Today marks the culmination of all our efforts as a hematology/oncology fellowship program director. The air is filled with excitement, as colorful balloons adorn the stage, dinner buffet stations hum with activity in the background, and our fellows, accompanied by their proud families, enter the conference room for the much-awaited graduation ceremony. These graduates have dedicated an average of 14 years to their education and training since high school, and now they stand on the threshold of embarking on their careers as fully-fledged oncologists. As we gather for dinner, speeches, and the presentation of diplomas, our faculty also bestow upon our departing fellows a few tokens of appreciation for their dedication in caring for our patients over the past three years.
Among these tokens, a tradition stands strong: every year, we gift our graduates with a book on financial literacy tailored for physicians. While we’ve equipped our fellows with the clinical skills to manage complex cases and deliver compassionate care, I can’t help but wonder if we’ve adequately prepared them for the financial challenges that lie ahead. Skills like budgeting, saving for the future, and navigating the intricacies of the U.S. tax system are essential for achieving a balanced professional and personal life. Thus, we offer them a guide to financial literacy, but could we do more to impart these crucial life skills before they step into the workforce?
Medical training is a whirlwind of knowledge acquisition and skill development. In addition to mastering the intricacies of disease management, fellows must also hone procedural skills, stay abreast of medical literature, and engage in various professional activities. Recognizing the need to fill any gaps in their education, we’ve introduced initiatives like a lecture series on clinical trial design and a longitudinal course on the transition to practice. These experiences not only enhance our trainees’ knowledge but also their effectiveness in clinical settings. Amidst these rigorous demands, some of our fellows also find time to tackle adult responsibilities such as family planning, homeownership, or car purchases, hoping to avoid the pitfalls that often accompany such endeavors.
As we celebrate their achievements at graduation, we also seek to provide gifts that will have a lasting impact beyond the confines of the hospital or clinic. While framed word clouds adorned with praises from faculty and staff capture the essence of each fellow’s positive attributes, I ponder whether we could offer gifts that better equip our graduates for the challenges of the real world, such as managing loan repayments or planning for retirement.
Often, the first post-training conversations I have with our trainees revolve around navigating the intricacies of job offers. Many approach this process with trepidation or a lack of negotiation skills, something I too struggled with in the past. While our graduates often secure desirable positions, possessing basic negotiation skills could undoubtedly enhance their professional interactions and personal well-being. While some doctors pursue MBA degrees to gain business acumen, expecting highly trained clinicians to commit to another two years of education may be unrealistic. Instead, we could provide foundational business skills or direct trainees to key resources to navigate business affairs with confidence.
Although instruction on financial and business matters is not a core competency of ACGME-accredited training programs, prioritizing these skills could contribute to improved well-being and reduced burnout among future attendings. As we look to the future, perhaps it’s time for greater standardization across training programs in preparing physicians for the realities of managing both patient care and professional finances.
Marc Braunstein, MD, is a hematology-oncology physician. Connect with him on Twitter @docbraunstein.
- : public
