Thousands of junior doctors have been on strike this week in Britain’s National Health Service complaining of low pay and poor working conditions.
Many medics on the picket line are also thinking of opting out of their careers altogether – and the world of finance and business offers an unlikely but increasingly attractive alternative.
Jae-Young Park studied at Oxford University to become a doctor for six years, but left the hospital after five months as a newly qualified doctor. NHS To work in investment banking. His salary more than tripled overnight.
“I think the NHS definitely talked me out of it,” says Park.
This is not an isolated case. A survey published by the British Medical Association late last year found that 2-in-5 junior doctors plan to leave the NHS when they are offered another job, while 79% “often” think about leaving the NHS. think.” Salaries, deteriorating working conditions and increasing workload were the main problems, according to the survey.
Among those actively planning a new career, the most popular option was management consulting, with the pharmaceutical sector also being a major destination.
Health unions have accused the government of imposing real-time pay cuts on NHS staff, creating a demoralized workforce and high levels of vacancies.
After a series of alarming strikes by nurses, ambulance staff and other staff since December, health unions recently set off further action to hammer out a pay agreement with ministers – but junior doctors are not part of the talks.
“Thanks to this government, you can serve patients more coffee than you can save,” the BMA argues in a new campaign. Its survey revealed that most junior doctors had difficulty paying their utility bills last year.
Doctors are 20% more likely to seek options outside their field than the average job seeker, says jobs website Indeed, adding that interest in banking and finance has grown.
pressure, not stress
The emotional toll of working in the NHS is also pushing doctors away, according to Mark Jenkins, who left medicine to become a management consultant at Boston Consulting Group.
“As a doctor, there’s a personal concern about: Is someone going to die because I made the wrong choice and I don’t have enough resources,” says Jenkins, who has retired to become director at the health app Oviva. Left the job.
“In consulting, yes, a client is going to be really angry with you if you don’t have a presentation by 9 a.m. the next day, but in the end, you’re concerned about your personal success. I call it pressure, No stress
BCG and other management consulting firms such as McKinsey are giving medical students a taste of work outside the health sector with internships that can form part of their training.
The proportion of applicants from medical backgrounds to entry-level positions at Cornell Farrar, a boutique management consultancy specializing in healthcare and life sciences, is set to nearly double from the year to 2022. The firm says many medics want to be rewarded fairly for their work.
war for talent
The UK economy is suffering from a tight labor market and a war for talent, with companies keen to hire bright graduates. Medics have a number of desirable skills, such as the ability to absorb and apply new knowledge, according to Ian Dougall, dean of academic affairs at Hult International Business School.
“I think very few professions will teach you to be able to work under pressure like a front-line medic,” says Dougal, who has a special eye on doctors aspiring to join his MBA program.
Medics often lack knowledge of the financial system, but they can quickly catch up and compete in the city, according to Park, who jokes that he didn’t understand the word Ebitda when he first arrived at the bank. Came.
Eventually, financial reality bites, says Maura Jarvis, UK head for workforce transformation at consultancy Mercer International Inc. A lot of junior doctors “went into those roles because it was a calling and a purpose,” she says. “But if you’re not paying the bills, it makes a very different choice.”
Many medics on the picket line are also thinking of opting out of their careers altogether – and the world of finance and business offers an unlikely but increasingly attractive alternative.
Jae-Young Park studied at Oxford University to become a doctor for six years, but left the hospital after five months as a newly qualified doctor. NHS To work in investment banking. His salary more than tripled overnight.
“I think the NHS definitely talked me out of it,” says Park.
This is not an isolated case. A survey published by the British Medical Association late last year found that 2-in-5 junior doctors plan to leave the NHS when they are offered another job, while 79% “often” think about leaving the NHS. think.” Salaries, deteriorating working conditions and increasing workload were the main problems, according to the survey.
Among those actively planning a new career, the most popular option was management consulting, with the pharmaceutical sector also being a major destination.
Health unions have accused the government of imposing real-time pay cuts on NHS staff, creating a demoralized workforce and high levels of vacancies.
After a series of alarming strikes by nurses, ambulance staff and other staff since December, health unions recently set off further action to hammer out a pay agreement with ministers – but junior doctors are not part of the talks.
“Thanks to this government, you can serve patients more coffee than you can save,” the BMA argues in a new campaign. Its survey revealed that most junior doctors had difficulty paying their utility bills last year.
Doctors are 20% more likely to seek options outside their field than the average job seeker, says jobs website Indeed, adding that interest in banking and finance has grown.
pressure, not stress
The emotional toll of working in the NHS is also pushing doctors away, according to Mark Jenkins, who left medicine to become a management consultant at Boston Consulting Group.
“As a doctor, there’s a personal concern about: Is someone going to die because I made the wrong choice and I don’t have enough resources,” says Jenkins, who has retired to become director at the health app Oviva. Left the job.
“In consulting, yes, a client is going to be really angry with you if you don’t have a presentation by 9 a.m. the next day, but in the end, you’re concerned about your personal success. I call it pressure, No stress
BCG and other management consulting firms such as McKinsey are giving medical students a taste of work outside the health sector with internships that can form part of their training.
The proportion of applicants from medical backgrounds to entry-level positions at Cornell Farrar, a boutique management consultancy specializing in healthcare and life sciences, is set to nearly double from the year to 2022. The firm says many medics want to be rewarded fairly for their work.
war for talent
The UK economy is suffering from a tight labor market and a war for talent, with companies keen to hire bright graduates. Medics have a number of desirable skills, such as the ability to absorb and apply new knowledge, according to Ian Dougall, dean of academic affairs at Hult International Business School.
“I think very few professions will teach you to be able to work under pressure like a front-line medic,” says Dougal, who has a special eye on doctors aspiring to join his MBA program.
Medics often lack knowledge of the financial system, but they can quickly catch up and compete in the city, according to Park, who jokes that he didn’t understand the word Ebitda when he first arrived at the bank. Came.
Eventually, financial reality bites, says Maura Jarvis, UK head for workforce transformation at consultancy Mercer International Inc. A lot of junior doctors “went into those roles because it was a calling and a purpose,” she says. “But if you’re not paying the bills, it makes a very different choice.”
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