This report provides information about holders of bachelor's degrees in physics who went on to earn master's degrees and were employed at the time of the survey (completed by spring 1999). This is the second report based on data collected from people who earned bachelor's degrees between 1990 and 1993, but it is the first time the American Institute of Physics has attempted to study physics bachelors 5 to 8 years after they earned their degrees. About 25% had master's degrees at the time of the survey and were in the workforce. About 40% of those respondents had master's degrees in fields other than physics. Physics bachelors who went on to earn master's degrees in physics were most commonly employed in either software or science or laboratory jobs. Those with master's degrees in physics, engineering, and other sciences earn significantly higher salaries than those with physics bachelor's degrees. Those with master's degrees were more positive about some aspects of their undergraduate education than those with physics bachelor's degrees. As with physics bachelors, the majority of physics master's degree holders would get an undergraduate degree in physics if they had to do it over again. (SLD)