Growing up the youngest of five children in Edmonton, Pamela Allen learned resilience, independence, and the value of hard work—all attributes that helped her make history as the first woman to hold the position of CEO of MD Financial Management (MD).
Pamela had a paper route as a child, and later she handled money working as a cashier and making bank deposits for a community center. After graduating from university and beginning her financial services career as a bank teller, “I talked to my managers and leader about opportunities and what I needed to do to get there. I took courses, worked extra hours — worked any hours they wanted — because I knew that if I worked hard and told people what I wanted to do I would get there someday, and I did.”
That’s not to say that there weren’t hiccups. For example, there was the time that she applied for a position and the hiring manager said that she didn’t get the job because it was between her and a man, and the man had a family to take care of. “It was very eye-opening very early in my career,” Pamela says. Another manager told her that she couldn’t have a career and a family “and I said to him, ‘You do both: You have a family and a career.’”
Both of Pamela’s parents worked outside the home. “I was not neglected because my mom worked,” she says. “That was the one thing that I really wanted to make sure that my kids saw … Don’t let the world tell you what you can and can’t do. If you want it, you can do it. Sometimes it takes a support system around you, but you can do it.”Pamela stands out in the financial services industry, where only 18% of C-suite positions are held by women.1 She spearheaded vital initiatives including impactful programs supporting women investors and leaders, all while emphasizing the importance of paving the way for future women CEOs and fostering diversity in senior leadership across the financial services sector.
Pamela emphasizes the importance of inclusive hiring. She actively collaborates with her teams and talent directors to strategize on inclusive approaches to recruitment, including reviewing the language used in job descriptions and making accommodations as needed. This approach aims to attract diverse talent and reflect the demographics of MD’s client base.
Recognizing the underrepresentation of women in investment management, Pamela aimed to inspire more women to become portfolio managers at MD’s Private Investment Counsel. She sponsored a talent initiative, personally engaging with potential women candidates to encourage their career growth. Thanks to this effort, over the past 30 months 34% of new hires have been women and 25% of leadership roles in MDPIC have been filled by women.
“I feel an obligation to make sure other women don’t experience what I did,” Pamela says.
To hear from Pamela and other gender equity and DEI champions, attend Catalyst Honours on 7 October, 2024.
Why she’s a gender equity champion:
Project Diana: Pamela initiated Project Diana to address the unique financial needs of female physicians, creating a program that enhances their financial confidence. By surveying 500 women physicians and using their feedback, Pamela developed a values-based financial planning experience tailored to women. This initiative aligns with the Scotiabank Women Initiative, extending its impact to all Scotiabank women clients.
Women in Leadership: Pamela designed the Women in Leadership program to foster career advancement for women at MD, offering mentorship, leadership training, and strategic work rotations. Since its launch in 2018, the program increased women’s representation in targeted leadership roles from 37% to 40% within 18 months, with significant promotions and career advancements among participants. Today, women make up half of MD’s executive leadership team and 58% of all employees.
Endnotes
Danielecki, P., Hazuria, S., Rogish, A., Shemluck, N. (2023). Advancing women leaders in the financial services industry, 2023 update: A global assessment. Deloitte Insights.
