Reflecting on the Glass Ceiling
Organizational support and personal drive are key to reaching the upper levels of leadership as a woman in accounting and finance.
By CLARE FITZGERALD | Fall 2018
How do you rise through the ranks as a woman in accounting and finance? The Illinois CPA Society’s Women to Watch,
and other accomplished businesswomen, cite
organizational support and personal drive as
keys to reaching the upper levels of leadership.
For the first time, women hold the top U.S. posts at three of the Big Four accounting
firms. Lynne Doughtie, U.S. chairman and CEO of KPMG; Cathy Engelbert, CEO at
Deloitte; and Kelly Grier, U.S. chairman and Americas managing partner at EY, prove
that women finally are ascending to the uppermost levels of leadership in the
accounting and finance profession. And yet — despite encouraging progress — gender
equality in the executive ranks is still frustratingly stagnant for the accounting and
finance industry as a whole.
Women represent just 22 percent of partners in CPA firms, according to the AICPA
Women’s initiatives executive Committee’s 2017 CPA Firm gender Survey. Corporate
numbers are similarly discouraging. With Indra Nooyi’s recent departure from PepsiCo,
the number of female CEOs in the S&P 500 has dropped to a mere 23. Only two of
those companies — GM and Hershey’s — have both a female CEO and CFO. Not
exactly glass-shattering numbers. But women who have ascended into the partner
and C-suite ranks, and those who are steadily climbing and aspiring to reach those
levels, are optimistic about their ability to continue breaking barriers.
Today, there are simply more women in the
pipeline. More women are graduating from
college with accounting and finance degrees,
and a growing percentage of women are
serving as directors and non-equity partners,
according to the AICPA. There’s rarely just one woman in
the room anymore. “We’re definitely seeing more regional
and national female leaders,” says Roxanne Chow, CPA, a
senior manager at EY in Chicago, adding that she sees
women in higher-level roles among her clients too.
Conscious and unconscious biases that have previously
reinforced the glass ceiling also seem to be diminishing —
just not at the hoped-for pace. “In everyday interactions,
you still notice a little bit of bias,” says Chow, a recipient of
the Illinois CPA Society’s 2018 Women to Watch Emerging Leader Award. “Women still have to prove themselves a little
bit more, but there’s definitely more awareness about biases
today, and companies are working harder to engage
women.”
Encouraging more women to stay in the profession and
make that last push when the incline is steepest — as
families often grow and work responsibilities multiply —
remains a major challenge for the industry. But the women
who have reached the summit want up-and-comers to
know that the climb doesn’t have to be the Mt. Everest-like
expedition they imagine. Organizational and institutional
support, a bold mindset, and a willingness to push through
barriers can get you there. and according to the
accomplished women quoted in this article, the view from
the top is worth the effort.
IT'S IN THE CULTURE
Although the accounting and finance industry has come
a long way in terms of women’s initiatives, more
communication about gender equality and workplace
roadblocks is still needed, according to Kristen Fitzpatrick,
CPA, managing principal at Deerfield, Ill.-based Miller
Cooper & Co. “Gender should never dictate or change
anyone’s aspirations, so it’s critical that we continue to talk
about solutions and find ways for women to advance,” she
says, noting that any forum where women can gather to
share experiences is helpful.
Illinois CPA Society Women’s Leadership Forum keynote
speaker Kristi Ross, co-CEO and president of Chicago-based
online trading and financial news network tastytrade,
adds that men must also be included in those
conversations. “If men are not participating, the initiatives
are only half as effective,” she cautions. “Gender equality is
a two-way street.”
“Some organizations still have a boys’ club mentality
despite the diversity initiatives. If leaders at the top aren’t
truly invested, then women’s acceleration is hindered,” adds
Rebekuh Eley, tax managing director at BKD CPAs &
Advisors in Oak Brook, Ill. She stresses that “a commitment
to promoting women and offering equal opportunities has
to be ingrained in the culture.”
MENTORS MAKE IT
Both informal and formal advancement and mentoring
programs also are important in helping women develop
skills and encourage their career aspirations. For Fitzpatrick,
mentors and role models were key to her success —
a role she now tries to fulfill for her junior employees.
“Assumptions and perceptions are often different than
reality, which is why we need to be transparent,” she says.
“When we talk and share experiences, we learn how other
people climbed the mountain.”
Eley also points out that women need to make a conscious
effort to help other women who are working their way up.
“Women in upper-level ranks need to be doing more to help
the young superstars,” she says, adding that sometimes
women must set aside jealousies or other feelings that
prevent them from building up younger women.
On the same note, Jackie Rosenfeldt, CPA, partner at Grant
Thornton in Chicago and recipient of the Illinois CPA
Society’s 2018 Women to Watch Experienced Leader
Award, says, “You have to be willing to open up and share
to forge bonds and build the relationships that will provide
the support you need.”
“Building relationships with the right people will open doors
you didn’t know were there,” Ross adds. “Be curious and
show interest, ask a lot of genuine questions, display a
positive attitude, and be appreciative of the time someone
gives you to share what they know.”
TIME IS TIME
Although household duties are increasingly being shared,
women still shoulder much of the home and child
responsibilities. Meaning, flexible work arrangements are a
critical benefit for attracting and retaining many women in
the workplace. The good news is 89 percent of the firms
surveyed in the AICPA's gender survey had one or more
types of modified work arrangements. The bad news is
flextime still carries a stigma.
“We still hear about cases in the industry where C-level
executives associate flextime with being less committed or
driven,” says Amanda Pictor, CPA, accounting services
senior manager at Marcum LLP in Deerfield. "It is important
women seek out companies whose management doesn’t
share this mindset.”
While companies need to address those biases, women
shouldn’t skip out on opportunities to be creative with their
schedules. Part of the solution is having leaders speak with
their staff about flexibility. When Fitzpatrick talks with new
parents, for example, she counsels them on how to
integrate flexibility options into their lives. “People don’t
always know how to plug into flexibility. We ask them to be
creative and to tell us what their ideal situation would be.
Then we see how we can get as close to that as possible,”
she explains. “We want people to stay with our firm for a
long time. We know that people leave if the sacrifice is too
great. So, we take a long-term perspective, because we
know that if you’re only looking at billable hours or short-term
metrics, then you can make bad decisions or create a
culture that doesn’t lend itself to retention.”
That said, Eley notes that women need to have realistic
expectations about work-life balance. “If you aren’t working
as many hours as your male counterpart, then your value
is different, and your career isn’t going to advance at the
same rate,” she says. “But there are ways to make it work
and move up the executive ranks.” She suggests making
those around you aware of your schedule, so they
understand why a late-night or early-morning meeting, for
example, won’t work.
Women also need to assess whether a company’s culture
fits with their goals and values. “If the bosses want to see
you at your desk from 8 a.m. to 10 p.m. every day, then the
environment might not work for you,” Rosenfeldt says. “But
more organizations are operating under the idea that if the
client is happy, it doesn’t matter where, when, or how you
get your work done. You can find more flexibility in that type
of culture, but opportunities also exist to be a trailblazer and
initiate change in a more traditional culture. It might be
harder, and you need to be ready to fight for it, but if you
think you can do it, you probably can. Companies don’t
want to lose good people. Benefits and policies can be
adjusted to people’s needs.”
STAKING YOUR CLAIM
Taking advantage of organizational support to advance in
your career is one thing, having the personal drive and
willingness to push through external and internal barriers
is another. Facebook COO Sheryl Sandberg might have
called it leaning in; others call it resilience, persistence,
and boldness.
“I was blessed to work with an individual who taught me
how to be resilient,” Rosenfeldt says. “Women tend to dwell
on things. I learned not to try to interpret or assume
anything about what other people say or do. When you’re
in a doom loop in your head, figure out who on your team
can help. Deconstruct what’s going on when the job gets
tough and find ways to work through it.”
Fitzpatrick’s sense of determination also played a large role
in her success. “What you focus on becomes reality,” she
says. “Rather than focus on the barriers, I always focused
on the progress I was making. it takes determination and
drive to continue moving up.”
In other words, don’t let doubt drive you off course or
prevent you from pursuing new opportunities. There’s an
often-quoted statistic that men will apply for a job when they
meet only 60 percent of the qualifications, but women apply
only if they meet 100 percent of them. “We can be our own
worst enemies when we think we can’t do something,”
Rosenfeldt says. “Women are usually more qualified than
they think they are.”
“Opportunity doesn’t drop in your lap. The initiative and
drive need to come from you. you have to want it,” Ross
emphasizes. “Be the one to raise your hand, to volunteer
to take on the tough job. Challenge yourself to learn
something with every choice you make.”
“Be known for something. Take risks instead of staying
comfortable. Every step forward, even if it’s not what you
planned for, is a building block and a stepping stone,” Eley
adds. She also warns women not to fall into the trap of
trying to play “nicey-nice” all the time: “Don’t use your shy
voice. Have the mindset that says, ‘I’m at this table; I’m here
for a reason, and I’m going to speak at this table.’ You can
be the driver of the conversation and can command just as
much presence as the men.”
It’s not only you that benefits from speaking up, speaking
out, and staking your claim at the business table. Younger
women are watching and taking cues. Pictor, for example,
says she gained courage from seeing other strong women
express their views. Today, she credits her outspoken
nature with helping to advance her to the manager level.
“Firms have to be willing to hear female voices, and women
have to own their responsibility to speak up,” she says.
OVERCOMING THE OBSTACLES
Juggling personal and professional lives isn’t easy, but
women in executive roles want other women to know that
it is possible to be happy at work and at home.
“I knew that if i wanted to be partner, it wasn’t going to be
a 9-to-5 job. It wouldn’t have worked for me to keep my
work and family lives totally separate. I had to incorporate
the job into my life. It’s a juggling act, but when you start
doing it, you can get really good at it,” Rosenfeldt says,
adding that she challenges women on her team not to leave
until they’ve tried different options for balancing their work
and home lives.
“Some people give up before they even know what’s
involved,” Fitzpatrick says, recounting her own doubts
about being able to “do it all” when she had her first child
as a new manager. “I was a new mom, I had a new role at
work, and I wanted to be super involved in both places,”
she recounts. “Even with a great support system, it took a
while to feel like I was doing a great job at home and at
work.” Fitzpatrick took the advice of her parents, who told
her not to make a rash decision about leaving her job. She
offers the same words of wisdom to her employees today.
Pictor and her peers know they are lucky to see how the
generation ahead of them made it to the senior ranks. And
Pictor, for one, is hopeful that with more women in the
pipeline, the number of male and female partners will begin
to balance out in the years ahead.
“It’s definitely a changing landscape,” Chow says. It seems
to her that more women are coming into the profession
wanting to move up and make partner. And even when
women have kids, firms are trying harder to retain them and
keep them on the partner track. On a closing note, Chow
says, “at the end of the day, if you work hard, stretch
yourself, and make it known you’re interested in getting
promoted, the firm will help you get there.”
Dive deeper into the accounting and finance profession’s
culture challenges in the 2018 INSIGHT Special Feature, “The Culture Conflicts.”