The finance industry has long been perceived as male-dominated, with leadership positions often occupied by men. However, change is happening, and women like Rachael Bagguley, Finance Manager at RS Components, are paving the way for a more diverse and inclusive future. In a recent conversation, Rachael shared her unconventional journey into finance, the challenges she has faced, and her insights on how women can break through the barriers in this industry.

Falling into Finance

Unlike many finance professionals who follow a structured route into the field, Rachael’s journey was far from conventional. She studied Economics and Business at university, initially stepping into commercial roles before finding her passion in Financial Planning & Analysis (FP&A). She loved the strategic element of forecasting, planning, and margin control, which naturally led her to a career in finance.

However, unlike the traditional path of starting in core finance and moving towards commercial roles, Rachael did things in reverse—gaining commercial expertise first before sitting her finance exams and transitioning into technical finance roles. While this unique approach gave her a deep understanding of business operations, it also left her battling imposter syndrome.

Overcoming Imposter Syndrome

Rachael admitted that her unconventional background made her doubt herself at times, particularly when she hadn’t gained traditional experience in areas like debits and credits early on. However, she credits a past director for a crucial piece of advice: imposter syndrome is a “monkey on your back” that no one else sees. She eventually pushed herself into high-profile roles that gave her confidence and cemented her place in finance.

Her advice to other women facing similar challenges? Take the leap, even if you feel unqualified. Growth comes from stepping into uncomfortable spaces, not from waiting until you meet 100% of the job requirements.

Breaking Stereotypes in Finance

When Rachael first entered finance, her perception was that it was a rigid, male-dominated environment with little room for creativity or dynamism. However, her experience has proven otherwise. Finance plays a crucial role in business decision-making, and modern finance professionals are far more than number-crunchers; they are strategic leaders who shape the future of their organisations.

She believes that while some areas of finance still feel traditional, commercial finance and business partnering roles have allowed women to thrive. This shift has helped finance become more collaborative, people-focused, and open to diverse perspectives.

The Confidence Gap & The Role of Mentorship

One of the most striking observations Rachael shared was the confidence gap between men and women when applying for jobs. There have been studies in the last decade that evidence this, see Hewlett Packard Internal Report, 2014 for research showing that women apply to roles only when they meet close to 100% of the qualifications, vs men who apply when they meet just 60%.  Rachael cites this hesitation as being the reason for slower career progression for many talented women. It’s worth noting that a more recent study reinforced that this gap remains, with women applying for 20% fewer jobs than men and 26% less likely to ask for a referral for a job they’re interested in (see LinkedIn Gender Insights Report, 2021.) Food for thought for us in recruitment – to what degree are job descriptions exacerbating this hesitation by being written as a shopping list of “must-haves” without being clear about the actual requirements vs the opportunities?

Rachael’s thoughts on how else to tackle this gap is through greater mentorship and networking for women in business. Being a firm believer in “See it, Be it,” Rachael reflects that women need more visibility of role models to look up to—leaders who have faced similar challenges and succeeded. Seeing other women in leadership makes it easier to believe that those roles are achievable. That’s why she’s passionate about initiatives that support women in finance, from mentoring schemes to networking groups that foster confidence and career growth.

The Challenge of Work-Life Balance

For many women, particularly working mothers, work-life balance is one of the toughest challenges in finance. For Rachael, deadlines often clash with school holidays, and finance is rarely a quiet profession, but fortunately for her, RS Components is a company that embraces flexible working and understands the need for balance. Unfortunately for others, this flexibility remains to be a “modern luxury” that many businesses still struggle with.

Flexible hours, hybrid working, and inclusive policies can make a massive difference in retaining talented women in finance. Companies that prioritise these changes will not only attract more diverse talent, and in turn will also build stronger, more resilient teams.

Advice to Women in Finance

Reflecting on her journey, Rachael shared key pieces of advice for women in finance:

• Take risks and seize opportunities – Don’t wait until you feel fully ready; growth happens when you step outside your comfort zone.
• Stop second-guessing yourself – Trust your abilities and apply for roles that challenge you.
• Invest in yourself – Whether professionally or personally, continuous learning and development are key.
• Take ownership of your career – No one will manage your career for you, so be proactive in seeking mentorship and career growth.

A Future of Possibilities

Rachael’s journey proves that finance is not just for those who follow a traditional path. It is a dynamic, evolving industry where diverse backgrounds and experiences add real value. She hopes that more women will see the opportunities available and have the confidence to step forward.

If she weren’t in finance, Rachael imagines she might have pursued event management—combining her love for people, planning, and organisation. But finance has given her the same opportunities to strategise, build relationships, and drive impact.

For women considering a career in finance, the future is bright. With the right mindset, mentorship, and willingness to take risks, there is no limit to what they can achieve.