Featured Working Woman - Megan Webster
To Launch our Women In Business series Megan Webster sat down with us to discuss her career as a woman working in the banking industry. Megan is currently VP of National Corporate Banking with Union Bank.
1. At what age did you decide what you wanted to “be when you grew up?”
I always knew that I wanted to be in a professional environment as I entertained thoughts as early as junior high of becoming a lawyer after completing a project at which I spent a day at a local lawyer’s office. As I moved into my freshman year of college, I gravitated more towards business as the University I attended had a top 10 undergraduate business school. I was fascinated by all forms of business including both finance and marketing. After thinking I wanted to work in the fashion industry in some capacity, I took an apparel merchandising course and decided it was not exactly what I wanted to do for a career. I have always been strong in math and was reading the stock pages in the newspaper as early as high school. I took more finance classes during my junior and senior years of college and focused solely on finding a job post graduation in that field.
2. What was the first step in achieving that goal?
As described above, I took during my junior and senior year of college a wide variety of finance courses. My university had a very strong career placement center and I interviewed early and often for many different finance positions. They also provided mock interviews, seminars, career days and mentorships to guide students in their chosen fields. I gravitated towards banking due to the rotational nature and actual classroom training of many entry-level analyst programs. I did not know exactly what I wanted to be when I grew up and thought being exposed to various functions within banking would help guide me to exactly what I wanted to do, which it did.
3. What were the biggest obstacles that stood in your way as a woman your chosen field?
In investment and commercial banking, men outnumber women by a significant margin though the gap is not as wide at the more junior positions. Additionally, knowing the career path of women vs. men (ie there are not as many senior women as compared to men) in the banking field can be a deterrent to a lot of females when making the decision to enter banking. I had a number of female friends that decided to go the more corporate finance route due to the career path and more regular hours. I think bonding with your male colleagues or clients can be a challenge for a lot of women if most of what they talk about is work, sports and cars, however many successful women learn to be able to moderately converse about those topics (and others) and form strong bonds with their male colleagues in order to spur their development. Additionally, finding a great boss or mentor is key to success at any organization regardless of gender. It can be tough to navigate your career at the more senior level without having such proponents in your corner. I think working for an organization that is committed to diversity and has a number of women in senior positions are the companies to seek out when looking for a job as well as having great support and mentorship within that organization.
4. What is it like on a daily basis to be a woman working in your industry?
Some days it can be tough and intimidating. I think you have to be comfortable being in the minority especially in senior and/or client facing positions. I am currently the only female on my team and sometimes feel a bit left out due to the gender divide though I like to think that I have great relationships with all of my current team members. There are a lot of times that I will be the only female in pitches or client events, but I have learned over time to embrace the difference. It is another way to stand out from your fellow peers . I have never felt discriminated against due to my gender, but I have worked hard (in some cases harder) to be seen as an equal. Additionally, we seem to have to live up to a different standard than our male colleagues. If you are too tough – you can get a negative response as being a “ball-buster” or if you are too nice – you are labeled a “pushover”. Finding the balance can be very tricky and in some cases, impossible. The best motto is to show up early, work hard and be a team player. That is usually the best path to success regardless of gender.
5. How do you have the tough conversations with your boss or prospective employer regarding pay, promotions, etc.?
This can be one of the hardest areas for women to navigate in the working world. We tend not ask for things that seem uncouth or are hard to talk about. The one thing to always remember is that your male co-workers are having these conversations and not feeling bad about it at all. I have had very open and honest conversations with my managers about bonus expectations, salary and job performance. I honestly think it has helped me get paid more than I otherwise would have had I not voiced my expectations and/or frustrations. That being said, I recommend having these conversations in a very non-confrontational way with support data if need be. It is better to be over prepared with market salary comparables for the position in which you are in or with a “me memo” clearly listing out your work flow, deal summary and accomplishments that you completed during that year.
6. What do you love the most about your job?
The thing that I have always liked the most about banking is that every day is different. Each day I can be either on a client call, working on a deal, researching new prospects, interacting with product partners or working on a new product pitch. I work with a wide variety of clients and different types of businesses. I get to travel, interact with clients and learn their businesses. I have had great co-workers (both male and female) and lived in great cities. Banking has taken me from Chicago to New York to Los Angeles. I have worked in numerous different groups learning different skill sets. There are so many facets of banking that it can be an extremely fulfilling and interesting career.
7. Do you feel like you are treated differently as a woman in your industry?
Yes and No. I do think some of my male colleagues and clients temper their conversations that they would have with”just the guys” around me, but that is not necessarily that material in nature. I actually do not think that I have been excluded from an interview or job opportunity because I am female. I like to think that most institutions are willing to hire the right person regardless of gender. Only once in an interview was I cautioned that the bank I was interviewing with was not be the right place for me to work as it was a foreign-owned bank that did not promote or appreciate women in leadership positions. I actually appreciated the candor ffrom the interviewer. I have actually worked for both female and male bosses and tend to find women in finance a bit tougher to please – maybe because they had to work so hard to get where they are now at. I currently have a great male boss who is committed to working with me to get me to the next leadership level. I think times are changing in that most managers – typically younger – want to have the best and most motivated people on their team regardless of gender.
8. What would you tell a young woman who was trying to break in the field that you wished someone had told you when you were starting out?
Find a mentor or someone local in your hometown in a field that interests you and ask them many questions on what the actual day to day responsibilities of their job entail. Do your due diligence on the job and the organization. Meet with as many people as possible in an organization that you are seeking to work for to find out if it is the right cultural fit for you. Many people get seduced by certain large company names, but maybe starting off at a smaller company where you can more easily shine is the better fit. A great piece of advice I once received was to make a list of your fifteen biggest strengths then compare to a job description and see if they match up at all. If so, remember to hit one some if not all of those 15 strengths in a job interview and how it applies directly to that job. It was a great piece of advice I have continued to use throughout my career. Additionally, do not be shy about networking both internally and externally as well as keeping your network up even if you move on from different organizations. A great industry network can be the key to landing the right opportunity at the right time.
