Voice of Experience: Cathinka Wahlstrom, Managing Partner, Financial Services, New York, Accenture

By Melissa J. Anderson (New York City)

“I think financial services is a very P&L based industry. It can scare women away, but it’s a great way of proving what you’ve contributed,” said Cathinka Wahlstrom, Managing Partner at Accenture‘s New York Office.

Wahlstrom, who is also a member of Accenture’s CEO Advisory Council continued, “We need more women in P&L. It’s one of the aspects of my job that I like most, and when your contributions are very clear, you can make changes and improvements a bit faster.”

“You really have a voice,” she added.

A Career in Financial Services

“I have spent my career in Financial Services,” said Wahlstrom, a native of Sweden, whose career has taken her from Washington, DC, to London, and 12 years ago, to New York. She has worked for the IMF, Citi, and Hay Management Consultants.

“Today I have 2 different roles. I am Managing Director of the New York office and I look across all of the work we deliver. I manage hiring, retention, and training in the region, and how we look in the marketplace. As for the consulting part of my job, I also work with a number of our large clients.”

She explained, “I get a tremendous amount of satisfaction working with clients and people. That’s why, when I took the NY Managing Partner role, I insisted on keeping my clients.”

“Right now, in financial services there is a different focus on global expansion. Analytics are hot at the moment.”

Wahlstrom continued, “Companies in financial services sit on a tremendous amount of data – more information than most industries. And to become a high performing company you have to manage that data for your strategic growth and business processes, managing your best talent, and understanding your customers.”

“If companies can use that [data] in a productive way, they can increase customer satisfaction and increase profitability. It’s tremendously interesting and exciting and fun right now,” she added.

Advice for Consultants

“As I look back over the years, at my moments of pride and accomplishments with clients, without a doubt, [my proudest moment] was making partner,” Wahlstrom said. “But internally, coaching and mentoring people, and getting them through promotion points has also been a great source of pride.”

Looking back, Wahlstrom said, “I do tell a lot of our new hires something a partner told me, but I didn’t hear it at the time! ‘Mistakes tell important lessons’ – it’s okay to make mistakes.”

She continued, “In this industry, speed to market is important. And, most of time 80 – 20 is better than seeking perfection.”

“Across the industry, both men and women want flexibility. And it’s not just the ability to go to a parent teacher meeting. But they also want to, for example, train for a bike race at 5am and pick up work later. This is part of the consulting lifestyle. If you work hard, you can maintain a flexible schedule.”

She continued, “In terms of work/life balance, it’s hard to achieve balance every day, but over time you ask yourself, ‘do you feel you are living the best life you can?’”

She said that today’s employees should also work hard to maintain their skill set. She said, “In consulting and financial services, you focus on doing a good job, and you’re so focused on the next promotion, you can forget about the basics that will get you there. You have to maintain technical skills and continue to learn throughout your career.”

Networking and Inspiration

Wahlstrom said that women need to be more vocal and take more risks to achieve success. She said, “Women can be a bit shy in talking about accomplishments. Talk about your aspirations. And it all comes back to performing well in the job you have.”

She continued, “Ask for high visibility, stretch responsibilities. When you have a high risk role, hopefully there will be higher rewards.”

Wahlstrom credits her relationships with helping her reach her level of success. She said, “My network of mentors helped me.”

She continued, “Internally, [Accenture CFO] Pamela Craig is a big inspiration. She has P&L responsibilities and has worked across many industries. And she has always pushed hard for diversity.”

“But she’s never too busy to connect with you. She is inspirational to me personally.”

Outside work, Walhstrom said she has been inspired by her two grandfathers. “They were both very committed to work, and worked long into their 90s. They have purpose in life and enjoy what they do – and have lived long and interesting lives.”

Maintaining relationships with peers is also important. She continued, “Also focus on your peer group rather than that of you supervisor. Supervisors come and go. An organization like ours is open to change. Peers will be with you through thick and thin. You work together, and advance together.”

She continued, “At Accenture, you are competitive with yourself, but it’s a very team oriented culture.”

Accenture is home to several women’s initiatives, Wahlstrom explained. But, “one that is important to me and many executives is the women’s mentoring program. It pairs new female executives with female mentors. Women receive coaching and practical advice, and those relationships continue after the program.”

The company also provides training for women leaders, she said. “We work to develop high performing women across the globe – and it’s another opportunity to network with women from other countries.”

She continued, “I personally contribute to more outside the company, externally networking with women from other companies. It’s important to stretch your thinking and good for client networking.”

Wahlstrom is involved with NPower NY, a nonprofit providing IT training, mentoring and internships for young adults. She is also involved in executive coaching for Go Projects through the Robin Hood Foundation, and is on the executive committee of NY Swedish American Chamber of Commerce.

Wahlstrom, who is married and has two children, says she also enjoys the outdoors, skiing, skating, basketball, and pilates.

And, due to her interest in art and photography, she added, “I’m always on the hunt for new, interesting artists.”