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. We've already heard from Sophie Warrick at J.P. Morgan, and over the next week, we will also be highlighting leaders from Deutsche Bank and Citi – so keep an eye out for those!
Michelle Teitsch, Director of Americas Equity Research, Morgan Stanley
What does meaningful progress for women in capital markets look like to you?
Meaningful progress will be evident when women no longer feel like exceptions, when representation at senior levels reflects the depth of talent entering the industry, and when leadership styles are valued for their effectiveness rather than how closely they resemble a traditional mold. It’s about creating environments where women can build long careers, take risks, and lead authentically without being penalized for doing so.
That progress also means moving beyond surface‑level metrics. True inclusion is when women are consistently given high‑impact opportunities, trusted with complex decision‑making, and sponsored, not just mentored, by senior leaders.
Capital markets thrive on diversity of thought. When women are fully integrated into leadership and idea generation, firms make better decisions, serve clients more effectively, and build more resilient cultures. That’s when progress becomes sustainable.
What’s one skill young analysts underestimate?
One of the most underestimated skills is judgment, the ability to synthesize information, prioritize what truly matters, and make thoughtful decisions under uncertainty. Early in their careers, analysts often focus on technical excellence, which is essential, but long‑term impact comes from knowing how to apply that expertise in context. And the importance of judgment has only increased as technology and GenAI transform how we work.
GenAI can accelerate analysis, surface patterns, and improve efficiency, but it does not replace the need for human judgment. Knowing which inputs matter, what assumptions to question, and when an answer feels directionally wrong requires experience, curiosity, and critical thinking. Strong analysts understand not just what the data says, but what it means for clients, markets, and decision‑making.
Strong judgment also shows up in communication, knowing how to frame insights clearly, challenge constructively, and adapt your message to different audiences. Analysts who develop these skills early tend to progress faster because they become trusted partners, not just strong executors. In an AI‑enabled world, judgment is what ultimately drives value.
What’s one leadership lesson that has most shaped your career in capital markets?
The most impactful leadership lesson I’ve learned is that outcomes improve when leaders focus on enabling others to succeed, and consistently giving credit where it is due. This industry is highly competitive, but the strongest teams are built on trust, accountability, and shared purpose rather than individual heroics.
In practice, that means setting clear expectations, giving people true ownership, and delivering direct, constructive feedback, even when it’s uncomfortable. It also means listening carefully and being open to perspectives that challenge your own assumptions. Some of the best decisions I’ve made came from encouraging debate and empowering team members at all levels to speak up.
Leadership isn’t about having all the answers; it’s about setting direction, creating the right environment, and ensuring talent can do its best work. When people feel supported and respected, performance follows, and success becomes sustainable.
What change in the industry over the past decade has had the biggest impact on your role?
The most significant change has been the pace and breadth of information flow, driven by technology, data availability, and evolving client expectations. Research analysts today must balance depth with speed, delivering differentiated insights while navigating an increasingly crowded and real‑time information environment.
This shift has elevated the importance of clarity, prioritization, and strategic thinking. It’s no longer enough to produce excellent analysis; teams must also articulate why it matters, how it fits into broader market narratives, and where it creates actionable value for clients. A key goal of our Research department has become delivering signal through noise, helping clients focus on what is most relevant and durable amid constant information flow.
At the same time, the role has become more collaborative. Cross‑asset perspectives, closer engagement with corporates, and global connectivity are now essential. Leading research today requires the ability to integrate diverse viewpoints, develop talent, and adapt continuously as markets and the industry evolve.
