Voice of Experience: Dr. Sonja Koerner, Partner, Risk, Financial Services, Ernst & Young

By Melissa J. Anderson (New York City)

According to Dr. Sonja Koerner, Partner, Risk, Financial Services at Ernst & Young, women in senior roles in the industry need to see themselves as role models.

“Make yourself available as a mentor,” Dr. Koerner said. She also encouraged senior women to support diversity and inclusiveness in their organizations and drive the debate around things like flexible work arrangements.

“Many women – and some men – would hugely benefit [from these programs]. We should make sure that once women sign up for them, this does not mean the end of their career progression,” she said.

A Career in Risk

After completing a PhD in Nuclear Physics, Koerner joined Arthur Anderson’s Quant Center of Excellence in Zurich in January of 2001. In 2002, she moved to Ernst & Young’s Swiss practice, then transferred to Ernst & Young’s UK practice, “to help build Ernst & Young’s quantitative and risk systems implementation capabilities in London.”

She explained, “It’s common for people in math and science to move into the financial services, in the modeling space.” Koerner said she chose to go into consulting rather than directly into a financial services company so she could experience more variety in modeling. “And I enjoyed that variety, hence I stayed in that environment.”

According to Koerner, her proudest professional achievement has been making partner at the firm. “It’s different to all other promotions,” she explained. “Rather than being an employee, you are one of the owners, an ambassador of the firm. It’s a very tough, rigorous selection process, and I’m very proud of this achievement.”

Currently, she is the firm’s Market and Counterparty Risk Advisory Services lead, with clients across the entire financial services industry, focusing on top-tier investment banks. She said, “We currently see unprecedented market uncertainty and change. Working closely with clients to support them in their transformation at a fast pace excites me most at present.”

Some of this uncertainty, she continued, includes the alignment of changing regulatory requirements, meeting business needs, and the optimization of day-to-day business at usual to drive effective change programs.

Advice for Women in Business

Koerner said one of the things she wishes she had learned earlier in her career is the importance of proactive career management. She said, “It is not enough to work hard and deliver top quality output to progress. You have to manage your career and pro-actively develop your network.”

She explained that women should be more vocal about their career goals. “Woman tend to be more modest than their male colleagues about their own capabilities and past achievements and are often less aggressive about their career progression. However, it is important to do great work and let others know about it and to let leadership know about career ambitions!”

A lack of role models may be one thing that is preventing women from reaching top positions, she continued. “The assessment of potential promotion candidates is mostly done by men, as there are way more men in leadership positions and young women often lack role models. Some women struggle to master a top career and family life at the same time and finally opt for the family.”

Koerner advised young women not to give up if things get tough – and to take the initiative when looking for guidance. “Don’t be disappointed if something doesn’t work out immediately the way you would want it to. Don’t take things personally and never ever give up, but proactively reach out to people to seek their advice.”

Women in more senior positions, she continued, shouldn’t forget that they are role models for the next generation.

Koerner has played an active role in driving the women’s leadership conversation herself, having served as the representative of her service line in Ernst & Young’s Global Professional Women Network and working to support initiatives to support retention and career advancement of women to promote a higher portion of women in leadership positions. The network includes seminars and other events, as well as advocating for improvements to flexible work arrangements, maternity arrangements, mentoring programs, and more.

In Her Personal Time

Koerner lives with her partner and 12-year-old son in Vienna, and travels frequently between Austria and London. Or, she added, wherever her work takes her. “I have done projects in more than 15 different countries and tend to live most of my life out of a suitcase.”

She continued, “I still enjoy traveling in my holidays and do as much sports as time permits – mainly skiing in winter and windsurfing in summer.”