<p>If you do per capita numbers by number of physics majors you’ll get a different statistic but that doesn’t mean per capita numbers by total graduates are worthless. It seems highly significant that Caltech with 235 students per year has as many physics majors as the University of Michigan which has over 6,000. I suspect that the low number of physics majors at the University of Michigan says something about the quality of the department as well.</p>