I had a conversation over the weekend with a doctor who has pivoted to finance where his medical education is invaluable. His reason for pivoting was his love for numbers. He also wanted to build value in society by making a difference through his financial role. This is a remarkable worldview. We can conclude that once a doctor at heart, always a doctor.
Being successful in the field of finance, he shared some important thoughts with me about doctors pivoting to finance. First, the field of finance and banking is not homogenous by any means. While there are overlaps, there are also many differences between the many areas of finance.
Second, doctors need to know their personalities to determine what sorts of risks they are willing to take in the field of finance. This would determine the path they would follow. A doctor in the area of financial planning will not be facing many risks. This is unlike the venture capitalist who would experience certain loss if the start-up he/she has recommended for investment does not produce the desired results.
Along with that, because doctors tend to possess analytical skills and perseverance by virtue of their training, they make for good candidates in the field of finance. With a certain amount of grit which is a function of personality and character building, they’d be most suitable for the challenges and the competitiveness that is a reality in the sector. So, it’s not just about the raw intelligence of doctors but also the staying power in the field.
In addition, a steep learning curve is necessary to succeed in finance. In the U.S. for example, math geniuses and people with Ph.D.’s in quantum physics are being hired to manage hedge funds. So, whether a doctor has decided to embark on auditing, investment, financial services, or venture capital to name a few specializations, mastery of knowledge is imperative. This implies a commitment to push through despite the challenges in the sector.
Gaining the necessary certification to function in the sector is crucial. Further, an MBA is certainly helpful for doctors wishing to enter the field of finance particularly in the corporate sector.
There are generally two pathways for doctors to enter the finance sector. First, is as a salaried employee of a business or a corporation. Second, is to start one’s own business. But penetrating the finance sector is no easy feat in Malaysia as personal connections sometimes take precedence over meritocracy.
The fact is, if a medical doctor is well-versed in finance, he/she stands a decent chance of being hired by the industry. For example, a company which is looking to invest in a healthcare company will rely on such a doctor to evaluate the deal. Unlike the typical banker, a doctor understands the operational levels within healthcare. This is a plus point as doctors are not just able to look at the numbers but also to identify the snags in the healthcare processes which are often costly.
There are also specialist healthcare investment firms that have been mushrooming across Singapore and Malaysia that would require the services of doctors who are trained in finance.
According to my source, an alternative pathway for doctors to enter the finance sector is to start their own business but this involves an element of risk. If, however, the business turns out to be successful, the owner upon selling his/her business is usually sought out by bankers to sit on the boards of companies. This is another pathway for doctors wishing to enter the field of finance.
More on this topic follows in the days to come. Do look out for it. If the finance sector is looking to employ experienced doctors, do contact Disruptive Doctors. We are here to help you succeed in your business plans and we have a ready pool of qualified doctors to assist you.
