Mary Ann Betsch

Mary Ann Betsch

Chief Financial Officer, Lazard

Doing serious work and having fun

During a recent conversation, Mary Ann Betsch shared her passion for numbers, people, and constant learning.

What were your early years like?

I grew up in Cleveland, Ohio—one of two children of a single mother with an incredible work ethic. She started out as an ombudsman at the Cleveland Clinic, so she was the person who patients would complain to when they had a problem. And over time, she really parlayed that job into shaping the whole industry of patient experience. She has been very influential to me when it comes to making your career what you want it to be.

Did you always think you’d have a career in accounting?

I was always interested in math and science. My dad was a biochemist who focused on DNA, and he’d give me science and math tests for fun when I was little. When I went to college at Fordham, I was drawn toward the business school and I started in the accounting program. From the beginning, I just kind of fell in love with it. The language of debits and credits made logical sense to me.

Why did you choose to work at PwC?

It was always about the people for me. The clients aren't that much different. The work isn't that much different, but I found that the people you interact with make you either want to be there or not.

How did your time at PwC help you grow as a leader?

I think it was a few critical things: One, the concept of trust but verify, and paying attention to detail is important to good decision making. Two, understanding the big picture (how does a process work, what are the objectives and associated risks, and could it be done better?) is a useful skill in any operational environment. And three, having empathy—really putting yourself in each other’s shoes. I’m a better collaborator because I can think about things from my client or counterpart's perspective, and I always want to learn as much as I want to contribute.

What drew you from PwC to working at financial services companies?

For many people who are built the way that high-performing accountants and business people can be, I think there comes a time where you've gotten your arms around something and then it tapers off a bit. So a new challenge can become enticing and rewarding, and financial institutions offer different types of complexity and are constantly evolving in a way that tends to provide that type of challenge.

What’s the best part of your role now?

The learning is constant and collaborative. I love working with and learning from such smart and thoughtful people, in different locations around the world, with unique perspectives but all committed to making our business and society better. When I met the team here, I immediately recognized a cohesive group who share a high level of respect for one another as well as humor and teamwork. We have fun together.

What are some of the challenges?

It has, admittedly, been a pretty steep learning curve for me as I got up to speed on things like capital policy decisions, engaging with analysts, the sales pitch, negotiating decisions about spending and budgets and comp—all at once and with no margin for error. But I'm so grateful for the challenges. At every step, I’ve had people supporting me and I’ve learned a ton.

Reflecting on your career, what makes you most proud?

I’m most proud of the talent development and team building work that I’ve done over the years. It’s fulfilling to see other people thrive and reach another important career milestone. I’m also proud of the times in my own career when I tried something new, even if I wasn’t sure I could do it. The truth is, I'm a risk averse person by nature. But I actually got the most out of pushing myself because it’s what helped me get to the next level.

Outside of work, what makes you happy?

I like to travel with my husband and my son. I also love watching my son play basketball. Seeing him do something that brings him joy brings me joy. I also like to see him sort of accidentally learning life lessons about things like hard work, patience, and teamwork on the court.

What’s the best advice you can offer others?

Have patience and have fun. Of course, we’re doing serious work, but I like to think about it like a lab. We’re all trying to figure out how to do things better—and we can have a good time while we’re doing it. So I think my best advice is to try to build a career where you enjoy yourself.