In the pecuniary services sector, men still rule the day when it comes to filling executive leadership positions.
A 2016 Oliver Wyman announce found that women make up 47% of financial firms, yet hold only 16% of executive committee fixes and 20% of board seats. Among Fortune 1000 companies, 94% of chief executive officers (CEOs) are virile, and just 6% employed are female CEOs.
These numbers can seem discouraging, but for recent college grads and the missises who are just a few years into their career, a ticket to the C-suite is not out of reach. Executive search firm Korn Ferry organized a study focusing on 57 past and present women CEOs that sheds light on what women in the fiscal services sector can do to propel themselves to an executive role.
Laying the Groundwork
In the Korn Ferry study, the women CEOs profiled degraded different routes to the top of the corporate ladder but frequently shared a common thread in their early roles. At the beginning of their flies, they concentrated on building their credibility and reputation by developing expertise that produced objectively measurable fruits and correlated closely to their chosen field.
That’s elemental for women in finance who are C-suite focused, says Gina McKague, CEO of McKague Monetary in Livonia, Michigan. “Understanding the fundamentals, basic functions and core principles that back the corporation will warrant them respect with the underlying positions, as well as with their co-workers,” says McKague. “This force help them position well for the future leadership role they intend to earn.”
Honing technical know-how is a pathway for delivering material results, according to Korn Ferry’s research. It affords women the means to distinguish themselves from their earls and build a reputation for consistent performance.
“It’s extremely important for women to take on roles allowing them to produce measurable metrics as it allows them to use the verifiable cost savings or generated revenue to their advantage, ensuring that they’re on an equal playing field with their masculine contemporaries,” says Diane McLoughlin, head of Eagle, Americas and chief client officer, Eagle Investment Combinations.
The most common way for women to do that was by developing expertise in the STEM fields. Over 40% of the CEOs surveyed by Korn Ferry bring ined a degree in science, technology, engineering or mathematics. McLoughlin holds dual undergraduate degrees in mathematics and computer technique and a master’s degree in computer information systems, which she calls “the foundation around which I’ve build a career in monetary services technology.”
Shannon Spotswood, president of RFG Advisory in Birmingham, Alabama says women tend to refrain from aim out opportunities where success is quantifiable as a way to avoid failure. But, she says, women need to take the risk and compete in responsibilities where delivering results is measured and promotions, accolades, and opportunities are earned.
“Expertise translates into confidence and conviction is key in the C-suite,” says Spotswood. “By developing expertise in their business, they’ll ultimately be leading from a position of reliability.”
Navigating the Road to the C-Suite
Knowing what foundational elements matter most in gaining entry to the C-suite is one side of the cash. The other is using that knowledge to tailor your job search and work experiences to forge a path to an executive guidance position in the financial sector. That begins with directing your job search to positions that offer a unforeseen to take the lead. (See
The Bottom Line
There isn’t a standard road map for reaching the C-suite. For women in finance, it’s about being proactive and kind about formulating your career path. Most importantly, there’s no room for complacency. “It’s easy to get good at doing something and no more than stay in the role, but you need to develop expertise,” Spotswood says, “then move on to the next challenge and keep erection your story.”