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2018 | Buch

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Gender on Wall Street

Uncovering Opportunities for Women in Financial Services

verfasst von: Prof. Dr. Laura Mattia

Verlag: Springer International Publishing

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book contains advice and direction for women who are either seeking a career or who have already embarked on a career in financial services. The book first aims to help the female reader gain clarity on her motivation in pursuing a career in finance. It then identifies potential gender-specific challenges that could create problems if she is unaware or unconscious to her surrounding work environment. Lastly, it provides insights and exercises to develop a strategy for career accomplishment.

Written by a former Senior Financial Executive for several fortune 500 firms including M&M Mars, a Wealth Manager/Owner of a fee-only Registered Investment Advisory firm, and Professor of financial planning at the University of South Florida, the book will help women identify pitfalls, create game plans to transcend the limitations of their workplace cultures, and learn how to collaborate with their peers to create healthier work environments.

Told through personal stories, anecdotes from other women and academic research, Gender on Wall Street helps women identify the internal and external obstacles to their success. This book will also provide a means of overcoming these obstacles through conscious engagement, personal reflection and strategy-building exercises at the conclusion of each chapter. The reader will be guided into creating their own personal career plan—the STAR plan—which will help them achieve career success.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction

Abstract

This book is about creating your story, which starts by answering the following question: What do I choose to do next? Many people struggle in life until they realize that life, on its own, has no inherent meaning. We give our lives meaning by the vision that we set, the choices we make, the obstacles we overcome, and the rewards we reap through our experiences.

Laura Mattia

The Opportunity for Women

Frontmatter

Chapter 2. The Rewards of a Career in Finance

Abstract

Erin is a 29-year-old financial planner. She is facing her first set of gender-related setbacks. Erin is concerned she’s not on partner track due to her inability to comfortably socialize with her male superiors at bars and on the golf course. She also recently became aware that the administrative staff projected their girlfriends’ or mothers’ “nagging” onto her when she gives them instructions or follows up on client progress. In her annual review, she noticed that she and the other female financial planner in the firm were more harshly criticized than their male peers for the firm’s shortcomings.

Laura Mattia

Chapter 3. The Win for Financial Services

Abstract

Laila’s fee-only firm was struggling before she was hired. Unlike many other fee-only firms, this one had only accumulated $40 million dollars in assets under management (AUM), in sixteen years. Laila, a CFP® and MBA, knew the firm had had difficulties and conflicts with business partners and false starts in the past. She also knew they lacked several crucial skills.

Laura Mattia

Chapter 4. The Power of Your Beliefs

Abstract

I believe that women can be taught to use money as a powerful tool to live meaningful lives and to change the world. I also believe that female leaders must advocate and support all women in finance. I believe women with this power can create amazing results. This is my “why.” It is the reason for this book and it is the belief that supports my values and my vision which I discuss in Chapter 10.

Laura Mattia

Chapter 5. The Magic of Self-Confidence

Abstract

Ginny, the mother of one of my daughter’s friends—whom I am also friendly with—approached me a few years ago to talk about my career. She was fascinated that I was working at the university, still working with a fee-only practice, and involved in several other side projects.

Laura Mattia

The Gender-Specific Challenges

Frontmatter

Chapter 6. The Prevalence of Unconscious Bias

Abstract

Toni is a fund-raiser at a not-for-profit organization. She recently invited me to speak at a luncheon on the topic of Women and Philanthropy. During the Q&A, I had an opportunity to share some of the research about women and money. She came up to me after my talk and said that she was exactly the woman I had been speaking about. She had been a finance major. Working with numbers, money, and analysis was her passion. She wanted to work on Wall Street since she was thirteen. Her dream was answered when she got an internship in her senior year of college to work at Goldman Sachs.

Laura Mattia

Chapter 7. The Gender Trap

Abstract

I met a woman named Janet at a financial literacy conference where we were both speaking. She told me about her company and specifically, her frustration in not seeing many females promoted to branch manager. She told me about a woman at her company who wanted to get promoted and receive recognition for her contributions. Time and time again, she was overlooked while younger, less experienced men were promoted instead.

Laura Mattia

Chapter 8. The Pain of Isolation

Abstract

Carol, a CFA®, worked at a large Wall Street bank, surrounded by smart, funny, and like-minded people. She started investing in the stock market when she was 14 years old and loves the world of investing. She told me how fortunate she felt to be working with equity investing. It was her favorite subject matter; she reads and talks about the markets even during her free time. Her job was challenging and fulfilling, but she started to be less and less interested in going to work and she became increasingly depressed.

Laura Mattia

Chapter 9. The Fragility of the Female Network

Abstract

The Waco, Texas plant manager at Mars was a woman named Bonnie. She was part of the management team, and interestingly, her background was in finance. There were six plants in the USA, so it is commendable the company found a woman capable of running one of them.

Laura Mattia

The STAR Plan

Frontmatter

Chapter 10. Strategic Framework—Build Your Brand

Abstract

I was flying home from Madrid to Newark on British Air in the summer of 2000. I had just spent a week reviewing the financial books, records, and projections of Telefónica, S.A. a Spanish multinational broadband and telecommunications provider. I was writing up some notes as I was formulating my opinion on whether Telcordia Technologies should acquire the company.

Laura Mattia

Chapter 11. Technical Skills—Fortify Your Brand

Abstract

Several years ago, I mentored a woman named Karen. When she called me she had been working at a large brokerage house for over ten years. Karen said that she did okay at work but constantly felt pressured to prove herself. She was frustrated and told me that she often saw new male advisors with less experience and knowledge join the business. They seemed to have more credibility than she did with both management and clients. “What is that all about?” she asked rhetorically.

Laura Mattia

Chapter 12. Advocacy Circle—Develop Your Brand

Abstract

I met Elizabeth at a local FPA chapter meeting. She has been a member of a peer-to-peer group that has been operational for over twenty years. Elizabeth is in the long-term care field, which is the one area of financial services where women had an earlier penetration. Since women live longer than men, they recognize long-term care as primarly a female concern.

Laura Mattia

Chapter 13. Relationships—Share Your Brand

Abstract

Martha was tasked with fixing her firm’s inefficient operational process, which was thought to be the reason why it was so difficult to onboard and retain clients. She told me how the owner had given this project to her out of desperation since he just couldn’t seem to fix it himself. He had tried before and often found that internal disagreements prevented the organization from making forward progress.

Laura Mattia

Backmatter

Titel: Gender on Wall Street
verfasst von: Prof. Dr. Laura Mattia
Verlag: Springer International Publishing
Electronic ISBN: 978-3-319-75550-2
Print ISBN: 978-3-319-75549-6
DOI: https://doi.org/10.1007/978-3-319-75550-2