Do you know when the New York Stock Exchange accepted a woman as its rightful member for the first time? Actually, it happened not so long ago, on 28 December 1967. The first woman of Finance was called world famous Muriel Siebert and she had made a huge impact on the acceptance of women as talented investors. How did she manage to change the world?
Muriel Siebert was born in 1928 in Ohio to a Jewish family, where she was the second child. She became a student of Western Reserve University, but never had a chance to graduate, because she had to take care of her ill father.
From the very start of her career in 1954, she knew exactly what she wanted and that was to be a part of the stock exchange. In these years she changed jobs one after another discovering that she received only 60% of a salary for doing the same job every man in the firm did.
In 1967 Muriel Siebert & Co. was founded and in the same year, she applied for a seat on the New York Stock Exchange. On that day 9 of 10 men declined to sponsor her application. On the other hand, the NYSE invented the new rule asking to see Muriel getting a $300k loan for a seat price. Not surprisingly, banks also set a new condition: loan will be given only when the NYSE admits her. “There would be no loan until I was accepted, and I couldn’t be accepted without the loan,” she said.
Despite the circumstances, Muriel Siebert won and was accepted as a member in the end of 1967 and remained the only woman presented for a long time. “For 10 years,” Ms Siebert said, “it was 1,365 men and me.” Nevertheless, that’s was a start towards freedom and equality for every woman in finance.
Another huge step in her trading career was becoming the first woman superintendent of banking for the State of NY with the overall balance of $500 to regulate. Mickie recalled thinking, "Mickie, you know you're a college dropout. You've done pretty well as a college dropout!".
Besides being a reputable investor, Muriel Siebert was also one of the most generous philanthropists helping women throughout the world not to be afraid of starting a career in business and finance.
That’s the story of Muriel Siebert - the first self-made woman billionaire, the first woman to own a seat in the NYSE, the first woman superintendent of banks and the first one to open a way for women to become tan influential part of the financial world.