About the importance and recent trends in gender diversity, women’s inclusion and education, today we are speaking with our valued member of CFA Society Serbia – Ivana Todorovic, CFA, PhD, who has been a CFA charterholder since 2017 and member of our local Society since its inception (2019).
Ms Ivana Todorovic has rich experience starting from central banking, over private banking to academia, making her a more than credible interlocutor on the above-mentioned topics. She started her career at the National Bank of Serbia, and then after a while moved to the private sector. Currently, she works as a Senior Risk Officer at UniCredit Bank Serbia. Also, in parallel, she works as an Assistant Professor at the FEFA Faculty, University Metropolitan in Belgrade. Her expertise spans macroeconomic modeling, financial stability, integrated risk management, as well as research and teaching, with a focus on macroeconomics and banking.
As someone who works at the university and in the private banking sector at the same time, how challenging and manageable it is for a woman to be devoted and successful in all three fields – academia, private sector, and personal life?
Balancing professional and private life is undoubtedly challenging, especially when having a young child and additional professional engagement, which in my case is an academic career. I think in such a case, the support of a partner plays a crucial role in managing this balance, particularly in a culture where traditional gender roles often place a greater burden on mothers. After maternity leave, I found it difficult to juggle these expectations while also trying to maintain my career. It is a period where the support from a partner becomes even more essential, not just in childcare, but also in ensuring that both of us could pursue our professional and leisure activities. As the mother of a three-year old girl, I find it particularly important to set an example that it is possible to be a fully dedicated mom while also pursuing a successful career – something I am continuously working toward.
On the other hand, balancing between commercial banking and academia proved not to be as difficult as it might seem. Mainly because of strong interconnectedness between these two professional roles which makes them complementary rather than conflicting. I’ve always been drawn to academia and the opportunity to teach at FEFA Faculty came at the perfect time. I had just completed my PhD and accumulated enough practical experience in the banking and financial sector. This combination gave me the confidence that I could offer something truly unique to my students, blending theory with real-world insights. It is incredibly fulfilling to be able to share this knowledge and experience with next generation of professionals, and what is even more important is that both roles bring me immense satisfaction.
How would you assess, according to your experience, tendencies among the young generation of women in finance in Serbia – positive, negative, or stable, and what would be the main reasons behind that?
I believe that the young generation of women in Serbia has positive prospects when it comes to careers in banking and finance. The industry is evolving and there are increasing opportunities for women to advance and succeed. One key trend I would point out is that banks are entering the investment business. This development is important because banks are known for maintaining a better balance between men and women, which contrasts with the investment industry itself, where gender balance has traditionally been more skewed. With the right support and determination, there is a lot of potential for women for growth and impact in this field.
What are the main advantages and disadvantages for women in the banking industry in Serbia? What about academia?
I think that both the banking industry and academia are fairly well diversified when it comes to men and women. However, women in the financial sector industry still face certain disadvantages, particularly because the critical period for their career advancement often coincide with maternity leave. During this period it might be really hard to keep up with industry trends and changes, as their physical absence from work may hinder their ability to stay fully engaged. In academia, on the other hand, this disadvantage is somewhat mitigated. Even during maternity leave, it is possible to stay engaged by reading research papers and conducting research, which can help maintain momentum in one’s academic career. It is a unique aspect of academia that offers a bit more flexibility compared to other fields.
Do you agree with the thesis that more financial inclusion in the investment world would create more wealth? Does this justify investing in women’s education and financial inclusion?
I couldn’t agree more that greater financial inclusion in the investment world would lead to more wealth. Not only more wealth, but also contribute to more stable economic environment which would reduce the need for state and regulatory intervention in times of increased risk. This is especially crucial for countries like Serbia, where the level of financial education is relatively low. In my opinion, the issue here is not so much about gender, but about the general level of financial literacy across the population, even among those with high education level. Enhancing financial education for everyone would significantly improve financial inclusion, open up for saving and investment opportunities, and in turn create more possibilities for wealth generation.
Many compare obtaining the CFA designation to a marathon. What was your experience and what was your biggest impression related to the CFA path?
My experience with the CFA exam was that this exam is a true test of commitment and dedication. It requires from you to study and understand a wide range of topics related to the world of investment and finance. Balancing the exams with my PhD studies and my work at the central bank made it particularly challenging. However, passing the exam was incredibly satisfying – it felt like I was pushing my own boundaries and achieving something really significant. I’ve never run a marathon, but I imagine the feeling at the end would be similar. It is a mix of exhaustion and great satisfaction knowing that all the hard work and dedication has paid off.