Doctors who pivot to the finance industry are going to make and here are the reasons why: First, there are many similarities between the professions of a doctor and the work requirements of professionals in the finance markets. Both require people who can work long hours, absorb huge amounts of information, perform well under pressure and are detail oriented. For this reason, among the many professionals out there, a doctor’s training is best suited for the demands of the finance industry.
Second, there is growing need for healthcare professionals to be involved in investments and to coordinate strategic financial plans for healthcare companies. Between 2018 and 2028, it is forecasted that the need for financial managers will grow by 16% in the U.S. This is according to the U.S. Bureau of Labor Statistics. We can expect to see this trend worldwide. Who better than doctors to serve as the link between healthcare and finance in their capacity as finance managers.
There’s a reason for the growing need of finance managers. The healthcare industry is a booming one. According to Georgetown University’s Health Executive Summary, healthcare production was slated to increase by 70% from $1.8 trillion to $ 3.1 trillion between 2010 and 2020. With the Covid-19 pandemic, these figures would have shot up higher.
Third, doctors with medical degrees are needed in equity research and investment analysis. This is because their in-depth scientific knowledge is regarded as priceless for medical and pharmaceutical companies. As product innovation and healthcare companies require expert scientific knowledge, doctors have the unique ability to serve as analysts in the field.
Investors, specialized research firms, and investment banks rely on the expertise of doctors who have an interest in finance. Doctors will not be able to jump into the role of investment bankers straight away. There is much to learn about the world of finance and there are no quick fix-its to effectively train doctors in the field. An MBA degree, however, is helpful though not crucial for doctors wanting to pivot into the finance sector.
For a start, doctors who have great financial management skills, or an eye for a good investment opportunity could offer financial consulting services. This can be done either by making a career transition or as a means of supplementing one’s income. Physicians with an eye for investment often get into venture capital companies that help to finance health start-ups or small business that have long term growth potential.
The role of physicians at a venture capital company is to research a health start-up and assess the potential risks and benefits of investing in the company. Long hours and hard work are needed to establish a successful venture capital company. This is something that doctors are well equipped to do by virtue of their medical training.
There is no doubt that the future is bright for healthcare businesses as consumer consumption of healthcare products is on an upward trend. This implies that the expertise of doctors is an imperative for the finance industry in the many services it offers to the healthcare sector. So, the chances are, doctors who pivot to the finance sector are going to make it. And the finance sector will do well to embrace them.
