Mover and Shaker: Ciara Quinlan, Head of Electronic Principal Trading FX, Rates & Credit, UBS

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ciara-quinlanBy Cathie Ericson

Few would call banking a “flexible” career, but UBS’ Ciara Quinlan has found the secret to success in balancing work with family life.

“When it comes to being a great mum and achieving my career goals in parallel, I’m a believer in having it all,” she says. “I took off the time I wanted when I had my son four years ago, and initially came back part time while managing to roll out a major project and advance my career at the same time.”

She notes that one of the reasons she hasn’t felt she had to sacrifice is that she has always been
brave in asking for what she wanted and flexible herself in making it work. Even though flexible working wasn’t commonplace in trading roles at the time, she asked for a chance and worked hard to make it a success, noting that she would have burned out long ago otherwise. “Sometimes we have to create the environment we need,” she says.

From Engineering to Banking

After earning a Ph.D. in electronic engineering, Quinlan decided to join the banking industry after learning that the industry was eager for people with her qualifications. She was offered a position at Dresdner Bank as a junior quant trader in foreign exchange, applying the same type of algorithmic and statistical approaches she’d learned in engineering.

“I was looking forward to working in a fast-paced industry and instantly took to working on a trading floor with many diverse characters and cultures. I loved the pace, intensity and unpredictability of the market.”

Shortly after she arrived, the majority of her team was redeployed, and she ended up embarking on a project to rebuild the electronic trading systems with her boss. “It was the best thing that ever happened to me as I had to learn very quickly how to manage projects and figure things out for myself,” she says. One of her first project deliveries was the EFX pricing system, and shortly after it went live, Lehman went under. “I was very quickly thrown into the deep end, and our new system was really put to the test,” she recalls. “Thankfully it handled the unforeseen market uncertainty and volatility very well.”

Several moves followed: she joined Barclays to work as a mid-level quant trader and later became co-head of the quant trading team; then she was approached by an old friend and colleague who wanted her to head up electronic FX quant trading at State Street so she went there and was able to hire a new team of top talent to build the company’s electronic FX trading systems. Then, three years ago, her former Barclays’ boss approached her to run electronic trading for FX at UBS. That role expanded a year ago to running electronic trading for FX, rates and credit.

“All the moves I’ve made have given me an interesting outlook on the culture of different banks. I know what I value from a firm and now find myself in a very happy place at UBS,” she says.

Right now that includes a large team expansion and undertaking the massive project of rebuilding electronic pricing and hedging for the eFX principal business, as well as building from scratch UBS’ electronic interest rate swap business.

“Those are the moments I look back on with the most pride — the growth periods when you’re building new things and everyone’s involved and excited to be consumed with the work. Then after the tough slog, you have the reward of seeing the new business flow in and realizing your success.”

The Many Benefits of a Career in Banking

Quinlan’s experience in banking has been overwhelmingly positive, a sharp contrast from general media portrayals she had seen prior to joining that show the business as being full of ruthless people, a rat race where you sell your soul and burn out quickly.

“It’s been nothing like that,” she says. “I love banking and have found there to be such diversity in the different roles and potential career paths. It’s actually an extremely open environment where people are very interested in your views regardless of your level of seniority,” she says, adding that even as a new starter having never studied finance and economics her views were listened to and valued.

A Family Role Model and Sponsorship Helped Show Her the Way

Quinlan readily admits that her role model has always been her father, a senior manager at IBM. “He really inspired me and I still think about how he would handle certain situations when I’m faced with them,” she says.

She most admires that he tackled every job with the same high level of positivity and hard work, even long after he had retired. “It didn’t matter whether the job at hand was boring or he would get any personal benefit,” Quinlan remembers. “He tackled everything with enthusiasm and gave each job, no matter how small, his full effort.” She also admires that he was always incredibly positive and treated everyone with respect regardless of their position. “He was successful because people wanted to work hard for him,” she notes. “I always try to apply myself with the same level of enthusiasm.”

That outlook has been important as she has progressed from building models to managing teams, where it’s vital to have open communication and ensure their motivation and buy in.

“You can have the best strategy in the world but when you’re running a business, you have to motivate the workforce who are actually producing the work and get them to buy into your plans,” she notes.

Quinlan says her career has been shaped by informal sponsorship especially with bosses who exposed her to cross-business relationships. “I didn’t know it at the time but it was massively important in how my career has progressed,” she says. “Early in my career I focused solely on delivering my projects and didn’t give much thought to networking or career next steps. My bosses encouraged me to push myself forward and gave me the exposure needed across the firm.”

And now, she repays the favor when she mentors people who are new to the industry, reminding juniors who are focused on applying themselves to the immediate tasks at hand that they have to ask for more and put themselves forward. “If exposure across the firm doesn’t land in your lap, you need to take responsibility and make it happen.”

She shares her insight with a female networking group that she started at UBS, modeled after a similar one at State Street. One or two senior women meet with a small group of more junior associates to discuss different topics — anything that’s challenging them. “It’s the perfect environment to raise issues they are having and always involves interesting debate,” she says.

In addition, she has been involved with a UBS front-office-led maternity support group that pairs a “business buddy” with an expecting mom to communicate changes and help them stay in touch while they’re out. She’s been participating as a buddy and now is about to use it, as she is pregnant with her second child.

In the little spare time she has, Quinlan says she loves travel, music and watching her little boy grow up. “I feel fortunate I get to take such an active part in his life and am proud he’s growing up learning that gender plays no role in potential career success.”

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Voice of Experience: Amity Millhiser, Chief Client Officer, PwC US

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amity-millhiserBy Cathie Ericson

When Amity Millhiser considers her career with PwC, the word that comes to mind is “expansive.” Over her 20 years with the firm, she has worked across countries, industry sectors and lines of business.

“I am proud that I have been able to have such a multi-faceted career while raising my amazing daughter,” she says. “If you’re courageous enough to pursue the opportunities that are thrown your way and think ambitiously about your future, you can have amazing experiences. I’ve spent my entire career in one firm yet had multiple careers within that framework.”

From Wineries to Tech – A Career Spanning Multiple, Varied Industries

Millhiser joined PwC in San Francisco right out of college working with small businesses which at the time were primarily wineries. She knew she wanted to go abroad so she agreed to a three-year assignment with PwC Switzerland, ultimately staying for 19 years. While there she became the first female partner as well as starting the M&A business for the region. “It was a fantastic opportunity to travel the world and work with amazing clients and a wonderful team,” she says. “Switzerland is as global and multinational as it gets.”

Upon her return to PwC’s US firm she became a managing partner and chief client officer for the Silicon Valley office. There she finds every day to be a new experience as she gets to know and understand the complex issues that her clients are facing and marry those with the experience PwC has to bring the right solution.

Since technology colors every industry sector – whether finance, retail or healthcare — she enjoys digging in to a fascinating conversation with each and every client about the impact that technology is having on their business, as they identify opportunities and risks at all different time horizons.

Sharing Lessons With Colleagues

Although Millhiser is cognizant of the many opportunities and experiences she has had, looking back she wishes she had realized the great impact she could have had from the very beginning. “You have to be willing to ask for opportunities and speak up if things interest you,” she says. “I always advocate for young people to be willing to articulate the types of experiences they’d like, and then be willing to work hard once they receive that coveted assignment. The risk you take in terms of trying new things can be the best thing you ever did.”

She also advises women to seek three things early in their career: business training, mentoring and broad experience. “Those are three differentiators that I really have benefitted from.”

As women rise through the ranks, she reminds them to be supportive of one another – not just cheering the accomplishments, but having the courage to provide feedback that will help each one continue to excel. “The Silicon Valley practice I lead is full of incredible women who lead large client teams, each of us focused on our clients and the market. We are all very supportive of each other but we know that when you genuinely want your peers to get ahead, you not only celebrate their success but offer constructive feedback so everyone rises together,” she says, noting the value of encouraging women at all stages of their lives and careers.

Becoming Agents of Change

One group that Millhiser supports wholeheartedly is HeforShe, a UN initiative designed to promote gender equality around the world. “I have always felt very fortunate to be part of a family and company that encouraged me,” she says, which is why she knows that it’s vital to commit to women and girls on a global level.

As one of the initial ten corporate HeForShe IMPACT champions, PwC continues to foster advocates as men and women work together to be agents of change all over the world. As part of its commitment, the firm has developed and launched a male-focused gender curriculum designed for global reach so they can educate others to be gender advocates and increase the number of women in leadership roles. While the firm has achieved parity in terms of intake, a major goal is to continue to retain women at higher levels of leadership.

Encouraging Financial Literacy For Young People

Another area where Millhiser is actively involved is “Earn Your Future,” a PWC US program that was launched with the idea to leverage the firm’s people, talent and time to develop the financial skills of young people in the community. “We have to help them develop financial acumen but also be prepared for jobs of tomorrow,” she notes. The initiative involves an interactive curriculum designed to give students in grades 3 to 12 financial and economic knowledge. Educators are supported with tools that include real-time feedback, guides and other resources.

In 2013 the firm set out to reach more than 2.5 million students and educators with an initial commitment of $160 million, including one million service hours. Since then, partners and staff have given over 800,000 service hours, reached 3.5 million students and educators, and made an investment of over $80 million. In 2015, they raised the stakes to $190 million.

The program has been hugely successful in terms of reaching and empowering more educators and students than we ever thought possible, while also inspiring our people to be active in the community,” Millhiser says.

Seeing the World

Having “seen the world through PwC,” Millhiser continues to indulge her love of travel as much as possible, choosing beach locations when she can.

She has enjoyed sharing that international perspective with her 17-year-old daughter. “I’ve been able to show her the world outside the community she lives in. Because of that, she has a natural curiosity and an ability to go into new situations and adapt and make them work.”

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Voice of Experience: Jeewon Kim Serrato, Co-Head of the Global Privacy & Data Protection Group, Shearman & Sterling LLP

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“You need to be true to yourself, especially as a woman in the tech industry,” says Jeewon Kim Serrato. There aren’t many women in cybersecurity so I know I stand out, but I also bring a different and valued perspective,” she says. “I am comfortable in my own skin and have confidence in my skills and capabilities, and I advise others to embrace their differences rather than trying to be someone they are not.”

voice-of-experience-jeewon-kim-serratoIn her view, combining this approach with intellectual curiosity and the willingness to learn and think creatively to come up with solutions is what will allow professionals to succeed in the industry.

Building a Career in Data Privacy

After graduating from law school at UC Berkeley, Serrato’s first job was in Washington, D.C., working on the Hill. That early experience where she was actually writing law gave her a whole different perspective, and as she says, molded her into the person she is today. “It was an incredible experience as a young lawyer to be in an environment where I truly realized that laws are made by people.”

That work also exposed her to the issue which has been a constant throughout her career and in which she has become an expert: working to balance national security issues with data privacy.

After leaving the Hill, Serrato worked at a law firm, delving into the intersection of law and policy and privacy issues related to mass media and the digital world, and then served as a senior privacy executive at LexisNexis and as Chief Privacy Officer at Fannie Mae.
The wide range of experience she has had working in public policy, business and private practice gives her a unique perspective, one that she has now brought to Shearman & Sterling in the privacy and data protection practice.

There, she is excited to be building the privacy practice within the firm’s cross-functional global network of lawyers. With offices in the United States, Canada, Latin America, Asia, the Middle East and Europe, they oversee myriad issues, from transactions and litigation to regulatory and compliance work.

“When I first joined Shearman, my vision was to develop a comprehensive, 360- degree practice. One of my priorities is to talk to our clients about their needs and help them respond when incidents break despite their best preparatory work.”

Many clients are already reaching out on advisory and compliance issues — curious about how they can prepare for major changes to the European rules coming in 2018.

The most challenging issue she identifies in the privacy industry right now is rapidly evolving regulations. Their global clients are challenged by the desire to have a consistent policy, when even the definition of what is “personal” fluctuates via a patchwork of laws. Even companies that are based in the United States need to consider that it’s likely their data is global, due to cloud storage or traveling employees.

Blending Professional and Personal Activities Helps Create Balance

Serrato knows it’s necessary to focus on work/life balance by prioritizing how you spend your day. “It becomes more difficult as we rise to more senior levels because there are even more demands on our time. And as our work becomes more demanding, our personal life also becomes more complicated.”

That’s where she believes outsourcing can be helpful, whether you rely on your family for assistance or use an online app to help with your errands. “There are so many resources you can use that allow you to outsource tasks that are less important so you can focus on those that are.”

Serrato is involved in a number of industry groups: two noteworthy ones are an appointment to sit on the Department of Homeland Security Data Privacy and Integrity Advisory Committee, and serving as a Dell Security Solutions Chief Information Security Officer Advisory board member.

Not only are these activities relevant to her work with clients, but Serrato sees other benefits to traveling and meeting with peers who are immersed in cybersecurity and data privacy issues. “We learn a lot from each other as we think through the laws and regulations that impact our clients, but these groups also serve as a platform to collectively determine best practices and industry standards to work towards,” she says.

She also appreciates the networking opportunities available at Shearman, and in particular supports the WISER (Women’s Initiative for Success, Excellence and Retention) associate-led group which encourages informal networking.

Though Serrato has enjoyed her time in D.C., she is looking forward to an upcoming transfer to San Francisco, for both personal and professional reasons. She intends to spend more time with family there, but also appreciates the high-profile tech companies with whom she can consult.

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Women and STEM: Why We Need to Reclaim Our Belonging

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women in technologyBy Aimee Hansen

We are increasingly conveying a new message to our daughters and nieces when it comes to girls’ and women’s place in STEM (science, technology, engineering, mathematics): You belong.

“Ada Twist, Scientist” by Andrea Beaty held the top spot on the NYT best sellers among children’s picture books for four weeks as of October 16th (still in the top 10), joining Beaty’s “Rosie Revere, Engineer,” on the list for 76 weeks now.

In August, “Ada’s Ideas: The Story of the Ada Lovelace, the World’s First Computer Programmer” by Fiona Robinson was released. More of the books we give to our children to read are saying, STEM “is for girls” – and not only that, but they are exploring themes like passion, perseverance, and the value of failure.

Ada matters, and so does recognizing all the forgotten or overshadowed women in STEM, because it’s not that women are just entering these fields now, thank you very much. It’s that girls and women are being desperately courted back into them.

A Broken STEM Narrative

In an episode entitled, “When Women Stopped Coding,” NPR noted that women were a pioneering, rising presence in computer science until a stark turning point in 1984: when computers came into homes and the cultural narrative began glorifying them as toys for the boys.

From that year, the rising cultural narrative pushed girls out at home while talented women dropped out of tech in schools. In 1984, women represented 37% of computer science majors and despite the rising demand, today it’s 18%.

This was not the first time capable women were written out of the STEM story, just a recent one. The tired narrative that women don’t belong in STEM replays through the industry stereotypes and cultural dynamics that keep women away, throw an extra hurdle in their path, or drive them out.

Every time a new study (2016) shows that “woman” is still perceived by both men (even more so) and women to be incompatible with “successful scientist” (or programmer, or engineer, or executive, or leader), it’s proof that a limited narrative is still being internalized by our culture.

This “STEM is for men” narrative is dangerous, because it’s also written women right out of a rising proportion of high-reward, high-in-demand jobs. Bad for women, yes. And crippling for the U.S. economy.

Talent Shortage and Competitive Lag

A new report from Accenture entitled “Cracking the Gender Code: Get 3x More Women In Computing” calls the current lack of women a “national crisis with severe implications for America’s place in the global economy and for the future of women.”

Consider that women take home half of computing degrees in Malaysia and nearly half of engineering degrees in Indonesia. In the USA, women receive just 18% of computer science undergraduate degrees and 19% of engineering degrees.

The Accenture report states that job growth within the computer industry is growing at three times the national average, creating unmet demand. In 2015, there were over half a million open computing jobs in the U.S., but only 40,000 computer science graduates.

By 2018, it’s estimated that 2.4 million STEM jobs will be unfilled. The report points out that the shortfall of analysts in the U.S. is greater than the surplus of analysts in India and China combined. Increasingly these jobs are newly emerging jobs that haven’t existed before, requiring new specialized skills.

The glaring reality is that STEM needs women if the U.S. economy hopes to retain any leadership in digital innovation.

Women Sidelined Within Economy

An AAUW report states that engineering and computing represent 80% of the jobs in STEM, offering the highest return on investment and best job prospects.
Studies have shown that STEM jobs pay women better relatively to other jobs.

But women are least represented in engineering (13% of jobs) and computer science (26%), and the Accenture analysis showed that the gender pay gap within U.S. computing roles widened by 48% between 2011 and 2015, as women are missing out on the high-value roles.

Bringing women back into computer science isn’t just about progress in STEM. It’s about “bringing women back to the center of our economy.”

Encouraging Girls and Young Women In Tech

The Accenture report recommends a three-stage strategy to “more than triple the number of women working in computing in the U.S. to 3.9 million by 2025”, or 39% of the workforce. This would generate nearly $300 billion in additional cumulative earnings for women.

“The keys to improvement include: sparking the interest of girls in junior high school, sustaining their commitment in high school where early gains are often lost,” states the report, “and inspiring college undergraduates by reframing computer curriculums.”

Equal exposure is not enough, but actually re-tailoring educational programs towards girls, young women, and women – at all levels. Interventions at the college level would only result in 1.9 million in computing in 2025 (1.2 million now).

The first-ever technology and engineering literacy test in 2014 found that eighth grade girls (45%) were more proficient at engineering and technology related tasks than boys (42%).

A few years later, those same young women are less likely to take the related AP exams (only 20% of computer science exam takers) and less likely in their first college year to intend to major in these fields.

Accenture states that 69% of the potential growth in the computer pipeline is down to attracting girls at junior high age, as 74% of women in computing now were exposed in junior high.

This demands exposing girls to coding in more attractive ways (eg gaming), changing stereotypes, and increasing awareness of all parties (teachers, parents) about how computing can help change the world for the better.

Multiple initiatives here and globally are dedicated to recruiting girls and women into STEM- such as Million Women Mentors, the WISE campaign which seeks to bring one million women into STEM in the UK, and Girls Who Code.

At the high school level is when interest in computer science drops. The report recommends redesigning high school courses, creating grassroots campaigns around the difference STEM can make, and attracting more women teachers.

Supporting Women In Tech

At the college level, we’ve witnessed that strong, focused efforts can result in dramatic changes.

In 2016, Dartmouth graduated more female (54%) than male engineers, a first for a national research university. The program features more collaboration, a supportive network with diverse role models, and a “hands-on, project-based” approach, which exposes students to engineering who may not have chosen it.

In 2016, Harvey Mudd graduated a majority of women in computer science (54%) and physics (52%) for the first time ever, having already graduated a majority in engineering two years ago. Importantly, 64% of the 2016 computer science graduates who had accepted a full-time job had a position in the tech industry, compared to 30% in 2011. Only ten years ago, women were only 10% of computer science majors.

Under President Maria Klawe since 2006, Harvey Mudd has famously made three key changes that removed obstacles for women, such as reworking introductory courses to attract women and integrating research opportunities, and it only took a few years to quadruple CS majors and less than a decade to arrive to the landmark classes of 2014 and 2016.

At Harvey Mudd in 2017, six of the school’s seven department chairs and 38% of its professors will be women.

Biasing Recruitment towards Women

It’s not surprising that a slew of diversity apps designed to help to mitigate bias in hiring and promotion have been rising out of Silicon Valley, in many cases led by women who have faced bias in action in the tech industry.

These ideas help reduce the biases that keep women and minorities out of tech roles. But after such acute exclusion with such growing demand, it will take more than eliminating bias against women to address the massive talent gaps. It will take educational strategies that lean in towards girls and women.

Representation, visibility, and mentorship of women in these fields remains paramount. It starts to rewrite the broken cultural narrative and reminds both girls and women that we do belong – from our children’s books to our leadership.

Being visible is arguably the most influential thing an engineer, scientist, programmer, mathematician, and executive in any of these fields can do to encourage change.

Because it’s not just that girls and women belong. It’s that they are needed.

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4 Myths Debunked about Working in Technology

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Mac computer and IPadPopular perception has the tech world consisting primarily of male hoodie-wearing programmers who spend their days in brightly colored, open-plan offices in the top brand name firms. While there are certainly places where this is true, there are just as many opportunities that offer a more traditional work environment and products that you might not associate with tech at first glance.

Myth #1: The best tech jobs are with Internet and social media companies.

Internet and social media companies are grabbing headlines for their outsized IPOs and merger prices. But does that really mean that the best tech jobs are in this space?

It’s important to consider what you want out of your career according to Andrea Gellert, senior vice president of marketing for OnDeck, a financial tech company that provides financing to small businesses.

Gellert comments,

“Where you end up really depends on what you want out of your career. Is the stage/size of a company more important to you than the sub-industry? Do you want an opportunity with equity and the potential for long-term payoffs, or one with more job security and less risk? A startup environment – which often includes long hours and the need to wear many hats – is very different than large corporations that have clearly defined roles.”

Myth #2: Working in technology means working in a technology company.

Technology plays a huge role not only in business, but also in medicine, the arts and many other fields. Unfortunately, in the arts and similar fields, it is often difficult to find stable work with a reasonable paycheck. These fields are embracing technology and there are a growing number of opportunities to work in these fields by focusing on their technology needs. “I love the arts but I don’t have the financial means to support myself on the typical museum salary,” notes a client service director for a company that provides software solutions to museums and galleries worldwide. “In my current role I work closely with curators and museum leadership around the globe. Technology offered me an opportunity to turn an avocation into a career.”

Not only is technology creating a wide range of opportunities to work in fields that one doesn’t normally associate with technology, as the tech industry grows and matures, it needs professionals with a wide range of skills and is reaching out to people from a broad range of backgrounds.

Myth #3: You have to have a tech degree and you have to know how to program.

“There is still a bias in biotech and life sciences that you need to have a background in those fields in order to work in those industries. That used to be the case in technology, but it is no longer the case,” says Erin Lubien, who after many years in technology, financial services and investor relations, now runs her own consulting firm.

OnDeck’s Gellert adds, “There are a variety of functions at top tech companies that don’t involve programming, for instance marketing, sales, analytics and HR. If you’re interested in how technology is transforming payments and finance, you can likely find a fit no matter your skill set.”

Myth #4: If you have the skills – the jobs will come to you.

During her tech career, Lubien found that many job seekers assumed that they could build a program or solution and employers would line up with offers, but that is not enough to get the job since companies are looking for people who can work as part of a team.

Lubien states,

“The companies that are winning in the market are filled with people who are enthusiastic, energetic and personable. In tech there are never enough people to get the work done, so companies are looking for employees who will pitch in and be part of a community.”

Liz Jackson, a web developer at Agency Fusion, an online advertising company, provided a list of reasons people gave her to not go into technology.

Jackson shares some of the biggest myths that she heard about the tech industry and summarized these types of comments into three statements to show the stereotypical nature of them. She says that they are all a variation of “Your coworkers will be so awkward – programmers are so weird” or, “You’re going to be bored to death – web development is worse than accounting” and lastly, “Well, you’ll be the only woman in your office.”

Jackson goes on to note, “I’ve met some of the most interesting, personable web developers and programmers since taking my first job as a developer. Just like any office, there are a wide variety of personalities and backgrounds.”

Do Your Homework, Ignore the Myths

The technology field is booming. And that’s good news for professional women. As the industry expands, there is a need for workers and companies are seeking to improve their diversity not only because it is good for public relations but because it is good business.

By Beth Senko

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