Making the jump from mid-level technologist to CTO or CIO is not unrealistic. Our experts share their secrets on how to claw your way to the top.
Youve tackled thankless IT projects, you stay on top of every technological innovation and minor software update and you dream in code. So why are you still slaving away at mid-level grunt work instead of moving up the IT corporate ladder?
According to headhunters who place high-level CIOs and CTOs for major investment firms, todays IT professional has to know more than XRML and Java to score the hottest job title. You must have established business experience and close ties to the business side in order to be noticed by the people in the corner office.
Just look at some recent business-IT trends that have been covered in the pages of Waters. After 35 years of service inside Merrill Lynchs international equities business and other divisions, Diane Schueneman is now head of global infrastructure solutions for the investment-banking giant. Amy Nauiokas exited Cantor Fitzgerald to work on an ambitious multi-asset e-commerce project inside Barclays Capital. She is now working her business-IT magic as head of Barclays Stockbrokers in the banks wealth management division in London. The American Financial Technology Award (AFTA) for Best CTO went to Kevin Bourne, global head of execution trading at HSBC and the man behind the firms multi-asset-class overhaul. When he accepted his award at the 2005 AFTAs ceremony last December, he said that he still considers himself a trader but "will gladly take the award for top CTO."
The days of CIOs having to know nothing but boxes and cables are over, says Craig Stephenson, client partner of global financial markets for Korn Ferry International, a headhunting agency. "Some institutions might seek someone who has a very strong blend of technology and business acumen and there might be some firms that are more focused on a traditional CIO profile. There is room for both to exist, but there is definitely a movement toward a CIO profile that is a bit more rounded," he says.
Stephenson says he first noticed this melding of business needs and tech savvy three years ago. "The traditional CIO skill sets are evolving. We often hear clients on the business side say, We are seeking a CIO with a blend of business and technology expertise who can proactively demonstrate the drivers of the business," he says.
What has caused this shift? Look no further than the implosion of the Internet bubble shortly after the turn of the millennium.
"If you go back to the e-commerce days, back when Merrill Lynch put John McKinley on the board because there was a respect for technology, they were thinking that technology could drive the business and get it to the forefront. That all changed. The respect is not there anymore," says Alan Geller, managing director at AG Barrington, a financial technology recruitment and placement firm.
"When e-commerce faded and the dot-coms exploded, banks said, Were not investing in technology for technologys sake. So, at the top there are more business people, rather than technology people," Geller says.
One example of a CIO who migrated to the business technology side is JP Rangaswami, the former CIO of Drensder Kleinwort (DrK) and Waters CIO of the Year in 2003. In a mild management reshuffle, Rangaswami is currently overseeing e-commerce initiatives within the investment arm of DrK.
To survive and move into the CIOs seat, mid- and senior-level technologists must be nimble. "The pace of change has accelerated. Our clients are looking for CIOs who are flexible, who can drive an agenda and at the same time forge healthy relationships with business clients," says Stephenson. "While a candidate with a more technological profile might do well in that environment, the general knowledge of the CIO has been significantly broadened to include operations, finance, federal and legal compliance, and more."
Stand Out to Move Up
How can todays technologists move ahead in this shifting environment? Simple: Make friends with the business side, volunteer for high-profile projects and make yourself known.
Traders and brokers rely heavily on technology, so developing strong relationships with the business side is critical for the aspiring CIO. "To be more integral to the overall strategy of the business is very important. This wont happen on day one, but building that trusted advisor relationship and being an integral part of the day-to-day business should be the ultimate goal," says Stephenson.
Even if youre not exactly drowning in free time, volunteering for high-profile projects is a smart way to get noticed. IT workers must make the most of those opportunities, says Stephenson.
"Even if it is keeping your day job and volunteering for a major project or initiative, there needs to be visibility associated with something thats going to be important for the organization," Stephenson says. "The fingerprints of this individual should be all over the initiative. Define it, dive into it, and execute the whole thing."
Geller says he agrees, even if it might cause frustration in firms with rigid hierarchies or low technology ambitions. "People say they want to move forward and there are companies that push back. Does it make sense to push the envelope? Absolutely," says Geller. By pushing forward, the individual will be seen as someone on the cutting edge who is willing to innovate. "If a company is not doing innovative things today, it doesnt mean that things wont change tomorrow," he says.
Participating on industry panels and committees might also help raise your profile inside and outside the firm, provided you can get the green light to join them. "Oftentimes, people need approval to get onto these committees. If they want to showboat, there might be legal restrictions. You cant just say you want to do it," says Geller.
Appearing on industry committees that have IT leaders from several different firms can lead to job offers down the road. Stephenson says he has at times been hired to seek out specific candidates for a high-level job instead of looking for multiple qualified candidates. He declines to offer details of these focused job searches.
Ironically, Stephenson says he is often hired by major investment firms to vet an internal candidate who has been working inside the firm for years. "We always meet the internal candidates and the good news is that our clients rely heavily on our thoughts in comparing internal candidates to the external ones and vice versa," he says.
What about leaving an investment firm to work for a vendor? Our experts dont think this is CIO suicide as long as the candidate stays up to date on business needs. "You need to have product understanding. You have to understand how important it is to get the product to market, and technology is a big part of that. So that urgency is critical to the success of the CIO. If a person has been outside of an investment bank for too long, it might take some time to get back up to speed," says Stephenson.
In spite of all of this, the easiest way to the CIOs office might be through tight relations with the CEO and other senior management types.
"To get to the CIO or CTO level is a very political thing. Very often, it doesnt have to do with the skills of the people, [but] rather with politics: who goes back with whom, who owes whom favors and so forth," says Geller.
Learning to play golf couldnt hurt either.