Reshaping leadership: women rise to the top despite obstacles

Women are increasingly stepping into leadership roles across Australia’s finance and lending sectors, and redefining what it means to be lead. 

But the path hasn’t been easy. Women remain underrepresented, making up just around 10% of CEOs and senior executives nationwide. At the broker level, the gap persists, with women accounting for only 25% to 30% of the workforce.

In Australian Broker’s ongoing series, we're speaking with women about how they became leaders, and the realities, challenges and impact that comes with being in charge.

For our latest installment, Medina Cicak, chief commercial officer of Heartland Bank Australia, reflects on her journey to the top. 

With more than 10 years in Australia's finance industry — including working as a BDM,  as well as senior-level stints at Suncorp Group and RACQ, before joining Heartland nearly two years ago — Cicak brings hands-on knowledge into what it takes to lead.

"Leadership is about influence rather than execution," Cicak told Australian Broker. "It is about bringing people with you, making decisions with incomplete information and balancing short‑term outcomes with long‑term impact." 

Cicak shares more insights below. 

AB: Do you think there are enough women in Australia's finance and broking sectors in leadership? 

MC: No, particularly within mortgage broking; there is still a clear gap. Women make up only around 25% to 27% of mortgage brokers nationally, according to Mortgage & Finance Association of Australia (MFAA) and Finance Brokers Association of Australia (FBAA) data. And representation drops further again when you look at senior, visible industry leadership roles. While there are strong female leaders across the sector, the number and visibility of women leading businesses, associations and major initiatives does not yet reflect the talent coming through.

By comparison, broader industry data from the Workplace Gender Equality Agency Australia (WGEA) and the Bankwest Curtin Economics Centre (BCEC) shows women now make up close to 40% of management roles across Australian workplaces, even though leadership balance remains a challenge overall. Against that broader benchmark, mortgage broking is still lagging, particularly when it comes to leadership progression and visibility. That matters, because when people do not see leaders who look like them, they quietly question whether this is an industry where they can build a long term career.

AB: What can be done to ensure more women stay in the industry and become leaders?

MC: It requires intentional action rather than good intentions. MFAA data shows female participation in broking has hovered at around 25% for more than a decade, despite growth in broker numbers overall. That tells us the issue is not entry alone, but progression and retention. Creating clearer pathways from broker to business leader, sponsor or industry voice is critical.

When businesses prioritise women in leadership roles, the evidence shows they build stronger teams, retain talent for longer and make better decisions over time. For broker businesses — where trust, experience and long‑term client relationships matter — those outcomes are commercially meaningful. Leadership in broking should be recognised not just through formal titles, but through business ownership, mentoring, advocacy and customer impact at scale. When those pathways are visible, leadership stops feeling like an exception and starts to feel achievable.

AB: Did anyone actively encourage you to pursue leadership? Or did you have to push for it yourself?

MC: I was fortunate to have people who backed me, but I still had to be deliberate about stepping forward. Leadership is rarely something you are handed. You need confidence to put your hand up. But you also need sponsors who are prepared to open doors and advocate for you when you are not in the room. I have seen how powerful that combination can be, and it is something I consciously try to pay forward.

AB: What skills or experiences were most important in making the jump from broker to leadership? 

MC: Strong commercial judgement and credibility come first. You need to understand the customer, the numbers and the broader system you are operating within. Beyond that, leadership is about influence rather than execution. It is about bringing people with you, making decisions with incomplete information and balancing short‑term outcomes with long‑term impact. Experience across different parts of the business also helped broaden my perspective and prepared me for leadership responsibility.