The 2023 Women Leaders in Consulting: Yan Cao

Yan Cao is a vice president at Cornerstone Research, based in the firm's New York office. Yan leads the firm's market manipulation and market microstructure initiatives. She has more than 15 years of consulting experience on issues of trading, securities, market manipulation, valuation, risk management and other financial market issues.

Yan has substantial expertise consulting to clients on regulatory and internal investigations, civil litigation, and criminal litigation matters led by the Department of Justice, Commodity Futures Trading Commission, Securities and Exchange Commission, the New York State Department of Financial Services, New York Federal Reserve, U.K. Financial Conduct Authority, Germany's Federal Financial Supervisory Authority, and the Australian Securities and Investments Commission.

Yan is a key member of the Women in Securities Litigation Network (WSL) Advisory Committee, which fosters networking, mentoring, and collaboration among women who practice in the field. She is also a member of the Women's White Collar Defense Association (WWCDA), which promotes the common business and professional interests of women specializing in white-collar and other defense and compliance work. A native of China, Yan holds Ph.D. and M.S. degrees from the University of Rochester, and a B.S. (summa cum laude) from Tsinghua University.

What do you consider your greatest personal or professional achievement?

My greatest professional achievement is becoming a partner at Cornerstone Research, and particularly being the first East Asian American to reach this level at the firm.

This accomplishment means even more because of the path I have traveled to attain it. At points in my career, I have felt self-doubt. I felt unsure, for example, that I could successfully transition from research to project management to business development. Working full time while juggling client demands, managing teams, and parenting two children was also challenging. But in these moments, I reminded myself, and took inspiration from the fact that I had not only "survived" but thrived in a demanding Ph.D. program where I was the sole graduate focused on accounting and finance.

When I came to the U.S. at age 21, right after graduating from college in Beijing, I had trouble understanding sales representatives when I was trying to buy my first laptop. Yet within five years, I was teaching MBA students, in English and executing interesting, topical research projects. Remembering how far I have come always propels me and helps me to continue believing in myself.

What's the best advice—consulting or otherwise—you've ever received?

My best advice is threefold: avoid overthinking, take smart risks and be assertive.

I received this advice from a beloved partner in our firm, an extremely successful business developer whose counsel made a deep impression on me. Before I knew him well, I inaccurately assumed that such work was "easy" for him. Despite his knowledge and experience, he shared that he had initially avoided speaking up, fearful of saying something wrong or taking the spotlight. I vividly remember him saying, "If you think you would cross the line here," tracing a boundary at his feet, "the line is probably over there," pointing across the room.

Implementing this advice has helped me gain confidence in my relationships. If I overthink, fearful of judgment or rejection that fear prevents me from taking risks and seizing opportunities. Finding my voice took years of practice and encouragement from others, but I have learned to trust my judgment and advocate for myself.

Here's an example. Last year, I was asked to be a member of the Women in Securities Litigation network advisory board. I was excited but nervous. I am not a lawyer; what could I offer to the country's top women litigators? Remembering my mentor's advice helped me believe in the value of my consulting insights. Best of all, joining WSL and contributing to multiple successful events benefits other women professionals, supports their work, and moves the needle toward greater diversity and equality in our industry.

What advice would you give to a female consultant just beginning her career?

• Take control of your career.
• Learn to advocate for yourself and ask for opportunities.
• Pace yourself. Your career is a marathon, not a sprint.
• Proactively seek mentors from the beginning because the people and support around you are critical to your success.

What does this recognition mean to you?

Recognition as a Future Leader among Women Leaders in Consulting is more than an honor for me; it honors those who have helped me along my path. Further, it strengthens the contributions I will make to future generations of leaders and influencers in the consulting industry.

We are mentored by the colleagues who surround and precede us. This happens within our firm and in broader fields of finance and economics, where women supporting women is especially important. Succeeding in the consulting industry requires an array of hard and soft skills, and none of us succeeds alone.

I am fortunate to belong to a firm that values collaboration and diversity, working with amazingly talented people. As a first-generation immigrant, I remain grateful for the mentoring culture I found on my first day at Cornerstone Research. In continuing to develop my capabilities, I have benefited above all from mentoring and coaching from others, especially women leaders and colleagues with international backgrounds. Some of my mentors have had more years of experience than I have. Others have helped me to grow by offering novel ways of thinking. All have shared smiles and laughter. This honor allows me to pay this back and forward.