Roundtable: Women in Finance
Leading Change
How to get more women in the C-suite
In Malta as elsewhere, men and women begin their careers in financial services at parity, but women are underrepresented in the C-suite. Four female leaders talk about their career paths and what could be done so that more talented women advance to the upper tiers of financial firms.
Can you tell us a little bit about your career path? Did you always know that working in finance was what you wanted to do?
Laragh Cassar, Partner of Camilleri Cassar Advocates: I was always interested in the corporate, finance and banking world. I graduated from the University of Malta in 2002 and proceeded to specialise in Banking and Finance in 2003 at the University of London. My career immediately focused on this industry, and I was blessed to have been exposed to many interesting projects at a time when the financial services industry was experiencing a boom in Malta.Alexia Farrugia, Managing Director of Actaco Financial: When I was in secondary school, I used to dream of attending business school in Switzerland, so I suppose that on some level I always wanted to work in this area. However, the initial path of my career was a little unconventional. I had obtained the qualifications to enter university when I was still 17. However, I was way too young and was not very clear on the options that I could choose from. Since I was the eldest of five kids, my mother insisted that I either study or work, and partly by accident, I was employed by one of the big four audit firms, carrying out audits at local companies. I found audit boring but accounting very useful, so I moved between clerical accounting jobs for a few years, as having an income, no matter how small, suited my chosen lifestyle at the time.Very quickly I noticed that people around me, mostly men, were moving ahead faster than me and that my ambitions were being stifled by my limited education and by the fact that I was a woman. I decided that I needed to change my own path and started my first degree while I was working full time. This helped me apply the things I was learning at university. I chose to pursue my second degree in the shadow or the financial crisis, coupled with having two young children. I have since been working in finance for 22 years. There have been a few times when I was faced with the grim reality of chauvinism, but, ironically, it seems to have been the fire that spurred me on and pushes me to new levels in my career.
Roundtable Participants
Antonia Zammit, CEO of Praude Asset Management: I have always been interested in and followed the financial markets, yet as a child, it was the legal world that really fascinated me more. I went on to read law at university in Malta, and then I obtained an LLM in corporate and commercial law in London. On my return to Malta, I joined one of the leading law firms. Following a training period where I worked in different departments, I eventually chose to form part of the Investment Services and Funds Department. Ten years later, having worked purely in the legal field, I dabbled with the idea of moving into industry. In 2015, I joined Praude Asset Management Limited as CEO, a position I still retain today.Adriana Cassar, Managing Director of Aspida Malta: I obtained a Bachelor of Laws in 2007, following which I was awarded the Diploma of Notary Public in 2008. In 2010, I completed my studies and obtained my Doctorate from the University of Malta and soon after that I also obtained the warrant to practice in the law courts of Malta. At first, I always imagined myself working as a lawyer in the criminal field and never envisaged working in finance; however, that changed following the summer of 2009. In that same year, I was offered an internship at the Institute of Legal Studies (ILS). Once my internship at ILS was over, I knew that I had to apply for a job in the financial services field as I had found the internship exciting, challenging and fast-paced.I started off my career at Custom House Global Fund Services Limited where I held the post of a legal officer within the company secretarial department. In 2012, I joined Aspida Advisory Services (Malta) Limited in the post of Compliance Services Executive. During my initial year working with Aspida Malta, I wanted to further my studies in the financial services field and enrolled for the MA Financial Services. I obtained the MA Financial Services in 2016. After four years with the company, I was promoted to Compliance Manager and further promoted to Managing Director in 2019. Today, I am approved by the Malta Financial Services Authority to act as the Compliance Officer of various license holders, ranging from de minimis fund managers, fund administrators, collective investment schemes, trusts, MiFID Firms and company service providers.
"I have since been working in finance for 22 years. There have been a few times when I was faced with the grim reality of chauvinism, but, ironically, it seems to have been the fire that spurred me on and pushes me to new levels in my career" - Alexia Farrugia, Managing Director of Actaco Financial
While there has been some progress in recent years, women remain underrepresented in the financial services workforce – particularly at the senior level and above. Why do you think this is the case, and do you feel that women have the same opportunities as men in the finance industry?
Antonia Zammit: I feel that many women in Malta still find it extremely difficult to juggle a good family life and their career progression. Many are not fortunate enough to have the backing of a support system at home to be able to take on roles of more responsibility. There is also the issue that there are still people in positions of authority who make appointments based on gender assumptions rather than qualifications or abilities. Yet, women should not be disheartened by the thought that there may not be the same opportunities open to them; there are. Women just have to go there, tear down barriers and create the opportunities. If one door closes, move on to the next. The key in my view is attitude; one has to want to succeed. Hard work and sacrifice can get you there.Adriana Cassar: If one looks at the demographics of gender inequality in various countries throughout the years, one will note that the gap between gender inequalities has narrowed over the years and that women have made great advances in the workplace. Nonetheless, inequality persists. I believe that Malta is ‘half way there’. Although female workforce participation in financial services is growing, the workforce at senior level is still pretty much dominated by men. This could be because more efforts need to be made to cultivate female executives to lead the industry forward and inspire the younger female generation to enter the field of financial services and establish a career.I do believe that nowadays women have the same opportunities to start a career in finance but are not given the same opportunities to hold senior level positions, or if given a senior position, they are not given equal pay. This could be attributed to the fact that high performance is more regularly discounted compared to men.
"I feel that many women in Malta still find it extremely difficult to juggle a good family life and their career progression. Many are not fortunate enough to have the backing of a support system at home to be able to take on roles of more responsibility" - Antonia Zammit, CEO, Praude Asset Management
Alexia Farrugia: I also feel that, unfortunately, the reason for this is partly a result of the fact that more often women sacrifice a part of their career to raise a family. It happens also to men who choose to be caregivers. The other part of the reason is that most women feel that they need to comply and do not feel sufficiently empowered to stand up when it matters, while some women compete between themselves rather than support and mentor other women. The expectations for men and women are not the same, and they will remain different for a few more generations. They will change when today’s children who have grown up with working mothers, and for whom the gender issue is more fluid, become influential in the workforce. Women may not have the same opportunities as men in many industries, but it is up to each and every woman to break the stereotype and take opportunities by proving that she matters in whatever she cares for rather than wait for an opportunity to fall in her lap.Laragh Cassar: It is true to say that women are underrepresented in the financial services sphere; however, things are changing. Throughout my career, I have witnessed a positive change, particularly in the last ten years or so. Women, formally, have the same opportunities as men, however in practice, women’s opportunities to progress to senior levels have historically been stalled by a lack of workplace flexibility and by a patriarchal society. As I said, things are changing, and I believe women now need to have the self-confidence to seize and chase opportunities to achieve their goals. I, personally, have never felt that I was at a disadvantage – it is either that there were no such barriers or I was blissfully ignorant of them.
Antonia Zammit, CEO of Praude Asset Management
What are some of the best workplace initiatives you have seen or heard of to help promote gender diversity and level the playing field?
Adriana Cassar: The Covid-19 pandemic has forced most companies including financial services companies to find solutions on how to allow employees to work remotely. Although this posed to be challenging at first for employees and employers alike, employees have now got a taste of work-life balance and companies are now more focused on the day-to-day logistical challenges of balancing remote vs physical working from the office. Personally, I don’t mind my team working a few days during the week from home as this has not decreased their productivity. I strongly believe that resorting to working remotely helps promote gender diversity. Working mothers have found it beneficial to work remotely because this has diminished the stigma related to child caring and working duties. I also believe that aside from mothers with younger children, both men and women welcome the opportunity to work a couple of days remotely during the week.
"I do believe that nowadays women have the same opportunities to start a career in finance but are not given the same opportunities to hold senior level positions, or if given a senior position, they are not given equal pay" - Adriana Cassar, Managing Director, Aspida Malta
Laragh Cassar: Flexibility is key – without giving flexibility to your workforce, you risk losing some great talent. This element of flexibility has definteley been amplified by Covid-19 and has now developed beyond a question of gender – it has now become common place and an expectation in order to attract talent. It certainly has huge benefits for parents that often need to juggle the realities of parenting and being a responsible employee. This ‘maturity’ within the workforce should be maintained even post the pandemic.Alexia Farrugia: Besides flexible working hours, which also has its own downside, the best way to level the diversity is for high achieving women to show that their contribution is valuable and mentor future generations of women to feel empowered and not get disheartened if things work out differently to what they expect sometimes. To achieve, one needs to go get it.Antonia Zammit: I do not think that implementing incentives specifically for woman is necessarily the solution. It’s about investing in team members who are considered assets to the firm – be they male or female. I feel that offering them a certain level of flexibility is more productive, so long as this flexibility is reciprocal. This method has worked for us and guaranteed a hardworking, dedicated and loyal workforce.
Adriana Cassar, Managing Director of Aspida Malta
Studies mention a few reasons why women may not be advancing to the top ranks as quickly as men are. One is a lack of role models. Who has been your biggest advocate/mentor and why?
Laragh Cassar: I never needed to look for a role model until I had already progressed well in my career. The reality is that the women vs male discussion only becomes relevant when parenthood kicks in. I become a mother at the age of 35, and it is only then that I searched for a role model. Not having found one, my only option was to figure it all out myself – I did this by ensuring that I was surrounded by enough help at home and at work to allow me to concentrate on progressing in my career path.To ensure that women continue to progress in their career after having a family, requires a mental shift in society: men need to contribute a lot more in the day to day life chores. It is only then that women will feel more entitled to concentrate on their careers.Alexia Farrugia: I have a long list of women whose strength I have drawn on even if sometimes they themselves were not aware of it. Primary amongst these women is my mother who thought me staunchly that where there is a will, there is a way and if I really care for something, then I should never give up in trying to find the way. Lessons are learnt through failure, not through success; so we should appreciate failure, brush the dust off when we stumble, get up and carry on.
"The expectations for men and women are not the same, and they will remain different for a few more generations. They will change when today’s children who have grown up with working mothers, and for whom the gender issue is more fluid, become influential in the workforce" - Alexia Farrugia, Managing Director, Actaco Financial
Adriana Cassar: I can’t say that I have a specific mentor or role model in mind. However, during my career I have had two female managers to whom I used to report. Both these women have inspired me to be more hard working and ambitious and have helped me to become more motivated and to advance in my career.Antonia Zammit: I have been fortunate enough to have been brought up in an environment where individuality was always encouraged. There was never any distinction made between my brother and I as to what each of us could achieve. My parents always encouraged us both to work hard to achieve our goals with integrity, irrespective of our gender. I have also been surrounded by intelligent, head strong and determined women, both within the family and among friends. I have also gravitated towards people who recognised my potential and who give me the opportunities irrespective of my gender both in my personal life and professional life. I think it is a combination of all these factors that have contributed to my career path so far.
Alexia Farrugia, Managing Director of Actaco Financial
Finally, what advice would you give to women who would like to pursue a career in financial services?
Alexia Farrugia: Speak your mind. Don’t let anyone make you do something that you are not comfortable with. Be strong but tactful and sometimes you have to play someone else’s game to reach your target. Most importantly, always be yourself.Laragh Cassar: Women tend to be more modest than men in their approach, and this often works against them. Therefore, my advice to women wishing to pursue any career, be it in financial services or otherwise, would be to have a target in mind and then have the self-confidence to go for it. I was lucky enough to be mentored along the way, and this has helped me tremendously in achieving my goals.
"Flexibility is key – without giving flexibility to your workforce, you risk losing some great talent. This element of flexibility has definitely been amplified by Covid-19 and has now developed beyond a question of gender – it has now become common place and an expectation in order to attract talent "- Laragh Cassar, Partner, Camilleri Cassar Advocates
Antonia Zammit: Find an area within the industry that fascinates you and above all, that you enjoy. Once you do, ensure that you work with people who encourage you and recognise your potential. Stay true to your values, no matter what.Adriana Cassar: My advice to all women seeking a career in finance is to never give up and to believe in themselves. From past experiences I have learned how to handle constructive criticism and welcomed any feedback, which helped me work on my mistakes and overcome any barriers.
