The field of finance has long been a male-dominated industry, especially at the top-most levels of leadership. However, women like Vijaylakshmi Saxena, CFO, Educate Girls, are not only breaking barriers in her field but also helping reshape the landscape with her work at an NGO that helps empower girls from underserved areas.
In this conversation with Saxena, we delve into her journey, the evolving role of women in finance, and how organisations like Educate Girls are fostering change at the grassroots level.
1. Can you share a brief insight into your journey in the world of finance?
Growing up in Mumbai, India`s financial hub, I found finance a natural career choice. Surrounded by stock markets, banks, and corporate headquarters, I was, and remain, inspired by the city’s vibrant energy and legacy in commerce. Further, my knack for numbers and the stories that data tells naturally kept me interested in finance. After all, no business strategy is complete without a solid financial plan.
2. I can see that you started your career with a Big4. What then led you to work with an NGO like Educate Girls?
After completing Chartered Accountancy in 2002, I spent the first 15 years immersed in the fast-paced financial sector, working with PwC, EY, and Ambit Pragma. In 2017, I crossed over to the social sector by joining Educate Girls.
Education has always been a deeply personal matter for me. My mother, a 4th-grade dropout, and my father, a postgraduate, both valued education immensely, shaping who I am today. Joining Educate Girls allowed me to combine my financial and strategic expertise with a mission-driven organisation, aligning my professional knowledge with a cause I truly believe in—ensuring that more girls have access to the transformative power of education.
3. The finance industry is male-dominated, with the funnel narrowing even further, particularly when one climbs the corporate ladder. What specific challenges have you faced as you grew into your current role as CFO?
India’s Female Labour Force Participation rate may not be high, but remarkably, the finance sector has a significant number of women, especially in leadership roles. Many top positions in major banks, insurance companies, and consulting firms are held by women. However, for India to achieve its ambitious goal of becoming a five trillion-dollar economy in the next three years, we need more women in the workforce and a culture that values and supports their contributions.
I have always worked in organisations where performance and value creation mattered most, and gender was never the defining factor. I am a firm believer in it and practice the same.
Transitioning from corporate finance to operational finance in the social sector was a significant shift, requiring both learning and unlearning. This shift from a profit-first to a purpose-driven approach necessitated the development of patience, a long-term perspective, and a focus on community engagement and collaboration over competition. It has been a deeply rewarding journey, and I feel very fortunate to be working in a sector that values women and in an organisation like Educate Girls, a woman-founded nonprofit focusing on gender equality.
4. How is managing an NGO’s financial health and growth different from your experience in other companies? What are some of the challenges you face?
Managing a nonprofit’s financial health is very different from the corporate world, where success is measured by revenue and profitability. In a nonprofit, the focus is on maximising social impact – ensuring that every rupee raised goes towards creating meaningful social change.
One of the most significant challenges in the nonprofit sector is the constant need to raise funds, given the absence of predictable revenue streams. Most nonprofits rely on funding from institutions, foundations, CSR grants, etc., which can be unpredictable and influenced by external factors. This underscores the critical role of responsible, long-term financial planning in ensuring the sector`s resilience and ability to weather funding uncertainties.
Additionally, compliance is an important aspect of our sector. Regulations relating to CSR, FCRA, Income Tax, and Company Law require constant vigilance. As a result, a CFO must carefully balance the allocation of every rupee raised to ensure it is invested in ways that maximise effectiveness and drive scale and impact, all while adhering to regulatory and compliance standards.
5. It takes a huge commitment to ensure access to education for girls across regions without high dropout rates. In your role, how do you feel you are contributing to this success?
I focus on ensuring we maximise impact for every rupee we raise, investing wisely in systems, processes, bench strength, etc., to create transformative impact in some of the hardest, remote, rural geographies. For instance, this might be unheard of for a non-profit, but we have invested in developing an artificial intelligence and machine learning (AI/ML) – powered predictive algorithm to identify villages with the greatest need. Further, our financial model allows us to operate in a program area until we achieve saturation, which could take three years, five years, or sometimes more. Additionally, I prioritise long-term financial planning to ensure that we remain resilient, even during funding uncertainty. Ultimately, my role is to support our mission by ensuring we are financially healthy to sustain, grow, and make a lasting impact on girls` education.
6. Do you think the girls at Educate Girls see you as a role model for growing to this position in a predominantly male-dominated field?
Yes, I believe they see me as a role model, which I take to heart. It’s crucial for them to understand that women can pursue any dream they set their minds to. With determination and the right support, their goals are entirely within reach. During my field visits, many girls shared their aspirations to be teachers or set up an internet café, tailoring shop, or beauty salon. Seeing more women in leading roles can reinforce the message that their aspirations and dreams are valid and possible.
7. How do you see the link between education for girls and financial inclusion? What role does Educate Girls play in shaping future women leaders in finance?
There is a direct link. Education brings awareness and, with it, agency and, ultimately, empowerment. A well-rounded education, particularly at the secondary and higher levels, equips girls with critical math, reasoning, and decision-making skills that form the foundation for informed financial choices and decisions.
8. As a female CFO, what do you think needs to change in the finance sector to encourage more women to take on leadership roles? How can organisations like Educate Girls contribute to this shift?
The finance sector, particularly BFSI, has seen more women leaders, but more needs to be done. The key is to treat women as equal partners. Educate Girls plays a crucial role in this transformation by working with communities to challenge deeply rooted patriarchal mindsets, and creating a multiplier effect when these attitudes shift.
Additionally, many women face challenges balancing professional responsibilities with family expectations. Establishing robust support systems can make a significant difference.
9. Does Educate Girls incorporate financial literacy programs for its beneficiaries?
Yes, financial literacy is part of our broader approach to education. Through our Gyan Ka Pitara remedial learning program, we focus on foundational literacy and numeracy, ensuring that girls, many of whom are first-generation learners, develop the basic skills they need to succeed. Given that many of these girls lack academic support at home, our program is designed to bridge that gap effectively.
In addition, we provide our adolescent girls in Pragati camps with 21st-century skills. These camps offer training that goes beyond academics, equipping girls with practical knowledge and skills, such as financial literacy, to help them navigate real-world challenges and future opportunities. We also provide linkages to social welfare programs, government schemes, and financial services.
As a finance leader in the social sector, Vijaylakshmi Saxena is proving that numbers and impact go hand in hand. Her journey shows an inspiring tale of persistence, adaptability, and purpose-driven leadership. While challenges remain in achieving greater gender parity in finance, she believes that systemic change is key to opening doors for future women leaders.
When asked about how she would want to be remembered in her sector and by the girls whose lives she has impacted, Saxena said, “I hope to be seen as a leader who combines financial acumen with a deep commitment to social impact, making a lasting difference both in the boardroom and classroom.”
