Option to Serve (2024)

This article is part of Harvard Medical School’s continuing coverage of medicine, biomedical research, medical education and policy related to the SARS-CoV-2 pandemic and the disease COVID-19.

This year’s graduating Harvard Medical School students will have the option to receive their diplomas early so that, if they choose, they can quickly be deployed into hospitals where regular staff might soon be overwhelmed with COVID-19 patients.

Fourth-year HMS students who have completed all their training and degree requirements, as well as graduating MD students from Boston University, Tufts University and the University of Massachusetts, are being given the option to receive their diplomas before their scheduled graduation date in May.

Get more HMS news here

The change comes in response to a request to the schools from Massachusetts Gov. Charlie Baker and Massachusetts Secretary of Health and Human Services Marylou Sudders, citing an expected escalation in local health care workforce needs.

Approximately 700 medical students in the Boston area are slated to graduate this spring.

Because Harvard University grants HMS MD degrees, there were administrative issues to address before the option can become official for HMS students, including deliberation and voting by the Harvard Corporation and the university’s Board of Overseers.

On March 30, the governing boards had approved the proposal, voting "... in view of the extraordinary circ*mstances posed by the COVID-19 pandemic, to authorize the Dean [of the Faculty of Medicine] to approve the early conferral of degrees on students who are currently candidates for Doctor of Medicine (M.D.) degrees scheduled to be conferred in May 2020, once such students have been deemed to have completed the requirements for the M.D. degree by the registrar of Harvard Medical School." The boards said approval must also be granted by University Provost Alan Garber.

“Students enter our medical schools aspiring to serve and heal. I have never been more proud of our students, many of whom have already expressed their eagerness to graduate early so they can join our hospitals on the front lines to help treat patients amid this pandemic,” said HMS Dean George Q. Daley. “We need their skill and compassion now more than ever, and many are ready, willing and able to answer the call.”

HMS Dean for Medical Education Edward Hundert told graduating students on a teleconference on March 26 that a number of details must be worked out in the coming weeks. He also emphasized that early graduation will be entirely voluntary and that individual hospital programs where students have matched may or may not build this option into their COVID-19 contingency plans.

“This is evolving,” Hundert told the students, “and it will be entirely optional. We want to make this available for those who would like to respond if asked and give our students the option to serve in this way.”

Hundert and HMS Dean for Students Fidencio Saldaña told students that those meeting all degree requirements could be allowed to graduate as early as mid-April, more than a month before regularly scheduled commencement ceremonies and two months before most internships begin.

Any student can also choose to wait until May to graduate.

Students considering the early graduation option will have to consider how losing student status early might affect their health insurance, their housing and visas and their student loan deferral status. Hundert and Saldaña said HMS is working to provide answers to all such questions before mid-April.

“This decision is a personal one, and no one should feel pressured by it,” said Saldaña.

Graduating HMS student Josephine Fisher, who matched last week to Massachusetts General Hospital’s internal medicine/primary care program, said in an email that she is excited that HMS will be offering the early graduation option.

“One of the hardest parts for me is feeling that, as of right now, we are not able to help on the frontlines as much as we would like,” Fisher said. “Though I feel nervous about the risks posed to myself, and even more so to my family, who I risk exposing when I return home from work, I feel very lucky that I am on the cusp of completing medical school at this time … because it means I have been trained with skills that might allow me to make a meaningful difference providing clinical care during this pandemic.”

Hundert said educational leaders at HMS teaching affiliates, such as Mass General, Brigham and Women’s Hospital, Beth Israel Deaconess Medical Center and Cambridge Health Alliance, welcomed the news that they might be able to build the possibility of MD student reinforcements into their COVID-19 contingency plans, particularly if current interns and residents become ill and are unable to care for patients.

“They all said this was new information for them as it is for us, and that they would assess how this new possibility could potentially enhance their options as they consider workforce needs,” Hundert said, telling the students on the call that it would likely be at least a week before hospitals let HMS know how and when graduating students might be invited to participate as needs evolve over the coming weeks.

“Each hospital, and each clinical department, will decide whether and how this would enhance their efforts,” Hundert said. “The hospitals will let HMS and the students know what their needs are.”

For many of the graduating students, the next few weeks will be a time of uncertainty.

“I know that some residency programs reached out to their future interns inquiring about their willingness to volunteer and join the intern workforce earlier. I will wait and see if my program has such an offering,” wrote graduating HMS student Ameen Barghi, in an email. Barghi was accepted into the orthopedic surgery program at Wake Forest Baptist Medical Center in North Carolina.

"I have matched at a hospital outside of Massachusetts, so out of this pool of newly-minted doctors, I might not be anyone's first call. This is because hospitals, for on-boarding and other purposes, will likely bring in those who matched at their institutions first. That being said, if one of the HMS hospitals or my new institution asked me to come in and help patients on the front-lines, I'd do it in a heartbeat," wrote Nora Torres Yordan in an email. She matched to the obstetrics/gynecology program at the University of Chicago Medical Center.

According to Sudders, the Massachusetts Board of Registration in Medicine is prepared to grant MD students who choose to take the early graduation option a special 90-day limited provisional license to practice, after which they would be able to start in a pre-internship COVID-19 service role, according to Hundert.

Students also have the option of graduating early and not working in the hospitals immediately, Hundert said, and some hospital programs may not issue a call for them.

It is unclear whether the provisional license issued by Massachusetts would be accepted in other states where HMS students have matched. Saldaña and Hundert said medical schools across the U.S. are considering early graduation options, with New York universities leading the way in giving students the choice.

Read profiles of graduating students and get details on graduation here.

Option to Serve (2024)

FAQs

What is an option example? ›

Example of an Option. Suppose that Microsoft (MFST) shares trade at $108 per share and you believe they will increase in value. You decide to buy a call option to benefit from an increase in the stock's price. You purchase one call option with a strike price of $115 for one month in the future for 37 cents per contract ...

What is an example of option trading? ›

Options Trading Example

Suppose, you purchase a long call option for 100 shares of Company X at ₹110 per share for December 1. You'd be entitled to purchase 100 shares at ₹110 per share regardless of the actual price of the share is on December 1.

How do I sell options? ›

Once an option has been selected, the trader would go to the options trade ticket and enter a sell to open order to sell options. Then, he or she would make the appropriate selections (type of option, order type, number of options, and expiration month) to place the order.

How do puts and calls work? ›

How do puts and calls work? A call is a contract that grants you the option, but not the obligation, to buy an asset if the price hits a specific price by a specific date. A put is an agreement that gives you the option to sell an asset if the underlying asset reaches a specific price by a specific date.

What is the best explanation of an option? ›

An option is a contract giving the buyer the right—but not the obligation—to buy (in the case of a call) or sell (in the case of a put) the underlying asset at a specific price on or before a certain date.

What is the full meaning of option? ›

(ɒpʃən ) Word forms: options plural. 1. countable noun. An option is something that you can choose to do in preference to one or more alternatives.

How do beginners buy options? ›

  1. How to Trade Options in 5 Steps.
  2. 1.Assess Your Readiness.
  3. 2.Choose a Broker and Get Approved to Trade Options.
  4. 3.Create a Trading Plan.
  5. 4.Understand the Tax Implications.
  6. 5.Continuous Learning and Risk Management.
  7. Buying Calls (Long Calls)
  8. Buying Puts (Long Puts)

What is the safest option strategy? ›

The safest option strategy is one that involves limited risk, such as buying protective puts or employing conservative covered call writing. Selling cash-secured puts stands as the most secure strategy in options trading, offering a clear risk profile and prospects for income while keeping overall risk to a minimum.

Does Warren Buffett sell options? ›

One of Warren Buffett's favorite trading tactics is selling put options. He loves to find assets that he thinks are undervalued and agrees to own them at even lower prices. In the interim, he collects option premium today which should the asset go lower in price it also helps reduce his cost basis.

Why would anyone sell an option? ›

Key Takeaways. Selling options can help generate income in which they get paid the option premium upfront and hope the option expires worthless. Option sellers benefit as time passes and the option declines in value; in this way, the seller can book an offsetting trade at a lower premium.

How do people make money on options? ›

Basics of Option Profitability

A call option buyer stands to profit if the underlying asset, say a stock, rises above the strike price before expiry. A put option buyer makes a profit if the price falls below the strike price before the expiration.

Is it better to sell calls or puts? ›

Key Takeaways

A call option gives a trader the right to buy the asset, while a put option gives traders the right to sell the underlying asset. Traders would sell a put option if they are bullish on the asset's price and sell a call option if they are bearish on the price.

Is it better to buy puts or calls? ›

Typically, you use call options when you think a stock will go up. You use put options when you think a stock will go down. While typical, this isn't always the case. You can express negative sentiment on a stock via call options and positive sentiment with put options.

Is it safer to buy puts or calls? ›

Call options and put options essentially come with the same degree of risk. Depending on which "side" of the contract the investor is on, risk can range from a small prepaid amount of the premium to unlimited losses.

What is an option contract example? ›

Example of an Options Contract

Company ABC's shares trade at $60, and a call writer is looking to sell calls at $65 with a one-month expiration. If the share price stays below $65 and the options expire, the call writer keeps the shares and can collect another premium by writing calls again.

What is a good example of a real option? ›

For example, investing in a new manufacturing facility may provide a company with real options for introducing new products, consolidating operations, or making other adjustments in response to changing market conditions.

What is an example of an option quote? ›

For example, let's say an investor owns a call option on a stock that is currently trading at $49 per share. The strike price of the option is $45, and the option premium is $5. Because the stock price is currently $4 more than the option's strike price, then $4 of the $5 premium is comprised of intrinsic value.

What is an option value example? ›

Applications of option value

For example, if you think you might want to have a career in science, you might choose not to drop out of math in high school (even though you don't really enjoy it) just to preserve the option value of doing a college degree in science.

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