As the world celebrates International Women’s Day, it’s important to highlight the achievements and contributions of women across diverse industries, including finance. In this interview, Jessica Beckstead, Managing Director, North America and CEO, USA, shares her experiences and insights into gender equality in the industry.
Her advice to women entering the financial sector and her efforts to promote greater equality and acceptance across the financial sector is particularly relevant on this day as the world celebrates the social, economic, cultural and political achievements of women while also celebrating the Acknowledges work that still needs to be done for gender equality.
Q: What made you want to get into the financial industry?
It all started when I was studying international politics and economics in college. I started day trading. I found it really exciting, so I made the decision to go into finance and trading, but the stock market didn’t really appeal to me – I wanted a more global perspective. I started as a Sales Trader at FXCM in 2004 and worked my way up to Managing Director and CEO of FXCM Australia before joining OANDA in September last year. My first role when I started as a sales representative was covering Asian markets so my working hours were 2pm to 2am which wasn’t a great way to meet people in a new city but we all have to start somewhere It was amazing for me to be able to follow a passion and combine it with what I learned in college.
Q: What advice would you give to women who want to work in crypto/finance?
Find a mentor already in the room who can guide and guide you through some of the hurdles you will face and give you a sense of what you are dealing with. There are so many organizations now dedicated to women in tech and finance, so that would be my advice to anyone starting out. They see that women leaders want to nurture these relationships and help drive them forward. This is something I prioritize as part of my role at OANDA.
Q: What are the top three lessons you’ve learned throughout your career?
When I rose to leadership positions:
- Always explain the “why”. Why do we do certain things as a company? Why is that important? Not just giving orders.
- be transparent. If you try to sugarcoat things or not tell the whole story, it backfires in my experience. So explain why you are being paid, what you are being paid, why the results are the way they are, etc.
- Balance the overall look with the weeds. This was crucial as I transitioned into managerial positions. It’s absolutely essential to always have that 30,000-foot view, but there has to be a balance between not being afraid to get caught in the weeds and getting the gist. I think it’s invaluable to understand exactly what you’re asking of your employees and what that looks like on a day-to-day basis.
Q: What are the biggest challenges as a finance CEO?
The forex and crypto segments of the financial industry are particularly fast-moving. The FX market alone has an average daily turnover of $7.5 trillion. Very often you need to be able to absorb information, analyze it and make decisions (preferably the right decisions) very quickly.
The industry has changed tremendously since I started in 2004 and regulation has been a big part of that change. It has certainly helped bring credibility to the industry, but staying on top of the changes and balancing implementation with educating customers on how to prepare for these changes is definitely a challenge.
Q: A recent OANDA survey found that more female traders are planning to invest in crypto this year than male traders. Why do you think this is?
There are many studies on why there are fewer female than male traders, and much of the research suggests that women tend to be more risk averse. Statistically, if they had $10,000, they would put it in a savings account rather than trade it. However, when we look at trading success rates, female traders tend to be more disciplined, which can lead to better results.
It’s important for us in this industry to ensure we are demonstrating ways in which risk can be managed – adding stops and limits to trades, ensuring we minimize our use of leverage and generally providing more education to understand the involvement of to raise women.
Q: Who are the female role models who inspired you to take your first steps in finance?
I’ve always looked up to Sallie Krawcheck. I admired how she worked her way up at a time when there were very few women in positions like hers and how she persevered through the adversity she faced.
Q: What are your goals as CEO of OANDA? What are you doing to promote more equality and acceptance in the financial industry?
Our motto is Smarter Trading and it really embodies how we do things at OANDA. Our goal is to offer our customers a first-class product and to continuously improve it. Some of the improvements we will be rolling out this year include improved charts, the launch of a loyalty program to reward our customers and something I’m really looking forward to – more in-person events where we will have the opportunity to offer additional training to our customers customers and also take some time to get to know them.
While it is clear that there are challenges to be addressed when it comes to gender equality in the financial sector, it is also encouraging to see the progress that has been made. As more women enter the industry and become role models for others, the future for women entrepreneurs and managers in the crypto industry is bright.
Learn more about OANDA on the company’s official website.
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