I'm working on a Masters in CS. There are a lot of different subfields
I could go into. Internet, Databases, Graphics, Algorithms, Hardware,
Operating Systems, Security, Quality Assurance, Scientific Computing,
etc. I'm trying to figure out which has the best job prospects. Are
there any subfields of CS where finding a job would be especially easy
for me? Are there any where the hourly wages are especially high, or
the hours I'd be expected to work are especially low?

Hi gremlin-ga! Thanks for another interesting question.

In a fairly recent article from Computerworld, it shows that the
subfield of security would be your best bet for an IT career since it
bucked the downward figures of other IT jobs.

"Bucking the downward trend, salaries for corporate security positions
increased by an average of 5.5% in 2002, with total compensation up
3.3% as bonuses declined by a less dramatic 9.1%. Moreover, premium
pay for security certification bonuses has risen 11.3% in value in
2002 and an even more impressive 31% over the past two years..."

"Also hot: Voice over IP, Wireless Markup Language (WML), DB2,
VoiceXML and SAP's Advanced Business Application Programming language
skills all grew in value in 2002. Highest paying? Rapid application
development/extreme programming, XML, SQL Server, WML and Oracle
database skills."

"IT Job Trends Yield Surprises"
By DAVID FOOTE 
FEBRUARY 10, 2003

The Occupational Outlook Handbook is also a good resource in finding
out possible prospects for careers.

Computer Programmers Job Outlook:
http://www.bls.gov/oco/ocos110.htm#outlook

Computer Progtammers Earnings
http://www.bls.gov/oco/ocos110.htm#earnings

--------
Computer Software Engineers Job Outlook
http://www.bls.gov/oco/ocos267.htm#outlook

Computer Software Engineer Earnings
http://www.bls.gov/oco/ocos267.htm#earnings

Search terms used:            
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I hope these links would help you in your research. Before rating this
answer, please ask for a clarification if you have a question or if 
you would need further information. 
            
Thanks for visiting us.            
            
Regards,            
Easterangel-ga            
Google Answers Researcher

The vast majority of programming jobs are in standard business-type
applications development (reporting, data entry processes, system
conversions and database) and web development.  Given the current IT
job market, don't expect there to be much to pick from and no high
salaries for some time to come.  Many, many graduates are still
jobless and you'll be real lucky to find a job at all, let alone a
selection to pick from.

Mostly what you will learn in a traditional college will not be
greatly useful in the real world but the best thing to do is be broad
and flexible with your education. A simple search of any job board
(Monster, DICE, etc) using your areas listed above as key words will
show you how many or how few openings there are in a particular area.

cheyenne - I didn't quite understand your examples of business
applications development. What's "reporting"? By "data entry
processes", did you mean writing programs to add data to a data base,
or doing it manually? System conversion just means adapting a windows
program to run on unix or vice versa?

The problem with looking up the number of job openings in a field is
that it doesn't tell you how many people are competing for those
positions.

Reporting - Writing programs that produce reports
Data Entry Processes - Writing programs that all0ow users to enter
data on screens
Conversions - Usually, writing programs to convert data kept by one
system to a format usable by a different system. A system being a
canned or in-house software product.

Here's a real world example of how the current job market is: The
consulting firm I work for advertised an opening recently and received
500 job resumes in response.

Hmmmm.... Considering the number of firms out there that automatically
spam people's resumes all over the place, I wonder how good of a
measure a resume count is.