Career development insights from the California chapter of the Bloomberg Women’s Buy-Side Network
Bloomberg recently facilitated group discussions for its California chapter of the Bloomberg Women’s Buy-Side Network (BWBN) – a unique community focused on elevating women in the asset management industry. The BWBN brings members together to share challenges and opportunities while learning from one another.
Here we summarize the key takeaways from the four sessions of “Ask Me Anything” Conversation Circles.
Respecting people’s unique roles within your network
The value of networking to career development was a key theme throughout.
When it comes to advancing in your organization, for example, many of the women emphasized the importance of networking beyond your direct line on the org chart. In the session led by Jerilyn Castillo McAniff (Managing Director, Head of Diversity & Inclusion, Oaktree Capital Management), they discussed how different career-change opportunities more often will come from someone outside your immediate network and the importance – if you are looking for new opportunities – to build and cultivate relationships in different concentric circles.
But building a network isn’t just about getting ahead. In a session led by Pooja Malik (Founding Partner and CEO of Nipun Capital LP), the group discussed how it’s wise to bucket your professional network into three categories: Your operational network, which can help you get things done day-to-day; your strategic network, which helps get you into the places and rooms you want to be in; and your development network, which helps you grow your reach outside your organization. Pooja adopted the concept of these three networks from a Harvard Business Review article and has found these to be a valuable guide in her own career.
Across your entire network, it’s important to respect the different roles people play when it comes to supporting you in your career. Monica Erickson (Head of Investment Grade Credit and Portfolio Manager at DoubleLine LP) recommended cultivating a personal “board” made up of a select few people in your life who each give great advice and guidance on a different aspect of your career. (One person for navigating promotions, another that helps with work relationships, and so on.) As with all good relationships, it’s essential to keep open lines of communication with these important people in your network and make sure they know they’re important to your development.
Recognizing retention & remote-work challenges
Of course, many women looking to advance in their careers on the buy-side — or even simply sustain their careers in the field over the long-term — come up against resistance or other challenges.
Bonnie Wongtrakool (Global Head of ESG Investments and Portfolio Manager at Western Asset Management Company), emphasized firms largely do a great job of recruiting an equal amount of women and men into early-stage roles; it’s around mid-career when issues arise for retaining, let alone advancing, women.
Those mid-career years are a time in which many women have young children to consider. The last few years have been extraordinarily challenging for parents, and Wongtrakool’s group discussed how the pandemic’s impact — from the lack of childcare and challenges of remote learning to the lack of facetime on the job — may have set women back. Remote work may have created more flexibility for parents (and everyone else), for example, but firms are now calling employees back to the office — and those embracing a hybrid model may only do so temporarily.
If hybrid becomes a long term shift, however, that would make for a significant transformation of the industry. But as Wongtrakool’s group discussed, would it lead to an uneven playing field? If the majority of employees are back at the office, are you disadvantaged when you are not the one at the conference table?
Making your ideas part of the conversation
All too often, as Wongtrakool’s group discussed, women experience a fear of rejection when it comes to speaking up and presenting their ideas. They also can’t follow the same models that men use because of the biases in others’ perceptions. (Being viewed as “bossy,” not as being a leader, is one example).
The fact that many women experience self-imposed imposter syndrome also came up; Malik advised women to do whatever it is they need to do to overcome imposter syndrome — from learning skills like public speaking to using their employers’ education stipends for leadership training.
Erickson — who has been working on overcoming her own fear of public speaking — encouraged women to speak up for themselves at work, make their ideas part of the conversation, and say what they really think. An open communication style can not only help you get your point across, but also make it easier to navigate challenging relationships at work.
And openness is key to more than just communication. In her Conversational Circle, McAniff discouraged saying “no” to new opportunities that excite you – including stretch assignments or another position even if you are already feeling stretched; instead, say “yes” and then think through how to reprioritize your schedule, or reduce your commitment to another activity, in order to make space for new assignments or roles that can help build new skills.
Staying open to feedback is also essential. Wongtrakool’s group discussed how important it is to develop a thick skin when it comes to rejection, and not to let it deter you from sharing ideas in the future. Don’t take feedback personally, and know that your value is not derived from other peoples’ opinions of you.
In conclusion: Embracing a community
Ultimately, building a thriving career on the buy-side requires continually investing in yourself and learning from your peers. Embracing a community, both inside and outside your organization, can be beneficial to your growth.
Interested in participating in future networking opportunities for women in the buy-side? Join a chapter of the Bloomberg Women’s Buy-Side Network. You can engage with BWBN on LinkedIn or sign up here.
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