Voice of Experience: Elizabeth Crain, Chief Operating Officer, Moelis & Company
By Michelle Hendelman
Women can have incredibly exciting and rewarding careers in financial services and investment banking if that is what they want to do. Elizabeth Crain, COO of the global independent investment bank Moelis & Company, has worked her way through the ranks of investment banking and private equity during her career.
“I have been in the industry in many capacities over the last twenty-five years and have had to make some difficult career decisions during that time,” Crain stated. “One of the most critical moments in my career was when I met Ken Moelis, who had just joined UBS to run investment banking. I pitched him on the idea of creating a business development role which he bravely agreed to.” Crain recognized that making the leap to UBS was potentially risky – she had no title, job spec nor a clear career path in this new role – but she knew it felt right, and that she could leverage her experience in banking to help run a business on the management side.
Also, having met Ken, she was impressed and remembered an important piece of advice from a colleague who told her that if you have the opportunity to work with someone like him, take it. “This was without a doubt the most critical decision of my career,” added Crain, “and it took me down a different path that has been hugely rewarding.”
Early in her career, Crain entered the Analyst training program at Merrill Lynch after graduating from Arizona State University in 1987. She completed two year junior analyst program, then went on to earn her MBA from Wharton before returning to the financial services industry.
Career at Moelis & Company
Moelis & Company is now in its sixth year, and Crain acknowledged that helping to start the company is one accomplishment that she is particularly proud of. “Building this firm from about fifteen employees when we started to six hundred today, during a very challenging time in the industry, makes me very proud, yet we still have a lot of work ahead of us,” said Crain.
She noted that the industry is going through an interesting transformation which is seeing the reemergence of independent investment banks. “The strategy of firms like ours, and the quality of advice we offer, really resonates with clients. It is a unique moment in time to build a global independent investment bank,” said Crain. “I firmly believe in the long-term opportunity for our firm in the industry,” she added.
The team at Moelis & Company is something that makes Crain excited to go the office every day. “I work with incredibly smart people who have such high expectations for the firm and what we want to accomplish in the industry, and that is extremely rewarding,” explained Crain.
Advice for Women in Financial Services
“This is a phenomenal industry for women, and an industry that wants women in it,” said Crain. “There are so many paths you can choose in financial services, but it is important for young women entering the industry to identify their best skills and focus on developing those skills in an area of the industry they are most passionate about.”
She emphasized the importance of being clear and decisive about the path you want to pursue in your career in financial services. “You can always change course,” she explained, “but there is a benefit to establishing a foundation and developing the skills you need to succeed.” Crain also advised young women to fill in the knowledge gaps in areas they are less good at because “the best talent is incredibly inquisitive.”
Establishing and staying connected with the people in your professional network can be extremely helpful, according to Crain. “It took me a long time to appreciate the fact that my network can help me be smarter about what I do. You have to maintain these professional relationships,” she added.
Challenges for Professional Women
“There are not as many barriers for women in this industry as there used to be, but there are definitely challenges,” said Crain. She recalled hearing a speaker talk about the fact that everyone has biases and will be more inclined to hire in their own image. “We all have biases, and we aren’t even aware we have them, but this is the single greatest barrier for women, minorities, and anybody trying to enter any industry who does not fit the mold of how that industry has typically recruited and promoted,” she explained.
According to Crain, women face unique challenges in any career path they choose. “Life is a trade-off and you sometimes have to make tough decisions that will allow you to continue to work in a demanding career,” Crain noted. She emphasized how critical it is for professional women to have a supportive spouse. This important factor can influence the direction of your entire career, she added.
There are so many little things involved with managing a family that bring unique challenges to every day, said Crain. “If firms had a better understanding of the logistics of family life, it would help them better support their working mothers,” she explained.
When Crain looks back on her own career, she wishes she had been more confident earlier on. “Somewhere along the way, I have learned to accept my weaknesses and develop those areas. But I also know what I am good at. I feel confident in my own abilities and I know when to delegate,” said Crain. She added that building confidence in yourself and your abilities will allow you to take more risks in your career.
In Her Personal Time
From a personal perspective, Crain is a mother of two grade school boys. “My family is the most important priority in my life,” said Crain. “Together, my husband and I have made it work really well for us and our children.”
