Women in Leadership: Overcoming challenges and redefining success

Cheryl is an Audit Partner with over 15 years of professional experience. Prior to joining Mazars, she worked in a Big Four firm for 12 years, including an 18-month secondment to London. She has also spent more than three years as a practice reviewer with the Accounting and Corporate Regulatory Authority.  She is a Chartered Accountant in Singapore with extensive experience working on financial statement audits of listed and private companies across multiple industries.

With more than 20 years of international tax experience in MNCs and Big Four firms, Elaine is a seasoned Tax Partner who specialises in multi-country Mergers & Acquisitions (M&A), Private Equity and international tax advisory. She is a Chartered Accountant and Accredited Tax Advisor in Singapore with extensive experience advising on high profile regional M&A deals .

The hybrid event was moderated by Senior Manager, Selina Ang. Read further to learn what it’s like to be a woman leader in the professional services sector.

(Group photo of Mazarians during the sharing session)

Q: Looking back at your career journeys and where you are now, is becoming a Partner in Audit or Tax something you had envisioned yourself to be right from the beginning?

Cheryl’s career in audit is about embracing the unexpected.  "Growing up, it has never crossed my mind to be an accountant, and I only knew one accountant in my extended family. My initial interest was in science, before I pursued an accountancy degree in university.”

Since day one, Elaine has always been very driven and set her sights on a leadership position. "It has always been my desire to be the best in what I do in my career."

Q: This year’s IWD theme is Embrace Equity. In the simplest term, it means helping to drive success for all. What does success mean to you?

Success holds a unique meaning for each individual, according to Elaine, and she defines it as growing together.

“For some, success is defined by achieving a good career, or starting a family of their own. Specifically, at Mazars, success for me is seeing our practice grow. It is reflected in the expansion of the depth and breadth of the services that we offer to our clients, and not only in our top line fee income. As we grow, we are and will be able to attract talents with specialised skills including very experienced market leaders.”

Cheryl views success as a continuous journey. “You can measure and/or celebrate short-term achievements. To truly embrace success, it must be a continuous journey of improvement.”

Q: The Global Gender Gap Report 2022 by the World Economic Forum shows an increasing trend of women hired into leadership roles since 2016. Why do you think we need more women in top leadership roles?

Elaine said, “Men and women are made and wired differently. Women are embracing, inclusive and empathetic, and these qualities contribute towards the success of another organisation. In the past, the top leadership in the Finance, Oil and Gas and or Banking sectors was male dominant. But in recent years, we have seen a lot more women taking on leadership roles. This significant progress is a recognition of our talents and abilities in managing successful businesses and teams. At Mazars, we embrace diversity, and this is demonstrated on the large growth in women leaders in our partnership.

Cheryl concurs that we need more women leaders. “Generally, women are known to have better interpersonal skills. We are perceived to better communicators in the workplace and excel in roles that involve working with people.”

Q: According to the report, in our professional services industry, women make up about 36% of the leadership roles. In Mazars in Singapore, women represent 56% of employees and 32% of our partners and directors. As a woman leader, what do you see the role women play in audit and tax, respectively?

From Cheryl’s perspective, the Singapore audit landscape provides equal opportunities for women and technology has helped to level the playing field.

“However, there may be certain expectations placed on women, when it comes to family and career choices. Some women may choose to take a break from work when they start a family, which may affect their career trajectory.

It’s good that with the technological advancement now, working mothers can benefit from the increase in flexibility. The pandemic has led to a shift in people’s mindset towards flexible work arrangements in audit.”

In Tax, we have more females due to the nature of our work. Elaine’s challenge is to attract more men into Tax to increase diversity.

Q: Society places expectations on working women to juggle well between work and family. Can you share some tips with us on how you manage your role at work and at home while still achieving what you achieved today?

Elaine shares her experience as a working mother: “When my child was young, I had to juggle my career and parenting, which was challenging at times. Throughout my journey, I was fortunate to have bosses who were supportive and understanding.

“At Mazars, we understand and value diversity and open communication. We will try to support our staff as they journey on with their lives.”

Cheryl said, “Each of us play different life roles outside of work.  My personal motto at work is ‘把心放在工作上，不要把工作放在心上’ which could be loosely translated as ‘Put your heart into your work, but do not take your work to your heart’.  It’s a self-reminder to focus while at work and disconnect thereafter.  While I enjoy my career, I have different priorities and interests outside of work to unplug and relax. This includes spending time with my loved ones and dedicating time for my hobbies.”

Q: Do you have a mentor who inspired you greatly in your career journey?

This question prompted Elaine to reflect on the people who have deposited in her heart throughout her career: “There were inspiring leaders who may not even realised that they have mentored me in some form or shape. I’ve learned tremendously from the way they carried themselves and how they managed their careers and personal lives.

She also gave a shout out to our Tax Partner, Gene. “In times of challenges, his words of encouragement and support have supported me tremendously. He was also not afraid to roll up his sleeves and get his hands dirty when the rubber meets the road. That is a role model we can all look up to as a leader!”

Similarly, Cheryl is thankful of the various leaders who have inspired her throughout her career.

“I’m also blessed to have good colleagues and peers as my support system. I realised it's the little things that count. When I was a fresh associate, even a simple gesture made by my senior of introducing me as her colleague instead of a mere subordinate to clients touched me.”

“My approach is to learn from every person I’ve met along the way. It is inevitable to meet individuals whom you may not have good chemistry or rapport with. It’s all about managing your own emotions and learning something positive from the experience.”

Q: Finally, any words or quotes of encouragement that you would like to leave with Mazarians today?

Cheryl: “I would say “Come what may.” “Que sera sera.”

Elaine: “Mine would be ‘Let’s do it!’ “

Conclusion: Creating an inclusive world for all

At Mazars, we believe that creating a workplace that values diversity and fosters open communication has never been more important. To this end, we provide support, resources and initiatives such as the annual Women Leadership Seminars to enable Mazarians to grow and develop as leaders.

Mazars is committed to advancing gender equity and fostering an inclusive environment that empowers all individuals to succeed. In recent years, we have made significant progress in increasing the representation of women in leadership positions.

In Singapore, 32% of our partners are women. By surpassing the global goal of 25% female partner representation by 2025, this milestone is a reflection of our continuing efforts in embracing equity. We are proud to be diverse by nature and inclusive by choice.

For further insights on this topic, read: "Myths and barriers preventing the progression of women: analysis and solutions", a Mazars study developed in partnership with the Observatory for Gender Balance.

Learn more about the activities that we have in celebration of IWD 2023 here