#UK SALLIE KRAWCHECK: My advice for women wanting to break into Wall Street or Silicon Valley

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Sallie Krawcheck

Networking is not cheating, and everyone does it.

That is what Sallie Krawcheck, the CEO of Ellevate, wants young women trying to make it in male-dominated industries to understand.

In an interview on Bloomberg anchor Betty Liu’s podcast, Krawcheck — a former CFO at Citigroup who also led Bank of America’s wealth-management division — set out what it takes for a woman to break into the boys’ club.

« Hard work matters. Results matter, » she said. « Number two: Network, network, network, network.

« The board positions I’ve had, the advisory-board position I’ve had, have been through my network, » Krawcheck said. « Your next business opportunity is much more likely to come from a loose connection than a close connection. It’s someone who you see twice a year, you run into them at this work event, or you have this quick drink with him. »

The importance of networking is particularly hard for young women to stomach, Krawcheck said.

‘How do you think the guys are doing it?’

« For some reason, particularly young women, when I talk about this, say, ‘Well, that’s cheating. I want to do this on my own. I don’t want to do it through my contacts and connections,' » she said. « I’m like, ‘Well, how do you think the guys are doing it? I don’t think there’s anything wrong with using your connections.' »

wall street

Women are drastically under-represented in finance and tech. According to the 2013 Catalyst census, just 17.6% of executives officers in finance and insurance industries were female.

Women make up only 23% of the tech workforce, according to an April study by the Anita Borg Institute for Women and Technology, a nonprofit aimed at recruiting women for the industry. And for women who abstain from using their connections to break into these industries, it’s lost time.

« The research shows that it’s only about their mid-30s as the guys get promoted ahead of them, they say, ‘Oh, networking is important.’ So, I’m a big fan … In fact, I’ve laid out before, buying the Ellevate Network was because of nine different connections, » Krawcheck said.

SEE ALSO: One thing every successful woman on Wall Street has had to master

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