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Shackleford
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Excluding medical school.
shackleford said:excluding medical school.
twofish-quant said:You can apply physics concepts to this question...
There is an mathematical theorem that called the no-arbitrage theorem that says that given certain assumptions about a market, that the expected outcome for all choices are the same.
The idea is that suppose you find that degree X makes you more money than degree Y. Everyone will get degree X, no one will get degree Y, so salaries for degree X decrease, salaries for degree Y increase, so in the equilibrium situation the expected outcome from degrees X and Y will be the same.
What you will find that's important is the relaxation time. How long does it take for the market to go into equilibrium? In the case of stocks, it can be seconds. In the case of the labor market, it may take years for things to reach equilibrium and you can end up with all sorts of non-equilibrium things like bubbles. However, even if the relaxation time could be years, your career is measured in decades.
Also one question that you want to ask yourself is 'do you really want to maximize earnings?" For example, if you have higher earnings but more debt, is this good or bad? Also, increasing earnings is often associated with higher risk and volatility.
The other thing that you really need to ask yourself is "how much money is enough?" At what point do you declare victory and say that you've made enough money and you are willing to make less money in exchange for something else?
One thing that I did which was really useful was that at one point in my life, I added up everything that I wanted and came up with a dollar figure at which I'd declare victory.
Ben Espen said:It also depends on what you are good at. The best way to think of this is an earnings/ability distribution. In general, the better you are at a given job, the more you are going to make. Exceptions clearly exist! Be careful, but you should consider: would you be a good lawyer or fail the bar? This makes a huge difference in earnings. You want to try and pick something you can do well if you have the choice. I have worked as a manufacturing engineer for years, which is one of the lower paid engineering disciplines, but I am at the top of the distribution, which means I do quite well.
G037H3 said:Well, you can choose to go for something you *know* you'd enjoy doing for a decade or more, or you could go after what pays better on average, and then risk burning out or being unsatisfied, and the lack of contentment with your career being a constant stressor that reduces the available energy you have to commit towards doing something you *want* to do.
It's generally best to worry more about happiness than money. If you even have a BS, you likely aren't going to starve, so why not focus on what you find to be fun and interesting?
This would not be my advice. Prudent reflection on earning a living is an important part of life. Making a career decision based solely on money is unwise, but so is ignoring money. There is absolutely no guarantee that you can make a living doing solely what you like to do. Any likely career will involve at least some unpleasant aspects, and potentially many. This is normal, and it can be successfully overcome by almost anyone.Shackleford said:So, basically, pick something I enjoy doing and since I'll probably excel at it, I'll be well compensated. I think I've heard the adage follow your passion and the money will follow, too.
Shackleford said:The no-arbitrage theorem is unrealistic for a number of reasons.
Shackleford said:Some people choose careers based on money. They're motivated by just making a lot of money regardless of what they do.
Locrian said:Yea, what Ben said. I know a lot of people who did what they loved until they were dead broke and changed careers. The money doesn't always follow.
Ben Espen said:There is absolutely no guarantee that you can make a living doing solely what you like to do.
The most common graduate degrees pursued by B.S. Physics graduates are Master of Science (M.S.) and Doctor of Philosophy (Ph.D.) in Physics, as well as Master of Engineering (M.Eng.) and Doctor of Engineering (D.Eng.) in Engineering Physics.
Earning a graduate degree in Physics can significantly impact earnings. On average, individuals with a graduate degree in Physics earn 20-30% more than those with just a B.S. in Physics. This is due to the advanced knowledge and skills gained through graduate studies, which make individuals more competitive in the job market.
In the long run, a Ph.D. in Physics would likely maximize earnings. This degree typically leads to higher-paying job opportunities in research, academia, and industry. However, it also requires a significant time commitment and may not be the best option for everyone.
Yes, there are other graduate degrees that could potentially maximize earnings with a B.S. in Physics, such as a Master of Business Administration (MBA) or a Master of Data Science (MDS). These degrees combine business or data analytics skills with a strong foundation in physics, making graduates highly sought after in various industries.
When choosing a graduate degree to maximize earnings with a B.S. in Physics, factors such as personal interests, career goals, time commitment, and financial considerations should be taken into account. It's important to research the job market and potential salaries for different graduate degrees to make an informed decision.