From barriers to boardrooms

The battle of the sexes rages on, especially in the business arena. Sarah Curmi, Maria Cauchi Delia, and Rose Marie Azzopardi are all involved in the world of finance and economics, albeit in different areas. Giselle Borg Olivier speaks to these three women about women's (developing) role in the finance industry.

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The disparity between the mainstream genders has been a much-talked-about and often heated debate for years, and we're nowhere near seeing the end of it.

The discord that comes along with gender inequality is based on several factors, a key one being financial freedom and access to finance. While women may be the ones holding their purses, it is often the men who are holding the purse strings, having the final say on how and where money should be spent—typically because they're the ones earning it.

This scene does not only play out during the younger years when wealth is still being accumulated. According to the OECD, women receive 26% less income from the pension system than men, meaning that they are always playing catch-up and often find themselves at the mercy of their male counterparts, who, thanks to their professional experiences and opportunities, typically have more acute financial knowledge and literacy.

Nevertheless, the situation need not be one of doom and gloom, as there may be light of progress on the horizon. The World Economic Forum stated that "women have the power to fundamentally reshape the financial services and investment landscape, as both investors and from within key financial institutions."

With this in mind, I asked three women who are all linked to the world of finance and economics about their experiences, opinions, and thoughts about the developing role of women in the finance industry. I wanted to speak to people with distinct roles and different experiences, thus opting for a business and academic viewpoint to garner a holistic view of the situation.

You'll be reading two viewpoints: the industry viewpoint, where we hear from Sarah Curmi, Audit and Assurance business leader at Deloitte Malta, and Maria Cauchi Delia, chief executive officer at the Malta Institute of Accountants, about their experiences in the corporate world, and the academic viewpoint, where Prof. Rose Marie Azzopardi, associate professor of economics (FEMA) at the University of Malta lets us know her views from the perspective of an academic.

The Industry Viewpoint

Can you share your journey in the finance industry and the key challenges you faced while breaking barriers to reach your current leadership position?

Sarah Curmi

Sarah Curmi: My career began at age 18, when I joined Deloitte, then known as Manduca, Mercieca, as an audit junior. I worked as an auditor within the firm, gaining a wealth of experience over the years as I was exposed to several different entities and sectors while working my way up the organisation. I was promoted to partner in 2008 when the finance industry was male-dominated. I was the firm's first female partner, which then had fifteen partners. As a partner, I have had several leadership roles and contributed to various areas across the organisation, which has allowed me to develop broad leadership and management skills. This experience continued to foster my business skills and ability to understand an organisation and its people more holistically and evolve my strategic thinking.

The development and harnessing of these skills allowed me to achieve success and recognition in my career when the industry and organisation were male-dominated.

Maria Cauchi Delia: Throughout my career, I have held various roles in the private and public sectors in Malta and abroad. Each little step has contributed to my growth and development and ultimately led me to where I am today.

While I consider myself fortunate not to have experienced gender-related discrimination in my professional life, each step has brought its own unique challenges, but this is a natural part of the journey towards leadership, and I have never been deterred by the obstacles that occasionally arise. Instead, I have always faced them head-on, determined to achieve my goals.

My experience includes practising my profession at a Big Four firm, at the National Audit Office, and as a sole practitioner. Every career move exposed me to different realities that contributed to my growth and acquiring new skills, which I am honoured to utilise today in leading the Malta Institute of Accountants. I am very proud of what has been achieved during almost a decade of my leadership. The MIA already had a strong name as the voice of the profession. Still, I am proud to have led a significant transformation, both in terms of internal growth and increased membership, but also as an important, trusted and respected stakeholder with a seat at the table in discussions on matters of national importance.

As a leader in finance, how do you use your position to influence company culture and promote diversity and inclusion within your organisation?

Sarah Curmi: Diversity and inclusion are significant focus areas within our firm, and we seek to ensure they are actively promoted in all we do. As a leader within the organisation, I ensure this is reflected in my actions daily by providing equal opportunities to individuals based on capability and potential, as evidenced by performance.

I try to encourage people within the firm to focus on self-development and their continued growth, both as individuals and within the organisation. I also offer support to other female co-workers who may be dealing with competing priorities in and out of the workplace.

Maria Cauchi Delia

Maria Cauchi Delia: I see myself as a leader and a team member within the organisation, dedicated to driving our ambitions forward. While I strive to lead and inspire, I also recognise that our growth and success depend on the collective efforts of the entire team. However, for this to work, a key element of strategic leadership is placing individuals in roles where they excel and empowering them with responsibilities that enhance their strengths.

I seek to set clear expectations and goals around these values, ensuring they are integral to our strategic vision. Leading by example, I demonstrate inclusive behaviour in all my interactions and decisions, which sets the tone for the entire organisation and the stakeholders we interact with. Still, at the end of the day, you must make the crucial decisions to ensure their effective implementation. Ultimately, the buck stops with you.

My current role provides the perfect platform to hone my inclination for driving positive change. Our profession is undergoing profound changes, with a stream of new legislation and regulation and the necessity to embrace realities associated with digitalisation and sustainability. This challenge provides an opportunity to improve staff inclusion. I seek to empower members of the MIA team to appreciate the opportunity in front of them: this is not just a job – it is an opportunity to lead and to drive meaningful change throughout the profession we represent and the wider industry, with an impact that extends beyond our organisation.

In what ways have you seen the finance industry evolve in terms of gender diversity during your career, and what further changes do you believe are necessary?

Sarah Curmi: Over the past 30 years of my career, there has been an increase in the number of women in leadership positions in the financial sector. There has been a shift due to increasing financial demands as the standard and cost of living increased, coupled with cultural changes such as the normalisation of working mothers. Nevertheless, there is still quite an imbalance between genders in top management and board positions in most companies in the local market. There is currently a drive to change this, aligned with the EU's Gender Equality Strategy, which seeks to make significant progress by 2025 towards a gender-equal Europe. Regulations will be implemented to promote more women in these senior positions by creating equal opportunities for all to achieve gender balance in decision-making. Locally, the opportunities for schooling and access to higher education are largely available to all. However, we do need to improve support mechanisms for families that would allow both men and women the opportunity to progress in their careers while building a family.

Maria Cauchi Delia: There has been a noticeable increase in women entering finance roles and taking on leadership positions. I recently came across NSO data showing that almost a quarter of all CEOs, senior officials, and legislators are now women. While there is still a long way to go, there is some progress.

Companies increasingly recognise the value of diverse teams and are implementing policies to support gender equality, such as flexible working arrangements, mentorship programmes, and diversity training. I am glad to see many more women taking up CEO, CFO, or other roles as board directors.

However, there is still much work to be done. To further advance gender diversity, it's crucial to address unconscious biases in hiring and promotion processes. Companies should focus on creating a more inclusive culture where women feel valued and supported. This includes offering more opportunities for career development, such as leadership training specifically designed for women and ensuring equal pay for equal work. I am enormously proud to lead a team at the Malta Institute of Accountants, where a strong female presence leads our daily activities despite a challenging environment and the technical nature of educational requirements.

While I believe that different genders can work out a new balance together, you sometimes need legislation to break barriers. According to EU data, women hold less than 18% of board positions in Malta's largest listed companies—nearly half the continental average. In this context, I look forward to the implementation of the Women on Boards directive that will apply to certain listed companies. However, its impact will be limited locally unless other companies adopt the spirit of the directive and ensure gender diversity on their boards. This is fundamental, not simply to ensure equality, but because women can offer a different perspective to help a company or an organisation grow.

How do you see technological advancements, such as fintech and AI, impacting opportunities for women in finance? Are there specific areas where women can leverage these advancements to lead and innovate?

Sarah Curmi: Through the increased use of fintech and AI technologies, we have access to more information and data that relieves people from having to do mundane tasks and allows them to focus on more value-added activities. These technological advancements bring about huge opportunities for growth through a combination of technology and people skills. People may need to upskill or re-skill; however, I view this as an opportunity for further growth. Though the tech sector is still heavily dominated by men, women are slowly entering this segment. I believe this will continue to grow in the future because of the sheer mix of males and females in the total workforce.

Maria Cauchi Delia: Technological advancements are poised to significantly enhance opportunities for women in finance. These technologies break down traditional barriers, offering more accessible entry points and flexible career paths. Fintech, for instance, democratises financial services, enabling women to start businesses or access markets that were previously out of reach. AI, emphasising data and analytics, levels the playing field by reducing biases in hiring and promotion processes, allowing women to advance based on merit.

Moreover, women bring unique perspectives that can drive innovation in customer-centric fintech solutions and ethical AI development. By embracing these technologies, women can enhance their careers and contribute to shaping a more equitable and diverse financial landscape.

The key is to actively seek out these opportunities and continue advocating for systemic changes that support women's advancement in the tech-driven finance sector.

What role has mentorship played in your career? How do you actively support and mentor other women aspiring to enter and succeed in the finance industry?

Sarah Curmi: I was fortunate enough to have worked closely with several inspiring leaders within our organisation over the years. I worked alongside one partner for many years, and under his guidance, I developed the foundational capabilities of leadership skills. Throughout my career, I have mentored many individuals, including many women, some of whom are now partners within the firm. My journey and experience as a mother of three daughters and having a very demanding career have made me very relatable to other women within the organisation. Sharing this experience with my female co-workers motivates them, as it shows how success in this sector is attainable while maintaining a family.

Maria Cauchi Delia: Mentorship is fundamental in a professional career. The field of accountancy is vast – from ESG to taxation, from audit to consultancy. A mentor can help you understand what you want to do. Having a mentor goes beyond simply setting and achieving goals; it involves having someone in your corner who offers valuable feedback, encouragement, and support to foster your growth professionally and personally.

Having had mentors who believed in my potential, I understand their profound impact on my development and success. I actively engage in formal and informal mentoring relationships to support and mentor other women aspiring to enter and thrive in finance. My door is always open to offer advice on career progression, share insights from my experiences, and help people address industry-specific challenges. I am always pleased to see younger professionals build confidence, set and achieve their goals, and ultimately succeed in the finance industry.

What advice would you give to young women looking to pursue a career in finance and aspire to leadership roles? What essential qualities or skills should they focus on developing?

Sarah Curmi: As women, we may feel that we need to choose between a career and a family life. Both family life and a professional career work within cycles of varying demands. What is critical is balancing time, where the professional and personal career cycles overlap in terms of demands. This must be managed by discussing with an individual's employer or partners, who increasingly recognise the importance of retaining key organisational talent. A strong support structure at home is also crucial to managing a professional career and a young family at the same time.

A strong leader must be a good motivator, a problem solver and, above all, a person who can inspire their team through their daily actions. You also need a good dose of resilience and mental stamina to navigate the corporate worl

Maria Cauchi Delia: To young women aspiring to careers and leadership roles in finance, my advice is to cultivate both technical and transversal skills. In terms of the former, we see more girls opting for finance subjects, so I think we broke all the glass ceilings there. However, transversal skills like leadership, communication, and resilience are equally important. Articulating your ideas clearly and persuasively is vital, as is the ability to lead and inspire teams. Networking is also crucial; connect with mentors and peers who can offer guidance and support.

Focus on developing confidence, believe in your abilities, and don't shy away from taking risks or voicing your ideas. Adaptability is essential as the finance sector is rapidly evolving, so stay flexible and open to learning new methodologies. Integrity is crucial; uphold strong ethical standards and build trust with colleagues and clients. Resilience will help you overcome setbacks and persistently pursue your goals.

Last but not least, seek continuous learning opportunities. Whether through formal education, certifications, or on-the-job experiences, staying informed about industry trends and advancements can position you as a knowledgeable and forward-thinking leader.

The Academic Angle

Rose Marie Azzopardi

I find that an academic viewpoint can be quite eye-opening and is perhaps not sought as often as one would like; however, most Maltese professionals have gone through a similar educational system. Therefore, one must ask those responsible for these professionals' academic development what they have experienced over the years and what they make of the changing industry landscape. Prof. Rose Marie Azzopardi, Associate Professor of Economics within the Faculty of Economics, Management & Accountancy at the University of Malta, shares her thoughts.

What specific challenges have you faced as a woman in academia within economics, and how have you navigated these obstacles?

I started my career at the University of Malta over 20 years ago. I was the first female lecturer in Economics within the Faculty of Economics, Management and Accountancy and the first female full-time lecturer. I sat on the Faculty Board representing the department, and there was mutual respect from my colleagues. The university, similar to other entities, has policies in place regarding gender equality and sexual harassment. Still, international research shows that discrimination within universities tends to be more subtle and complex to prove. The university is just another working environment where human nature, in all its positive and negative aspects, can take over.

There are always obstacles in life; in the end, you can only depend on yourself, on the people who love and support you, and on what you can do to overcome those hurdles. I focused on research and academic projects and became the first female Associate Professor in Economics at the University of Malta. There are three full-time female academics in the Economics Department, and we have more female students, so I hope we are ambassadors for female economists.

How does gender diversity among researchers influence the topics studied and the perspectives brought to economic research?

There are more female students at the University of Malta, which has been the case since the mid-1990s. Female graduates accounted for over 60% of all graduates in the last academic year. The fact that this trend is not reflected in the top echelons of the economy is indicative of powerful forces that keep the 'old boys' clubs and networks strong. This also results in segregation in certain professions.

Although nowadays, the number of female lecturers and professors has increased, this has minimally affected females' choice of profession. This reflects the educational system at a lower level, the guidance students are provided with when choosing their areas of study, and sometimes also the pressure from families and friends. However, several campaigns encourage females in STEM subjects, which must be accompanied by 'evidence' of females in top positions in such areas within the economy. But if people only see men in CEOs' musical chairs, their expectations from a career become limited, and they choose professions that provide them with, for example, a better life-work balance, shift work, or the same holidays as children. (The term work-life balance is incorrect as it focuses primarily on work rather than life.)

The economy loses talent and potential when it ignores valid people, whether women or men. This is then reflected in labour productivity. I believe the topics chosen by our students for economic research are varied and relate to every day financial issues, and I do not think they are conditioned by gender.

How do you see technological advancements, such as fintech and Artificial Intelligence (AI), impacting opportunities for women in economics? Are there specific areas where women can leverage these advancements to lead and innovate?

AI will continue to change how the labour market operates, and many jobs will be altered. All jobs will be affected somehow; some will become obsolete, and others will require new skills. AI does not distinguish between sexes, but how AI is embraced and accepted depends on the worker's personality. Some may feel threatened by AI, while others may feel it is a new area they can delve into. I think that women and men have the same potential to leverage the opportunities offered by AI. Yet, somehow, how AI is presented to students will likely lead to another area dominated by men. This is already happening in other countries. Therefore, we must project that women can be leaders in AI areas, not merely support staff. The media has a role to play in this respect.

Do you believe female graduates are frequently overlooked for higher-level positions in economics?

The simple and short answer is yes. You only need to look at the economy to see that women do not hold prominent economic positions. You will find some women on the mid-range management scales, but men generally occupy the very high levels. This is across the whole economy. If, for the past 28 years, we have had more female graduates than males, is this reflected in the hierarchy of the job market? I do not think so. I also believe that there are still societal pressures that put the onus of caring for the family on females, and this is evident from data that shows that it is more likely to be women who opt for flexible hours, part-time work, reduced hours, career breaks and other family-friendly measures, which are female-friendly measures. 

How do you approach mentoring female students and junior academics in economics, and what initiatives do you believe are essential to support their growth and development?

I do not like distinguishing between females and males in studies, academia, or any job. I think the value of a person is not in their gender but in what that person's potential is. I do not believe in giving women extra attention. That works against women, as they are seen as weaker and needing special attention. That is why I do not believe in quotas, for example. Such systems backfire and present women as unable to compete. Quotas are a disservice to genuine women. Economics is about competition, and what women need is not a cushy way forward but a level playing field where they are treated as equals, fairly and justly. Women can compete if the rules of the game are equal for men and women alike. At the moment, those rules are not the same. Men continue to hold the majority of top positions, not because they are smarter or more capable (although the top grades on various exams and the graduate percentage suggest otherwise), but because men prefer to put men in those positions.

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