Top Reasons Why Doctors and Medical Professionals are Pursuing CFA - FinTree



Top Reasons Why Doctors and Medical Professionals are Pursuing CFA

Financial management and planning is a necessary skill to have in all professions, especially in medicine. When it comes to personal money management, financial planning is key for doctors. Healthcare professionals often spend a decade studying and preparing for their career, and a career in medicine can result in a large amount of debt.
While personal financial planning can help doctors create sound investments and strategies for repaying their loans and building on their income, doctors themselves can add value to their skill set by branching into a more financial advisory capacity as their profession. Many doctors have seen the value of CFA and its returns and believe that becoming a CFA charter holder can take their career to the next level.

The main reasons why many MD professionals and experienced doctors are pursuing the CFA certification are listed below.

Financial Advisory for Hospitals 

Hospitals need to work with financial advisors constantly to make sure they are on the right path in terms of their investments, tax payments and benefits, and more. A financial advisor who has experience and knowledge in the medical field will have more insight than someone who has little to no insight in the world of medicine. Doctors who have their CFA certification can provide better insights and guidance as advisors than CFA charterholders without a medical background.

Risk Management

Hospitals need to ensure they are as foolproof as possible in terms of risk management and mitigation. CFAs with medical

experience will know all the backend details of risks, threats and opportunities and can help hospitals maximize their existing risk management and business continuity plan.

Insurance Policies

Hospitals need to have a number of insurance policies and protocols in place in case of damages or losses. Healthcare facilities are responsible for lives and they also operate using expensive equipment. Choosing the right insurance policies for their workplace, employees, and equipment can safeguard the hospital for the future. CFA charterholders who come with a medical background can use their knowledge in medicine to help hospitals find the best plans and policies.

Future Investments and Acquisitions

Many hospitals grow, expand, acquire or merge with other healthcare facilities over a period of time. Doctors with CFAs can help with this transition and also advise their clients on the best course of action for their establishment. This can save hospitals a lot of money and help them acquire huge financial gains in the future.

Training for CFO Positions

CFOs of hospitals and healthcare facilities need to have knowledge of medicine as well as financial management, investment, portfolio management and risk management in order to lead their enterprise to success and continuous growth. A CFA charterholder with an MD will be the ideal candidate for this job role. Doctors who aspire to be working at a CFO position in their organization will benefit from completing all the levels of the CFA certification.