THE general traits for success in top female bankers are passion, ambition, excellent communication skills, strong discipline, and the drive to achieve them, going by extensive interviews with 19 top female bankers here.
Both genders can possess the above traits. Why then are there fewer women in investment banking than in private banking?
Stuck to the Blackberry, getting just four hours of sleep daily . . . with intense demands on their time, the life of the investment banker requires male-like traits of being unemotional, aggressiveness in fighting for deals, and a left-brain dominance.
Conversely, private banking requires skills more commonly associated with women such as being a good listener and empathising with people. Oey Bie Lan, managing director at an international private bank, sums it up thus: 'Private banking needs a personal touch - the ability to build deeper, interpersonal relationships even with the second and third generations of the clients' families.'
The labyrinth of challenges
Female bankers want to be career women, 'home affairs ministers' and fulfil their interests all at the same time. These different roles, fighting for a share of the same 24 hours, bring about the split-allegiance challenge that many women face as they scale the corporate ladder. Since there's less time for networking, the reduced social capital can be an impediment to their career advancement.
So is travelling, as men are more likely to be selected for long-term overseas assignments because they can mobilise their families more easily than women. This, as suggested by a private banker, may also be the reason why there are so few top women CEOs as a 'CEO of a bank needs to have experience in various parts of banking and great overseas exposure'.
Women are also not as aggressive when asking for rewards, such as promotions and bonuses, or taking credit for work done. This can be attributed to two reasons: societal perceptions that self-promoting behaviour in a woman signals a lack of modesty; and not wanting the added responsibility that comes with promotions, due to the fear of having less time for the family and loneliness at the top.
Is all hope lost?
Fortunately for women here, Singapore's society advocates meritocracy. Hence, gender stereotypes and discrimination which impede women's career advancement are less prevalent in Singapore than in Japan and Korea. Additionally, Singapore's society is more accepting of women taking up flexi-work schemes.
Singapore's infrastructure has also made career progression easier. Due to the country's small geographical size and existence of close-knit extended families, support for the working woman is abundant. Parents are often more than happy to take care of grandchildren. Domestic help, in the form of maids and tutors, is also readily available.
Emotional support from role models and mentors is also important for the working woman. Female mentors, with greater experience, will be able to advise on problems commonly faced by the bankers.
It is especially critical to manage the expectations of the spouse and children. A banker in senior management described how she sets expectations: 'When there are conference calls at night, I would inform my family beforehand that I need to focus on the calls, and get them to understand.'
Institutional support can come from banks through the implementation of flexi-work schemes for less client-intensive roles, as well as external alliances, such as the Financial Women's Association. Founder Tan Su-Shan revealed that she set it up as 'a support system to help women rise through the ranks'.
Possibilities
For most men, success is defined by their careers. For women, however, they have many choices. As a corporate banker remarked: 'Women's status in life and definition of success can take many forms: fulfilment as good mothers and of their interests. They are not restricted to work.'
What can the aspiring female banker do?
She can find her own niche to sustain her passion. Understanding her passion, the female banker must then have the right attitude - prioritising her many commitments, deciding what to sacrifice, and being open to opportunities. Complementing the right attitude, female bankers should have the right behaviour of not being shy to ask for things, be it work-related rewards or help from family members.
To maximise human capital from the female gender, banks can be more forthcoming about institutionalising flexi-work schemes, establish mentorship programmes, and be open to and celebrate different models of success in the workplace.
Kate Hu, Koh Woon Teng and Loh Hui Shan were final-year graduating students of the Nanyang Business School when they wrote this article. Dr Fock Siew Tong is the school's associate dean (external relations) and associate professor of banking & finance at Nanyang Business School, Nanyang Technological University. He was their faculty supervisor for this research.
