAN64]

He's just being realistic. Most technology startups fail after a *lot* of hard work... that's just the way it is.

If you are successful, of course, you'll be doing much better than if you were working for someone else... but that's a big if.

More than that though, running a company is just completely different than being an engineer. Some engineers can do it, some can't.

 

[elect_eng]

More than that though, running a company is just completely different than being an engineer. Some engineers can do it, some can't.

True it is much different, but most any educated person can do it (and many uneducated people do it) if they are motivated. It makes no sense that an engineer or physicist can learn all the complexities of their field and not understand the basic common sense issues of running a business. Sure, it comes more naturally to some and many are not motivated to pursue that course. But, ultimately it's a choice.

In any event for those preferring to focus on the technology, an engineer can build a startup company on technical ideas and then bring in management help, via partners and investors as the company grows. Or, he can sell at an opportune time, and move on to building a new startup.

I'm talking from experience, and the first rule of business is never to quit, and if somehow you fail, you try again.

My main point, originally, was that the idea that a doctor or lawyer makes a lot of money is based on the assumption that he has a successful practice. In other words he has started, built and runs his own business. The same is true for someone in technology or science. The comment was made that his father makes $110K per year as a simple businessman, so he sees $90K as a physicist to somehow be inequitable. But, he's comparing apples and oranges. A guy can work at a pizza place and make minimum wage, or he can own the pizza place (doing the same work) and become a millionaire. The issue of probability of failure is important of course, but ultimately he is making judgements by looking at those that of come through a filter and arrived on the successful side. Try to understand my original point, and not nitpick on isolated statements taken out of context.

 

[davesface]

You are clearly a pessimist. Pessimists never make it in business.

A pessimist is what an optimist calls a realist. Plus, the facts back twofish up.

"According to the U.S. Small Business Administration, roughly 50% of small businesses fail within the first five years." (http://www.sba.gov/smallbusinessplanner/plan/getready/SERV_SBPLANNER_ISENTFORU.html")

True it is much different, but most any educated person can do it (and many uneducated people do it) if they are motivated. It makes no sense that an engineer or physicist can learn all the complexities of their field and not understand the basic common sense issues of running a business.

Engineering/Physics and Management require very different skill sets. You wouldn't expect James Watson to understand the "basic common sense issues" of painting an exact replica of the Mona Lisa just because he is a Nobel laureate.

 

[elect_eng]

A pessimist is what an optimist calls a realist. Plus, the facts back him up.

"According to the U.S. Small Business Administration, roughly 50% of small businesses fail within the first five years." (http://www.sba.gov/smallbusinessplanner/plan/getready/SERV_SBPLANNER_ISENTFORU.html")

Do you think I'm not aware that many businesses fail? You all need to read between the lines. You take things much too literally.

 

[davesface]

It's hard to tell what is supposed to be sarcasm.

 

[elect_eng]

It's hard to tell what is supposed to be sarcasm.

I didn't intend any sarcasm at any point. I basically made a statement

"With regards to money, keep in mind that people who go into their own business make more money than people who work for others."

that when taken out of context is clearly wrong. However, when taken in context, has meaning. I should have been clear that it is people who have a SUCCESSFUL business who OFTEN make more money than those that work for others. However, I did give examples that should have clarified my meaning. The OP is assuming that he could be a successful doctor, build his own practice and make lots of money, and that if he becomes a physicist he will only make $90K per year. His logic is flawed because there are hospital doctors making $150K per year and paying back school loans and paying malpractice insurance. There are also doctors who go into research and make a physicist level salary. There are also physicists that are so good that they can make money as professors, speakers, consultants and authors simultaneously. Some even go into business. One needs to make a fair comparison. That is my point, very simply.

 

[twofish-quant]

You are clearly a pessimist. Pessimists never make it in business.

Question: What's your business experience? I've worked in big companies and small startup companies.

A healthy degree of pessimism is essential in any sort of business. I've found that it takes a certain mindset to do well. On the one hand, you have to have enough self-confidence to think that you'll make it through somehow. On the other, you have to be willing to face hard realities and think of every possible thing that can go wrong to make sure that you are able to deal with all of that.

You have to be very, very hard nosed about numbers. When you do a business plan, especially for a small startup, you have to make sure that you have enough capital so that if things get bad, you can survive and fight another day. The big mistake that small businesses tend to make is not enough preparation and not enough capital.

 

[elect_eng]

Question: What's your business experience? I've worked in big companies and small startup companies.

A healthy degree of pessimism is essential in any sort of business. ...

Well this thread is not about me and my comments were originally directed to help the OP in answering his question. However, since you asked and since it might give some insight to the OP, I can give some basic information.

I'm not a business minded person in the strict sense. I've always focused on learning and technology and I'm basically best described as a researcher. I was able to take my Ph.D. work and use it as the basis to launch a start-up technology company. Over 8 years, with investors and managers, brought in at opportune times, the company was successful and was sold to a large corporation with myself, partners and some investors doing very well in the end.

I've seen all of the issues (you've described above) first hand. Also, when I began, many friends and family members questioned my choice, sounding very negative about the prospects of being successful in business, as you did. The success I had was the result of a hard fought (although enjoyable) battle. It is the type of battle that is never fought by a pessimist.

Of course the question then becomes. "What if you had lost the battle?". My answer would be that the education, experience and the adventure is priceless; hence, it is a no-lose situation. And, I would have been more prepared for the next attempt, with a much higher chance of success. In the end, if you don't give up, you eventually succeed.

Note that even with success, more is possible. I currently work as a research scientist, in industry, in a field unrelated to my previous work. I chose this new field (renewable energy) because it is interesting to me and it will become an explosive market in the future. Once my expertise is developed enough and once I have the right critical mass of innovative ideas and once the timing is right with the economy and the targeted markets, I'll do it again. I will then have two advantages that I didn't have before - (1) a track record of success to help convince investors to put money in, and (2) no need for investors.

I want to be clear that I'm not claiming to be Bill Gates or anything like that, but I'm basically an engineer that has made about as much as a well established medical doctor with a successful practice. This is my basic point. I'm asking the OP to not compare a physicist working at a university or in industry to a medical doctor with his own successful practice. The comparison should more accurately (even if imprecise, or even crude) be made as follows:

doctor doing research in industry => physicist doing research in industry

doctor working at a hospital => physics professor at a university

doctor owning his own practice => physicist owning a consulting firm or a technology company

Hopefully, this will help get this thread back on track.