by Pamela Weinsaft (New York City)
Cynthia Meyn, the Senior Operations Manager at PIMCO’s New York Office, spent her childhood on the move, living in three states and a European country, all before the tender age of twelve. And while some might have viewed this as a negative experience, Meyn actually sees it as one that had a wholly positive impact on her. “I think it helped me be at ease meeting new people,” she explained, “and helped me be comfortable trying new things,” a skill which has allowed her to fearlessly take on new challenges in her life and career.
When it came time for college, Meyn moved again, this time from Ohio back to Massachusetts to study math, computer science and philosophy at Smith College. While her senior level research fieldwork was in cognitive science and artificial intelligence, she decided not to pursue it as a career once she realized that artificial intelligence “was just too academic.” Instead, she chose to pursue finance and business, an area she became interested in via a sophomore year internship with Smith College’s Summer Women in Business Mini MBA program, an executive education seminar for women. Meyn said, “My role was to set up, monitor, and staff the computer center. I also got to take the classes with the executive women because I had to help them do the LOTUS spreadsheets. That summer was formative because I met executive women from places like General Motors and AT&T, and they encouraged me to pursue a career in business. They also told me about some internship and training programs that I would be able to get into if I tried. So, because of them, I sought out an internship at Morgan Stanley.”
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The MOVE Project: Top Accounting Firms Trying to Find Out Why Women Leave the Industry
NewsBy Tina Vasquez (Los Angeles)
According to Joanne Cleaver, the founder of Wilson-Taylor Associates, there’s a pattern for women in public accounting: they love it, but leave it. There are many theories as to why, but Cleaver, a research project manager and business journalist, has partnered up with the American Society of Women Accountants (ASWA) and the American Woman’s Society of Certified Public Accountants (AWSCPA) for some solid answers. Together, they’ve created the Accounting/MOVE Project, a national survey research effort to measure and advance women at public accounting firms and corporate accounting employers.
MOVE stands for Money (fair pay practices), Opportunity (advancement and leadership development), Vital supports (work/life programs that remove barriers), and Entrepreneurship (operating experience for managing business ownership). According to Cleaver, this study will be the first of its kind. “The key thing is [that] our methodology combines quantitative with qualitative. Nearly all of the other companies that do similar projects just collect self-reported survey results and draw conclusions from that. We go far beyond, which is why we think this will become the most authoritative measurement of women’s progress in accounting,” Cleaver said.
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Ask-A-Career Coach: When Is The Best Time To Start A Job Search
Ask A Career CoachContributed by Caroline Ceniza-Levine of SixFigureStart.
I am securely employed at a premier management consulting firm. I know that I want to relocate sometime next year but I can take my time. Now that the market is picking up, is it better to start now, or do I wait in January? When does most hiring take place?
Congratulations to this person for recognizing that she can take her time with the job search. Too often people jump into it and settle for the first thing that comes. Even if you have more time urgency, you still want to launch a thoughtful search, and you certainly don’t want to show any time urgency to prospective employers. So a take-my-time attitude is good.
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Goldman Sachs Returnship (SM) Program Helps Top Women On-Ramp Into Finance
NewsBy Pamela Weinsaft (New York City)
On September 15, 2008, 11 women walked through the doors of the Goldman Sachs office in Manhattan. Some had decades of experience in finance; others had substantial careers in law, technology, operations and accounting. All had voluntarily taken a hiatus from the workforce—from two years to two decades—and were there to explore the possibility of returning to the world of finance through the pilot Returnship (SM) program offered by Goldman Sachs.
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Faith-Based Fund Management: You’ve Got to Have Faith
Featured, Newsby Liz O’Donnell (Boston)
While so many people have lost faith in Wall Street and the stock market during the past year, many others have renewed theirs. They are the faith-based investors—people investing based on criteria set by religious and social beliefs. Faith-based funds are considered a subset of socially responsible funds, or SRIs. According to Morningstar, faith-based offerings have been launched at a fairly rapid rate since 2000 and currently represent more than half the total of all SRI funds. This is significant when you consider that green funds, also part of the SRI category, are experiencing tremendous growth. In fact, the total of assets under management in faith-based funds has grown from about less than $500 million 11 years ago to more than $31 billion today, per Morningstar.
While many faith-based funds have similar investing criteria as socially responsible funds, like generally avoiding investments tied to alcohol, weapons and tobacco, some add a layer of religious filtering to their investment strategy as well. Take Financial Planning Services, a Washington, D.C. company that employs socially responsible investing, speaking to the Christian community about their financial lives and the difference between “man’s economy and God’s economy.”
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Voice of Experience: Monica Mandelli, Managing Director, Investment Management Division, Goldman Sachs
People, Voices of ExperienceThat piece of paper (and its message) has traveled with Mandelli from London to Harvard and from a small cubicle to the large office she now inhabits as a managing director at Goldman Sachs. Said Mandelli, “It encourages me to not become complacent when I win and never to give up when I’m struggling. It reminds me to wake up every day and fight. I’m very confident and relentless and it sums me up quite well.”
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In Case You Missed It: Business News Round-up
NewsContributed by Martin Mitchell of the Corporate Training Group.
Federal Reserve Board Chairman Ben Bernanke says the US recession is probably over, and Governor of the Bank of England Mervyn King expects a slow recovery for the UK. Banks will face limits on the total amount they pay their staff in bonuses under proposals being drawn up by the Financial Stability Board. The board’s plans will be submitted to the G20 countries in advance of their summit in Pittsburgh next week. 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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Field Trip: The History of Women on Wall Street Exhibit
Pipeline, What's OnBy Natalie Sabia (New York City)
We’ve come a long way, baby. And we have a handful of highly-capable, courageous women to thank for it, according to the fascinating “Women on Wall Street” exhibit at the Museum of American Finance in New York City.
A Smithsonian affiliate, the Museum of American Finance is the nation’s only public museum of finance. Founded in 1988 after the 1987 stock market crash, the institution’s mission is to support financial literacy and to help people understand the history, as well as the current information about the financial markets. “We were trying to speak to different levels of interest,” said Leena Akhtar, Director of Exhibits & Archives.
The idea for the “Women of Wall Street” exhibit developed after the Lilly Ledbetter Fair Pay Act was passed in the early part of this year. “I’ve had this idea in back of my mind, and then, when the legislation was passed, it got the wheels turning,” said Akhtar. The interactive exhibit, which opened this summer, is important because, as the museum website notes: “The story of women on Wall Street is the story of women in America. Issues of self-determination, freedom and financial independence clashed with societal norms in the traditionally male domain of finance.” Said Akhtar, “It’s a story of independence and strength through the progression of women over different time periods. The idea behind the exhibit was to tell history that is not often told.”
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Dark Pools: Sink or Swim?
NewsBy Elizabeth Harrin (London)
The verdict has long been out on whether dark pools of liquidity improve the investment process, but the fluctuations in the market this year have certainly seen these trading systems gaining plenty of column inches. Are dark pool investments taking market share from traditional exchanges? Or are their trades falling off, as a result of economic slowdown? I’ve read commentators who argue for both sides, but dark pools can’t be doing well and failing, can they?
Dark pools are off-exchange electronic trading venues. They are also known as ‘alternative trading systems’ and they work by allowing large blocks of shares to be traded outside of the normal exchange, and with greater ease. Dark pools have been particularly successful in partnering with hedge funds as the prices aren’t public. Cloaked in secrecy, and yet a very obvious form of liquidity, dark pool prices are only published publicly once the trade is done.
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Voice of Experience: Cynthia Meyn, SVP and Senior Operations Manager,PIMCO
Featured, Voices of Experienceby Pamela Weinsaft (New York City)
Cynthia Meyn, the Senior Operations Manager at PIMCO’s New York Office, spent her childhood on the move, living in three states and a European country, all before the tender age of twelve. And while some might have viewed this as a negative experience, Meyn actually sees it as one that had a wholly positive impact on her. “I think it helped me be at ease meeting new people,” she explained, “and helped me be comfortable trying new things,” a skill which has allowed her to fearlessly take on new challenges in her life and career.
When it came time for college, Meyn moved again, this time from Ohio back to Massachusetts to study math, computer science and philosophy at Smith College. While her senior level research fieldwork was in cognitive science and artificial intelligence, she decided not to pursue it as a career once she realized that artificial intelligence “was just too academic.” Instead, she chose to pursue finance and business, an area she became interested in via a sophomore year internship with Smith College’s Summer Women in Business Mini MBA program, an executive education seminar for women. Meyn said, “My role was to set up, monitor, and staff the computer center. I also got to take the classes with the executive women because I had to help them do the LOTUS spreadsheets. That summer was formative because I met executive women from places like General Motors and AT&T, and they encouraged me to pursue a career in business. They also told me about some internship and training programs that I would be able to get into if I tried. So, because of them, I sought out an internship at Morgan Stanley.”
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A Recruiter Speaks: Insider Info on the Job Market Thaw for Boutique Firms and Fortune 500
Expert AnswersContributed by Silvana Carpanelli Hayes of IvyExec
Thanks to the stalled economy, and what seemed to be a chronic freeze in the recruiting world, 2008 and Q1 of 2009 was a tough time for executive job seekers. Woeful economic indicators, soaring unemployment rates and seemingly endless waves of executive firings did little to improve the mood. But now we are finally seeing the little light at the end of the tunnel.
And so while 81% of highly qualified professionals still think the crisis is far from over, this recruiter has some good news to share: the job market is defrosting and coming back to life. The first signs of this new spring came around in August when many boutique firms started researching new hiring sources for newly created positions. VCs looking for research analysts in specific industries such as energy and healthcare gave new opportunities to several top tier candidates with investment banking backgrounds. These boutique firms are a haven for talented professionals making their way into corporate America. Los Angeles and San Francisco are two newer hotspots for opportunities in finance these days, as opposed to the traditional New York-based finance gig.
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