Graduate students in physiology programs today are faced with a job market that is significantly different from that which many of us faced 25, 10, or even 5 years ago. As a result, physiology educators need to change the content and style of their programs to prepare graduates for their futures. Programs must continue to prepare graduates for research postdoctoral positions, but they also should prepare them for employment at smaller institutions that have higher teaching demands and that encourage, but do not require, research. Changes are suggested in the way PhD candidates are taught and in the way professors mentor students seeking employment at smaller institutions.