A quiet transformation is taking place in the traditionally male-dominated world of corporate deals as more women take on senior roles that were once considered out of reach. Leading consulting firms are rethinking how they attract, retain and promote female leaders in high-pressure areas such as mergers, acquisitions and tax advisory. These roles often involve long hours and significant demands, but increased support and collaborative team structures are helping to reduce barriers.
Just a few decades ago, senior advisory roles for women at firms like KPMG were rare, especially in deals-focused departments. At the time, client engagement often occurred on golf courses, and leadership was largely white and male. Over time, the industry has started to change. In 2021, KPMG set a target to have 40% women in partnership by 2025. Although it narrowly missed with 37%, some areas exceeded expectations. In deal tax advisory, for instance, the gender split has now reached 50%, driven by intentional hiring and mentoring efforts.
A critical part of this change has been the restructuring of how deal teams operate. Rather than placing the burden on one dealmaker, firms now distribute work across multiple specialists, including those focused on state taxes, R&D, ESG and digital compliance. This team-based approach helps develop talent and supports the intense pace of deals. Even during peak periods, female partners say the work remains manageable with support from flexible schedules and improved boundaries around client expectations.
While consulting firms have made notable progress, investment banking still trails behind. At leading financial institutions, men continue to dominate the highest salary brackets. Women make up only 36% of the top quartile for earnings in finance and insurance. These roles often come with demanding hours and sudden travel, which pose challenges for those managing caregiving responsibilities. Some companies are now resisting the “always-on” culture by giving staff more autonomy over when and where they work.
At firms like PwC and KPMG, the increasing visibility of women in leadership roles is having a broader impact. Seeing women lead major transactions, such as banking acquisitions or infrastructure deals, is helping younger professionals expand their career aspirations. At the same time, clients and investors are placing more pressure on businesses to build diverse teams that reflect wider social values.
Challenges still remain. PwC currently has 34% female partners and is working toward 40% by 2030. Although this shows momentum, male leadership still dominates the highest levels in Australian consulting. However, the culture is shifting. Flexible work arrangements, mentoring and collaborative deal strategies are creating more space for women to lead and changing expectations around what success looks like in high-stakes corporate environments.
