After committing your professional life to medical research and practice, how can you continue to use your expertise to improve the health of others?
In January 2024, a panel of our Fellows spoke at an Academy event on planning a portfolio career. Someone with a portfolio career will hold multiple roles, paid or voluntary, in different organisations and possibly different sectors. If you want to continue working in some capacity after retirement, but with more variety and flexibility, this is one path you might want to consider.
With help from our panellists, we’re sharing our five top tips for planning a successful portfolio career:
1. Prioritise your wellbeing.Retirement can be a significant life transition - consider the changes it might bring and the emotional impact this may have, both independently and with trusted friends, family, or colleagues.
"If you've had a busy career, adapting to a different pace in retirement can be challenging. Spend some time reflecting on who you are when you’re not at work, including any personal interests or passions that you might have more time to pursue." - Professor Eleanor Riley CBE FRSE FMedSci (former Director of the Roslin Institute at the University of Edinburgh)
2. Planning and reflection. While it’s easy to slip into familiar territory after retirement, you should put as much time and effort into preparing for this career phase as you would for any earlier stage. Identify the aspects of previous roles that you enjoyed, but also consider new opportunities that excite you. Decide how important paid positions are, and don’t be afraid to say ‘no’.
"When faced with an empty diary, don’t jump at the first thing that’s offered to you. It’s easy to have your calendar swamped with activities that don’t reflect your personal priorities and interests at this stage in your career." – Professor Sir John Tooke FMedSci (former President of the Academy and Vice Provost for Health at University College London)
"Remember, you have nothing to prove, you don’t have to justify yourself and you don’t have to rush into things." - Dr Pauline Williams CBE FMedSci (former Senior Vice President and Head of Global Health R&D at GSK)
3. Build connections. Opportunities and roles after retirement often come from activities you were involved in while working. If there is a role that you want, make time to get to know the right people or organisations, and demonstrate your skills, knowledge, and commitment to them. You can:
- Sign up to alerts for relevant Board positions
- Ask your networks to keep you in mind if relevant roles open in the future
4. Get experience in sectors of interest while you’re still working. You could consider:
- Consultancy and advisory work: Large consultancy firms may be interested in you as a subject expert. It’s important to have client-facing skills for these roles, so consider doing some consultancy activities before retiring to expand your skillset and network.
- Non-executive director (NED) roles: A NED is a member of a company's board of directors who usually acts as an independent advisor. Gaining experience in the public or charity sector, such as in a trustee position, can help you understand the differences between NED and executive roles. NED roles in the private sector will require exposure to a commercial environment. Getting involved in early-stage spinouts can help you gain an understanding of commercial pressures. Bear in mind that appointment to some public bodies can take a long time, and that not all NED opportunities will be paid.
5. Work with the Academy.
There are lots of ways to get involved with our work, such as contributing to our policy influencing projects or attending our events.
If you are eligible, becoming a mentor through our Mentoring programme is also a fulfilling way to give back by supporting an early career researcher.
"Attending Academy events like the Clinical Academics in Training Annual Conference, and mentoring the next generation of researchers, can be hugely rewarding experiences in retirement." - Professor David Adams FMedSci (Academy of Medical Sciences Registrar)
It is important to remember that retirement will look different for everyone. You may decide to take a complete break to focus on other priorities like family and friends, personal interests, or hobbies. The choices you make about your retirement are personal, and you should do what is best for you.
Other useful resources
Beyond leadership: Transitioning to a portfolio career