“Believe in yourself and exercise confidence,” said Miranda Brawn, Barrister and Director at Daiwa Capital in London. This, she added will help you face and overcome any hurdles you might encounter as you navigate your career to the top. “No one will invest their trust or confidence in you if you cannot invest it in yourself. Develop your skill base, learn and increase your knowledge to increase your confidence,” added Brawn.
One of Brawn’s first mentors advised her to treat this industry like a marathon, not a sprint. “There are far too many people who burn out and age rapidly due to burning the candle at both ends and not looking after themselves,” she said.
“Achieving a senior leadership role will not happen overnight,” Brawn added. “Stay focused and be patient.”
A Multitude of Experiences
When Brawn decided to enter the financial services industry after completing her A levels, she only intended to work for one year before entering University. Life, as it would have it, had other plans for her as she went on to enjoy a successful and multi-faceted career in the male-dominated worlds of financial services and law.
Since entering the workforce at age eighteen, Brawn has held many different roles at some of the world’s leading financial institutions, including Goldman Sachs, JP Morgan Chase, Citibank, and Deutsche Bank. She has also worked for law firms where she has acted as a consultant legal advisor. Currently, Brawn is a Director at Daiwa Capital, where her primary role is to manage the company’s legal risk across Europe for the derivatives and securities financing businesses.
“It is a transformational time for the industry right now as changes in banking regulations are presenting new challenges,” said Brawn.
Although she did not follow a strictly traditional path, Brawn is proud of the fact that she was able to complete all of her studies while working full-time in demanding positions. “I am not afraid of a challenge,” remarked Brawn, who has earned her MBA, Law degree, Journalism Diploma, and most recently, completed her studies in Political Philosophy at the University of Cambridge.
It is this same mentality that keeps Brawn busy outside of her daily 9-5 responsibilities. “I have other interests such as being a board director, barrister, freelance writer, motivational public speaker and now a brand ambassador for The Fold London,” said Brawn. Additionally, Brawn is also the founder and CEO of Pluto Law Limited.
Keeping Diversity on the Agenda
Brawn is very passionate about diversity issues, which is why she has been extremely committed to networking, mentoring, and sponsorship initiatives throughout her entire career. “I wish I had realized the value of having mentors early on in my career,” Brawn noted.
She continued, “It can be difficult for women to break into that established ‘old boys’ network especially within Front Office client facing roles where it is still pretty much a male dominated environment.” According to Brawn, women need to increase their networking efforts in order to gain the mentoring and sponsorship relationships that will ultimately have a positive impact on their career growth and advancement.
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Mind Your Career: Why Mindfulness is at the Core of a Successful Career
FeaturedBeing aware of our surroundings, showing sensitivity in certain situations, putting ourselves in others’ shoes – these all seem obvious things to do both in our professional and personal lives. But what is not so obvious is how being mindful – “being in the zone” – can help our careers.
According to Ellen Langer of the Langer Mindfulness Institute (and first female Professor to gain tenure at Harvard University’s Psychology Department), mindfulness is “the process of actively noticing new things”. By challenging ourselves to ignore the multiple distractions we experience each day, and instead fully absorb ourselves in the task at hand, Langer argues that we can reduce stress levels, improve our ability to think creatively, and improve our performance. In a recent interview with Harvard Business Review, she shared the benefits of mindfulness; “It’s easier to pay attention. You remember more of what you’ve done. You’re more creative. You’re able to take advantage of opportunities when they present themselves. You avert the danger not yet arisen. You like people better, and people like you better, because you’re less evaluative. You’re more charismatic.”
All positive, but can we realistically apply these concepts to business?
Although the concept of mindfulness can be traced back to Buddhism, it was pioneered in America by Jon Kabat-Zinn through his work in the medical field during the 1980s and then with a number of other groups including sports, CEOs and judges. The benefits of mindfulness have been demonstrated throughout society and it is now gaining traction in the professional field – as of 2012, the Financial Times reported that 25% of large US companies had launched ‘stress-reduction’ initiatives .
In 2007 Google successfully introduced Search Inside Yourself (SIY), a mindfulness based programme which provides Googlers with the tools and opportunity to be mindful at work.
With the stream of research providing evidence to support the benefits of mindfulness at work, it is easy to see why this is the case. A recent research article from INSEAD and Wharton showed that mindfulness could lead to better decision making around investments by helping to reduce “sunk-cost-bias” – the tendency to progress an investment despite negative results in order to compensate or justify for earlier investments. An online course on mindfulness developed by Oxford University and Mental Health Foundation claims that participants who have completed the course have experienced “58% reduction in anxiety, 57% in depression and 40% in stress”. There are also examples of mindfulness programmes being effectively incorporated in the legal profession and in the military.
The benefits are clear and apply to both genders; Langer’s HBR interview cited some research during which she asked 2 groups of women to give persuasive speeches; one group using masculine traits and the other group presenting as they would normally. “Then half of each group was instructed to give their speech mindfully, and we found that audiences preferred the mindful speakers, regardless of what gender role they were playing out.” Irrespective of gender, the way we perceive our situations and the way others perceive us can be influenced by the degree to which we apply mindfulness throughout our lives.
With today’s continuous distractions and technology – phones, emails, apps (including those to help with mindfulness) – some of the sceptics among you might think that it is impossible to apply mindfulness in high stress environments associated with New York’s Wall Street, London’s City and lots of other fast paced business cities. But how much of this time is spent on mindless activities?
Moving from Mindless to Mindful
The argument thus far shows that we should approach life (work and personal) more mindfully, so what steps can we take practically to become mindful? Here are 3 things you can start today.
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Voice of Experience: Susan Soh, Partner and Global Head of Marketing and Client Services, Perella Weinberg Partners
Voices of Experience“I would choose to do exactly what I do now because I love it,” said Soh.
If there is one underlying theme that has followed Soh throughout her career, it is that you must be passionate about your work. She first discovered this valuable tenet early in her professional life.
Building a Rewarding Career
Soh, as it turns out, did not always think she would enter the world of financial services. In fact, after graduating from Harvard Law School, she had aspirations of moving to Asia to become a successful attorney. Her trajectory changed, however, when she realized that the corporate legal environment did not ignite a spark in her. “I knew very early on that I would not be happy in a career doing something for which I lacked passion,” said Soh.
Soh, who holds a Bachelor of Arts in Economics from Yale University, recalled her interest in finance and decided to pursue a career in banking. “The M&A market was heating up at the time and many firms were in search of reformed lawyers to join their team,” explained Soh. She accepted a position as an M&A banker at Bear Stearns. “I worked long, hard hours,” said Soh, “but I loved every minute of it.”
While in this role, Soh expanded her interests and moved to the merchant banking business at Bear Stearns where she worked on private equity investments as well as marketing for the firm’s first institutional fund. That turned into a full-time marketing role, which launched her career in asset raising. When an opportunity presented itself to get in on the ground floor at Lightyear Capital, Soh jumped at the chance to join a venture that appealed to her entrepreneurial nature. It was at Lightyear Capital that she was exposed to the hedge fund industry, an emerging space at the time.
In 2003, Soh entered the hedge fund industry, which brought a whole new world of dynamic markets and different strategies than she had previously experienced in the private equity world. “Very few people make the transition from private equity to hedge funds, so this was definitely new ground for me, but I always found being open to change and new challenges was one of the best ways to advance in your career,” she explained.
During this period, Soh was responsible for hedge fund business development at Highbridge Capital Management. “It was extremely exciting and a great learning experience as I was responsible for marketing each sub-strategy in Highbridge’s multi-strategy fund as a new standalone funds. It was there that I had the opportunity to be mentored by Glenn Dubin, one of the great titans of the hedge fund industry.”
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Intrepid Woman: Dara Richardson-Heron, M.D., CEO of the YWCA USA
Intrepid Women SeriesWhen Dara Richardson-Heron was a young girl, her parents dispelled an important piece of advice. They advised, “Don’t ever be limited by your race or gender.”
“They told me I could succeed at anything I wanted to do in life,” said Richardson-Heron, who added that her parents are her role models because they taught her how to lead with integrity and ethics and to never compromise her standards.
Now, as CEO of the YWCA USA, Richardson-Heron embodies the principles she learned as a young girl through the organization’s mission to empower women by providing them with the tools and resources necessary to make a positive impact in their families and communities.
Challenges Women Face
According to Richardson-Heron, there are three primary factors holding women back from reaching their full potential: gender inequality, racial injustice, and the lack of economic empowerment. “I wish things were different,” she said, “but it is clear that racism still exists and that women do not have equal opportunities.”
She emphasized the importance of evening the playing field for women in business, politics, and the economy by addressing the institutional inequalities and positioning more women to succeed in the highest levels of leadership.
“Many women are alone at the top,” Richardson-Heron remarked, “and we need more resources and support in place to take the demands off of these women so they can focus on being great role models, performing at a high level, and righting the stereotypes that exist against women.”
Change in Action
The YWCA has 227 associations nationwide and each one offers distinct programming to meet the needs of the women in the local community. For adults, the YWCA provides job training, career counseling, education, and even refuge. Children have access to afterschool educational programs including a focus on STEM education which begins as early as preschool.
“When you educate a woman, you educate her entire family,” explained Richardson-Heron. “The core purpose of our programs is to provide self-esteem and confidence in addition to knowledge and skills training.”
One of the most rewarding aspects of leading the YWCA, according to Richardson-Heron, is being able to see the transformation from sadness to optimism in women who have benefited from the organization’s life-changing services. “I visit the facilities –many of which have shelters for women in transition –and it is so humbling to meet women who came to the YWCA with nothing more than the clothes on their back and are in the process of turning their life around.”
Fighting the Good Fight: Advice for Her Peers
“Never give up,” advised Richardson-Heron. “It is not easy being a change agent, but the end result is worth it. You have to be resilient and prove yourself every day.” This is the advice Richardson-Heron gives to female leaders who are leading the way in the fight to balance the scales for women.
As a physician, Richardson-Heron also stresses the importance of focusing on personal health by taking time to relax and recharge. “Saying ‘yes’ to everything will leave you exhausted and ineffective,” she said. “When you take time off and allow your mind and body to take a break, you can come back rejuvenated and renewed.”
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Voice of Experience: Kris Muller, Partner and Assurance Strategy Leader, PwC
Voices of Experience“I was lucky in this way,” said Muller, “but I wish I had realized that you can advocate for yourself and have more influence in your career.”
Muller, who will be celebrating 30 years with PwC in August, urges young women to be proactive in their careers. She advised, “Don’t wait for opportunities to fall into your lap. Be vocal and go after exactly what you want.” PwC’s approach to real-time feedback and development, in which leaders provide performance feedback throughout the year, rather than only during the traditional annual performance review process, creates opportunities for such conversations and requests to take place.
Career Path
Muller graduated from college with one goal in mind: to be the best at whatever she did. This drive and dedication has been the foundation for Muller’s rewarding career at PwC. She began her journey at PwC’s Stamford, CT, office where she was part of the Assurance and Audit team.
When Muller’s mentor and coach at PwC approached her about moving to the Washington, D.C., office to start up the technology Internet group there, she accepted the opportunity. “It was during the Dotcom Bubble and we were busy working on countless IPOs,” recalled Muller, who became a partner during this time.
As Muller continued to progress, she joined PwC’s “chief auditor” network, which supports the methodology of the firm and focuses on the consistency and quality of the Assurance practice. She was also the Southeast Software Leader in addition to her responsibility as TICE (technology, infocomm, entertainment and media) team leader at the D.C. office.
In another pivotal conversation, Muller was asked by the same mentor and coach to move to Finland to join the Global TICE group in an Assurance and Audit capacity. She spent five years in Helsinki and was the lead on a top global account for PwC during this time. This experience gave her a whole new perspective, international awareness and broad professional and personal network.
Making an Impact
Currently, Muller is very excited about her strategy role within the US Assurance Leadership Team, which PwC’s current Assurance leader, Vin Colman, asked her to take on. She noted, “I love the forward looking nature of this role and the excitement of bringing it all together, seeing the progress, and being directly involved in the direction of our Firm. Vin has a thoughtful perspective about the transformation of our practice and the opportunities in the profession – it was an easy decision to join Vin and his team.”
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The One Thing You Can Change to Be Happy
Expert AnswersWhile I was being interviewed on a radio show about the topic of finding happiness, a professional working mother called in to speak with me. She wanted me to help her determine the answer to a poignant question: Why did she feel so unhappy? The caller questioned whether the cause was her current job which she no longer found fulfilling, or if she was simply buckling under the pressures of being a working mother.
This isn’t the first time I have heard the same question. The caller was seeking a simple answer to a problem with which many of us struggle. We know something isn’t working and we want to find the “one thing” that makes us feel overwhelmed so we can fix it and move on. We are smart enough and strong enough to do that—it would be so simple.
In my work as a coach and consultant, I find women often identify the source of that nagging overwhelmed feeling is either 1) lack of support in a personal relationship, or 2) how we feel about our employment. These seem like the obvious culprits because they are things we can change and either option leaves us blameless.
Working mothers are masters of juggling the needs of our families and our jobs. It’s rare that one single issue or person can cause us to feel overwhelmed. Rather, we need to look at the bigger picture to find the sources of our unhappiness. What we should consider is the compound effect of many small stresses in all areas of our lives that accumulate over time.
Women who are highly driven to succeed strive to live up to the big expectations we have of ourselves in our jobs and in our roles as mother and wife. I call it the Superhuman Paradox. We want to be regarded as a successful and competent businesswoman with the salary to match. Plus, we want to cook like chefs, decorate our homes like professionals, raise the smartest kids in their classes, and have perfect bodies. It seems possible because we find women in our personal and professional circles who actually seem to attain these high standards. We think, “If they can do it, why can’t I?”
The problems begin when we end up spending too long at work and rushing through our evenings at home. Of course, our jobs are important and we must advance our careers, but long hours build pressure in other areas of our lives. On the other hand, when commitments to our family and friends seem unending, we can begin to believe our personal lives are getting in the way of our professional goals. Without a functioning work-life balance, we are bound to collapse under our constant pressures.
What you can do:
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Building the Talent Pipeline: Developing Your Networking Skills within Your Organization
PipelineIt is clear that any woman who is going after a high-powered position in any industry, but especially in financial services, law and business, will need to have a strong resume. While many focus on painstakingly compiling their credentials, career background, accomplishments, spending weeks on application materials and making everything look as perfect as can be on paper and online, as well as conducting external networking by attending various events etc., they are forgetting one important thing – the Art of Internal Networking!
We have all heard of the saying “it’s not what you know, but who you know!” and how networking can benefit our careers. But have you thought about how your own network, especially your internal network, is your most powerful tool. Most people focus on the external networking aspect of developing their careers. Sometimes the most effective networking takes place where you dwell on a day to day basis. This relates back to the 6 Degrees of Separation theory highlighting the importance of information flow, building networks in one’s own organization and developing the tools for communication.
If you are a woman on the verge of making a big move or wanting to make such a move, consider these top ten tips for making an impact:
1. Become a Connector– Connectors have a different kind of power as they always know someone. They may be good at making suitable introductions. Hence, there is great value in forming and maintaining a strong circle of contacts. It is important to factor in first impressions and guide what you want new contacts to say about you after the initial meeting. Connectors love social connections as it is in their human nature and collect friends like stamps. It is the nurturing and coordinating of introductions that they enjoy the most which is the art of networking. That said, lots of people are not naturally social but they can become a Connector by learning the main skills. This can range from emailing or calling colleagues in other areas of the organisation who they have not seen in a while and organizing a lunch or coffee catch up to update them on various activities which may be of use and/or interest to them.
2. Focus on giving versus getting – internal networking is an investment for yourself and your organisation hence try to adopt an attitude of giving to your network. This should ultimately be a “give and take” relationship not just “take”.
3. Constantly add value to your network – Think about the ways you can add value to your network and continue to do this on a regular basis. It is important that you are playing your part and not just turning up every day to do the bare minimum. If you work in the finance industry, you could email your own area or another internal area about the latest news in the trading market or various banking regulations which are fast and flowing at the moment. Hence, who do you think they will approach should they need advice on trading or banking regulation information? I hope you are beginning to see the value in this personal branding through your internal network which could be extended to your external network. This links into my next tip where your knowledge can make you powerful within your organisation.
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Voice of Experience: Miranda Brawn, Barrister and Director, Daiwa Capital
Voices of ExperienceOne of Brawn’s first mentors advised her to treat this industry like a marathon, not a sprint. “There are far too many people who burn out and age rapidly due to burning the candle at both ends and not looking after themselves,” she said.
“Achieving a senior leadership role will not happen overnight,” Brawn added. “Stay focused and be patient.”
A Multitude of Experiences
When Brawn decided to enter the financial services industry after completing her A levels, she only intended to work for one year before entering University. Life, as it would have it, had other plans for her as she went on to enjoy a successful and multi-faceted career in the male-dominated worlds of financial services and law.
Since entering the workforce at age eighteen, Brawn has held many different roles at some of the world’s leading financial institutions, including Goldman Sachs, JP Morgan Chase, Citibank, and Deutsche Bank. She has also worked for law firms where she has acted as a consultant legal advisor. Currently, Brawn is a Director at Daiwa Capital, where her primary role is to manage the company’s legal risk across Europe for the derivatives and securities financing businesses.
“It is a transformational time for the industry right now as changes in banking regulations are presenting new challenges,” said Brawn.
Although she did not follow a strictly traditional path, Brawn is proud of the fact that she was able to complete all of her studies while working full-time in demanding positions. “I am not afraid of a challenge,” remarked Brawn, who has earned her MBA, Law degree, Journalism Diploma, and most recently, completed her studies in Political Philosophy at the University of Cambridge.
It is this same mentality that keeps Brawn busy outside of her daily 9-5 responsibilities. “I have other interests such as being a board director, barrister, freelance writer, motivational public speaker and now a brand ambassador for The Fold London,” said Brawn. Additionally, Brawn is also the founder and CEO of Pluto Law Limited.
Keeping Diversity on the Agenda
Brawn is very passionate about diversity issues, which is why she has been extremely committed to networking, mentoring, and sponsorship initiatives throughout her entire career. “I wish I had realized the value of having mentors early on in my career,” Brawn noted.
She continued, “It can be difficult for women to break into that established ‘old boys’ network especially within Front Office client facing roles where it is still pretty much a male dominated environment.” According to Brawn, women need to increase their networking efforts in order to gain the mentoring and sponsorship relationships that will ultimately have a positive impact on their career growth and advancement.
Read more
The Imposter Syndrome: Why Owning Your Success is Critical to Your Career
FeaturedSurely someone more experienced or more knowledgeable should be in this position instead of me.
These feelings of inadequacy and self-doubt – which some of us have experienced throughout our career –can be harmless. However, if they present themselves frequently, leading us to frequently doubt our abilities, they can have a detrimental impact on our careers.
This phenomenon of feeling undeserving of our accomplishments despite evidence to suggest otherwise, was first coined as the Imposter Syndrome by Dr. Pauline Clance and Dr. Suzanne Imes in 1978. After studying 150 highly successful women, they found that although the women were high achievers in their various fields, they struggled to internalise their successes – pointing more to other factors such as luck, or support from others, as opposed to their own knowledge and skills. Now, over 30 years later, the imposter syndrome is still a concept widely used to explain –at least in part –the lack of female business leaders.
According to Ann Harriman, both women and men tend to define their successes or failures using four “attributional causes”: ability, effort, luck, and task difficulty. The first two attributes, ability and effort, are categorized as being stable and internal. Thus, successes attributed to these causes will likely be repeated because they result from internal capabilities. However, when someone attributes their success to external causes like luck or task difficulty, it is unlikely they will continue to build on their achievements. Instead of owning our successes, these external causes lead us to feeling like imposters.
The Imposter Syndrome and Women
It turns out that while men also experience the imposter feeling (albeit less frequently and with less intensity than women), they are more likely to see their successes as a result of stable and internal causes. Women, on the other hand, tend to select unstable and external causes when they are asked to identify the factors that led to their success. Moreover, women also have a tendency to assign stable and internal causes when acknowledging their failures. This, in turn, feeds the imposter syndrome.
Studies show that imposters are motivated to succeed in order to demonstrate that they are worthy of their position, rather than to meet longer term personal development goals. Imposters are also more likely to isolate themselves to avoid being exposed. According to Valerie Young’s research, these behaviours impact the talent pipeline and the overall success of organisations. She explains that employees who suffer from the imposter syndrome are less likely to take risks, procrastinate (for fear of being found not able to complete a task), and fall into the “expert trap” where they stick with what they know instead of seeking out promotions and other challenging opportunities to grow professionally.
How can we ensure that the imposter syndrome doesn’t negatively impact the gender balance of our leadership groups by keeping women out of the top spots?
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The False Choice Between Kindness and Success
LeadershipYahoo CEO, Marissa Mayer, was ranked the eighth most powerful woman in business by Forbes in 2013. Not too bad for a 38-year-old self-professed technology geek from Wausau, Wisconsin, who took the helm of Yahoo in July 2012, while she was six-months pregnant. Although there has been much written about her golden girl looks, her workaholic schedule, and her blinding ambition as she climbed her way up in a male-dominated industry at two of the world’s biggest technology companies – Google and Yahoo – nobody has ever described Mayer’s personality or leadership style as “too nice.”
In fact, the technology industry and the media were in an uproar when she banned remote-working from home privileges at Yahoo and, in doing so, she came under intense scrutiny for this huge shift in Yahoo’s corporate culture. A lot of anger and criticism was directed towards the fact that Mayer was a woman who just had a baby and somehow that meant, as a female CEO, she had a greater responsibility to be – how shall we put it – more understanding, more flexible, possibly, nicer?
Mayer chose business goals over personal feelings when she eliminated remote working privileges and while this may not have been considered a “nice” business decision to some, it is unfair to say Mayer wasn’t being ”kind” to her employees. After all, it is unlikely that if a male CEO chose to make the same business decision as Mayer he would have faced the same amount of scrutiny.
Leading with Kindness, Demanding Respect
Societal stereotypes of the sexes have made it difficult to view female leadership decisions as we would male leadership decisions. Women leaders like Mayer have the extra burden of not sacrificing business goals to avoid hurt feelings, but also showing a level of decency and kindness towards others. The pressure women face to balance these stereotypes remains a challenging task.
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Voice of Experience: Kim Posnett, Managing Director, Goldman Sachs
Voices of ExperienceAccording to Kim Posnett, a Managing Director in the Technology, Media and Telecom (TMT) group in the Investment Banking Division at Goldman Sachs, diversity is something she became accustomed to early on in her life. “I was born in Nashville, Tennessee and raised in New York City. I grew up as an American kid in multi-ethnic family with a Vietnamese mother and Swiss father,” she explained.
“I was always comfortable being different. More importantly, I grew up with the instinct to bridge gaps and find commonalities among different people. That has carried over into my professional career and has been very helpful,” Posnett added.
Career in Investment Banking
“I had a non-linear career path,” said Posnett, who attended Yale University to study History and Theater. After graduating Yale, Posnett moved to California in her early twenties to work in the media and entertainment industry. Then, in her late twenties, Posnett decided to make a career shift, and attended The Wharton School of Business to study finance and earn her MBA. After graduating from business school, Posnett joined Goldman Sachs. Early in her career, Goldman Sachs asked her to cover internet and eCommerce companies, which she has been doing ever since. Posnett noted, “I am fortunate to work with the leading internet, eCommerce, software and technology companies that are disrupting their industries through innovation and technology.” She finds that working with visionary founders, CEOs and CFOs is the most rewarding aspect of her job, and is something she has remained passionate about throughout her decade of working as a banker in the industry.
“I feel most proud when I know I have earned the trust, respect and loyalty of my clients,” Posnett added. “I am also incredibly proud of our Goldman team’s commitment, integrity and singular focus on helping clients, and helping each other.”
The pace of innovation in internet and eCommerce is exciting for Posnett, who enjoys working in a dynamic sector that is undergoing fundamental shifts. “We are entering a post-PC era,” said Posnett, “where consumers can transact anytime and anywhere off their mobile devices. Companies are leveraging data and analytics to drive personalization and relevance for their customers. Powerful interest communities and vertical content companies are changing the way people browse, discover and shop online. There’s much more — it’s a very exciting time.”
According to Posnett, there can be misperceptions about what a career in investment banking actually means. “I don’t think young people grasp how interesting and dynamic investment banking can be,” she explained, “especially in technology banking, where our clients are entrepreneurs who are changing the world as we know it. The job can be incredibly entrepreneurial and creative.”
Women in Investment Banking
“I think it is really important for young women to figure out what they want in life. Everyone has a different definition of happiness and success,” said Posnett. She explained how lucky she was to have her parents as role models. “They both loved what they did for a living, and as a result, they always encouraged me to pursue what I loved most,” she added.
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