“We need to value our contribution as women more because we often undersell ourselves”

Ann-Marie Costello became the first female partner on the Corporate Finance Team at Grant Thornton earlier this year. Her advice to other women? Back yourself and take opportunities

I grew up in a family of medical professionals, so accountancy was not necessarily the expected path. I actually changed from veterinary to commerce and German the day before the CAO application process closed, so my career could have been very different.  

Opting to do a degree in commerce and German gave me time to decide what I wanted to pursue as a career.

I found I really enjoyed the economics and accountancy modules, so it felt like a natural progression to go on to do the Master of Accounting at UCD Smurfit School before taking up a training contract with KPMG Corporate Recovery. 

At the time, the accountancy ‘milk round’ was more geared towards traditional audit and tax routes, so joining an advisory team was the path less taken, but I really wanted the commercial experience that came with it. 

Hitting the ground running

Having a solid background in accountancy meant I could hit the ground running in Corporate Recovery and I had great training working on trading insolvencies.
After qualifying and becoming a manager with KPMG, I left Ireland for a year of ‘anti-reality’, travelling the world. 

When I returned, I met with Grant Thornton’s Debt Restructuring Team, who were pivoting away from insolvency. I liked the team and the idea of working to bring businesses back onto a stable footing. 

After a few years, I transitioned to Corporate Finance and I made Partner in January of this year, becoming the first female partner in the department. 

These days, my work is focused on helping shareholders to position themselves for the sale of a business and to maximise value. Most of my work has an M&A or due diligence focus. 

So, in my career so far, I have been able to work with businesses across the entire economic cycle.

Fall-off in female talent

It just so happens that the areas in which I have worked have been particularly male-dominated, especially at senior levels. 

My intake and training contract had a healthy mix of female versus male trainees but, from the manager level onwards, I saw a fall-off in female talent. 

The reasons for the fall-off vary, ranging from the lack of a clear path for career progression, lack of support or mentorship, and movement from practice to industry, to work-life balance considerations and family commitments. 

The diversity, equity and inclusion (DE&I) agenda was not well-developed when I was training, and as that has begun to change in more recent years, I think that it has brought some significant benefits.

I do believe we have seen a move towards greater equity at senior levels – although the pace of change is slower than we may like, I think we’re getting there.

We do need more balanced representation to attract younger generations – the ‘if you can’t see it, you can’t be it’ adage. 

Greater supports are needed in the form of allyship and mentorship, as well as ensuring the wider conditions to support talent retention are met – these include issues such as childcare, paternity leave (both availability and take up) and flexible working. 

There are wider societal shifts that need to become the norm to level the playing field further.

Gender pay gap reporting

Gender pay gap reporting has been a welcome development in terms of driving good behaviours within business and providing employees with greater transparency. 

However, nothing can substitute the conversations on the ground that can provide you with clarity as to where you stand. 

Conversations regarding remuneration, promotion and performance are often uncomfortable, so we sometimes tend to avoid broaching these subjects. 

Time and time again, recruiters and HR teams tell me that, as women, we often undersell ourselves and have lower expectations for remuneration. We need to value our contributions more. 

Do your research, back yourself and don’t be afraid to step out of your comfort zone to take on opportunities as they present themselves.

Learning the skills for success

At some point in your career, you will need to do more than just to be ‘good at the job’. At that stage, developing your career becomes about your network, your profile and your leadership.

It is important to learn to have confidence in yourself and to value your input. This often comes with surrounding yourself with the right people, so don’t be afraid to talk – to your peers, your friends and your network.

You will only ever regret the things you didn’t do, or say, so speak up and say ‘yes’ to opportunities for development.

In my own experience, navigating career development and parenthood is not without its challenges. You need all the support you can get and to always try to look after yourself. 
We just had our second baby towards the end of last year, a year during which I was also going through the partnership process, as well as taking on the role of Chairperson of Chartered Accountants Ireland Leinster Society. 

I took on a lot, but there were several opportunities that presented themselves around the same time and, weighing it all up, I chose to go for them. I am lucky in that I have huge support from my family and, in particular, my husband, who had to pick up some of the slack.

The role of mentoring and networking

I sincerely believe that mentoring and sponsorship are key to development, and I’m glad to see so many businesses providing necessary resources and supports in these areas. 
It’s important to have someone who can mentor you – someone who will tell it how it is, act as your sounding board and provide constructive criticism. 

It is equally important to have a sponsor within your organisation – someone who will support you and guide you in your career development. I would encourage these relationships to be with both male and female mentors and sponsors. 

It can often be helpful to have a mentor outside of your work environment to speak to about your work and personal development. Chartered Accountants Ireland provides a mentorship programme for members, which is a helpful resource.

Networking can seem like a daunting task, particularly with the reopening of society post-pandemic. However, it really is never as bad as it seems.  

The network of people Chartered Accountants will have from their time at university and training will be huge, and the Irish accountancy profession is particularly well-connected at home and abroad. 

Try to keep this network active. You never know when you might be able to help someone, or when they might be able to help you.