Your SlideShare is downloading. ×
  • Like
Life after medical school
Upcoming SlideShare
Loading in...5

Thanks for flagging this SlideShare!

Oops! An error has occurred.


Now you can save presentations on your phone or tablet

Available for both IPhone and Android

Text the download link to your phone

Standard text messaging rates apply

Life after medical school


Life after medical school …

Life after medical school
Finance for Doctors basic

Published in Business , Economy & Finance
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads


Total Views
On SlideShare
From Embeds
Number of Embeds



Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

    No notes for slide


  • 1. Life after medical school 16th February 2011
  • 2. Faculty • Ms Ruth Waters (RW) Consultant Plastic Surgeon • Dr. Mike Clapham (MC) Consultant Critical Care & Medical Education • Mr. Mike Waldram (MAW) Consultant Hand Surgeon • Dr Ian Rayner (IR) Consultant Psychiatrist Mr Vaikunthan Rajaratnam (VR) Consultant Hand Surgeon
  • 3. Life after medical school • Why? • Everything you wanted to know about being a doctor but was afraid to ask • What they don’t teach you in medical school • Its different being a doctor
  • 4. Where are you?
  • 5. criteria for professionals 1. Academic qualifications 2. Expert and specialized knowledge in field which one is practicing professionally. 3. Excellent manual/practical and literary skills in relation to profession 4. High quality work 5. A high standard of professional ethics, behaviour and work activities while carrying out one's profession 6. Reasonable work moral and motivation. 7. Is a individual who does not require supervision. 8. Engage in altruistic activities
  • 6. Free resource Management for Doctors
  • 7. Finance for Doctors
  • 8. Needs • Home • Spouse • Family – children's education • Car • Holidays • Reputation • Professional excellence • Retirement plan • Pension
  • 9. Financial independence • sufficient personal wealth to live indefinitely without having to work actively for basic necessities • assets generate income that is greater than their expenses • “Good medical practice requires doctors to be financially independent!”
  • 10. Reading List • Cashflow Quadrant: Rich Dad's Guide to Financial Freedom (Paperback) ~ Robert T. Kiyosaki • Corporate Intensive Care: Why Businesses Fail and How to Make Them Succeed (Hardcover) ~ Larry Goddard • The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael E. Gerber • Accelerated Learning for the 21st Century: The Six-Step Plan to Unlock Your Master-Mind ~ Colin Rose • The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich~ Timothy Ferriss
  • 11. NHS Salary –FY1 22,190 FY2 27,523 –ST1 29,411 –ST9 46,246 –Cons1 74,504 »Max 100,446 CEA Level 12 £75,796
  • 12. Personal Tax • Earnings up to £35,000 per annum are taxed at 20% (Basic Rate) • Earnings over £35,000 per annum are taxed at 40% (Higher Rate) • from April 2010 - new 51.5% income tax rate > £150,000. (+ NI 1.5%) • Personal Allowance 2011/2012, £7,475 (less if income >100k) – Personal Allowance reduces where the income is above £100, 000 -(the full allowance would be extinguished at an income level of £112,950) • (+ 20 % VAT) • Purchasing power parity issues
  • 13. UK Corporate Tax Rates • Companies with taxable profits under £300,000 pay tax at the lower rate of 21% • profits of £2m would pay tax on all profits at 28% • (personal tax after £150k = 50%)
  • 14. Strategy • Gather assets • Reduce liability • Manage living costs
  • 15. How to • Set Up an Emergency Fund • Pay Off Your High Interest Debts • Set Up a Retirement Fund • Set Up Educational Fund • Pay Off Your Low-Interest Debt • Build Wealth Through Wise Investments
  • 16. Definitions • Profit is the incentive for business; and the reward for taking risk; • role of accounts is to monitor and measure profits • accounting – record keeping, verifications and reporting • finance - predict future trends or to make decisions
  • 17. • Asset – that which has value in money terms for the purpose of financial reporting. • Liabilities - that money owed by a business
  • 18. • Profit and Loss Account – trading performance of the business over the accounting period • Balance Sheet – Statement of assets and liabilities at the end of the accounting period (a "snapshot") of the business
  • 19. Profit • Profit(P) = Revenue(R) – Costs (C) Utilised as follows:- • 1) Retained for future investment and growth –NHS Foundation Trusts and non profit organisations 2) Paid out to owners and investors e.g. a ‘dividend’ –for profit companies 3) Paid as tax.