Managing Director, Manager of the Northeast Public Finance Group.

Sonia Toledo

Education: BA, Economics, Harvard, 1985; MBA, Columbia, 1989.

Investment Banker Sonia Toledo worked at Merrill Lynch for seven years following her graduation from business school.  She took a nine-year hiatus from the company but rejoined after deciding Merrill Lynch offered the best forum to practice her passion for helping state and local governments and public authorities with their finances.

How did you decide you wanted to go into investment banking? 
I decided I wanted to become a public finance banker before I entered business school. I was exposed to the world of public finance when I held a job at a small economic development firm, and I became fascinated with it.

Why is investment banking a good career choice for women?
I think it plays to our strengths.  You have to be constantly building relationships, and women are good at that.  Also, women are good at analyzing problems and creatively developing solutions to those problems.

Why is municipal finance a good sector within investment banking?
It’s a very individualistic choice.  For me, it was about the types of problems I help my clients solve on a day-to-day basis. I like financing solutions that have a public policy side to them, like subways, public buildings, and highways. .

What made you rejoin Merrill Lynch?
From my previous experience, I knew the company to be an incredible platform from which to practice public finance. An opportunity arose for me to grow the firm’s public finance presence in the Northeast, which had contracted for a number of years.

What’s the best part of your job?
Interacting with my clients.  Public sector officials and employees are smart, incredibly dedicated and have a human dimension—they care about the office they occupy and the people they serve, and are always looking to do their jobs better.

Since you have a management position, what are some of the things that helped you succeed at Merrill Lynch?
Something I tell mentees, particularly women, is that we all need our own personal board of directors—individuals who are there to advise us on personal matters, business matters, or anything we need.  I have been fortunate along the way to have mentors who have been very loyal and supportive of me.  Most of these mentors I met during my first years at Merrill Lynch, and they have stuck with me even if they aren’t at the company anymore.

What advice would you give to a student who wants to work at Merrill Lynch someday?
Network.  Get to know as many people at the firm in your field as you can.  Don’t be shy about reaching out and contacting them. That’s how you learn about Merrill Lynch and what it takes to succeed here.