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In Serbia, one of the former republics of Socialist Federal Republic of Yugoslavia, men and women have equal access to higher education and professional employment. However, in practice, this equality is not always realized. In this paper we describe the status of women in physics in Serbia, focusing on student gender ratios and on positions held. The financial contributions of the Serbian government to the scientific sector are not sufficient. Many young physicists enter the information technology sector, where they can earn higher salaries. In addition, the lack of career opportunities motivates scientists to go abroad, so each year, more and more young people leave Serbia. Today, many young Serbian physicists plan their departure during their studies and leave the country immediately after graduation. We present statis- tical data for the last several years, reviewing the percentage of women who are pursuing physics as a subject of study or a profession. We report gender ratios at various career stages. Teaching at the primary and high-school level is the main professional activity for female physicists in Serbia. Even though a large percentage (about 50%) of Serbian physicists are female, few women hold positions in which decisions about scientific and educational policy are made. When women achieve leadership positions, their educational attainments often outstrip those required for the positions. Only six women have a high-level management position.