All of you savvy women in finance know how important it is to have a mentor in your field. Someone you can look up to, confide in, work with and learn from. If you are like me, you probably picture your ideal mentor as an accomplished woman who looks just like you in ten or twenty years. (Minus the wrinkles and a few extra pounds, of course. You will still be young-looking and stylish at her age!)
But your ideal mentor match might not be someone exactly like you. The “Mini-Me” approach to mentoring often does not work well for women, for several reasons. First, the demand for high powered, qualified women to serve as mentors to bright promising young women outstrips the supply at most companies. Why? Because there are fewer women in positions of power in finance and law, though that is changing. This is especially true for women of color. Second, being mentored by a woman who is too much like you can cause tension and competitiveness when the star pupil begins to outshine the teacher. Third, you can often learn more about your industry by working with someone whose style and background are different than yours, rather than reaffirming what you already know.
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Forbes List – Top 100 Most Powerful Women in the World
NewsForbes Magazine has recently named its 100 Most Powerful Women in the world for 2008. Women in law and business are well-represented on the list, with six of the top ten women working as CEOs or chairmen of major international corporations. The top ten most powerful women, as ranked by Forbes, are as follows:
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What’s Your Personal Brand Equity?
Next Level, Voices of ExperienceIn the world of marketing, where the main currency is brand recognition and reputation, companies strive to build their brand equity, meaning the value that clients and prospects perceive in a brand.
But the concept of brand equity applies to individuals, not just companies and products. Just like Volvos are perceived as reliable and Rolexes are perceived as luxurious, people cultivate certain traits as they navigate office relationships and seek to advance their careers. These labels affect the perception of your value as an employee and define your personal brand equity.
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UK News: Equal pay tribunals overwhelmed with claims
NewsIn Britain, the large numbers of women taking employers to equal pay tribunals has left the system under such strain that the head of the Equal Opportunities Commission says that a moratorium on claims is urgently needed.
Jenny Watson, outgoing Chairman of the Commission, stated that the 155% increase in the number of claims from 2005 to 2006 has left the system overburdened and in danger of collapse.
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One of the Boys
Breaking the Glass CeilingI love being one of only three women in my office. I work at a small technology company in Chicago that caters to the financial industry. We have 20 male developers and a few business development guys. I work in the Marketing/Public Relations department.
We spent one of our recent happy hours at Monk’s on Lake Street. It’s the kind of pub where you throw peanut shells on the floor. One of our developers, a 23-year-old guy who just moved out of his parent’s house, was trying out his pick-up lines on me. He asked me if I knew a good vet. I said, “No, why?”
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The M.B.A. is Dead! Long Live the M.B.A.!
Back to School, PipelineThe New York Times ran a thought-provoking article this week called “Hedge Funds and Private Equity Alter Career Calculus,” by Louise Story. The article challenged the conventional wisdom that getting an M.B.A. puts young Wall Streeters on the fast track to top finance jobs. Instead, Ms. Story explains that many of today’s top performers in private equity and hedge funds are making way too much money in their first few years out of college to give up two years of earning potential and attend business school. Additionally, she provides a range of examples of 20-something finance whiz-kids who say that they can learn more and advance faster at their companies than by going back to school and pursuing a business degree.
Interestingly, the article quotes five men who all decided to forgo an M.B.A. and stay with their private equity, hedge fund or banking jobs, but only one woman, Katie Shaw, who left her private equity job for Harvard Business School. The other two women quoted in the article work as recruiters for major financial institutions, but were not asked about their personal decision to pursue an MBA or not.
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Don’t be a Mini-Me! Finding Your Perfect Mentor Match
Mentors and SponsorsAll of you savvy women in finance know how important it is to have a mentor in your field. Someone you can look up to, confide in, work with and learn from. If you are like me, you probably picture your ideal mentor as an accomplished woman who looks just like you in ten or twenty years. (Minus the wrinkles and a few extra pounds, of course. You will still be young-looking and stylish at her age!)
But your ideal mentor match might not be someone exactly like you. The “Mini-Me” approach to mentoring often does not work well for women, for several reasons. First, the demand for high powered, qualified women to serve as mentors to bright promising young women outstrips the supply at most companies. Why? Because there are fewer women in positions of power in finance and law, though that is changing. This is especially true for women of color. Second, being mentored by a woman who is too much like you can cause tension and competitiveness when the star pupil begins to outshine the teacher. Third, you can often learn more about your industry by working with someone whose style and background are different than yours, rather than reaffirming what you already know.
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A New Sector for a New World: The Rise of Social Entrepreneurship
Women and PhilanthropyIs it really possible to do well by doing good? The meteoric rise of social entrepreneurship in America, Europe and the developing world has breathed new life into the elusive goal of running a financially successful organization that uses business principles to contribute to the public good. Although the sector has been growing for over twenty-five years, social entrepreneurship has only recently become abuzz word in financial circles. At Echoing Green, the non profit organization where I work, our mission is to identify and support emerging social entrepreneurs. When I mention the concept to motivated young people today, I am more likely to be met with an “ah-ha!” look of recognition and excitement then with a confused stare. Indeed, more and more college and graduate students are enrolling in courses on social entrepreneurship and developing their own socially responsible organization.
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Working with a jerk?
Expert AnswersContinuing our exploration of the different varieties of office jerk, we’ve already looked at how to cope when the jerk is your boss. This week we outline the pitfalls of working with a peer Jerk:
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Connie’s diary: the reality of leaving work, second week
Mentors and SponsorsConnie Thanasoulis has left her job at Merrill Lynch after seven years, for a much-needed break. She worked at Merrill most recently as Director and Chief Operating Officer for Campus Recruiting, having spent a total of twenty-one years working in the industry. She’s taking time out to enjoy the things she hasn’t previously had the daylight hours to accomplish…
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Sexism in the City: What’s the real deal?
Breaking the Glass CeilingCollecting data on behaviour in the City can’t be easy at the best of times. When it’s data designed to explore and uncover potentially sexist attitudes, you need to be deft if you’re to tiptoe across this particular minefield.
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