Women gaining ground in banking
The ability to inspire, motivate and educate is the foundation of a unique mentoring program. Professor Kevin Jameson, Director of Macquarie Applied Finance Centre explains.
In James Brown’s words, “It’s a man’s world”, but this norm is slowly changing within the finance industry, with thanks to a greater commitment to gender diversity and mentoring programs that light the way for upcoming female leaders.
While there have been significant gains over the past decade for women in leadership roles in the finance sector, women are still in the minority when it comes to senior and executive positions and on boards. Programs that help women to develop the skills and confidence needed to achieve future leadership positions and establish contacts within the industry set these women up to excel throughout their career.
The NAB/MAFC Women’s Mentoring Program pairs early career female students studying the Master of Applied Finance at the Macquarie Applied Finance Centre with female senior leaders at the National Australia Bank to inspire, motivate and educate on employment options and personal development in the finance industry.
NAB’s mentors – including Markets Dealer, Government, Education & Community Liz Hogan, Senior Consultant Risk Lynn Donohue and Head of Learning and Development Rebecca Miller – shared their own experiences and advice to help women in the banking industry map successful careers.
Women contribute to banking in unique ways
These mentors felt women should be proud of their different approach and what they could add to the industry. “As a woman and an individual you bring unique skills to the workplace. Be genuine and don’t change yourself just to ‘fit in’,” Liz Hogan explained, while Rebecca Miller encouraged any woman who was considering a career in banking to act now. “Right now, banks are extremely supportive of smart, ambitious women so there is more opportunity than ever before,” Rebecca said.
Rebecca Miller explained that customers expected more from banks now, and women were perfectly placed to meet those needs. “The customer experience is changing and customers are demanding a different type of interaction with their bank,” Rebecca said.
Mentee Kate Oswald joined the mentors in highlighting the differences a female influence offered the banking sector. “Women often bring a different perspective to analysing and solving problems, and offer an alternative style when communicating and connecting with people. I’ve learnt to view this as a strength when building relationships with different stakeholders and to trust my instinct in expressing my views and ideas, irrespective of how different they be to my colleagues/audience,” Kate said.
Connections – the key to success
Lynn Donohue stressed the importance of building connections and sponsors to help achieve your next career step within the finance industry. “Learn the value of seeking out connections and actively seeking strategic opportunities.” She also explained the significance of self-awareness and asking for support. “Early in your career explore who you really are, identify your core values and unique set of skills. Find your passions and follow them,” Lynn added.
Women’s Mentoring Program mentees Selina Corkill, Yachen Chen and Kate Oswald said the program had helped them to gain confidence, knowledge, experience and contacts, and offered advice for others considering being mentored.
Update skills regularly
“The one thing I have learnt is that you have to keep refreshing your knowledge and skills, which is empowering for women and makes women more confident,” Selina said, while Yachen commented on the benefits of further education: “Get competent and educated. Don’t limit or label yourself because of your gender.”
“Mentors were not only advisors for their mentees, but also acted as role models.A mentor can help you think outside of the box, to see the whole picture, as well as avoid unnecessary mistakes and to unlock your potential,” Yachen said.
Professor Kevin Jameson is the Director of Macquarie Applied Finance Centre (MAFC). MAFC is the leading educational facility offering post graduate qualifications in applied finance. MAFC invites the most promising up-and-coming finance professionals to undertake its programs, helping them to progress their careers and make long-lasting industry connections. MAFC has an international footprint with campuses in Sydney, Melbourne, Singapore and Beijing, and 4,500 alumni across 43 countries.
