An annual study of physical science graduate students' background characteristics and degree recipients' employment outcomes was conducted for 1995. The total pool of 1994-95 physics graduate students was 13,285 with non-U.S. citizens making up 43 percent. Among U.S. citizens, 18 percent entered graduate school 2 or more years after earning a Bachelor's degree. Over half of the non-U.S. citizens entered graduate school in the United States 2 or more years after earning their Bachelor's degree. The number of years taken to obtain a Ph.D. has risen with over 20 percent taking 8 years or more and fewer than 5 percent earning their degrees in 4 years. The number of women has continued to increase: from 8 percent in 1975 to 16 percent in 1995. Tables provide data on employment of physics graduate students including country of origin, racial/ethnic background of graduate students with U.S. citizenship, financial support, academic background, subfield of study, time taken between Bachelor's degree and physics graduate study, and time taken between Bachelor's degree and physics graduate study, postdoctoral positions, annual salaries, and overall Master's degree recipient characteristics. (JLS)