One of most powerful women in tech banking on how she balances work and family while thriving in the male-dominated hallways of Wall Street
Courtesy of Michal KatzMichal Katz.
- Michal Katz is the global co-head of technology investment banking at RBC Capital Markets.
- In this op-ed, she describes some of the challenges, detours, and cultivating experiences that have shaped her career in the male-dominated world of Wall Street.
- She also shares her best tips for professional longevity, including to listen as much as - if not more than - you speak. It's the ideal way to learn and gain insights about your clients' objectives and opponents' vulnerabilities.
- Visit Business Insider's homepage for more stories.
Recent graduates and up-and-comers I meet often show a keen interest in the steps and paths I have taken to achieve what is, by most standards, a successful career. The road to a Wall Street leadership role in an industry that remains male-dominated is paved with challenges, detours, and cultivating experiences that have shaped my career and leadership style. I hope that by sharing a glimpse into my journey, I can perhaps illuminate a path for others.
The path to Wall Street
Growing up in Israel, I was given the gift of reading by my parents who sought to continually improve our collective lives. Whether immersing in the adventures of Jules Verne, exploring history or acquiring knowledge, I learned to develop points of views and advocacy for causes, planting the seeds of a career in law.
It was in high school after we immigrated to the US that those seeds took root. Reading "Compulsion," a story about the legal defense by the renowned civil liberties lawyer, Clarence Darrow, of the Leopold and Loeb murder case, encouraged me to enter law school with the dream of making my mark on the jurisprudence system. While interning in a corporate law firm, I was also drawn to the world of finance.
This shift in interest was not embraced by my parents, who as small-business owners, encouraged us to pursue a more stable profession, such as law, medicine or accounting. Yet, my career in law was short-lived as I joined Lehman Brothers, an investment bank newly spun out of American Express, to get closer to the business side. Under the mantra of "success begets success," Lehman rose through the league tables and I was fortunate to learn the craft from the industry's best practitioners. And while Lehman did not make its stated goal of reaching $150 per share, I loved the firm and the profession. I was and still am passionate about my clients.Read more: When my spouse got the job of a lifetime, my world crashed. This is how I fought my way out of it and reinvented my career
Facing an existential professional question
A career in Wall Street, while rewarding intellectually and financially, also comes with sacrifices and challenges. Last year I grappled with an existential professional question: Is my passion still there?
My current role as the global head of technology investment banking group is exhilarating. Technology is foundational to the digital transformation underpinning every modern organization. Whether shepherding next gen leaders into the public markets, or advising on mergers and acquisitions that reshape the landscape, the sector's dynamism mandates continued agility and creativity. My role also allows me to imbue in my team the art of the trade, and pass on my fervor for the business.
These experiences also presented me with the opportunity to join a public board, where I leverage the knowledge I have garnered to be a trusted advocate to our shareholders.
It takes a village
While pursuing a career, I also raised a family. Or more accurately, we raised a family. As well as a loving support system, my husband has always advocated for me and offered his hand, shoulder, and so much more when I stumbled or felt defeated and unappreciated.
So how did I become a not-so-accidental feminist? Well, it first depends on how you define one. I come from a line of strong women. My maternal grandmother fled her home at age 14 to escape the Nazis, and my paternal grandmother immigrated to a budding nation occupied by the Brits, not the Start Up Nation of today. My mother and sister are my rock, just like rock-star girlfriends, who did not view vulnerabilities as weaknesses. Together, we channeled our ambitions, frustrations and disappointments to charge ahead and reach new highs.
I also married a man who supported my passion as well as dedicated his career to women's health. I am proud, too, to work with confident, smart, forward-thinking men that serve as partners, mentors, champions and friends.
My generation of women burned the candle on both ends, which didn't allow for time to think about feminism. But we believed that we could have it all, and in fact, were practicing feminism. Only when my kids went off to college did I find the time to nurture the next generation of women, pay it forward and pray they find the journey easier, learn from our mistakes and define the world they want to live in.Read more: This is what happens to a woman's body when she's raising kids, working, and trying to have it all, according to a hormone doctor who warns it's easy to miss the signs of impending burnout
Rediscovering my voice
I grew up thinking that if you develop a skill set, work hard and keep head down, you will be recognized and rewarded. But I've learned that you must fervently advocate for yourself. Touting my successes is something that I'm still not comfortable with. But as I turned 50, I found my voice again, the same voice that advocated for causes when in law school.
So, what's next for me? The tech industry is vibrant and I have so much more to do in my current role. However, a more thoughtful response will require answering a question that I've been pondering: what am I solving for?
For me, it's intellectual engagement, passion for the cause, and more flexibility. These may open the door to new opportunities.
What are you solving for? I would love to hear from you.
Michal's formula for success and professional longevity
- There is no quick or simple route to success. Make sure you gain knowledge, skills and experience to be the one people turn to.
- There is no substitute for requisite hard work and commitment, though perseverance and sheer strength of will are critical for trying, failing and trying again.
- Listen as much as - if not more than - you speak. It's the ideal way to learn and gain insights about your clients' objectives and opponents' vulnerabilities.
- Building a business is a team sport. Assemble a strong, diverse team around you and empower them to execute and excel. Similarly, it is critical to build a network of support professionally and personally.
- Doing the right thing, always. It underpins the craft of being a trusted advisor, especially when making tough judgment calls, thereby earning credibility, trust and respect from clients, colleagues and adversaries alike.
- Have passion and fun. This is crucial to staying driven, engaged and motivated.
Michal Katz is a business leader, strategic advisor, and philanthropic advocate. She is Global Co-Head of Technology Investment Banking at RBC Capital Markets, and sits on the management committee of the US investment bank. She serves on the board of publicly traded Nuance Communications (NUAN) and is a trustee and treasurer of the GRAMMY Museum. Michal lives in New York with her husband, and has sophomore twins in college.