Career Advice from Three Leaders

We recently hosted an event at Morningstar’s Chicago office with several women’s groups in our industry. It was an inspiring afternoon and provided valuable advice about building your career. The event featured a panel of accomplished women—Ellen Costello (Corporate Director and former U.S. Country Head for BMO Financial Group), Cheryl Francis (Co-Chairman of the Corporate Leadership Center and AON, Morningstar, and HNI Corporation Board Member) and Catherine A. Rein (Independent Director and Chair of the Audit Committee for BNY Mellon). They shared their career stories and answered questions from the audience in a refreshingly candid, personal, and open style. It was one of the most memorable events I’ve attended this year.

A few highlights:

You don’t need a career master plan. All three women said they didn’t plan out their careers. I thought this was a liberating view that takes pressure off people who are early in their careers and think they need a fully mapped out plan. Cheryl Francis likened it to crossing a stream. You know you want to get to the other side, but you cross the stream one rock at a time, only seeing the next few rocks. Careers are the same way. Find a place you can contribute, maximize those contributions, and then try to create more options for yourself when you make your next career move.

Develop leadership skills in a safe environment. You don’t have to wait for a promotion to develop your leadership skills. Look for opportunities outside work—a non-profit board, your church, recreational groups, and so on. These groups are hungry for people to step up and take on leadership roles. Take advantage of these opportunities to develop leadership skills where there is no downside.

Know yourself. All three women emphasized how important it is to know your strengths and weaknesses, because once you do, you can build a team around you to complement your skill set.

Take a risk. Don’t be afraid to try something outside your comfort zone. Ellen Costello told the story of taking an assignment on the bond desk of her bank. It was a different environment than she was used to, but she was glad she stuck with it. Don’t be afraid to take a lateral move or even a step down in the organization for the right developmental opportunity, especially running a profit and loss center.

Mentorships should be reciprocal relationships. Catherine Rein said whenever she mentored someone, she asked for something in return. She told the story of mentoring a woman in Albany who held a lower position in the organization. Catherine told the woman she was happy to mentor her, but in return, she wanted the woman to tell her what was going on in the field, how the average employee perceived actions by the corporate group. Mentorships where both parties receive something are more likely to be enduring and substantive.

The panel of women also discussed balancing their careers with having families, who inspires them, and their habits. It was refreshing to be at a meeting without an agenda other than to learn from each other. The women shared personal, candid stories and set a tone of openness. The audience connected. Even though this was a women’s group event, the advice shared benefited both men and women in attendance.

A quick aside about our women’s group, which we call the Morningstar Women’s Initiative, or WIN for short (men are welcome to join, too). We started WIN less than a year ago and already have 220 members out of a population of 1,600 employees in the United States. That’s the fastest-growing group I can recall at Morningstar. This was the first event that we held in coordination with the women’s groups at other companies (BMO Harris Bank, Deutsche Bank, UBS, and BNY Mellon). The event was very well received, and we look forward to expanding WIN and connecting with other firms.