Olga Constantatos, Head: Credit at Futuregrowth Asset Management believes the differing attitudes towards men and women needs to change. It’s often a no-win situation for women, who are seen as being distracted employees when they are trying to be a good mother, or seen as a bad mother if they spend too much time at work. Men are often seen in a different light, as good parents and productive employees. Read more about her experiences.
Career Journey and Challenges
Can you share some key milestones and challenges in your career journey that led you to a senior position in the finance industry?
It started with choosing to become a CA(SA), a degree and professional qualification that equipped me with a strong financial and accounting technical background as well as the exposure to financial services and investments that I got as part of my articles with KPMG. Subsequent to qualifying, there was lots of hard work, putting my hand up for new opportunities/projects and a measure of luck in getting the opportunity to work with some of the smartest and well-rounded people in the industry – like Lance Katz and Sello Moloko – who were both instrumental in mentoring, leading and guiding me.
Some challenges included feeling I constantly had to prove myself and my worth and feeling isolated and unsupported through pregnancy, and my son’s early years when I worked long hours and felt like I was both a bad mother (when I was at work) and then a bad employee (when I was at home).
I have been very fortunate to have a supportive husband who is an equal partner in every aspect of our lives, and to have worked in environments and with people that have – in the main – been empowering, energising, dynamic and that have provided me with growth and learning opportunities.
Gender Diversity and Inclusion
How do you perceive the current state of gender diversity and inclusion in the finance industry, and what changes have you observed over the years?
I think it’s fair to state that the industry – both globally and in South Africa – does not score well in terms of gender diversity, both at the senior and junior levels. When I started my articles in 1996, there was one female partner in the Cape Town office, and in my first job in the investment industry in 1999, there was only one female portfolio manager in the company. And while there has been an improvement in the number of senior women in decision-making investment roles, my own experience and the various stats[1] on this, all seem to point to the fact that we are not yet at the point of gender parity.
Of particular concern to me is the seeming low levels of young females that are choosing to pursue a career in finance and investments and the reasons for this need to be unpacked and addressed. The other is that women’s careers can get interrupted during their child-bearing years or their pathway to senior management may be delayed (or even derailed) and we need to find ways to address this so that we can get better representation of women in key decision-making roles.
Work-Life Balance
Balancing work and personal life can be particularly challenging in demanding roles. How have you managed this balance, and what advice would you give to other women aspiring to senior positions?
The work/life balance question is one that I believe should be asked of both males and females in demanding roles. Generally, the responsibilities of the home, caring for children and/or elderly parents still often falls overwhelmingly on women. If this is happening, there is perhaps a need a reconsideration of family responsibilities within one’s family unit.
I also think that the time has come for people in senior leadership (usually men!) and organisations to be fair about their view on how and when women and men structure their work schedules to allow for this balance – where men may be lauded for being a “good dad” for scheduling their afternoon such that it allows them to watch their child’s hockey match or music recital, women may not necessarily be seen in the same light and the narrative instead may be “she’s off work watching her kid again”. The narrative in an organisation may be that men can be both good parents and productive employees, whereas often the narrative may be more binary for women (e.g. if she is a good mother, she is a distracted employee, and if she is a good employee, then by default she’s a bad mother for spending so much time at work). This shift in view, and a fair application of the same standard to both men and women, will go a long way in helping us all (men and women!) to be more balanced between work and our personal lives.
The advice I give is to anyone – regardless of gender – and includes developing the critical skills of being time efficient, becoming adept at prioritising, organising and delegating, being able to ask for help, as well as having the appropriate levels of support (both at work and at home). Oh, and the concept of “done is better than perfect” is another life hack that I subscribe to.
Mentorship and Support
Have you had mentors or role models who have significantly influenced your career? How important do you think mentorship is for women in finance?
Mentorship is important for everyone in their careers and personal development. I have been fortunate to have had the opportunity to work with some of the smartest and well- rounded people in the industry. From them, I have learned valuable technical skills as well as been guided and mentored, challenged and supported.
Of immense value to me has been the “sisterhood” of trusted women friends (some of whom are classmates/friends from university and articles, as well as current and ex- colleagues) who have been a huge source of support, wisdom and camaraderie. I’ve benefitted from us sharing our experiences, challenges and dreams in navigating what can sometimes be a lonely path. I would encourage all women to find like-minded sisters and to build those bonds and support networks. And as you get more senior, and if the opportunity arises, find younger female colleagues and include them in your own “sisterhood” by sharing your own experiences and supporting them in their journey.
Future of Women in Finance
What do you believe are the most critical steps the finance industry needs to take to support the advancement of women into senior roles? What initiatives or policies have you found to be most effective?
My suggestion would be that the industry looks at what is effective in attracting and retaining young women in finance roles, as well providing them with opportunities to lead and manage, to promote them and provide them with a pathway to seniority. Company culture is important to consider, as is the environment, how decisions get made, whose voices get heard, an appreciation of everyone’s unique contribution, an awareness of bias and an environment where opportunities are provided for people to thrive.
I also think that “family responsibility” benefits should be standardised for men and women and – for example – it should be normalised for men to be able to take “parental leave” beyond the standard few days when their children are infants.
Pay parity is also of critical importance – men and women doing the same job at the same level of effectiveness should be paid at the same levels. That this is not the case the in 2024 in South Africa[2] is alarming.
Sources:
[2] WEF Global Gender Gap Report 2024, which indicates that South African women earn 78.5c for every R1 that their male counterparts earn.
