Want to be the first to accomplish something? Say no

In this series, professionals discuss their experiences accomplishing something for the first time. Read their stories here, then write your own using #IWasTheFirst in the body of the post. 

I didn’t become the first woman to run Smith Barney or Merrill Lynch because I planned it. Or even because I ever imagined it. Or because I figured how I would make my way from research analyst, to Director of Research, to CEO of Sanford Bernstein….and from there jump to turning around those troubled, storied Wall Street businesses. I never imagined I would have those opportunities (and, honestly, still can’t really believe it).

But if there are insights advice I can give – the “secrets” so to speak – they are:

Be great at your job. But you knew this, didn’t you? Doesn’t get more trite than this.

Stand out at your job. Earlier in my career, I had a truly well-meaning Wall Streeter advise me to keep my head down, not make waves, stay in the pack; if I did that, he told me, I could have a relatively low risk career….and earn a lot of money.

Um, no thanks. Not if you want to have a break-out career.

As a research analyst, I was making negative research calls at a time when that was a real no-go on Wall Street. (In fact, it was a time that people got fired for not being bullish enough…seriously.) It was uncomfortable – and on many days, it still is – but this stance helped me stand out as an analyst who wasn’t simply part of the pack. If you want to be first – or you want to be great – you can’t be the same.

Wait for the fat pitch. The first two pieces of advice here are pretty conventional (ok, pretty boring). But here’s the one piece of advice that I don’t hear often given: learn to say no.

When I was a relatively new research analyst, I received an offer from Smith Barney to move there. It was for more money and a senior analyst title; Jamie Dimon met with me as part of the recruiting process. Good opportunity. I turned it down.

When I became a senior research analyst, I got a call from a competitor firm. More money, some managerial responsibilities. Good opportunity. I turned it down.

When I became Director of Research of Sanford Bernstein, I received a call from Goldman Sachs to run their research department. Bigger department, more money, partner opportunity. Very good opportunity. I turned them down.

When I became CEO of Sanford Bernstein, I received an offer from Citigroup to run their research department AND their Smith Barney division. Way more job scope; much higher degree of difficulty. Great opportunity. I took it. And in doing so, I became the first woman to run a major brokerage business on Wall Street.

Turning down a good business opportunity is hard. Turning down a very good business opportunity is even harder. But I am certain (well, 99.9999% certain), I never would have had that great opportunity if I had accepted any of those earlier good-to-very-good opportunities. That’s because rather than spending my time at Bernstein building a great, unconventional business, and rather than working at Bernstein for a management team and Board that supported our business and my leadership – instead, I would have been finding my new way at a new company, establishing credibility, building new relationships etc. And with only about an even chance of the fit being right.

I could wait for the great opportunity because I was fortunate enough to love my job at Bernstein. That meant that I was very happy staying there – and that I could be choosy about any other opportunities that came my way. In contrast, I had several colleagues who jumped at the first or second “good” or “very good” job offer that came their way.  They ended up working out the terms of their new jobs and now they are…..actually, I don’t know where they are now.

I did the same during this latest phase of my career. After leaving Merrill, I had a number of offers; a lot were good, but none felt like it was “the one.” That was the case up until the opportunities to build businesses helping professional women advance came along.

So do the great work, go against the grain and have the confidence to wait for the fat pitch.

Sallie Krawcheck is the CEO of Ellevest, a digital investment platform for women. She is the Chair of Ellevate Network and author of Own It: The Power of Women at Work, to be published in January 2017.