Navigating a career in finance or the corporate world can feel like climbing a mountain alone. The good news is you don’t have to do it solo. The most successful professionals often have a network of allies guiding and advocating for them behind the scenes. These allies usually come in two forms: mentors and sponsors. In this conversational guide, we’ll unpack the difference between a mentor and a sponsor, explain why both are important (especially for women aiming to break glass ceilings), and share practical tips on finding mentors and cultivating sponsors. By the end, you’ll feel empowered to build your own support network and inspired to pay it forward by helping others in turn.
Ready to accelerate your growth with a little help? Let’s dive into how mentors and sponsors can become your secret career superpower.
Mentors vs Sponsors: What’s the Difference?
First, let’s clarify the terminology. Mentors are the wise guides of your career – think of them as coaches or advisors. A mentor is typically someone more experienced who offers you advice, feedback, and support as you navigate your professional path. They might help you build skills, steer you away from mistakes, or just be a sounding board when you’re facing a tough decision. Mentors often share personal experiences and give you insights to help you make informed choices.
Sponsors, on the other hand, are your advocates. A sponsor is usually a senior leader with influence who actively champions you for opportunities. Rather than just giving advice, they go out on a limb for you – recommending you for a promotion, introducing you to important contacts, or pushing for your name to be on that big project. One career expert summarised it well: a mentor has knowledge and will share it with you, but a sponsor has power and will use it for you. In short, mentors help you prepare, while sponsors help you advance.
A sponsor goes further than mentorship actively advocating for you, opening doors, making introductions, and recommending you for key opportunities. They’ll put your name forward and even stake their own reputation on your potential. For example, where a mentor might help you polish your presentation skills, a sponsor will make sure you’re actually invited to present in front of leadership. A mentor might encourage you to apply for a new role; a sponsor might personally endorse your application to the hiring committee. The difference often comes down to influence: a mentor guides you one-on-one, while a sponsor uses their clout to publicly back you.
Above: A spectrum of sponsorship support, from mentorship to full advocacy. Research suggests sponsorship isn’t an “either/or” role – it’s a range of support levels. A sponsor might start as a mentor offering advice, then become a connector introducing you to influential people, an opportunity-giver who provides high-visibility assignments, and ultimately an advocate who publicly fights for your advancement (Source: Herminia Ibarra, Harvard Business Review).
It’s worth noting that a mentor can become a sponsor, but not all mentors are sponsors. Your mentor might not have the seniority or opportunity to advocate for you in high places – and that’s okay. Mentorship and sponsorship are distinct relationships, and both are valuable in their own ways. In fact, an ideal scenario is to have multiple allies: mentors who help you grow, and at least one sponsor who helps you shine.
Why You Need Both to Advance (Especially as a Woman)
If mentorship is so great, why worry about sponsorship? The truth is, both mentors and sponsors are crucial – and combining their support can be a game-changer for your career. Mentors help you improve and plan, but sponsors help you get ahead. When you have both, you’re gaining knowledge and opportunities. In fact, research shows that employees with sponsors are significantly more likely to advance in their careers – one analysis put it at about 20% higher likelihood of moving up compared to those without sponsors.
Here’s the catch: only a small fraction of people actually have sponsors. One survey found that only 23% of employees report having a sponsor in the workplace. Meanwhile, over 70% of Fortune 500 companies have formal mentorship programs – indicating that mentoring is common, but sponsorship is relatively rare. In other words, plenty of people get advice, but far fewer get advocacy.
For women, this disparity is especially important. We often hear about the power of mentoring for women (and it ispowerful – a good mentor can boost your confidence and help you navigate challenges). However, many women receive lots of mentoring without seeing the same promotions or pay rises that their male colleagues might be getting. Why? Because sponsorship is the missing piece. As Harvard Business Review noted, women tend to be “over-mentored and under-sponsored”. In male-dominated industries like finance, not having a sponsor can mean that talented women get overlooked for leadership roles despite all their hard work and advice from mentors. In fact, a lack of sponsorship is cited as a key factor preventing women from climbing the career ladder, more so than for men.
Sponsors actively push you forward. They can help ensure you’re considered for stretch assignments, pay increases, and promotions that you might not otherwise have access to. This kind of advocacy is crucial to breaking through the proverbial glass ceiling. Think of it this way: you might have a mentor who tells you how to navigate office politics, but a sponsor will actually mention your name in a room full of decision-makers. Both are important, but the latter can be transformative for your career trajectory.
Having mentors and sponsors is also great for building confidence. Knowing that someone is willing to go to bat for youcan empower you to take on bigger challenges. In turn, success in those challenges builds your reputation and creates a positive cycle. Especially for women – who may sometimes struggle with self-belief or feel they need to “prove it twice” in traditionally male arenas – a sponsor’s vote of confidence can be a huge boost. And mentors provide the steady encouragement and advice to help you prepare for those opportunities. Together, they form a support system that fuels your growth.
In summary, mentors guide you and sponsors propel you forward. To really advance in your career, especially in competitive fields, you benefit from having both in your corner. Now, the question is: how do you actually find these mentors and sponsors? Let’s explore some practical steps.
How to Find a Mentor
So, how do you go about finding a great mentor? Here are some practical tips for securing mentorship:
Know What You Need: Start by reflecting on why you want a mentor and what you hope to learn. Are you looking for guidance on leadership skills? Technical expertise? Work–life balance in a demanding job? Identifying your mentoring needs will save you time and ensure you seek out the right person. For example, if you’re an analyst aiming to become a manager, you might want a mentor who can coach you on people management and strategic thinking. Be clear on your goals and the kind of advice you need – this makes it much easier to find a good match.
Identify Potential Mentors: Look around in your workplace or industry for people you admire and who have the experience or skills you want to develop. Often, the best mentors are in your own workplace because they understand the context and can comfortably vouch for you. Seek out leaders in roles you aspire to, or colleagues known for strengths you’d like to build. Just because someone is senior doesn’t automatically make them the right mentor – you want someone whose expertise aligns with your goals. Once you have a few candidates in mind, do a bit of homework: follow their work, observe how they lead, or read what they’ve written. This helps you confirm they’re a good fit and gives you conversation material when you approach them.
Just Ask (Politely!): It sounds simple, but it’s true – sometimes you don’t have a mentor because you haven’t asked. Don’t be afraid to reach out. As one career coach noted, many people say they lack mentors, yet when asked who they’ve approached, the answer is “no one”. So take the initiative. You can start with a polite email or a chat over coffee. For example: “Hi, I really admire your career path and the projects you’ve led. Would you be open to meeting for 30 minutes sometime? I’d love to get your advice on my own career development.” Be specific about why you’re asking them and what you hope to learn – people are more willing to help if they understand the context. The worst they can say is no, and even then you can politely thank them and maybe ask if they can recommend someone else.
Respect Their Time: Mentors are usually busy people. When you do get that meeting or call, be prepared and be punctual. Have an agenda or a few key questions in mind to make the most of the time For instance, you might ask, “What do you think are essential skills for advancing in this company?” or “How did you handle work–life balance at my stage?” Keep the meeting to the agreed length – if you asked for 30 minutes, wrap up on time. Showing respect for their schedule demonstrates professionalism. And don’t forget to thank them afterwards. A follow-up email expressing appreciation for their insights can go a long way.
Be a Great Mentee: Mentorship is a two-way relationship. Show genuine interest in your mentor’s advice and act on it when you can. If they give you a suggestion (for example, to take a public speaking course or to connect with a colleague of theirs), give it a try and later let them know what happened. By listening and showing that you value their guidance, you build trust and rapport. In fact, the more dedicated you are to learning and improving, the more likely a mentor is to go above and beyond to help you succeed. That could even mean, down the line, they recommend you for an opportunity – essentially shifting into a sponsor role for you. Also, don’t be shy about sharing your progress. If you achieved a milestone or overcame a challenge thanks to their advice, tell them! It makes mentors feel rewarded and invested in your growth.
Remember, you can have more than one mentor. You might find one mentor within your company and another through a professional association or alumni network. In Australia, for example, organisations like Women in Banking and Finance or programs like Mentor Walks or here at F3 connect women with experienced mentors. Leverage these networks. Different mentors can address different needs – maybe one helps with technical skills while another offers moral support and big-picture career strategy. Over time, as you grow, it’s natural to outgrow certain mentorships and seek new ones; that’s all part of the journey of continuous learning.
Cultivating a Sponsor (Earning Your Champion)
Finding a sponsor is a bit different from finding a mentor. You typically don’t just ask someone to be your sponsor – there’s no formal “Will you be my sponsor?” moment. Sponsorship is usually earned through your performance, visibility, and relationships. Here are some tips to cultivate sponsorship in your career:
Excel in Your Role (Show Your Value): The first step to attracting a sponsor is to do outstanding work. Sponsors tend to back high performers – people who consistently deliver results and exceed expectations. So focus on shining in your current role. Take on challenging projects that let you stretch your skills, and knock them out of the park. When opportunities arise to solve a tough problem or lead an initiative, volunteer yourself. By excelling and building a reputation as someone who gets things done, you make it easy for a potential sponsor to notice you. Essentially, you want to be seen as a “rising star” or an expert in your area (in a finance context, maybe you become known as the go-to person for regulatory knowledge, or you consistently bring in new clients). This sets the foundation – no sponsor will advocate for you if you’re not performing exceptionally. Make sure your wins are visible too (more on that next).
Own Your Achievements (Make Your Work Visible): It’s not enough to do great work quietly – people need to know about it (especially those in positions of power). This doesn’t mean brag in an obnoxious way; it means take credit where it’s due and share your successes strategically. For many women, this can be a hurdle because we’re often taught to be modest. But find a style that works for you to highlight your achievements. For example, you could present your team’s results in a meeting, or send a brief update to your boss and her boss when you finish a successful project. You can also champion ideas in meetings or contribute insights on company forums – let your expertise show. As one leadership coach advises, you don’t have to frame it as bragging; you can frame it as sharing what you learned or teaching others from your success. The key is that potential sponsors (often higher-ups) become aware of what you’re accomplishing. If they never hear about your great results, they can’t advocate for you. So, speak up and celebrate your wins in a professional way. This not only gets you noticed but also builds your credibility.
Seek Opportunities to Work with Senior People: Sponsors are usually senior leaders, so you want to get on their radar by working with them or around them. Look for ways to collaborate with the leaders who could become sponsors. Is there a cross-functional project, task force, or committee that a senior executive is heading up? Can you volunteer to help on an initiative that a potential sponsor cares about? By working directly with a would-be sponsor, you give them a chance to see your skills and work ethic firsthand. For example, if there’s a committee for improving diversity and inclusion in your company and a senior director is leading it, join that committee and contribute. Or if your department head needs people for a high-profile project, raise your hand. This doesn’t mean elbowing others out of the way, but rather being proactive in seeking growth opportunities. The more exposure you have to senior folks, the more they can assess your potential. Visibility is key – sponsors can’t champion someone they don’t know. So find ways to get in front of those decision-makers through your work.
Communicate Your Ambitions: While you generally won’t ask “Will you sponsor me?”, you can and should communicate your career aspirations to the higher-ups who might become sponsors. If you have one-on-one meetings or casual conversations with leaders, it’s okay to let them know what you’re aiming for. For instance, maybe during a performance review or a coffee chat with a senior manager, you mention, “I’m really interested in moving into a leadership role in the next couple of years,” or “I’d love to get experience in XYZ area.” This signals to them that you’re keen to advance. Importantly, combine this with discussing your development plans (“I’m taking a course on advanced finance regulations” or “I’ve been leading small team projects to build my leadership skills”). When a senior person knows you’re ambitious and sees that you’re preparing yourself, they’re more likely to think of you when an opportunity arises. Essentially, you’re planting the seed for sponsorship by saying, I’m ready for more – and I’m working for it. If they believe in you, they may step up and open that door.
Build Trust and Be Authentic: Sponsors put their reputation on the line for those they endorse, so they must trust you completely. How do you build that trust? By being consistent, reliable, and honest in your work relationships. Do what you say you’ll do, meet your deadlines, and handle confidential matters with integrity. Also, cultivate a genuine connection – you want potential sponsors to see your character as well as your competence. That doesn’t mean you have to be best friends, but show professionalism and also let them see what you’re passionate about. Maybe you’re known for always having a positive attitude during crunch time, or you’re the colleague who helps others solve problems. These little things add up to a positive impression. When a leader sees that you not only deliver results but also have the right attitude and ethics, they’ll feel more comfortable vouching for you. Authenticity is key here: trying to be someone you’re not is hard to keep up and usually obvious. Instead, be the best version of yourself at work. If you’re trustworthy and driven, those qualities will encourage someone in power to stick their neck out for you.
Finally, remember that sponsorship usually happens organically once you’ve proven yourself. It’s rare to formally announce “this person is my sponsor.” Instead, you’ll often find out someone has been sponsoring you after the fact – for example, you get assigned to a great project and later learn that a senior leader recommended you for it. That’s sponsorship in action. Your job is to cultivate the conditions for it: great performance, strong relationships, and clear ambition. If you focus on those, you’ll attract sponsors over time. And don’t be discouraged if it doesn’t happen overnight. Building a career ally network is a gradual process, but incredibly worth it.
(Tip: While you can’t force a sponsorship, you can encourage it. If you suspect someone is advocating for you behind the scenes – say, your VP frequently puts you in charge of important tasks – continue to nurture that relationship. Sometimes a mentor or boss becomes your sponsor without an official label. Recognise it, appreciate it, and keep proving them right for backing you!)
Build Your Network, Then Pay It Forward
One mentor or one sponsor alone isn’t a magic bullet. The idea is to build a network of allies for your growth. This network can include mentors, sponsors, coaches, and supportive peers. Each plays a role in your development. For example, you might have a peer mentor who is at a similar career stage, and you two share knowledge and encourage each other. You might have a mentor in another department who gives you a broader perspective. And you might have a sponsor in upper management who advocates for you when promotion discussions happen. Together, these allies form your personal “board of directors” – a group that guides and champions you. Don’t be afraid to seek multiple mentors for different needs, and to cultivate relationships with more than one potential sponsor (in a respectful way, of course). In the corporate and finance world, connections matter. Building a genuine network of support can make the journey much less daunting and a lot more empowering.
Also, remember that networking is a two-way street. As you climb the ladder, look for ways to pay it forward. If you’ve benefited from good mentorship, consider becoming a mentor to others. This could be as simple as offering advice to a new graduate in your team or formally joining a mentorship program for women in your industry. Mentoring others not only helps them, but it also helps you reflect on what you’ve learned and solidifies your own knowledge. Many women leaders in Australia and beyond are eager to give back – there’s a real “lift as you climb” mentality taking hold, which is wonderful to see. By contributing to this circle of support, you’re keeping the ladder strong for those coming up behind you. As one executive put it, you can’t just take help without giving it – “You can’t just suck people dry. There is a karmic circle.”. In other words, the goodwill you extend to others has a way of coming back around.
And who knows? Down the track, you might find yourself in a position to be a sponsor for someone else. Perhaps you’ll be the one advocating for a talented young woman in your firm, or opening a door for someone who reminds you of your younger self. By being that ally, you help create a more inclusive and supportive environment in your workplace. Each person you mentor or sponsor adds to the growing network of empowered professionals. This not only feels rewarding but also contributes to changing the culture – making it easier for more women to succeed in finance and corporate sectors.
In conclusion, building a network of mentors and sponsors is one of the smartest moves you can make for your career growth. It might take a bit of courage to seek out a mentor, or a lot of dedication to earn a sponsor, but the effort is worth it. With mentors to guide you and sponsors to champion you, you’ll be better equipped to seize opportunities and overcome obstacles. Even more, you’ll realise you’re not alone on your journey – and that’s incredibly motivating. So start today: reach out to that person you admire, step up on that next project, and keep an eye out for people you can help in return. Your network of allies is waiting, and your career (and personal growth) will thank you for it. Here’s to building each other up and celebrating the successes that follow – together!
Empower yourself by connecting with mentors and sponsors, and empower others by being one. Your professional community can be your greatest asset. Good luck on building your network of allies for growth, and remember to enjoy the journey – you’re climbing higher with each step, and you’ve got a team cheering you on.