I just finished reading a New Yorker article by Laura Hemphill, Why Women Should Skip Business School. On my very first reading of the article, it left me bristling and the feminist inside me, that rarely comes out, (Feminism and Post Feminism is all very passé! ) kind of exploded. Ms. Hemphill, herself a survivor of mad-bad world of Wall Street and now an author (She has written a book on a young woman’s survival in the financial world called Buying In – “In” seems to be in; remember Lean In by Sheryl Sandberg!) makes some sweeping assumptions. Though she backs it up with enough data sources, one cannot help but get irritated with the constant chorus of the article – business school is extremely expensive and women don’t make much of it since they by mid 30s, they have a home life to address. Therefore cost benefit analysis shows that women should in fact use the two years to advance in their career instead of opting for Business School.
My first reaction is that she is being extremely narrow in her views; though Finance is a man’s world and there are enough horror stories of women in struggling to gain a footing in this field (that is a whole new post!) there are plenty of women who make it and stay on the top. ( Irene Dorner of HSBC, Edit Cooper of Goldman Sachs, Lara Warner from Credit Suisse etc). While I agree with her that unlike Law and Medicine, a degree from business school is not a pre-requisite to succeed in finance or related industries, one cannot deny that advance knowledge of matter will only help and not hinder. Finally in the era of communication and social responsibility, there are many women who are going full steam in their careers while successfully managing their home lives.
Now after writing all of this, I have to step back and think – I have been working in the financial industry for over 9 years now and have moved from the entry-level to now mid management and have seen how gender opportunities evolve. Though I work for one of the most gender sensitive and sincere organizations, I have loads of friends who belong from this industry of both genders and I have seen the highs and lows of their careers and I have seen how the gender role not consciously but sub consciously seems to affect career choices. Your employer has to do nothing, you will do it yourself!
I have a friend who works in hard-core retail finance – she is one the smartest women I know and her understanding of Analytics and Six Sigma leaves industry gurus gasping for breath. Yet recently, she gave up on a very lucrative career advancement opportunity and instead settled on a relative low-key role because she had a 1-year-old daughter to bring up. She was candid enough to tell me that for the next 7 odd years, i.e. until her daughter is 8 years old or so and her dependency on her mother reduces, my friend will sit tight on the wilderness of career advancement and bide her time out. She has a husband who is at a lucrative position but travels constantly and therefore she is completely fine with her low-key role where she get a decent remuneration and but most importantly gives her flexible timings and working hours. Career Advancement will come later, much later. Yet another friend, again very successful and very driven recently declined moving to a new organization that was offering her a better position, a much better pay and benefits because she discovered that she was pregnant. She told me that while her though her current employer did not value her work as much as others, and she had been time and again ignored for promotions, one cannot deny that after working for so long with them she has built up a comfort level and they will be more accommodating of her leaves and other personal needs during the next 9 months than a new organization where she still has to build up her credibility. True, she has to put her advancement on hold for good two years, but at 31, she said her personal life takes priority. These are all examples of women in the fast paced financial industry – even in the more “softer” industries like Art, such choices are being made daily. My sister, a double MFA from University of Boston in Literature and Fine Arts, worked for 8 years in one of the leading Museums where she used to head the Art Restoration department. After my niece was born, she took a complete hiatus from career for good 9 years – true she made that choice willingly and she wanted my niece to have a good home life and not go through some of the downward effects of having a full-time working mother, which my sister and I had ( I never felt there was any downside of having a working mother, but she contends that some of our life choices would have been more thought through if we had more face time with our very kind but always short on time parents). However today when my niece is 12 and quite capable of managing herself, my sister did not go back to the Art field which she loved but instead settled for a teaching job at a Private School since it gave her more time at home and with her daughter.
All of this makes me think that maybe, just may be Ms. Hemphill has a point. She may be right when she states “isn’t the most important thing for a woman to work as hard as she can and advance as far as possible while she’s still in her twenties and her life is as uncomplicated as it’s going to get? That way, by the time she’s a decade or so along, she’ll have more savings, more job experience, and more bargaining power—all of which translate into more options.” Again I do not want to make sweeping assumptions and there are different stokes for different folks, but there seems to be a significant population of women who attest to the fact that sooner the women get started in their business careers, the better it is.
Does this mean that this is a reinforcement of traditional gender roles? The man of the house earns the bread and the lady manages the home and hearth? I do not think so; I think this is an over-simplification of the matter. Today most men are equal partners in household chores and managing home front than ever before – these men cook, clean and babysit without qualms and don’t have any inhibition on how these exercises my dint their machismo. In a nut shell, they are cool with it! The women on the other hand make conscious choices to put their home life ahead of careers. At the end of the day, they choose to have a baby and bring him/her up, but it was and is their choice. This in itself shows a lot of empowerment and the self-belief to design their destiny. True, it might entail a career step back for a couple of years, but then these women are happy with their decisions.
Last Word – The woman should make her choice that enables her to lead complete and fulfilling lives instead of going – Shit! I wish…Business School or no Business School!