Movers & Shakers: Rhiannon Wood, Senior Manager M&A Private Equity, PricewaterhouseCoopers

When Rhiannon Wood began in PricewaterhouseCoopers’ audit department as a graduate in 2004, there was no way for her to know that she’d be part of the world’s largest professional services firm’s most pivotal global program. Though she’s spent the last six years in the firm’s M&A tax team working with a variety of private equity houses and corporations on international transactions, it wasn’t until this year that she was asked to join PricewaterhouseCoopers’ Genesis Park program, designated for the firm’s top five percent of senior performers.

“I’d say it’s the biggest thing that’s ever happened in my career,” Wood said. “It’s a 12-month program that enables us to spend six-weeks working on personal development and strategic projects for our global board. It really feels like being a part of change for our business in the UK and globally.”

Wood’s six-weeks were up in September and she says the most important takeaway was the focus the program had on authenticity.

“There are a lot of discussions happening about what it means to be authentic or how to be an authentic leader, but what does that really mean? Oftentimes it’s just talking in concepts,” Wood said. “In the program, we spent a lot time focusing on the question of what is authenticity. We discussed how knowing your own values is central to the idea and how we can spot values in others and perhaps most importantly, how to live by our own values on a personal and professional level in order to be a more authentic leader.”

Now that she’s completed her time in the program, Wood says that the most exciting thing she’s working on is helping the firm invest in the future and the “next generation of leadership.”

“PwC is trying to be at the forefront of the industry when it comes to leadership, talent development, and diversity. It’s an exciting time to be with the firm. So many people are receptive to these groundbreaking ideas,” Wood said.

Don’t Let Your Plans Get In The Way

As a senior manager reflecting back on her first years in the industry, Wood says she wishes that she would have understood earlier that there is no one way of doing things. Ambition, she says, is a good thing, but becoming too fixated on your plan rather than on the journey can prove to be problematic.

“You can let your plans get in the way of unexpected opportunities that come across your path,” Wood said. “You need to recognize things as opportunities, rather than diversions. In the end, you’ll regret what you didn’t take, not what you did.”

Embracing Strong Personalities

Before entering M&A, Wood also says it’s important to understand that it’s a field inhabited by strong personalities and strong opinions, both of which require working with and navigating around.

“The most overlooked portion of this job is the people management piece,” Wood said. “There are a lot of ideas as to what an ideal transaction should look like versus what it actually looks like. You have to get stakeholders on board with everything you do and sometimes that means working with 20 stakeholders with very strong personalities and different agendas. The end goal is the same for everyone, but it makes getting a transaction done incredibly tricky. It’s just a matter of getting where we all want to be.”

Strong personalities should extend to women in the industry. Given that M&A is still male-dominated, Wood says it’s useful to have a strong personality of your own but most importantly, to have a strong belief in yourself.

“It seems women have a lot of fears coming into the industry, especially the fear of being seen as too ambitious, but that’s not a bad thing. You can’t stand around and wait for someone to notice you and tap you on the shoulder. M&A attracts the outspoken type and you have to embrace it. If you’re talking to your boss about your career expectations, that is totally normal. Women can’t worry so much about how they’re seen, especially because being opinionated and forthright, even with your boss, is quite normal in this industry,” Wood said.

Wood says women also have to be comfortable with taking credit. “Women often say ‘we’ instead of ‘I’ and that’s something that won’t go over well in M&A,” Wood said. “Your boss will expect you to take credit, so get used to it.”

Building Relationships Based On Trust

The senior manager says that women should also prepare themselves to seek out mentors and sponsors no matter their gender. The most important thing, the senior manager said, is that you can build a relationship with them based on trust, one that will support and challenge you.

“Sometimes these relationships happen organically; sometimes you have to seek them out. Either way, they will make you a better team member,” Wood said. “It’s good to discuss your ambitions straight away and again, this is quite normal. M&A is a tough market, but you can’t get bogged down by the work and use that as an excuse not to build these pivotal business relationships. Yes, the work is hard, but you have to be very honest with yourself about what scares you and what it is that you really want. Reflecting on these things will help you make the decision that’s right for you.

Wood has been lucky enough to have a mentor at PwC that she says had made a huge difference in her career, providing encouragement and advice on sticky situations. The reason why the relationship has been most beneficial, she says, is because she can be open and honest – it also helps that her mentor works in a different area, enabling her to provide a fresh perspective.

Next year, Wood will be returning the favor, though in a different context. PwC’s Shadow a Female Leader program enables university women to shadow a PwC senior manager with the hope of encouraging the student to apply. The program went so well during its first year in 2012 that it’s been greatly expanded, enabling 150 young women to participate in 2014.

“The goal is that we can continue identifying talented women and encourage them to join our firm,” Wood said.

Navigating Around An All-Consuming Career

Wood admits that work in the M&A field can be “all-consuming”, but the newlywed says she was lucky enough to marry someone understanding and accepting of her busy schedule. Her husband also understands that she wouldn’t be herself without M&A, so the couple has figured out ways to spend time together despite her hectic schedule.

“It’s actually quite romantic because you have to make the most of every moment and opportunity,” Wood said. “Sometimes that means sharing a late-night dinner or my husband flying to Italy to spend the weekend with me while I’m away on business. I’m lucky I found someone open to the unexpected.”

By Tina Vasquez, Editor