Shifting dynamics

Imagine a future where women are leading the charge in finance, shattering glass ceilings, and redefining success. Gies College of Business at the University of Illinois Urbana-Champaign is helping turn this vision into reality.

Through its innovation programs, purpose-driven curriculum, and abundance of networking opportunities, Gies Business is helping women find their place in the world of finance. With programs like the Women in Finance Academy, the College is providing opportunities and opening doors for women – showing them that a career in finance is not a one-size-fits-all proposition.

When women bring their passion for finance to Gies Business, the College ignites opportunities, helping them hone their academic success into fulfilling and purposeful careers.

Now, a new generation of women is intent on meeting the challenge. A few of the many examples include:

Evelina Astranskas, a junior and president of the Gies Women in Finance Academy, spent high school helping her immigrant father calculate loads as a truck dispatcher.

Neela Gilbert, intrigued by finance during the pandemic, picked up the book How Money Works and then asked her dad to open a custodial trading account. In 2024, this junior gained a global perspective on investment through a 10-day immersion with Cape Town entrepreneurs and small business owners.

Natalie Heth discovered her love of finance through her central Illinois high school’s business academy. This junior is now honing her skills as a senior analyst for Gies Business’ highly competitive Investment Management Academy.

Elizabeth Kuruvilla was inspired by how her father helped families solve problems as an accountant in India. The Gies Business master’s in finance program exposed her to multiple career paths that will help her continue his legacy of making a meaningful impact in people’s lives.

These four women exemplify a growing trend that includes more than 400 Gies Business undergraduate and advanced degree students pursuing careers in finance, including traditionally male-dominated areas like investment banking. Women now comprise nearly one-third of Gies Business finance degree earners, and they credit the College’s curriculum and learning community for giving them the confidence and skills to break down persistent gender barriers in the financial services industry.

Initially nervous about how she would measure up in the finance field, Gies Business finance major Neela Gilbert said, “Gies taught me how to put myself out there in places where I’m uncomfortable. I’ve become very comfortable with assimilating into a male-dominated profession without losing who I am.” Gilbert will intern this summer Wealth Management at BMO Harris in Chicago.

Financial institutions see value of women leaders

“This is a hot topic right now – the volume of symposiums and conferences specifically targeted to women in finance is skyrocketing,” said Julia Hart, director of the Women in Finance Academy at Gies Business and the Country Financial DigitaLab site director.

The Women in Finance Academy is designed to boost awareness about the full spectrum of career paths in finance and address the challenges unique to women in the finance world. It stands out from most campus programs because, in 2021, it transitioned from a registered student organization to a for-credit course. Gies Business students earn one credit for each semester they participate.

Hart continuously updates the Academy’s reading requirements and speaker series on topics ranging from angel investing to risk management to cryptocurrency. The Academy also hosts professional development seminars, as well as networking and learning opportunities with top firms, including BMO, CNA Insurance, and JP Morgan.

Gies Business alumna Amy Spachner (FIN/ACCY ’07), who has spent most of her career in commercial banking, serves as a guest speaker for the Academy and has hosted Gies Business students at CIBC’s Chicago office. The firm sponsors information sessions and panel discussions that expose students majoring in finance to the large variety of career options.

“Our goal is to expose students interested in this industry to the right people, guiding them in their search for potential career paths and opportunities upon graduation,” said Spachner (left), whose firm recently hired Women in Finance Academy member Eva Hahnfeld as an analyst. “I encourage them to make connections and form relationships with professionals and peers now. Those bonds are powerful and can be long-lasting.”

According to the Deloitte Center for Financial Services, the number of women in the financial services industry C-suite is incrementally rising, and it is expected to grow from 19% today to 22% in 2031. That tracks well below the general corporate marketplace: McKinsey’s latest report on Women in the Workplace notes that women make up 29% of C-suite positions, and it may take nearly 50 years to reach parity. While entry-level positions more modestly favor men, McKinsey warns of the “broken rung” of female promotions; for every 100 men who received a promotion in 2024, only 81 women were promoted.

Indeed, it appears that market dynamics are shifting. Financial institutions are actively seeking to increase female representation to address the growing influence of women in financial decision-making at the corporate and individual level.

“Different experiences and perspectives are incredibly important, especially in an industry like banking, which has historically been male-dominated,” said Lauren Voigt, a campus recruiter for Houlihan Lokey. “A diverse team is more likely to identify opportunities others may not see. Also, studies show gender-diverse leadership teams outperform their competitors.”

Women have the power to fundamentally reshape the financial services and investment landscape, as both investors and from within key financial institutions, according to the World Economic Forum. They say financial institutions could unlock an estimated $700 billion by better serving women as investors.

Breaking down barriers requires collective effort

“You need a critical mass of senior women to create true change,” said University of Illinois alumna Andie Kramer, author of Beyond Bias: The Path to End Gender Inequality at Work and a recent speaker at Gies Business. “Our data shows that women often hold themselves back – particularly because they buy into the stereotypes and biases about women in finance – and they don’t reach for the opportunities where they’ll make the most money.”

Mayling Alonso’s finance journey started in the Division of General Studies before transferring into Gies Business. Now a senior, she emphasized the importance of continuous learning and exploration.

“I initially thought finance was solely about investing,” she said. “But through Women in Finance and other business organizations on campus, I gained insights about fields I didn’t know existed, such as intellectual property valuation. I’m now using my Gies network to learn more about it.”

“Talking with startup founders opened my eyes to the fact that with finance, you’re not locked into one career for the rest of your life,” added Neela Gilbert. “It quelled my fears about which path to take and showed me I have a lot of options.”

Gies Business alumna Jennifer Laird (FIN ’02), managing director and global head of client service at New York-based Neuberger Berman, which partners with business schools like Gies Business to recruit more women into the industry, believes companies that invest in diverse talent pipelines are making a quantifiable difference.

“Firms are being more deliberate about trying to level the playing field,” Laird said. “The ratio of women to men in financial services is shifting. As we look toward the future at our firm, we see women increasing within the senior vice president and vice president ranks, which reflects not only our recruitment efforts, but also retention programs that prioritize professional development and advancement, mentoring, and internal mobility.”

Amy Spachner adds that her firm, CIBC, aims to foster a sense of belonging for women within their large organization.

“We work to retain our best people by creating networks, mentorship programs, and actively encouraging feedback about our culture,” she said. “Our approach is very grassroots, and it’s successful because it gives women the opportunity to bring their authenticity and true self to work each day.”

Creating access to opportunity

Confidently pursuing top financial positions is only one factor in achieving gender parity in the financial services industry, according to academics and professionals in the field. Historical and cultural factors, compounded by a lack of exposure to female role models and mentorship opportunities, contribute to the challenge.

“It’s difficult because on some level, you want to be able to say, ‘I'm capable, and it doesn't matter whether I'm a man or a woman,’” said Denise Maple, a clinical assistant professor of finance at Gies Business and a business consultant with 20-plus years of banking experience. “And yet, when you find yourself in the thick of it, there is still so much conscious or unconscious bias. Ignoring it isn't going to make it go away. We show women how to spot it and then how to manage it."

Making informed career choices

Young women who lack exposure to finance careers – through their high school curriculum or family members – often gravitate toward more familiar territory, such as accounting or marketing, when selecting a business major. Top business schools like Gies Business play a crucial role in disrupting that thinking.

“Choosing a major is a stressful decision,” said Kristina Wright, director of the Gies Business Office of Career and Professional Development. “Some come to Gies with a clear vision, but for many others, it’s a challenge to pick the best path.”

Wright believes that Gen Z, in particular, values meaningful careers, financial security, personal/family life. Gies Business works to serve these learners by providing guidance and exposure to career paths through the Women in Finance Academy and mentorship from female faculty, many of whom have had successful finance careers before transitioning to academia.

“Many of our students had parents who experienced job loss during the pandemic, or their families have struggled with an uncertain economy,” Wright said. “Job stability and clear career paths are a priority.”

Wright aims to foster access and opportunity through a curriculum that prepares women to reach their full potential and make meaningful contributions to the world.

One example of this type of contribution that women at Gies Business can look to is Dean Brooke Elliott (right), who, in 2024, became the first woman to serve as dean of Gies College of Business. A 20-plus year veteran of the College’s faculty, she was also previously the first woman to lead the renowned Gies Business Department of Accountancy.

“The women at Gies are talented and ambitious, and it’s our job to give them the tools to ease any headwinds and build confidence so that they have every chance to succeed,” Elliott said.

The Gies Business Advantage

Gies College of Business stands out among top business schools for its innovative approach to breaking down gender barriers in the classroom and beyond.

“Access is at the core of our strategy,” Elliott said. “The faculty we hire, the courses we offer, the programs we create and grow are all designed to prepare smart, savvy Gies women to succeed in rewarding careers at every level of a financial institution.”

Instead of confining career exploration to extracurricular activities and job fairs, the Office of Career and Professional Development partners with faculty to embed career education into the classroom.

“Professors are huge influencers, so when they give class time to work on career development, it telegraphs its importance,” Kristina Wright said.

Career exploration and guidance

The College’s goal is to level the playing field for those unfamiliar with all their career options.

“As a child of immigrants, I had no exposure or connections in the finance field, which led me to first lean toward accounting,” said Gies Business alumna Izabela Kwietniewski, (FIN/BA ’23), who turned an internship at JP Morgan Chase into a full-time job as an analyst. “Gies provided me with the resources and community to learn about different fields and explore new career pathways. My advice to younger students is to say ‘yes’ to new opportunities even if they scare you.”

The College’s long-established Golder Academies, named for private equity industry pioneer and alumnus Stanley Golder, offer academic and career-building opportunities to exceptional students. Each of the three academies – Finance, Investment Management, and Investment Banking – is led by a distinguished professional who has extensive experience in the corporate financial world and a commitment to share that experience with the next generation of business leaders.

For students, that ensures a practical, real-world focus that gives them unparalleled insights and connections to the world of finance. They are exposed to on-site finance firm visits, networking opportunities, and advanced technical training.

“A senior in one of the Golder Academies kept it real for me, reminding me that the skills I was learning – especially the technical ones – were transferable to whatever aspect of finance I wanted to explore next,” said senior Shruthi Sathyanarayanan, a finance and accounting major at Gies Business.

“You’d be surprised at how many young women think that a career in finance means working at one of the top four banks – but it’s so much more than that,” Julia Hart said. “Every business has a finance component. It’s important to focus your career exploration on more than the top brand names.”

“There are major opportunities for women looking to pursue marrying operations and tech with finance,” added Joanna Herrick, chief growth officer at TorreBlanc and a Women in Finance guest speaker, “They will be on the front edge of how AI and machine learning will evolve the industry as financial institutions adopt these tools into the functionality behind their core product offering.”

Tailored paths tied to interests

In 2024, women accounted for 29% of undergraduate, 41% of master’s, and 29% of doctoral students pursuing finance-related degrees at Gies Business. They’re taught by faculty who bring a combination of professional finance experience and groundbreaking industry-related research.

Gies Business students can tailor their undergraduate business education to their interests, and the College encourages them to explore all areas of study for at least a year before declaring a specific major. To further broaden their expertise and open even more career paths, students can double major (popular combinations with finance include accounting and information systems), or they can pursue the finance + data science (FIN+DS) degree, which adds an in-depth layer of data science knowledge to their education.

Master of Science in Finance (MSF) students navigate a similarly broad and flexible three-semester, on-campus program specifically designed for individuals with diverse backgrounds. The MSF caters not only to those with business minors or liberal arts undergraduate degrees but also to those working in STEM-related fields. Gies Business recently added a spring admission cycle, targeting those with prior work experience who want to streamline earning an advanced finance degree.

“We bring intentionality to our student engagement,” said Karla Lucht, senior associate director of finance graduate programs at Gies Business. “Our holistic approach to creating a hands-on community gives women the tools they need to rise within their organizations or pursue new career paths.”

Established in 1958 and believed to be the nation’s oldest specialized business master’s program, the Gies Business MSF has emphasized developing both core competencies and soft skills. It draws a large base of international students who find it beneficial as a bridge from undergraduate degrees in their home country. It creates an opportunity to earn a STEM-designated, globally recognized master’s degree that allows students with F-1 status to remain in the US for up to three years on Optional Practical Training (OPT).

“We place equal emphasis on academic excellence, professional development, and fostering meaningful connections with fellow learners,” Lucht said.

“Becoming part of the MSF program changed my career trajectory,” said Aanika Aery (MSF ’24), who began her “dream job” at Goldman Sachs in Salt Lake City immediately after graduation. “I chose Gies because it was the most warm and welcoming school, which has made me feel more connected throughout my journey. I’m encouraged to embrace my achievements – big and small – and learn how to explain my career path in a compelling way.”

Specialized academies develop practical skills

Envisioning oneself in a finance career starts with a role model, according to Rich Excell, clinical assistant professor of finance and director of the Gies Business Investment Management Academy (IMA). He has built derivatives trading businesses around the world and has overseen global equity hedge fund portfolios.

IMA, one of Gies Business’ three Golder Academies, typically attracts students who are interested in managing money. It takes a broad look at investment management in a highly practical environment that focuses on technical skills and decision-making. Women account for more than 20% of IMA’s members – double what it was a few years ago, says Excell – and about 40% of attendees at the Fall 2024 IMA information session were women.

“It goes beyond how to pitch a stock,” Excell said. “We teach how to run a fund and manage the risks. They learn how to report findings, recruit new members, and develop new business areas. Most importantly, we put our students in real-life situations and give them the practical knowledge, skills, and applications they need before they graduate.”

“I can’t recommend IMA enough,” said Natalie Heth, a junior double-majoring in finance and accountancy. “It shows you what it’s like to have a job managing money. It’s a lot of work, but I’ve learned true technical skills: You’re building models, participating in class discussions, reading equity reports, so I have been able to hit the ground running in job interviews. This year, I’ll manage an energy sector portfolio.”

Excell is also part of a team focused on continuing to grow the Investment Management Academy and AXIS Risk Management Academy to make them accessible to more learners throughout their time at Gies Business. The College also recently launched the Real Estate Finance Academy and Derivatives & Trading Academy. Students earn credit toward their degree for every semester they participate.

“I look for women alumni to become the face of this franchise,” Excell said. “There are plenty of successful women in finance, and we do everything we can to get these role models in front of our students so they can visualize what they can become.”

Building confidence and connections

The Women in Finance Academy augments what women learn in the classroom and through experiential learning opportunities.

“The goal of the Women in Finance Academy is to put women on the path to reaching the upper echelon of finance,” Denise Maple said. “They get exposure to the spectrum of financial careers, skills, and knowledge training, as well as a supportive community.”

The size of the pipeline matters, according to a McKinsey global research study on Women in the Workplace. It found a quantifiable multiplier effect: For every woman added to the C-suite, two-to-five more women are promoted to senior leadership roles within their organization.

“We’re teaching them how to find their voice, learn how to network, how to collaborate, and build their confidence for working in a male-dominated industry,” Julia Hart said. “We create more intimate interactions in a space where it’s okay to speak up and ask for help. We also plan to add certifications and more tech-skill building into the curriculum to fill in those gaps where they aren’t as proficient as they could be.”

In addition to classwork and academies, students are encouraged to join one of several business fraternities on campus. They offer additional one-on-one mentorship and tips on the process of landing an internship or first job.

“Gies nudges in a good way,” Elizabeth Kuruvilla (MSF ’24) said. “The responsibility is ours to grab onto opportunities, but the faculty are certainly there to share insights that help you navigate capitalizing on them.”

“I’m comfortable reaching out to any woman in finance – whether professors or professionals,” Evelina Astranskas added. “They’re happy to talk about their experiences and offer advice.”  

Empowering women to break barriers

At global investment bank Nomura, Gies Business alumna Shreya Rathi (MSF ’19) is leading an initiative to create an internal database of Gies Business alumni as a way to strengthen those rungs for women seeking senior positions.

“Our goal is to contribute to a culture that retains diverse talent and enables women to reach the managing director level and make a big impact on the organization,” Rathi said.

Investment firm Baird has created two initiatives to recruit more women to the company. It selects 50 women from hundreds of applicants to attend Thrive, a one-day event that previews a career in investment banking and offers information sessions and networking opportunities. In 2022, it also launched a two-year internship program targeting undergraduate women called Ascend that begins the summer after their sophomore year.

“It’s all about creating a quality pipeline,” said Lazaro Carranza, a global investment banking campus recruiter for Baird, Chicago. “We’ve been extremely impressed with the level of performance from these women. They hit the desk and quickly held their own.”

The Gies Business women in finance – educators, students, and alumni – have created a learning community that builds skills, confidence, and connections to open doors to opportunity.

“What I’ve loved about my Gies experience is that we are always encouraged to take the initiative and go after what we want,” said Heth, who begins working for JP Morgan this summer. “That’s why so many of us are able to earn these coveted internships and first jobs.”