The ReCap Mid-Year Edition 2017 - "1000 Cracks in the Ceiling"

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Volume 9 IssueÅ2Å| 2017

the recapc Mid-Year Edition


Market Recap Yu Ann ChinÅ


student article Henrietta ChuiÅ

Exclusive Interviews with Sponsors

About Us Capital W is the first and only dedicated undergraduate women’s business society at UNSW Australia, and open to female students from all universities. It was founded in 2007 as a grassroots approach to bridging the gap between university and the corporate world. We aim to motivate and educate talented female students of today – to give them the skills, confidence and inspiration they need to become future successful business leaders.

Our Vision To form a business-related women’s club with a reputation for attracting talented female students and equipping them with the skills and networks to become future business leaders.

Our Mission To advance the career development of women in business through a network of undergraduates, professionals and faculty.

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Disclaimer: "The Market ReCap" article is general in nature and written by a student. The information should not be construed as professional financial advice and/or opinion. Statements and opinions expressed are of the author and do not represent the opinion of Capital W. The author and Capital W will not be held responsible for any liability arising from your actions. Please do your own research and come to your own conclusions, or consult with a licensed professional.



Capital W Executive Team 2017

Lauren Maxwell Co-President Fifth Year Commerce/Media

&KHOVHD /HXQJ Vice-President (,Qternal) Third Year Commerce Co-op

Tina Vo Co-President Fifth Year Commerce/6FLHQFH 0DWKHPDWLFV

Estelle Pham Vice President (([ternal) Fourth Year Commerce/Economics

Stephanie Xu Treasurer Third Year Actuarial Studies

Gracie Logvyn Secretary Third Year Economics

Ashley Chen IT Co-Director Second Year Actuarial Studies

Megan Miranda IT Co-Director Second Year Info-Systems Co-op

Vidhi Nanda Publications Director Second Year Commerce/Law

Henrietta Chui Marketing Co-Director Second Year Commerce Co-op

Lily Zhang Marketing Co-Director Second Year Commerce/Information Systems

Karuna Narang HR Co-Director Second Year Commerce/Engineering

Patricia Argeseanu +5 &R 'LUHFWRU Third Year Commerce Co-op


Presidents’ Welcome Lauren Maxwell & Tina Vo

Dear Ladies, 2017 marks the 10th year since Capital W was formed, and what a massive milestone we have achieved in empowering, educating and inspiring tomorrow’s future female business leaders. We hope that our members have continued to make the most of Capital W’s extensive opportunities throughout the past few years. As we reflect on the amazing achievements that Capital W and Women in Business have made over the past decade, you can’t help but be amazed at what a strong network of women can achieve in such a short amount of time. These achievements have ranged from the introduction of an International Women’s Day Breakfast collaboration, with women in business societies across four different universities, to cross-collaboration with societies in technology, consulting and engineering. Year after year, Capital W has hosted a plethora of successful events that have enabled aspiring female students realise their career dreams. Looking ahead, we aim to continue to encourage our membership base, both new and graduating, to embrace the opportunities Capital W has on offer. Too often we have heard that females only apply to roles that they are one hundred percent confident in succeeding. Instead, they should be creating their own doors when opportunities do not come knocking. Don’t be afraid to take on risks, to pursue those interests and to learn from the various experiences that you encounter during and beyond your university career. For our tenth anniversary edition of the ReCap, our sponsors have shared their career progressions and ideas around the corporate glass ceiling, and we hope that you’ll be inspired to explore the various career opportunities and forge your own path. By following our passions and corporate dreams, and supporting the talented female peers around us, we will break through the glass ceiling, together. Here’s to the next ten, fifty and a hundred years of amazing and talented women in business with which we will smash through ‘1000 Cracks in the Ceiling’. 3

Market Recap Yu Ann Chin Publications Subcommittee Bachelor of Commerce (Finance)/ Law

Australia’s performance in the first half of 2017 has been relatively slow compared to the major markets in Europe, Japan and the US. The sluggish growth of Australia’s economy, coupled with the booming property market and tighter lending controls on the major banks, have resulted in the ALL Ordinaries Index essentially remaining at the same level as the beginning of the year. Australia After several years of economic strain following the end of the mining boom, Australia’s economy appears to be on the uptake, albeit gradually. The unemployment rate fell to 5.5% after a further 42,000 jobs were created in May, with New South Wales expected to approach full employment. However, commentators suggest that this will continue to exacerbate oversupply in the labour market, keeping wage growth weak. At the same time that national employment appears to be improving, youth unemployment sits at 13.27%, indicating an unequal distribution of benefits of the recent economic upturn among the working population. In early June, the RBA chose to leave interest rates on hold at the historic low of 1.5% for the eighth consecutive month. A 0.3% expansion in the March quarter of 2017 is a significant drop from the December quarter of 2016 reaching 1.1%, which is attributable to weaker net exports and a decrease in dwelling investment. Furthermore, inflation reached above 2% in the March quarter which is expected to grow at the economy strengthens. The RBA forecasts a gradual increase in GDP growth over the coming

years to above 3%. The gradual nature of growth means the RBA remains unlikely to raise rates in the foreseeable future until growth is more sustainable. The Australian dollar has recently experienced favourable conditions as a result of positive local jobs data and a fall in US confidence along with the announcement of weak inflation. Financials The financial sector has experienced slow growth this year as a result of stricter lending regulations and sluggish economic growth all round. The big four banks were downgraded from AA3 to AA2 by Moody’s in response to growing awareness of the risks surrounding a potential housing downturn. The announcement of the South Australian government’s bank levy has prompted a significant sell-off of the big four banks’ shares in late June. While other states have ruled out following suit in the immediate future, it is expected that this uncertainty will result in downward pressure on the share prices and higher cost of capital for the major banks. Commodities Oil stocks continue to decline on the ASX due to falling oil prices, pushing the commodity into a bear market. This has impacted the S&P/ASX 200 Energy Index, with monthly returns in June down 8.47%. The value of gold is 13% higher in 2017, as global investors seek stability in response to political uncertainty caused by events such as the recent British election, the US-Russia investigation plaguing the Trump administration and the French presidential election. The price surge in iron ore that contributed to Australia’s $1.2b trade surplus in November 2016 appears to be weakening as a result of oversupply, with recent prices showing a 28% slump since the beginning of 2017. While China’s demand for iron ore remains strong, the oversupply situation will favour low-cost major mining companies.


The term ‘privilege’ is quickly becoming the third rail of polite conversation. Don’t believe me? Try casually bringing it up the next time you’re in class or at a recruiting event. One of two scenarios will most likely unfold: either you’ll be met with silence and the topic will quickly change, or it will escalate into a heated debate. So why do I raise this controversial topic when we’re celebrating Capital W’s tenth anniversary? When I was asked to write this article, I reflected on the key things that enabled Capital W to get off the ground – the tenacity and ingenuity of the founding team; the confidence our original sponsors had in us; and the support we received from UNSW. However, it also made me realise, with the benefit of hindsight, that the privileges that I enjoy in life had placed me in a great position to establish Capital W. Privilege is an unearned advantage that’s given by society to some people but not all. Let’s unpack this definition. First, privilege arises from things we don’t control. Second, in everyday life, privilege is nuanced – in some circumstances we have it, but in others, we don’t. This might seem like a trivial distinction, but it can be incredibly empowering. In my more cynical moments, I dwell on the fact that I face a corporate ceiling made of both glass and bamboo, and I underappreciate the privileges that have allowed me to influence my environment in some situations. For me, founding Capital W was one of those situations.

Thanks to my middle-class upbringing, I attended a private school targeted by the UNSW Co-op Program. Winning a Finance Co-op Scholarship meant that I could socialise with like-minded students, connect with key members of the business faculty, and form relationships with corporate sponsors. This helped me put forward a strong application for the exchange programme to The Wharton School, where I became inspired by the work of Wharton Women in Business. As a result, when I returned to UNSW with a plan to launch Capital W, I already had a close-knit group of peers to work with, access to university support, and a network of top tier sponsors to tap. Let me be clear: the fact that Capital W benefitted from my privilege does not diminish all the hard work that many people contributed into making the organisation the success that it is today. Nor am I saying that privilege is something we should perpetuate or celebrate. The simple fact is that privilege exists – many of us must overcome undeserved disadvantages, but also enjoy unearned advantages. My founding vision for Capital W was to encourage young women to pursue bolder challenges in the hope they would become future business leaders. A quick scan of the headlines and the statistics show that as a society, despite some progress, we still have a fair way to go. As we look forward, this is my challenge to you: be aware of your privileges so you can be opportunistic in the very best sense of the word. Look for circumstances where your privilege presents a chance to push the barrier for you and for others.


Henrietta Chui Marketing Co-Director Bachelor of Commerce (Co-op)

Glass is made of millions of tiny grains of sand melted at extremely high temperatures. We often refer to the glass ceiling as a single body, one layer that separates women from equality and equality of opportunity and success. It is easy to forget however the nature of glass; it is made up of millions of grains of sand, melted at extremely high temperatures. The glass ceiling is a result of the actions and schools of thoughts that have been (and remain) pervasive in society, of offhand comments that dismiss the skills of women, of structural barriers and limitations.

All these, when compressed under the pressures of society and time, have created the glass ceiling that we endeavour to break through today. However, it is also important that the glass ceiling also consists of our actions and efforts as well as the thoughts and actions of broader society. We are not innocent of contributing to the glass ceiling. For the times we didn’t refute a male classmate when we believed their opinions were flawed, for the times when we didn’t ask for more work because we were too afraid; we contributed to repairing the cracks that we are also responsible for creating.

“The glass ceiling doesn’t apply when you are building your own house”

It is easy to become fixated upon the notion of breaking the glass ceiling and using it as a catch phrase to characterise the limitations we face in the workforce. However, we cannot simply focus on the glass ceiling and breaking it - because in a way we are focusing on barriers and limitations as opposed to enablers and our strengths. It is important that we instead concentrate on uncovering our capabilities, having a true awareness of our skills and not being afraid to ask for what is rightfully equal. When we can embrace our strengths and encourage other women to find theirs; that is when we can shatter the glass ceiling once and for all and begin to build each other up.

Glass can give clarity, a view into what we aspire to It is hard to believe that it has been ten years since the establishment of Capital W by UNSW Co-op students who saw a gap in the university student society landscape. By identifying this gap, they identified a need for a society that empowers and invests in female students; to equip them with skills and the confidence to be future leaders in business and beyond. Just like how glass is made of millions, tiny grains of sand, it is important to remember the hundreds of students and leaders who have helped create and shaped Capital W into the society it is today.

After all, glass is pure and beautiful in its many forms and worth celebrating too. It is only fitting that this year, on our tenth anniversary, we reflect on the achievements of women thus far as well as the challenges ahead.

- Heidi Roizen 6

Exclusive Interview with Nicole Kuepper-Russell Nicole Kuepper-Russell Management Consultant Photovoltaic and Solar Energy Engineering & PhD in Photovoltaics, UNSW What is your background? I have an Undergraduate Degree in Photovoltaic & Solar Energy Engineering from UNSW and graduated in 2007 (with University Medal). I went on to complete a PhD in Photovoltaics at UNSW graduating in 2011. Since then I have worked as a Management Consultant with Bain & Company. I started out in the London office and then transferred back to Australia in 2013. I have worked mostly in our utilities, industrials, financial services and probono practice areas. I am also a Director of the charity YWCA NSW. The theme of this ReCap is ‘1000 Cracks in the Ceiling’. While females have made significant progress in the workplace, the glass ceiling still remains intact. What do you think is needed to shatter the corporate glass ceiling? There’s still much work to be done to shatter the corporate glass ceiling. The most important step is to create workplaces that encourage men and women to play equal roles as caregivers in our society. Nearly 3 years ago my husband and I had our first son Milo. Nearly everyone asked me how I was going to manage my career and parenthood, but no one thought to ask my husband the same questions. Thankfully he wanted to be just as involved in our son’s formative years as I did, so I went back to work when Milo was 9 months old while he took 6 months off to care for him. This has highlighted to me how much more challenging it is for men to take time out of the workforce than it is for women – and this needs to change. In Australia today 46% of women work part-time vs only 18% of men, indicative of the fact that women still do the bulk of caring. Until we change the norms in the home, it will be challenging to change the norms in the workplace.

This year Capital W is celebrating its 10th year anniversary. In your opinion, what is the importance of engaging with female-focused initiatives? Women have been graduating from universities in Australia in larger numbers than men for over 25 years; and yet today only 5% of ASX200 CEOs are female. If we want to see these statistics change we must continue to question the inherent bias in the workplace and focus on female initiatives. In your opinion, what is the importance of mentorship and a strong support network, both throughout your career and personal life? I have found that a strong support network is critical throughout your career. At Bain we refer to this support network as ‘our crew’ and there is strong support for each employee to build this within Bain through formalised mentor, sponsor and class programs. The latest research from Bain & Co and Chief Executive Women has shown the importance of ‘sponsorship’ in particular. Sponsorship was cited as the most important driver for those who were promoted ahead of their peers. Seek out and invest in sponsors and encourage your workplace to formalise sponsorship programs. It’s important to know who you need on your crew, and then it’s even more important to ask them for help when you need it. What are your other passions outside of work? How do you balance your career and personal life? I am particularly passionate about achieving gender equity in the home and workplace. At Bain & Co I work extensively with Chief Executive Women (in a pro-bono capacity) on research that looks at increasing the representation of women in senior leadership in the workplace. I am also a volunteer Director on the board of the YWCA NSW, a non-profit organisation dedicated to improving gender equality. I am also passionate about spending quality time with my 2 year old and husband. Working 3 days a week in a job share arrangement allows me to feel fulfilled and balanced in both my career and personal life. 7

Exclusive Interview with Annabel James Annabel James Product Manager, Global Transaction Services Bachelor of Commerce/Bachelor of Arts (Social Sciences), Australian National University What is your background? I completed a combined Bachelor of Commerce/ Bachelor of Arts (Social Sciences) at the Australian National University, during which time I completed an internship in Global Transaction Services at Bank of America Merrill Lynch. Following this, I accepted a graduate offer from the bank to partake in an 18month program rotating through the various business units within Global Transaction Services. I have since stepped into a Product Manager role in the Trade & Supply Chain Finance team, where I manage a myriad of products from traditional, paperbased Letters of Credit and Guarantees, to openaccount financing such as Supply Chain Finance and Receivables financing. The theme of this ReCap is ‘1000 Cracks in the Ceiling’. While females have made significant progress in the workplace, the glass ceiling still remains intact. What do you think is needed to shatter the corporate glass ceiling? In hindsight, something that was key to getting me where I am today was the constant reminder, from my mother, teachers, and all the inspiring female leaders I’ve had the fortune of hearing from, that my accomplishments can only be as big as my dreams. I believe women inherently worry about everyone else’s opinion of them and so it takes these women, who are very vocal about their challenges, accomplishments and passion, to remind you that there should only ever be a handful of people whose opinion you weigh equally with your own. I would love to see more visible, and more vocal displays of advocacy from successful women in the Australian corporate world for all the young women of this country to aspire to, whether that be something as big as a national campaign or as simple as targeting universities.

What advice would you give to aspiring female talents who are entering the corporate workforce? Be yourself and don’t be afraid to share your opinion. The person most invested in your development is you, so own it! Employers aren’t expecting you to know everything, so focus on showcasing those personal qualities that are valuable to the organization, and to your potential as a long-term employee. What advice would you give to female students who are currently applying for internships or graduate positions? In this day and age, getting an interview is half the battle. Check every last detail of your application, think about what the company might be looking for and structure any written responses clearly and concisely. During the application season, make sure you answer every random phone call formally. What are your other passions outside of work? How do you balance your career and personal life? I think it’s a matter of knowing your priorities. I’ve reached a point now where I know that whatever isn’t time-sensitive can wait for tomorrow – there’s always going to be more work to be done. So, I catch up with friends for Trivia on Tuesday evening’s, I play tennis Wednesday nights or I’ll go to the theatre once a month. I’m also a passionate and qualified ski instructor. I use 3 weeks of my leave every year to head to the Northern Hemisphere to ski and will try and get down to Thredbo a few weekends in August. What motivated you to pursue your current line of work and what aspect of it do you find most rewarding? What I love the most about my current role, is that I get the best of all worlds; I do pure product management, I project manage deal implementations and I’m actively engaged with our clients to sell our solutions. I have at least one moment every day where a situation presents itself and I have no idea what to do. Whilst this can be quite daunting, I relish the opportunity to challenge myself and to expand my skills and knowledge. 8

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PROGRESS MEANS All eyes and ears on me. Sharing ideas with a room full of senior associates. Seeing my ideas come to fruition.

BD<<4A 8=C4A=B78? >??>ACD=8C84B This year we have internship opportunities based in Sydney available in Markets & Securities Services, Trade & Treasury Solutions, Capital Markets Origination, Investment Research and Investment Banking. We also have opportunities in Investment Banking in our Melbourne office. Applications open 15 June (Melbourne) and 29 June (Sydney) Applications close 13 July (Melbourne) and 27 July (Sydney)





Apply now at

Exclusive Interview with Louisa Francis Louisa Francis General Manager, Core Customer Data, Marketing & Strategy BSc Hons MAS, Business Management, Aston University

What is your background? I started my career in management consulting at Accenture in the UK. I spent four years between India and China on outsourcing and offshoring transformation programs before moving to Australia 12 years ago. I became the National Partnerships Manager at Starlight Children’s Foundation where I learnt a great deal about the not-for-profit sector. I have been with CommBank for four years and now work in Group Strategy & Marketing, where I currently focus on core customer data. The theme of this ReCap is ‘1000 Cracks in the Ceiling’. While females have made significant progress in the workplace, the glass ceiling still remains intact. What do you think is needed to shatter the corporate glass ceiling? Shattering the corporate glass ceiling requires more than corporate tactics. Whilst flexible working, improved recruitment practices, parental leave support and even quotas for leadership positions are helping to improve the proportion of females in leadership, it’s not enough. There needs to be a cultural shift in the perception of caring and home responsibilities to empower men to play a more significant role in the non-work activities. What advice would you give to female students who are currently applying for internships or graduate positions? Don’t doubt yourself, use your peers, family and friends for support and preparation. Do your research before applying, know your strengths and where you want to build new skills.

You are at a stage in your career to soak up as much information as possible and learn from others. Be bold and enthusiastic. What are your other passions outside of work? How do you balance your career and personal life? The magic question! Balancing is a difficult word, instead I work on my life/work blend. My biggest passion is my family; as a mother of two small boys, life is never dull. I love spending time with friends; I took up running last year and completed a couple of half-marathons which was a great achievement. Just like work goals, my husband and I have family goals and non-negotiables about what we commit to, and I’m always planning our next weekend away or holiday! What motivated you to pursue your current line of work and what aspect of it do you find most rewarding? I have always enjoyed the variety that project work provides; the opportunity to work with different teams on different challenges - having no two days the same motivates me. The most rewarding part is coming home to my family knowing that I have made a difference, whether through a mentoring conversation or the completion of a significant piece of work. In your opinion, what is the importance of mentorship and a strong support network, both throughout career and personal life? I would not be in the position I am today without a number of key sponsors and mentors; each one has played a different role depending on the stage in my career or life. Interestingly, the relationships have not always been prescriptive; some relationships have developed through working on a project or piece of work together, other times I have actively sought out specific people and asked for them to mentor me. Support networks take many forms for me; from formal networking groups, such as Business Chicks or Rare Birds, to my monthly evening with my mothers’ group, they are a critical part of providing me with support both professional and personal. 10

Exclusive Interview with Katrina Glover

What is your background? I have worked at banks my whole career, starting off with CommSec (part of Commonwealth Bank) in the late 1990s. My current role at Credit Suisse is Chief Operating Officer, Australia. I have been with Credit Suisse for 12 years, having worked in both the London and Sydney offices.

The average undergraduate starting salaries for women are 6.4% less than for men. What steps should be taken by corporations and the wider community in general to address this issue? At Credit Suisse, our female and male intern and graduates salaries are equal. We believe that other corporations could benefit from adopting the same approach i.e. consistent starting salary offered to all intern and graduate in order to remove the pay inequity that exists at the entry level in some firms. At other levels of seniority, corporations could benefit from job bands so as to remove discretion from decision makers who may have gender bias when determining pay.

The theme of this ReCap is ‘1000 Cracks in the Ceiling’. While females have made significant progress in the workplace, the glass ceiling still remains intact. What do you think is needed to shatter the corporate glass ceiling? While I don’t think the glass ceiling has been shattered, I also don’t think it remains intact. Having males and females working together to address gender imbalances in the workplace is hugely beneficial. I also think that women are seeing more options in terms of how they can approach having a demanding job while balancing their family life. For example, I am currently writing this while working from home, something I aim to do one day a week.

What are your other passions outside of work? How do you balance your career and personal life? I have three young children so they are my big passion outside of work. The week days are very busy but being organised is key. Although I am not there a lot during the day, I do still make a big effort to make it to sports carnivals, concerts and other important events. It is very important to me that my kids look at me and think it is absolutely normal for their mum to be working – which will hopefully help my sons to support any future partner they may have who chooses to work (and any females that they work with) and for my daughter to see it is possible to have a good job and a full personal life.

Katrina Glover Chief Operating Officer Bachelor of Commerce/LLB (Hons), University of Sydney

This year Capital W is celebrating its 10th year anniversary. In your opinion, what is the importance of engaging with female-focused initiatives? Credit Suisse puts a huge emphasis on our femalefocussed initiatives. I am the Chair of our Australian Women’s Network and we implement many initiatives to benefit our female population. This ranges from organising discussions for inspirational females to come and speak to our staff, to tailored learning opportunities and targeted networking functions. This ensures our female employees are very connected within the organisation.

What motivated you to pursue your current line of work and what aspect of it do you find most rewarding? I had absolutely no idea what I wanted to do after I left school. I chose to do a Commerce and Law degree as I thought it was very broad to be able to give me multiple options at the end of the five years. I have always been interested in finance and so ultimately decided to pursue a career within a bank. Working for Credit Suisse has given me the ability to have several different jobs over the 12 years I have been with the firm, with each new role benefiting from the experience I have gained in prior roles I have done. 11

Exclusive Interview with Alison Cairns Alison Cairns Partner, IT Advisory

“Intellect is your currency; that makes it easier to have an even playing field” I fell into technology in 1996. Back then, technology seemed to only be a minor part of our lives but now it is pervasive. What I love about technology is that you earn your stripes by your technical skills - by knowing how something works and how it adds to the business. In technology, intellect is your currency and that makes it easier to have an even playing field. I am a Partner in IT advisory at EY and I am also the Lead for Education. Previously, I was a Managing Director at Accenture, specialising in Digital Transformation using Cloud. What is extremely positive is that here at EY I’ve been able to work with other women in tech as there used to not be many women in STEM. “Understand the power of your intuitive behaviour” There are a number of steps that women need to take to transcend the glass ceiling. In all honesty - I thought we would have gotten through the glass ceiling by now! At Accenture I was faculty for their gender based negotiation that was aligned with the Harvard Centre of Excellent in Negotiation. One thing that struck me was that there is something unique and fascinating about the way women can successfully negotiate on behalf of others. However, women don’t ask - we don’t negotiate on our own behalf and this needs to be overcome. We’re scared that if we’re too direct then we come across as demanding and if we’re too direct, we’re perceived as aggressive.

However, there are changes to this perception as a stronger female presence continues to grow in corporate offices - at EY 42% of those working in tech are women! Instead of being interpreted as bossy, we can generate meaningful conversation and stimulating debates with other women in the room. Our unwillingness to ask for work or negotiate pay comes from both societal and cultural issues. Not only do we have to ask, but we can tap into the power of our intuitive instincts and use this in interest-based negotiation. We need to first recognise our strengths and then play to them. We also need to teach in schools, universities and in graduate programs that it’s okay for women to be authentic, particularly in ‘old corporate’ environments. Women shouldn’t have to feel the need to be like men. “You are going into a world where nothing is impossible” For female students looking into intern and graduate opportunities, my advice would be to look for an organisation that allows you to explore. You are an asset; coming straight out of university, your mind is unpolluted by thoughts of what can or cannot be done. Go into interviews and ask what kind of work and opportunities are available to you; have a point of view about what is trending in the market or what you are passionate about. Graduate roles aren’t about going into a role and being told what to do, it’s about asking how an organisation is innovating and what roles and opportunities are available to you to explore. “What has made us successful to date is not what will make us successful in the future” This is a quote I heard recently that really resonates with me - it relates to tech, to gender and to cultural diversity. The people who will be successful are the people who will be prepared to do things differently. To be successful in the future, we must help other women; help the sisterhood get through the glass ceiling as quickly as we can. 1

Exclusive Interview with Amelia Garnett Amelia Garnett Executive Director, Securities Pharmacology, University of Cambridge What is your background? Looking at my background, I’m not sure anyone could have predicted that I would end up on a trading floor, let alone in currency (FX) sales. I’m a scientist by training, and spent most of my university years examining petri dishes and test tubes. After graduating with a pharmacology degree from Cambridge, I joined Goldman Sachs in London as an intern, and six years on I’m still here! The theme of this ReCap is ‘1000 Cracks in the Ceiling’. Throughout the course of your career, how have you best adapted to and taken advantage of new opportunities? Looking back at my career, it seems that many of the things I once viewed as challenges turned out in fact to be opportunities. Moving to Sydney from the global financial hub of London didn’t seem like a sensible career move at the time, and many of my colleagues actively tried to persuade me against it. In retrospect, however, what I once perceived to be a step backwards for my career turned out to be a very positive move. As a result of the transfer down under, I have had the chance to observe how Goldman Sachs operates as an integrated business and have been exposed to a completely new set of clients across pan-Asia. It's always challenging to recognise the silver lining to the clouds when you can hear the thunder on the horizon. More than anything, I try to pursue honest discussions with those who have made similar decisions before me and allow myself to be guided by my intuition. In striving for your goals, what are your main motivators? Living a healthy, balanced life is incredibly important to me, so I try to offset the intensity of the workplace by taking time to pursue my other hobbies (sailing and swimming) and making time to hang out with my new family & friends in Sydney.

What motivated you to pursue your current line of work and what aspect of it do you fine most rewarding? Prior to joining Goldman Sachs, I’m not sure I could have distinguished between the job of a currency trader and that of an investment banker, let alone articulate my motivations to pursue my current career in FX sales. I decided to apply to Goldman Sachs because I knew that it was a firm that would provide me with a high degree of responsibility, geographic mobility, continuous learning opportunities and, above all, independence. What I didn't know at the time was how exciting a job in macro-focused currency markets can be. At Goldman Sachs, I feel as though I've had a front row seat to most of the major geopolitical events of the past half-decade. Where do you see yourself progressing in your job? That's a really hard question to answer. A job in markets is inherently fickle: currencies are in vogue one minute, and then it's all about equities; floundering businesses rise from the ashes, while outperformers fizzle and fade away. In that environment, I try to stay as flexible as possible, and treat each ebb and flow of the market as a new learning opportunity. Above all, I try to stay loyal to my clients and the firm: Goldman Sachs is an incredible organisation to be a part of, and I'm tremendously grateful for all the opportunities that it has presented me with. What do you think are the biggest challenges that female professionals may face in their careers, and what is your advice for overcoming them? My experience has actually been so positive on this front. Gender inequality in the workplace is an increasingly important and visible issue in Australia, and ambassador organisations like the Male Champions of Change – of which our CEO, Simon Rothery is a member – have paved the way for women to have honest conversations about the challenges they face in male-dominated professions. I know that I'm a big beneficiary of the brave steps both women and men have taken to promote diversity in the workplace over the past fifty years. 13

MELISSA Analyst Macquarie Capital

Where will a career at Macquarie take you? Macquarie opens up a wealth of opportunities. There’s no set path. It’s up to you which direction you take your career. It’s up to you to own your future.


Exclusive Interview with Vivienne Lee Vivienne Lee Associate, Research at Morgan Stanley Bachelor of Commerce and Bachelor of Arts, University of Melbourne

What is your background? I studied a Bachelor of Commerce and Bachelor of Arts majoring in Finance from the University of Melbourne. I am also a CFA charterholder. I’m currently part of the Equities Research team covering the Industrials sector at Morgan Stanley where I have been for the past two years. The theme of this ReCap is ‘1000 Cracks in the Ceiling’. While females have made significant progress in the workplace, the glass ceiling still remains intact. What do you think is needed to shatter the corporate glass ceiling? While females have made significant steps forward in the corporate world, for this progress to continue successfully, it ultimately needs to be owned by Management and supported by the organisation as a whole. I also think it is important to remember that this is not just an issue that affects females in their career – this is something that affects everyone. Everyone would like to progress in their career without obstacles or prejudice based on their gender (or otherwise). Shattering the ‘glass ceiling’ means gender is no longer an obstacle or question raised in career progression at any level. What advice would you give to aspiring female talents who are entering the corporate workforce? Definitely find something that you find interesting and enjoy every day as your career is a long journey. I would say you need to find something where you have the passion and internal drive to keep learning.

Always hold an open mind to allow yourself to take advantage of any new challenges as it may open opportunities. I’d also recommend finding a great mentor. In your opinion, what is the importance of mentorship and a strong support network, both throughout your career and personal life? Mentorship and building a network are important and help to provide perspective. There are different types of mentors that can provide support at various times in your career - for example to provide the wisdom of experience, honest feedback and some mentors make fantastic sponsors. Being able to tap into a mentor can mean a reliable sounding board or even an avenue to a great career opportunity. What are your other passions outside of work? How do you balance your career and personal life? Outside of work, I enjoy keeping physically active particularly running and I regularly practise yoga. They both allow me to clear my mind and achieve something outside of the workplace. I also love to travel which is a fantastic way to see other people’s way of life, try new things and challenge day-to-day norms. In terms of balance, keeping organised and honest about your level of commitments is of key importance. What motivated you to pursue your current line of work and what aspect of it do you find most rewarding? I always enjoyed Finance at university. I find the intellectual challenge and the dynamic nature of the job to be most rewarding. Working in Equities Research provides a stimulating environment of being close to capital markets and investors. It’s also provided me with opportunities to learn about new companies and industries and to engage with toplevel management. I see it as an extremely rich experience where opportunity to continue to learn is infinite. 15

Exclusive Interview with Holly King Holly King Partner (Technology Strategy & Delivery)

What is your background? I am originally from London and by chance, in 1997, I ended up working for a technology disrupter. My career eventually centred on large scale transformation and technology change and this has taken me to work in London, Hong Kong, and now PwC Australia for the last seven years. Two years ago I launched a new technology business within PwC that looks at an alternative consulting delivery model specifically targeting large scale technology transformation. The theme of this ReCap is ‘1000 Cracks in the Ceiling’. While females have made significant progress in the workplace, the glass ceiling still remains intact. What do you think is needed to shatter the corporate glass ceiling? Increased debate around gender inequality is very important, such as the brilliant Male Champions of Change network. Having said that, I think these initiatives should start before the corporate world, and instead the education process should begin at home and as early as age three. We need to create more fantastic female role models, who are comfortable in their achievements, are less judgemental of other women and less consumed with being perfect in every aspect of our lives. We also need to re-educate women to be more forgiving of themselves and create a strong support network among women. As the old adage that ‘women will only apply for a job if she has 140% of the qualifications whereas the man will apply for the job if he has 10% of the qualifications’ shows, we need to teach women that it is okay to be less perfectionist and okay to fail fast and then pick yourself up.

Throughout the course of your career, how have you attempted to overcome any barriers in the workplace? I’ve been really lucky in that I’ve had many strong mentors and coaches along the way, and not just in a business manner. I also have a very strong relationship with my father who brought my sister and I up to take risks and be independent. He told us that we were capable of anything, and that confidence was an amazing gift. In terms of overcoming obstacles, there has been a lot throughout my career, but I’ve always tried to navigate them with grace and with humility and by seeking counsel from others. How you treat people, even in the most difficult situations, is visible and becomes your legacy. What advice would you give to aspiring female talents who are entering the corporate workforce? Have faith in yourself, and at the same time be forgiving of your failings. No one can do absolutely everything. Also, take risks! Take that big job, take that opportunity! You don’t have to know everything before taking that leap. Travel! Be curious! The most important thing for me personally, was that I had a vision of where I wanted to be and stuck to it. You need to be dedicated to your cause and go and obtain it, unapologetically, for yourself. What motivated you to pursue your current line of work and what aspect of it do you find most rewarding? I was lucky to fall into technology by chance and quickly developed an immense passion for the influence it was already having twenty years ago. With regards to my career at PwC, the most rewarding aspect of it is very much around the opportunity to impact so many people in a positive way. We tackle issues ranging from advising people on real estate, on mergers and acquisitions, through to working with notfor-profits and government agencies. One of the amazing things that I get to do in the Technology Strategy & Delivery team is play with technology and use technology to improve everyday outcomes for Australian citizens and beyond. 16

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Finance not for you? Think again. *U¾T nPU aMM aCPVU haWing a hFaE GPS ÃŒgVSFT.

There’s something for anyone ready to challenge themselves on our JOtFSO and graduate programs. Whether you want something fast-paced or where`patience is a virtue. To focus on details or Cig pictures. To give advice or`drive`direction. 0r all those things. -et’s get started on your future. "QQMJDBUJPO EFBEMJOFT 4VNNFS *OUFSO 1SPHSBN .FMCPVSOF "QQMZ POMJOF CZ QN "&45 5IVSTEBZ +VMZ 4VNNFS *OUFSO 1SPHSBN 4ZEOFZ BOE 1FSUI "QQMZ POMJOF CZ QN "&45 5IVSTEBZ +VMZ



Ada Gao Project Manager, Global Transaction Services Bachelor of Commerce, UNSW

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