Women and inclusion in M&A: A discussion with dealmakers at Oaklins

With teams worldwide, Oaklins is a leading advisory firm specializing in mergers and acquisitions, corporate finance, and strategic advisory services for mid-sized companies. Five women from the firm’s European offices explain how the firm nurtures a culture of diversity & inclusion, and how this has helped them grow their skills and aspirations.

Diverse teams have consistently been shown to perform better in a growing mountain of evidence. At Oaklins, the firm’s partner team has witnessed this first-hand. The global M&A advisory firm has an 800-strong team of consultants worldwide, who together close over 2,000 deals per year in 50+ countries globally – from Stockholm to Shanghai, from New York to Sydney.

With the majority of deals involving cross-border collaboration, culture is a key ingredient of the firm’s success. “Our firm thrives on the diverse backgrounds and expertise of each member,” explains Maren Tietz, an associate based in Frankfurt, who has spent five years with Oaklins. “By leveraging the unique strengths of each team member, we enhance our overall performance and achieve the best results.”

Like the wider consulting industry, the M&A sector has long been male-dominated– but change is underway. Although men still outnumber women in the industry, the last two decades have seen a steep rise in the number of women in the field.

A number of structural divides still stand in the way of further progress on this front, but at Oaklins, they are determined to do their part to accommodate young professional women’s needs in the workplace, accelerate gender parity, and foster an inclusive company culture.

Routes into M&A advisory

Amelie Arrazola de Onate initially interacted with the firm via a two-year internship after graduating from university. Now a senior associate in Brussels, she notes, “Oaklins has a very dynamic environment that defied my expectations of a stiff, male-dominated industry. Our team is young, with an average age of around 35, making it easy to relate to colleagues. It’s a place where you feel you belong, and social activities are common.”

Naomi Müller, an associate in Amsterdam who has been with the firm for two years, agrees that this “dynamic and entrepreneurial” atmosphere fosters “open communication and encourages initiative at all levels”. This allows juniors to interact closely with senior colleagues, enabling meaningful contributions to projects early on. It also supports Oaklins’ concerted efforts to create an inclusive environment where everyone, including women, has equal opportunities for advancement.

“Mentors have been incredibly influential in my career,” Müller continues. “In my still relatively short career, I have several seniors whom I consider mentors. They generously dedicate their time to discuss a wide range of topics with me, offering mentorship that goes beyond technical skills to encompass strategic thinking, leadership development and handling the complexities of the finance industry.”

“These mentors have played a pivotal role in providing guidance, encouragement and constructive feedback, which have helped me navigate challenges, seize opportunities and continuously grow both personally and professionally.”

The firm also houses a welcoming atmosphere for experience and/or industry hires. Petra Hyršlová, an associate in the Prague office, became interested in finance, business strategy and economics at high school and university – and then worked as a due diligence consultant with Big Four firm EY. After two years there, she started looking for other opportunities and joined Oaklins in 2022.

Speaking on her experience since, Hyršlová points out, “No two days are the same. Typically, I prepare transaction documents, review financial models, and meet with clients to discuss potential deals. Staying updated on market trends and industry news is also crucial.”

Nurturing growth

Looking ahead, the unique atmosphere and supportive internal structure give the four professionals the confidence that they can shatter the ‘glass ceiling’ within the industry.

Tietz notes, “My long-term goal is to attain a leadership position, preferably here at Oaklins where diversity is highly valued. My strategy to achieve this goal involves pursuing daily, incremental objectives, and striving for excellence to continuously enhance my personal and professional skills.”

Müller also believes that there are plenty of opportunities. Especially because her own role facilitates networking through constant collaboration and knowledge sharing – which also helps to keep her ahead of the curve in her daily work.

“As I progress in my career, independently sourcing deals becomes increasingly important,” she explains. “I build and maintain professional relationships by participating in industry events and connecting with peers, clients and experts. These interactions keep me informed about industry trends and opportunities, enhancing my contributions to M&A transactions.”

A career in M&A

As for seeing more women enter the M&A sector, they each see Oaklins as an excellent route into the industry. While none of the Oaklins experts say they “dreamed of becoming… an Excel nerd or M&A professional” as children, now they would happily advise other young women to consider it as an option.

Arrazola de Onate encourages others to “take the leap and try it”, because while “a male-dominated industry might seem intimidating”, at Oaklins “the current lack of gender equality also creates opportunities”. As women add immense value with different perspectives and ideas, there is a growing demand for them to help diversify workforces across the sector.

Müller adds, “My advice is straightforward: embrace the opportunities with confidence. Don’t let being a woman limit you; the M&A industry can be just as empowering for women as it is for men. Seek mentors, build a strong network, stay curious and committed to learning, and embrace challenges as opportunities for growth. Actively support other women to foster a more inclusive workplace. These steps will help you thrive and significantly impact your M&A career.”

Years from now, Tietz suggests that this kind of advice gives her hope of seeing “significant progress in gender equality and opportunities for women in M&A”. Ultimately, she would like to see even more women choose the field even if they feel apprehensive about the male-dominated environment.

She continues, “It’s important that women already in the industry support each other. The industry must continue breaking down barriers and providing equal opportunities for leadership and career advancement.

Inclusion as a cornerstone of success

“Inclusion is fundamental to the company’s culture and success”, says Valeria Kroone, Director of Operations at Oaklins in Amsterdam. “Diversity at Oaklins extends beyond gender; it entails a broad spectrum of experiences, backgrounds, and viewpoints. The inclusion we strive for is deeply embedded in our corporate culture.”

“The firm’s leadership actively promotes initiatives that ensure every team member, regardless of gender or background, feels valued and empowered. We focus on creating an environment where diverse perspectives are truly valued and leveraged for better outcomes.”

On top of that, Oaklins’ commitment to diversity and inclusion is engrained in every aspect of the company’s operations, from recruitment and retention to learning and development. “With our key values integrated into the company culture, Oaklins is setting a new standard for what a truly inclusive and diverse workplace can achieve, leading the industry forward,” Kroone concludes.

More about the experiences of woman at Oaklins? See the page Women in M&A for more insights.