By Pamela Weinsaft (New York City)
It’s the rare 13-year-old who can clearly set the course for the rest of her life; indeed, it’s the rare 13- year-old who knows from moment to moment what she wants from that day. So when Lisa Cregan—all of 13 years old—told a local newspaper reporter “I want to be a stockbroker one day,” she was likely met with some surprise. Since that time, however, Lisa Cregan has made her dream come true, and now works to help other women do the same as the head of career development for women at UBS.
Not that it was based only on her seemingly precocious response to the reporter. Cregan, who is also the Dallas Market Area Manager for UBS, did her homework.
During the second year of her MBA program, she conducted informational interviews with executives in various industries. “I wanted to gain a perspective on each industry, learn more about the industry culture, the skills needed to be successful, and the career paths I might be able to follow.”
Based on what she learned, she confirmed that she did indeed want to end up in finance. “I was intrigued by the culture of constant change. I liked the idea of high pressure coupled with high opportunity.”
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Mind the Gap: How to Increase Your Salary
Featured, Money TalksBy Elizabeth Harrin (London)
If you’ve been following the release of various studies into the gender pay gap, you might be wondering what you can personally do to increase your chances of not falling into the chasm between men and women’s pay. In this difficult economic climate – although there are some small signs that things are looking up – can you really get a pay rise?
“It is far easier to fix your own situation on a one-on-one basis than to lead a revolution on behalf of woman everywhere,” says Cy Wakeman, HR expert and President of Cy Wakeman, Inc. “If each woman would step up on an individual basis – the issue would be fixed and we wouldn’t need mandates, audits and programs.”
Not everyone would agree that it’s that easy. You can’t just walk into your boss’s office and demand more money. Well, you could, but you wouldn’t get very far. It’s also difficult to work out how to pitch your request, as ‘John earns more than me’ is unlikely to win you many points in the argument, even if that is your primary reason for wanting to approach the topic of salary increase. Your employer’s first reaction is liable to be ‘How did you find out?’, especially as many companies make use of gagging clauses in contracts – or at the very least make a special point of telling employees not to share salary and bonus data when it comes to pay review time. Therefore it is worth putting together a case for why you deserve a rise, particularly if your compensation package – or lack of it – is a major concern for you at work.
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Voice of Experience: Lisa Cregan, UBS, Dallas Complex Director and Director of Women’s Development Wealth Management Advisory Group
Voices of ExperienceIt’s the rare 13-year-old who can clearly set the course for the rest of her life; indeed, it’s the rare 13- year-old who knows from moment to moment what she wants from that day. So when Lisa Cregan—all of 13 years old—told a local newspaper reporter “I want to be a stockbroker one day,” she was likely met with some surprise. Since that time, however, Lisa Cregan has made her dream come true, and now works to help other women do the same as the head of career development for women at UBS.
Not that it was based only on her seemingly precocious response to the reporter. Cregan, who is also the Dallas Market Area Manager for UBS, did her homework.
During the second year of her MBA program, she conducted informational interviews with executives in various industries. “I wanted to gain a perspective on each industry, learn more about the industry culture, the skills needed to be successful, and the career paths I might be able to follow.”
Based on what she learned, she confirmed that she did indeed want to end up in finance. “I was intrigued by the culture of constant change. I liked the idea of high pressure coupled with high opportunity.”
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In Case You Missed It: Business News Round-up
NewsContributed by Martin Mitchell of the Corporate Training Group.
The dollar fell to its lowest level since August 2008. The British economy may be out of recession already. Goldman Sachs has apologised for its role in the financial crisis. And Bernie Madoff’s vintage 18-carat gold Rolex Monoblocco watch fetched $65,000 at auction. These are but a few highlights of important market events that we’ve gathered to help you start the week well informed.
Economic Backdrop
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Thriving with Breast Cancer
Intrepid Women Series“Thank god for hot flashes,” said Kim Michel, owner of Michel Financial Services firm in Los Angeles, “They very likely saved my life.”
Last year, just as Michel turned fifty, she began to be troubled by those telltale signs of menopause, and went to consult with a doctor about hormone replacement therapy. During that examination, the doctor felt something “very deep down” in her left breast. And although the annual mammogram and ultrasound she’d had just 30 days prior had disclosed nothing, the doctor wasn’t convinced, and sent her for an urgent MRI.
Just a couple of days later, the doctor called with the results. “He said, ‘You have four tumors on both sides.’ I was shocked, stunned,” said Michel.
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The Shape of Things to Come: The FWA’s Economic Forum Inaugural Event
Pipeline, What's OnBy Melissa J. Anderson (New York City)
“Most of the conferences I attend are 90 to 95 percent men,” said panelist Beth Ann Bovino, Senior Economist at Standard & Poor’s, to the audience of over a hundred women (and a few men) at the Financial Women’s Association Economic Forum, held on November 16th in New York City. Gina Martin Adams, Equity Strategist at Wells Fargo Securities; Dr. Sherry Cooper, Executive Vice President and Global Economic Strategist at BMO Capital Markets; and Ellen Beeson Zentner, Senior U.S. Macro Economist, The Bank of Tokyo-Mitsubishi UFJ, Ltd. joined Bovino in sharing their thoughts on the shape of things to come in the recovery from the recent economic melt down.
Vanna Krantz, Chief Financial Officer for the Media Division of Thomson Reuters and moderator for the event, opened the evening with a rundown of this year’s major financial events: the financial collapse, AIG bailout, the government’s acquisition of a majority share in Citi, Bernie Madoff and other recent scandals, the stock market decline, loss of $12 trillion in capital – and her list went on. But Krantz emphasized that, rather than focus on the negative, she wanted to discuss the opportunities arising out of downturn.
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Voice of Experience: Ida Liu, Head of the Fashion, Retail and Consumer Group, Citi Private Bank
Voices of ExperienceIda Liu creates wealth management strategies for ultra high net worth individuals in her role as Head of the Fashion, Retail and Consumer Group at Citi Private Bank. From high finance to high fashion and back, her career path is a testament to following your passions and to keeping in touch with your contacts.
Born in California and raised in a Mandarin-speaking home by her Chinese parents, Liu said, “My father really is an inspiration to me. He instilled in me from a very young age a work ethic and the ability to work really hard, not give up. I saw him start a business and the can-do attitude and work ethic were instilled in me at a very young age, and still inspire me everyday.”
Liu graduated from Wellesley College with a dual major in Psychology and Chinese Studies, with a concentration in Economics and a passion for fashion. “I was one of six corporate buying interns at Neiman Marcus during my junior summer while at college and was offered a job to be an assistant buyer out of college but decided to take the investment banking route [after acing the on-campus interviews]. At the time, I thought that it would be easier for me to go into investment banking and then into fashion rather than the other way around.”
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Beyond Skills and Smarts: Thriving in the New Economy
Expert AnswersContributed by Liz Cornish, Leadership Coach and Keynote Speaker
It’s been a tough and frustrating year for financial professionals. Watching other smart, motivated people lose their jobs is sobering. Increased regulation is forcing many institutions that were playing by the rules to endure shrinking margins and panicked customers. It’s like being grounded because your sibling broke curfew. As the economy shifts and uncertainty prevails, what should women in finance do to ensure their own future?
First, congratulate yourself. You’re a motivated woman in the right industry. Sure, there will be changes and disruption, but finance is here to stay. As Patty Vantuhl of Bank of America noted, “There will always be a financial world. Names and players will change. But people will always need a way to store, access, invest, leverage and keep track of their money.” If you were in the newspaper publishing business, this would be a very different article.
So you’re in the right place, right career. Now what? What will it take to thrive in the new economy?
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Ask-A-Career Coach: Is It Possible To Over-Prepare For An Interview?
Ask A Career CoachIn just this past week, several of my clients have sounded tired during our interview practice. I even got a very detailed response that was related to, but not quite exactly on point to what I had asked. These are hardworking jobseekers who I know are diligently working through the coaching assignments. Is it possible to over-prepare for interviews?
Most jobseekers don’t prepare enough. So don’t use this column as permission to slack off your search. You still need to research the company, industry and specific individuals you will be meeting. You still need to stay abreast of current events and be able to engage in timely discussions. You still need to have the 3-4 key message points that will present you in the best light and position you appropriately for the specific job at hand. So there is much work to do, and over-preparation is a rare problem. Read more
Do Women Create Their Own Glass Ceilings?
Breaking the Glass CeilingBy Liz O’Donnell (Boston)
A study from the University of New Mexico Anderson School of Management that shows women managers are three times more likely to underrate their bosses’ opinions of them has led to a flurry of articles and blog posts asking “Do women create their own glass ceilings?”.
The study looked at 251 female and male managers from a variety of industries nationwide. It asked the managers to rate themselves on leadership, communication ability, initiative, self-awareness, self-control, empathy, bond-building, teamwork, conflict management and trustworthiness. It also asked participants to predict how others would rate them and then compared the results with actual ratings from supervisors, peers and staff.
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Voice of Experience: Jan Floyd-Douglass
Voices of Experience“I’ve always been a cold contactor,” says Jan Floyd-Douglass, when I ask her how she landed her top city jobs at Zurich and Barclays. “I find it’s much better to circumnavigate all the job ads.”
Jan started out with two job offers on the table: Lloyds and Citicorp and back in the ’70s took the lower paid role because Citi created “a hum” inside of her. It turned out to be a good choice. Over her fourteen years with Citi, she had seven different roles, ultimately ending up as Resident Vice President for mortgage sales.
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