I'm currently finishing my PhD in Biology here at UCSD. This was a big change from physics and I am not directly doing much physics related research. However, I think my physics training was very important. I learned how to be a clear, critical, scientific thinker which has served me well here. Having a physics background in no way hindered my applications to biology graduate schools. I think most schools considered it an advantage. The field of biology is becoming much more analytical and the perspective I have with a physics background is quite useful. Now that I am looking for a job, I think having a background in both physics and biology will help a lot.

My point is that the baseline skills for success in industry (I believe) are common sense, good communication skills, a reasonably broad background in science and decent computer skills. There will always be a market for bright people who satisfy these criteria, and a physics degree is a big plus for the applied science shops.

I was in fact fortunate enough to land an academic position... especially a relatively enjoyable one. Tenure is nice, too! My education at Mudd was a thorough preparation for graduate study... that was no problem.

I graduated in physics in 1976, went to medical school and am now an ophthalmologist doing research in tropical eye diseases. HMC was a great education - can't say I really use a lot of physics, and I'd choke if I had to do a Fourier transformation, but I do rather enjoy optical problems (unlike a lot of my colleagues) and I repair the odd broken instrument...