OCH INITIATIVE IMPACT STORY Reshaping the Future of Women in Finance
K
omal Sankla, BBA ’17, knows she’s in the minority in the boardroom. She also knows that may not be the case for long. According to Forbes, women make up only about 15 percent of executive leadership roles in the Financial Services industry, despite representing 46 percent of that field’s workforce. The Och Initiative for Women in Finance – now in its sixth year at the University of Michigan Ross School of Business – is laying the groundwork to help close this gender gap. Sankla is part of a gradual, gender-parity movement in the finance industry, nurtured by efforts such as the Och Initiative. Now an associate at the financial services firm Blackstone in New York, she was one of the first 350 Ross female students to take part in the initiative when she was accepted during her sophomore year. The initiative – established in 2014 following a generous gift from Jane Och, BBA, MAcc ’86, and her husband Daniel Och – promotes careers in the finance industry to female BBA students through a series of educational workshops, mentoring opportunities, and trips to financial epicenters. The impact of the Och Initiative at Ross is impressive, with the number of female BBA graduates pursuing finance careers more than doubling over five years, jumping from 34 in 2014 to 69 in 2019 (compared to 122 and 126 males, respectively). Females now account for 35 percent of the finance student body, up from 22 percent in 2014. Women who pursue careers in finance upon graduation from Ross are also landing compensation packages identical to their male counterparts, with a median base salary of $85,000. “It’s an unfortunate reality of this industry that there are generally fewer women than men sitting at the table,” Sankla said, noting she’s inspired by the upswing in female student numbers at Ross. “I think participation in the Och Initiative and the strong finance/ investment clubs we have at Ross are positive factors to build this further. I am highly encouraged by the diverse pipeline of talent we see during on-campus recruiting and definitely hope and expect the gap to continue to shrink.” As an associate in Blackstone’s Real Estate Debt Strategies (“BREDS”) group, Sankla has been involved in underwriting, negotiating, and structuring debt investments across all asset
types. During her time with the company, she’s worked with more than $2.3 billion in assets. Sankla was prepared for this type of finance experience in part due to her time as part of the Och Initiative. She fondly recalls being one of 25 Ross sophomore women on the initiative’s inaugural trek to Manhattan in February of 2015. The whirlwind trip packed visits to seven investment banks into one day. “It was the first time most of us were participating in professional networking meetings,” she said. “I bought my first suit right before the trip.” One of the main takeaways of the career trek? “The professionals we met at pretty much every bank really hammered home how important it is to connect with the culture and people at a firm you decide to join. … It was incredibly valuable to my recruiting experience. I stayed in touch with a handful of professionals I met that day and ended up recruiting with and receiving summer internship offers at four of the firms, one of which I accepted. The Och trip was the jumpstart that got me thinking about what I wanted out of my career.” As the career treks are a signature offering of the Och Initiative, the program has since expanded its educational and networking travel options to include Chicago, San Francisco, Los Angeles, Seattle, and Minneapolis. Scott DeRue, the Edward J. Frey Dean of Business and Stephen M. Ross Professor of Business at Ross, said the development and growth of the Och Initiative is remarkable: “It’s truly inspiring to see how this initiative has helped reshape the makeup of the finance student body at Ross. The Ochs’ vision in establishing this gift has certainly come to life – and it’s exciting to see how Jane and Dan’s influential initiative will continue to foster finance careers in the coming years.”
The Och Initiative for Women in Finance was made possible by generous support from Jane (BBA, MAcc ’86) and Daniel Och. This initiative fosters and cultivates interest in finance careers among female BBA students. In 2020, the program marked its sixth year at Michigan Ross.