This is the first in a series of reports that explore the career experiences of workers with physics training. A survey conducted in 1994 examined the education and employment experiences of a large sample of members of an academic honors society for undergraduate physics students. The analysis focused on 328 holders of bachelor's degrees in physics who completed their education at the master's level. Survey findings show that these degree recipients work in all sectors of the economy, although industry and the autonomous private sector (small business, professional practices and firms, and self-employment) are the largest employers of master's degree recipients. Among employed master's degree holders with physics backgrounds, nearly three-fifths received their highest degrees in a field other than physics. Those with degrees in fields other than physics had narrower career paths than those with degrees in physics, who enjoyed a wide range of career options. Both managers and engineers strongly endorsed the beneficial effects of a physics education on their careers. An appendix discusses survey methodology. (Contains 8 figures and 23 tables.) (SLD)