1st July 2016

Specialty Training – The Financial Aspect

Specialty Training – The Financial Aspect

Junior doctors are struggling to meet the financial costs of postgraduate specialty training in the UK. Those doctors pay for mortgage, day to day expenses and fund for a competitive CV while also paying a large sum to their obligatory training.

Meanwhile, the Annual Review of Competence Progression (ARCP) arranged basic standard of training are rarely meeting the actual training undertaken in the post graduation course. The situation now is that these doctors are in a huge dilemma in prioritising their profession and personal lives.

Cost of specialty training

All doctors must fund for General Medical Council registration: indemnity insurance, college registration and post graduate exams. In addition, there are specialty specific requirements and a cost for Certificate of Completion of Training.

The postgraduate exams are difficult and doctors personally pay for these exams. A re sit is another added expense, thus most trainees are desperate to pass in few attempts with self-funded revision courses.

Competitive CV

The ARCP assess each specialty requirements for its passing standards. But it is unlikely that a consultant post is gained just by reaching the specified basic requirements. To surpass these requirements in the highest-level doctors needs prerequisite additional courses, qualifications and experiences, which is also self-funded like any other costs. These are the basic features which will show your competitiveness in the field.

Apply for bursaries, prizes and travel fellowship. Let your CV show your interest that has been developed over time.They help your medical CV look better. There are also other free CV building opportunities like teaching and voluntary jobs on management and leadership roles for a competitive CV.

Some tips to reduce costs while in your specialty training.

  • First always, limit your student debt as much as possible.
  • Consult a financial adviser early to discuss life insurance, professional and personal insurance. Remember it soars as time passes.
  • Ensure you are in correct tax and claim back deductible training costs such as registration fees and postgraduate exams.
  • Study hard and pass first time in your postgraduate exams.
  • Do external locum shifts to pay for out of programme training, experience or research. They pay more than the internal locum shifts.
  • Never miss free courses. Medical insurance companies, pharmaceuticals and medical supplies companies often offers courses in reduced costs.
  • Enrol in Royal colleges’ courses; they are much cheaper and easily accessible.
  • Target international conferences being held in the UK for posted and presentations.

For more guidance on medical profession, visit our Blog page regularly.

Let us help you while you are in Specialty Training, we provide all kinds of locum jobs all over the UK. Visit Us.

Whoops, looks like something went wrong.