We report the major thrust of the Conference on Tradition and Change in Physics Graduate Education, held at Pennsylvania State University on 19−23 August 1974. %Most of the dialogue dealt with the employment problems of the physics community, particularly of its younger members, and with measures which might be taken at the graduate school level to alleviate these problems. %These measures involve a serious reexamination of our traditions and a deliberate set of innovations and diversifications to maintain physics as a viable career option.