For over a century, International Women's Day has provided an important opportunity for groups worldwide advocating for gender equality. Last Saturday, March 8, marked the 2025 edition dedicated to the advancement of women worldwide.
This year's theme is to Accelerate Action, and "emphasises the importance of taking swift and decisive steps to achieve gender equality. It calls for increased momentum and urgency in addressing the systemic barriers and biases that women face, both in personal and professional spheres."
As we celebrate International Women's Day and this year's theme—Accelerate Action—it's the perfect time to reflect on the progress made and the work still to be done in the finance industry.
We caught up with our Associate Director of Research, Peggy Lin, to share her journey. Peggy has built a successful career, specifically in fixed income, and she shares her insights into what it takes to thrive as a woman in finance. She also highlights the importance of organisations like FIIG in fostering a supportive environment and discusses the changes she hopes to see to make the industry more inclusive for future generations.
Could you please start by telling our readers a little bit about yourself?
My journey began when I immigrated to Australia in the 1990s. I was raised in Melbourne and subsequently graduated from the University of Melbourne. While I initially envisioned a career solely within Australia, my professional path led me to diverse roles across Asia.
My career commenced at Standard & Poor's (S&P) in Australia. As the Asian credit market expanded following the Global Financial Crisis, I transitioned to S&P's Hong Kong office. There, I gained extensive experience analysing companies across Australia, New Zealand, and Asia within the financial services and corporate sectors.
Subsequently, I assumed a Rating Advisory role at Deutsche Bank, leading the Asia (including Australia and New Zealand) Rating Advisory Team. My experience at the rating agencies provided me with the expertise to advise clients on optimising their credit ratings for debt issuance. This role afforded me the opportunity to travel extensively throughout Asia and live in countries with different cultures (Singapore, Hong Kong and South Korea), while also maintaining connections with projects in Australia.
I am a mother of two. After twelve years of professional engagement, I took an eight-year career break. During this period, I was able to spend more time with my kids and also be more involved with their school. Living abroad in a country in which we did not speak the language was equally challenging and rewarding for our whole family, and it helped keep our minds open and embrace new ideas and differences. In 2023, our family returned to Australia, and I decided to return to work and restart my career with FIIG.
What attracted you to working in finance, and then specifically in fixed income?
While I initially held a general interest in economics, I was uncertain about pursuing a career in finance. It was during a university course on bond pricing that I recognised a potential career path. Unlike the equity market, which was a popular choice among my peers, I sought a more distinctive specialisation.
Although I did not begin my career as a bond trader, I accepted an offer at S&P, believing that a strong foundation in company analysis would be beneficial to start with if I wanted to expand into trading. Further, there is no other job that will give a university graduate an opportunity to talk face-to-face, one-on-one, with the CEO and the CFO of a company. This dive into credit analysis kept me in this segment of the market for most of my career. The nuanced analysis required in fixed income, which extends beyond single equity stocks to encompass various debt issuances, each with unique characteristics, has always captivated me. Then, the opportunity to expand further into advisory and origination opened up another aspect of the fixed-income market, but all built on top of the solid analytical training I had at the start of my career.
What's one piece of advice you'd give to young women looking to enter finance?
While the finance industry's gender distribution remains one-sided, do not hesitate to assert your presence. Embrace your unique perspective as a minority. Maintain an open mind and challenge conventional thinking.
Dedicate yourself to building your knowledge and establishing a strong professional presence. These assets will prove invaluable as you navigate life's transitions, such as starting a family. By demonstrating your value and earning trust, you can foster a collaborative environment where flexible work arrangements are more readily accommodated.
In our field, and in life, there are rarely definitive answers, but the pursuit of optimal outcomes through thoughtful debate is always worthwhile.
Do you think the finance industry has become more inclusive for women over the years?
Yes, the industry has made progress overall; however, there are still areas where women face challenges. Workplaces are increasingly offering flexible arrangements and recognising the importance of women's contributions, demonstrating a greater willingness to support their participation.
What attracted you to FIIG? What is something FIIG does well to support women?
FIIG offers the flexibility I require to balance my responsibilities at this stage of my life. The company also provides a supportive and welcoming work environment. As I had been away from the market for eight years and the Australian domestic market for even longer, I needed to catch up on industry developments and cultural nuances. FIIG has been patient and supportive during this period, facilitating a smooth career relaunch.
Have you found it beneficial to businesses to bring a female/different perspective?
Yes, diverse perspectives, including those brought by women, can unlock new opportunities. This extends beyond gender to encompass diverse cultural backgrounds and experiences, both domestic and international.
What's one change you'd like to see in the industry to make it more gender-inclusive?
There are lots of talks and discussions around this, but it would help if there were more actions taken and rules put in place that force a change to take place.
What's been your proudest career achievement so far? Or Can you share a moment when you felt truly supported or empowered as a woman in your career?
For most of my time working at an Investment Bank in Asia, I was the only senior woman in our department. During my tenure, our team experienced no turnover and expanded as junior bankers sought to join our rating advisory team. This was largely due to our team's collaborative spirit and commitment to supporting each other's work-life balance rather than solely focusing on deal-driven objectives. This distinction highlighted the difference between a male-dominated team and a female-led team. Our DCM head saw this and started initiatives to retain talent by offering junior bankers the opportunity to select between projects between DCM and the advisory team.
What does IWD and this year's theme - Accelerate Action mean to you?
It signifies the urgent need for sustained efforts to dismantle the barriers women continue to face in the workplace, education, and broader society.
Just acknowledging issues like pay inequality or underrepresentation is insufficient. We must empower women, amplify their voices, and actively transform policies and cultures that impede progress. This requires both individual and organisational commitment to measurable actions that promote equality, support growth opportunities, and advocate for women's rights.