Women in Tech: Leaders of Tomorrow | Whitepaper

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It seems like today women are better positioned than ever before to rise to leadership roles in technology. Not only do companies have many kinds of support structures in place, such as women’s networks and leadership development courses, but there is an increasing number of women at the top who can serve as role models or inspiration. Externally, groups like the National Center for Women & Information Technology (NCWIT), the Anita Borg Institute for Women and Technology, Girls Who Code, and other organizations aim to support women in the industry and increase the percentage of women entering the tech space as well.

Nevertheless, women are still a distinct minority in the technology workforce – and an even smaller proportion of corporate leadership. In the 1980s, women represented a peak of between 35 and 40 percent of the computing and information technology (IT) workforce in the U.S. By 2011, that percentage dropped to about 25 percent, according to NCWIT. This coincided with a decrease in the percentage of women majoring in computer science degrees in college.

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Voice of Experience: Mary Beth Bosco, Partner, Patton Boggs LLP

stephanie_martin-222x300To Mary Beth Bosco, her former career as a graphic designer and her current as Partner at Patton Boggs LLP aren’t as diametrically opposed as some would assume.

“I was working in New York designing book covers, where you’re given limited space to get your message across. It’s the same thing when writing a brief or giving an oral argument,” Bosco said.

After growing tired of the “starving artist route”, Bosco went to law school and clerked at a D.C. law firm where her focus was government contracts, an experience she cites as invaluable.

“So much of law school is theoretical and for me, it was important to learn by doing,” the partner said.

As partner at Patton Boggs, where Bosco has been since 1985, she counsels new and experienced government contractors on matters involving contract compliance and opportunities in the federal marketplace, drawing on more than 25 years of experience with both regulatory and litigation matters.

“The federal government buys everything from paperclips to battleships, which keeps my work very interesting because you’re always learning about a new industry,” Bosco laughed. “I love solving problems as they come up. It’s not my job to say, ‘No, you can’t do that.’ It’s my job to say, ‘This is how you can do it.’”

Diversity Leader

Bosco was the first female member of her firm’s Executive Committee, as well as the firm’s first Chief Diversity Partner. As the Chief Diversity Partner, Bosco is committed to starting over from scratch if that is what it takes to move the firm’s diversity goals forward. The partner is interested in driving diversity at the firm in real, tangible ways. This, she says, requires new innovations; something she’s calling “Diversity 2.0.”

“We want to recruit the best talent and if that requires pulling everything apart and starting over, that’s what we’ll do,” Bosco said.

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Voice of Experience: Marie Chandoha, President and CEO, Charles Schwab Investment Management

Chandoha,_MarieLooking back, it’s clear to Marie Chandoha that finance was the field for her. As a little girl, Monopoly was her favorite game and she can still remember telling her aunt that she wanted to be a banker. The declaration came from her nine-year-old self and though it wasn’t exactly where she would end up, it was close enough, as Chandoha is currently president and CEO of Charles Schwab Investment Management where she manages $241 billion in assets.

“I was always good at math and although I had some other aspirations along the way, I wound up studying economics in college and a few years after graduating, I read an article about mortgage-backed securities, which seemed like a great way to apply my analytic and math skills,” Chandoha said. “I was able to land a job as a mortgage-backed securities analyst at Morgan Stanley in the mid-1980s and the rest is history.”

A Distinguished Path
Over the course of her career, Chandoha has worked at the Federal Reserve Bank of New York, spending the first half of her career working on Wall Street. Afterwards, she would leave her mark at Morgan Stanley, Goldman Sachs, and Credit Suisse, where she eventually became the managing director in charge of Global Fixed Income and Economics Research at Credit Suisse. She eventually shifted her career to managing money, but instead of advising clients on how to invest, she found she preferred to put her ideas to work and do the investing herself. So Chandoha became the Senior Portfolio Manager at Montgomery Asset Management and later went on to lead Barclays Global Investments (BGI’S) Global Fixed Income business.

“There are a few things that I think distinguished my career path. First, I had a willingness to take risks and that has helped me take meaningful steps in my career. There were several roles I accepted where my manager or a new company was looking for significant change in a short period of time and in some cases, there had already been failed attempts to implement the change or a turnaround,” Chandoha said. “I remember being told at one firm, ‘I admire you for taking this job. It seems impossible.’ In some cases, I knew that if I didn’t succeed, I’d be out of a job. But I love a challenge. These situations aren’t always the most comfortable, but if you succeed, there’s nothing like it to demonstrate a track record of results.”

Chandoha says that when preparing for a senior-level role, it’s important to gain exposure to a variety of roles and functions in the field to evolve your skill set. At one time or another, she has been an analyst, computer programmer, securities analyst, trader, and a portfolio manager.

“I’ve managed everything from research departments and technology groups to a global asset management business. Taking on a global assignment is an invaluable learning experience in many ways, and can open up a range of opportunities,” Chandoha said.

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Voice of Experience: Eileen Madden, Head of Institutional Client Service and Relationship Management, ING U.S. Investment Management (ING U.S. IM)

women shaking handsMoving toward her senior year in college, Eileen Madden’s future was still very much undecided. She considered pursuing a career as an actuary, while also thinking about obtaining her PhD in economics – this, after being offered a fellowship at Penn State during her senior year. On the cusp of graduating, Madden had the opportunity to meet with and be advised by different people in the insurance and investment management industry and she learned about the career options available to her.

So intrigued by the options available to her, Madden pursued her MBA and achieved the CFA chart holder designation. She is now Head of Institutional Client Service and Relationship Management at ING U.S. IM. Clearly, this was the field for her.

“I was attracted to the opportunity to use my analytical skills to pursue a career where I would be working with people and gaining exposure to so many aspects of the business. I am thankful I took this path,” Madden said. “Once I obtained my CFA, I very briefly entertained the idea of moving over to be an investor or trader within the asset management part of the business, but was already well established in my role and enjoying the career path I was on, working directly with clients, consultants, and all constituents in our business.”

Learning On The Fly

Madden cites her first job at Aetna as a great learning experience. Soon after being hired and trained, there was a major restructure at the firm and over 100 people were laid off. Madden says those who remained were left to do the full spectrum of work, so she was handed a large caseload of clients in all different phases of the pension client lifecycle.

“I had to learn and work fast and I found it very interesting and challenging. I flourished in this environment and became an expert in various areas of pension administration and contracting,” Madden said. “I gained a strong sense of confidence in my abilities to learn and to work through complex and difficult situations on the fly. I apply those skills every day and I still really enjoy and learn so much from my own clients.”

Every Day Challenges

Madden says that managing teams while also taking on individual responsibilities is a challenge, but refuses to give up either because it is well worth it to find a way to navigate both worlds.

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Voice of Experience: Marie O’Connor, Partner, PwC Ireland

Women workingMarie O’Connor, a Partner at PwC Ireland, was always interested in mathematics. However, when she decided to pursue Accounting at the College of Commerce, Rathmines, she encountered a slight hurdle. At the time, this business school had not yet opened its doors to female students, but this would change when O’ Connor submitted her application.
“All it took was for someone to knock on the door, and then the barrier came down,” noted O’Connor.

While O’Connor was completing her Accounting degree in business school, she applied for a traineeship position at a PriceWaterhouseCoopers firm where she was one of six females accepted in a class of fifty total graduates. This program established the foundation for O’Connor’s career at PwC Ireland, where she would eventually become the first woman to be made a partner. “I have stayed at PwC for my entire career,” she said, “and I am quite fortunate to have had a variety of roles and experiences here in Ireland and internationally as well.”

A Rewarding Career at PwC Ireland

Becoming a partner at PwC is one of O’Connor’s proudest professional achievements. “Since becoming a partner, I take pride in representing PwC Ireland around the world and enabling Ireland to be a place where companies want to do business,” said O’Connor. She also looks back at the twelve years she spent successfully leading and growing the Investment Management team practice as a very rewarding period in her career.

O’Connor noted, “Today, locally we have 350 people in the Investment Management practice and 17 partners, of which half are women. Growing this practice and developing the networks was very important for me.”

According to O’Connor, the regulatory environment of the asset management industry is presenting many challenges for companies trying to remain competitive while continuing to forge strong client relationships. “There is so much regulation in Europe right now, and more in the pipeline. It is critical for asset managers to be involved in discussions around all these issues to ensure that we can make sense of the regulatory agenda and enable companies to do good business while building trust with investors,” said O’Connor.

She added, “At the end of the day we all want to grow sustainable business”, In addition to the diverse career path O’Connor has enjoyed at PwC, she has also benefited greatly from various non-executive director roles she has had the opportunity to participate in. “Being able to see business from a different angle has contributed to my own professional development and has given me a new range of ideas and experiences to share with others,” noted O’Connor.

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Voice of Experience: Natasha Granholm, Partner, PwC US

natashaNatasha Granholm began her career at PwC (PricewaterhouseCoopers, LLP) as an intern and is now a partner and though she’s clearly a success in her field, she laughs when admitting that her interest in accounting was by happenstance. She was really only looking for an “easy” honors class in high school that would allow her to boost her GPA, but her teacher saw something in her and decided to enroll her in accounting competitions. “There is such a thing as an accounting competition, I promise,” Granholm laughed.

Once in college, she didn’t have an “absolute desire” to enter accounting, but knew it was worth exploring given her propensity for the field.

“The real appeal to me was that it wasn’t just about computing numbers. Accounting is theoretical; it’s not just about being good at math,” the partner said.

Early in her career, Granholm did a little of everything, from serving clients in the tax-exempt sector to M&A, an area she was particularly drawn to because of the dynamic and fast-paced nature of the work. She even did a “tour of duty” with PwC’s national M&A group in Washington, D.C. where she says she grew both personally and professionally.

“It opened up my point of view and gave me a more global perspective,” Granholm said.

Redirecting
Not too long after Granholm returned to Chicago from D.C., the economy began to decline and when the US economy fell into a recession in late 2008, the deal markets came to a halt. At this time, she was pregnant and decided to take some time off from work to focus on her family. When she returned in 2010, the economy hadn’t fully bounced back and Granholm wasn’t sure which direction to take her career in, though she did know she wanted to continue at PwC.

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Thought Leader: TJ Huntley, Managing Director, Internal Audit, Citi

TJ HuntleyThis month, TJ Huntley, Managing Director of Internal Audit at Citi, celebrates 22 years of working in the financial services industry. She remarked, “This industry allows you to make a difference with customers and clients and simultaneously engage in various analysis of key risk, independently assess the design and operating effectiveness of key controls, and engage in various operational process initiatives.”

As the financial services industry has evolved over the years, so has Huntley. Throughout her career, she has always embraced change and new challenges. This, she noted, is a key component of professional growth and development. Huntley advised, “You cannot survive as a leader if you are not equipped to handle changes that may be required in your strategy, vision, or leadership style. Innovation requires change.”

Huntley added, “You have to believe that you can contribute at a fast pace in an environment full of change, like the financial services industry, where so much is happening from a regulatory perspective.”

Navigating the Regulatory Environment of Financial Services
According to Huntley, the challenges presented by regulatory compliance are currently a key focus for senior level executives in financial services. “Right now, various organizations are going through a series of transformations, looking at what they do and figuring out how to do it better. Having a strong and independent internal audit department is important for interpreting, assessing, and identifying the gaps within an organization, and advising the boards on the risks and independent audit assessments associated with different business practices.”

Regulators have what Huntley referred to as heightened expectations for large national banks and federal savings associations to strengthen the minimum expectations and force organizations in the financial services industry to look at their risk management practices, which include assessing the controls to mitigate risk and demonstrating sustainability of those controls. “These expectations are driving the actions of all the critical banks,” said Huntley.

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Voice of Experience: Leslie Hale, CFO, RLJ Lodging Trust

Leslie HaleRLJ Lodging Trust’s CFO, Leslie Hale, grew up in an entrepreneurial family and from an early age she says she was in love with the concept of taking one dollar and turning it into two. She was a natural. Whether it was getting chosen out of college for GE’s world renowned, ultra-competitive Financial Management Program or becoming a CFO at the age of 35, time and time again it’s been proven that she was born to thrive in the financial services industry.

To Hale, one of the biggest appeals of the industry was that it went well beyond Wall Street, enabling you to apply your skills and learn new ones in areas as varied as real estate and healthcare.

This love of learning about new sectors was fostered at GE, where Hale was rotated to a different area every six-months. Hale has done just about everything the industry has to offer, from working on Wall Street to working in mergers and acquisitions (and everything in between), eventually deciding she liked real estate the best. She would spend five-years in this space before business school.

“The beauty of financial services is that while every industry is different, the actual finance aspect is the same. You can take your skills and apply them anywhere that interests you and you can be successful in that space,” Hale said.

A Career to Be Proud Of

There are very few women CFOs and even fewer African American women CFOs and as an African American woman serving as CFO of a publicly traded company, Hale is one of just a handful in the entire United States. Clearly, this is one of her proudest achievements.

“I’m fortunate to work for a great company with a visionary CEO who was willing to take a chance on me,” Hale said. “Success, as we know, is about being prepared, but it’s also about opportunity. When you’re prepared and an opportunity arises, it can be career changing.”

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Voice of Experience: Lisa Opoku, Chief Operating Officer for the Securities Division in Asia Pacific, Goldman Sachs

Lisa portraitIn 2003, Lisa Opoku came to Goldman Sachs for what was supposed to be a three-month assignment, but her stint became a stay. In 2009, she became Chief Operating Officer for the Securities Division of Goldman Sachs Asia-Pacific and in 2012, she was promoted to partner. She came to the multinational investment banking firm from Richards, Kibbe & Orbe and says that her background as a lawyer gave her an advantage, even becoming partner at the firm while still on assignment at Goldman.

“When I started my career I was all about hard work. My parents are from Ghana and I have inherited an immigrant’s work ethic. My parents taught me that if I put my head down and work hard, the rewards will come,” Opoku said. “The corporate world is much more complex than that. You can do an excellent job and it can sometimes be invisible if you are not careful. You have to be vocal about what you contribute, network with your colleagues and clients, and make sure that you are an advocate for your career.”

Team Work

Currently, Opoku’s favorite project is the team she is building in Bangalore, focused on system enhancements and improvements to global processes.

“I am most proud of the team that I have developed in Asia Pacific; you are only as good as your team. I trust my team with many difficult strategic projects and they always deliver the highest quality product,” the COO said. “It is not easy to learn to delegate when we are all ‘Type –A’ people but, it is the only way to truly gain leverage and be more strategic about your work. Every day we can see the impact. The talent in Bangalore is so impressive and the team there is adding a ton of value to our Global Management and Strategy priorities.”

Right now, Opoku is very focused on changes in technology, with Goldman’s trading desks partnering with its technology professionals to enhance performance and efficiency.

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Voice of Experience: Wanda Hill Managing Director, BK University, BNY Mellon

Wanda hillWanda Hill, managing director of BNY Mellon’s BK University, entered the financial services industry by way of the marketing and communications world. It was a somewhat unusual entry point, but one that has served her well over the course of her career. Hill was recognized as a Woman of Distinction by the Girl Scout Council of Greater New York and in 2006, named one of the 25 most influential women in business by The Network Journal. At BNY Mellon, she oversees learning and development for the company’s Investment Services businesses, which generate approximately $10 billion annually. Previously, as part of the Investment Management business, she was responsible for maximizing cash-related revenue from the company’s institutional businesses, which included product development for BNY Mellon’s global cash investment platform.

When Hill stepped into her new role in October of 2013, her first goal was developing a three-year strategic roadmap.

“When you step into a new role at a mature company there’s always the challenge of putting your institutional knowledge to work, while at the same time being open to very different approaches and the nuances of each strategic business,” Hill said. “It’s a challenge, but I enjoy it.”

Currently, much of Hill’s focus is on the overall learning and developing strategies tied to what the company refers to as the “investment life cycle” where expertise, innovation, and intellectual capital is necessary to support and sustain BKU as a world-class learning organization. BNY Mellon’s employees are located in 35 countries and 100 markets, with the Investment Services business alone comprised of eight major businesses. Hill regularly meets with those businesses to identify how the company’s virtual university will support their business models today and into the future. “I love to build these strategies and relationships,” Hill said.

BNY Mellon’s Impact

BNY Mellon continues to intensify its focus on diversity and inclusion. In an effort to attract and retain diverse talent and create an inclusive workplace, a number of employee-powered resource groups were launched, including IMPACT in 2008, which is geared toward the company’s multicultural employees. Hill serves as Global Chair for IMPACT and is conscious of the group’s approach outside the US.

“We’re a global company and IMPACT has chapters around the world. Outside of the US, our focus is diverse employees because ‘people of color’ doesn’t really translate in other parts of the world. Creating inclusive workplaces is such a part of the fabric of BNY Mellon and being a part of this work means a lot to me,” Hill said.

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