Katie Kelly, Senior Director at ICMA, reflects on ten years of progress in gender diversity, the evolving role of the ICMA Women’s Network, and why cultural change - not just policy - is critical to lasting equity in financial services.
Ten years ago, Katie Kelly and her colleagues at the International Capital Market Association (ICMA) struggled to name a handful of senior women in their industry.
Today, as Senior Director at ICMA and founder of the organization’s Women’s Network, Kelly oversees a global community of more than 5,000 professionals and sees both reason for optimism and urgency for further change.
“In 2014, we launched the ICMA Women’s Network because it was obvious that capable women weren’t staying in the sector,” she explains.
“It wasn’t about a lack of talent. It was the infrastructure around them—firm culture, lack of role models, promotion biases—that made staying unattractive.”
Fast forward a decade, and the picture has brightened. Most major firms now have gender equality policies, mentoring programs, and DE&I metrics in place. But the challenges are far from over.
Despite regulatory nudges like the UK’s Women in Finance Charter, Kelly warns that meaningful progress could still be more than a decade away—and that quotas alone won’t get us there.
“Things have changed massively over the past 10 years,” Kelly says. “There are now far more internal programs focused on career development for women, and firms are taking diversity seriously.” But while there are now more women visible in middle and senior ranks, she stresses that the environment itself still doesn’t suit everyone.
She points to a legacy of male-dominated culture and an ingrained work structure that has long rewarded visibility over flexibility. “Hard work was expected—and that’s fine,” she says. “But it needs to be acknowledged and compatible with people who want balance in their lives.”
The ICMA Women’s Network (IWN) began as a support platform to address this gap. Today, it’s active in 14 regions and backed by a steering committee in each. Its mission goes beyond connection and visibility; it’s also about infrastructure change.
“We operate on two tracks: first, helping women advocate for themselves, and second, helping firms understand the systemic issues holding women back,” says Kelly.
That dual focus is key. While mentorship and community are vital, Kelly is clear that institutional change can’t be optional. “It’s not just about helping women adapt to the system. It’s about changing the system so that it works for everyone.”
When asked about the role of men, Kelly is unequivocal: men must be active participants in any real change. “Gender equality discussions can’t happen in a vacuum,” she says. “We need male allies who not only support women privately but speak up for them publicly—in meetings, in promotion processes, in leadership rooms.”
Encouragingly, she believes the culture is slowly shifting. “Men are becoming more aware because they see their daughters, nieces, and female friends face barriers they never did. That’s a powerful motivator.”
One regulatory approach that Kelly sees as both a blessing and a curse is the use of gender quotas. “They catalyze activity. They get things moving. But they can also create a false ceiling,” she warns. “If a company hits 30% female representation on a board and stops there, we’ve missed the point.”
Quotas may help jumpstart representation, but real equality, she argues, requires ongoing effort and cultural change—not just box-ticking.
On the topic of the gender pay gap, Kelly acknowledges it’s still an issue—particularly because bonuses and performance-related pay often lack transparency. “You can be on the same salary but still be underpaid if your bonus banding isn’t equitable,” she explains.
While ICMA doesn’t take positions on individual member firms’ compensation practices, Kelly advocates for clearer bonus structures and more internal accountability.
Could technology close the gap? Not quite. Kelly is skeptical about AI’s ability to meaningfully improve diversity outcomes, pointing out that tech can replicate the same biases it was designed to fix.
“AI is only as neutral as the people programming it. And right now, the human side of career progression—sponsorship, networking, leadership training—isn’t something a machine can replicate.”
Still, she does see value in using data tools for internal audits, helping firms understand their promotion patterns and recruitment pipelines more clearly.
Is there a future where ICMA doesn’t need a “Women’s” Network? Maybe, but not yet. “We’ve asked ourselves over the years whether we should take ‘Women’ out of the name,” she reflects. “But we always come back to this: we are unapologetically a space for women to support and inspire each other.”
Even if gender parity is achieved on paper by 2038, as some forecasts suggest, Kelly believes dedicated spaces will remain crucial. “It’s not just about equality—it’s about community, and that still matters.”
Katie Kelly is Senior Director at the International Capital Market Association (ICMA), where she leads the ICMA Women’s Network. This interview was conducted by The Global Treasurer editorial team and has been edited for clarity and length.