Moms say they are fulfilled in the advisory industry

Moms who work in the advisory profession say they are fulfilled in their careers, with 9 out of 10 saying they are highly satisfied in their chosen careers.

That was the main finding from a survey on understanding the experience of mothers in advisory firms, conducted by The Ensemble Practice.

The survey found most mothers in the advisory profession feel confident about their professional path and agree that their firm is a supportive environment for raising children. Most respondents have no intention of leaving their job in the next two years and are 95% likely to recommend their firm as an employer.

Those who own their firm are happier in their career than those who are employees. Owners feel better supported and more confident in their long-term professional trajectory than do women who work for someone else.

The happiest moms tend to work at smaller firms led by women. They are aligned with the firm’s culture, trust their leadership, and feel their voices are heard and valued.

Other factors leading to mothers’ career satisfaction include access to work-from-home options and the ability to take time off without pressure or guilt.

Moms report challenges with balance

Yet moms report challenges as they balance caring for their families with working in their careers. Many believe they are falling short or sacrificing their personal interests to keep up with their jobs. Seven percent of mothers said they feel deeply dissatisfied with their careers, and most of those dissatisfied mothers are parenting infants or toddlers.

The report categorizes moms into three career happiness levels: very happy, content and challenged. While the first two reflect moderate to high satisfaction, the challenged group reports lower — but not entirely negative — scores, highlighting a need to better understand the factors impacting their career happiness.

The typical respondent has been with their firm for seven years and in their current position for four years. On average, they work 40 hours per week and report a median total compensation of $185,000. Moms in the study have a median of two children, and 29% have at least one child who is three years old or younger. More than half (53%) are equity owners in their firm, and 8% have synthetic equity. More than half (56%) work in advisory roles and 11% are in operations. Nearly one-third (31%) are executives.

Facing the question of “should I stay, or should I go,” 16% of respondents said they are looking for another job, 6% had actively searched but not applied and 10% had applied elsewhere. Another 30% had considered leaving but took no action while 54% had not considered a job change.

Moms seek money, balance and growth

More money, more balance and more growth top the wish lists of the moms who were surveyed. Nearly 1 in 3 moms listed higher income as a top goal for the next two years. Nearly 20% of moms said they want to reduce the overall amount of time they spend working. Yet moms seek career growth, with 16% seeking to purchase equity in their firm and 13% looking for their next promotion.

The report recommended some action steps to help mothers and advisory firms thrive.

• Respect motherhood and ensure that moms don’t feel torn between family and career.
• Identify and develop women leaders who will, in turn, guide firms toward more mom-friendly policies.
• Provide moms with a career track and design those tracks to accommodate motherhood.
• Foster a culture that embraces, rather than just accommodates, motherhood.

'A source of strength for the industry’

Brandon Odell, partner and director of business consulting at The Ensemble Practice, said his team “was pleasantly surprised to see the level of happiness reported by participants in our survey.” He cited the vast majority – 93% - of respondents who said they were happy or very happy in their careers.

“But that still means 7% find their career challenging as a mom. And many moms that feel content today may have had seasons that were challenging. We found that income levels and the age of little ones can have a big influence on happiness. Care for a newborn or an infant while working can be difficult - sourcing reliable care, handling sick kids, and managing nursing schedules, plus many other factors can be stressful. Less discretionary income further heightens the sensitivity of all of the things that must go right to be successful as a working mom in the advisory industry.

Odell called for institutions and advisory firms to create successful environments for working mothers.

“Our study found that the happiest moms worked in firms that provided predictable expectations and supportive leadership. The moms who participated in the study appreciated a work week that did not extend past 40 hours and further benefited from a published career track that articulated the steps for advancement. Also of importance was the representation of women in leadership and access to a mentor who can guide and advocate on their behalf.

“Working moms are a source of strength for the advisory industry. The report was abundantly positive, but we only surveyed the mom's still working and don't have line of sight into those that left the career. We can – and should – continue to improve as an industry to make sure the needs of working moms are met with understanding, and the opportunities for a long career are supported.”

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