In honor of International Women's Day on Sunday March 8, we asked industry professionals about lessons learnt from their careers and how they have experienced the workplace changing. Anne Malone is closing up our series where we have previously heard from: Sophie Warrick at J.P. Morgan, Michelle Teitsch at Morgan Stanley and Pam Finelli at Deutsche Bank.
What does meaningful progress for women in capital markets look like to you?
I don’t think progress for women in capital markets is marked by a single "aha" moment but rather by a sustained state where monitoring is no longer necessary. This includes the natural evolution of diverse promotion lists and the balanced representation of both men and women in communications, planning, and events. Progress is achieved when both genders feel comfortable bringing their authentic selves to the workplace, knowing they will be accepted and valued while delivering on their work. This encompasses respect, flexibility, and tolerance for family obligations, outside interests, and diverse work styles with achievement of goals being a primary measurement. I believe that significant progress is being made.
What’s one skill young analysts underestimate?
I am going to cheat and give several, which I believe come as a matched set. Young (and not so young) analysts can underestimate the critical importance of strong communication and interpersonal skills. To be valued and advance in the industry, analysts must:
○ Ask focused and appropriate questions: These questions should be thoughtful, elicit clear responses, and analysts must present and answer questions succinctly, eliminating unnecessary jargon or noise.
○ Cultivate strong people skills: This involves being animated, responsive, and capable of engaging in small talk during group meetings or client lunches. The goal is to make these interactions not only commercially beneficial but also enjoyable, respecting everyone's time.
○ Ensure visibility: Being visible is paramount. Analysts need to be approachable and reliable, thoughtful and appropriately loud. Remaining passive in meetings, with minimal contribution, leads to being overlooked. The market is crowded.
What’s one leadership lesson that has most shaped your career in capital markets?
A significant leadership lesson that has shaped my career in capital markets is recognizing the impact of one's mood on others. For years, I ran the morning call, which involves presenting 5-7 analysts to over 40 salespeople at 7 AM, while ensuring timeliness, accurate notes, and smooth communication, and can be highly stressful. Throw in glitchy technology and analysts oversleeping to keep it interesting. Navigating this challenge, often after a long commute and limited sleep, feels akin to the demands of live television. (Imagine putting on Saturday Night Live, 300 days a year…) During this time, I learned stakeholders need leaders to project a calm and commanding presence, even when the morning is not going according to plan. (I learned that because some days I did not get it right.) Like pilots and doctors, a leader's demeanor influences those around them (obviously with less serious consequences if things go wrong). To this day, I am purposeful in presenting a relaxed, confident management style while managing daily stressors, protecting my teams from unnecessary anxiety and to inspire confidence.
What change in the industry over the past decade has had the biggest impact on your role?
The most impactful change in the capital markets industry over the past decade has been the increasing importance of corporate access for institutional clients. This means that successful analysts must not only provide deep research and commercial insights but also cultivate strong relationships with corporate managements to secure access opportunities. Since interpersonal skills can influence these decisions, an analyst's skillset must extend beyond traditional written and oral communication or stock analysis. They must be the kind of analyst that clients and management teams genuinely enjoy spending time with. When evaluating candidates, I now look beyond their written output and stock-picking acumen, focusing on their corporate relationship-building capabilities. This is an indicator of their ability to secure client access and become a trusted advisor.
