Pioneering the path for Australian female MBAs

Carmelita Salgado holds a distinct place in Australian educational history as the first female to complete an MBA program 60 years ago.

Carmelita Salgado never wanted to be an accountant.

”I really didn’t like numbers,” Carmelita said.

Growing up in Baguio City in the Philippines, the eldest of nine children had dreams of being a literature or history teacher.

It was a modest upbringing, but her parents were committed to investing in their children’s education.

An aunt teaching at the College of Business Administration (part of University of the Philippines) persuaded her parents Carmelita should move to Manila.

”She convinced my parents that it would be best if I studied at the College of Business, and that I should take up Accounting, a practical field that would enable me to land a job sooner to help our big family,” she said.

It was a decision that would see Carmelita become part of history as the first woman to obtain her MBA in Australia and change the course of her professional career.

”Everything I achieved after that; I owe to my MBA,” she said.

”Before I was so anxious and with the self-confidence, I gained from the University of Melbourne Business School I felt I had a lot to contribute.”

Carmelita paved the way for more women to study their MBAs and today the percentage of female MBAs sits at almost 40 per cent Australia-wide. Melbourne Business School Dean Jenny George said there was still room to improve.

”We know 50 per cent of university graduates in Australia are women but progress slows down at the postgraduate level,” Professor George said.

”I would encourage more women to follow in Carmelita’s footsteps to pursue an MBA for its lifelong benefits.”

Having experienced adversity as a female leader and the prejudices that come along with it, Carmelita’s message for women in the workplace today is clear: Stay true to your values, focus on the common good, and persevere in the face of adversity.

”And if that end is not self-seeking or self-aggrandisement, you know it's really for the good,” she said.

”Then then that's about it, take it or leave it, as far as critics are concerned.”

An unexpected opportunity from a future Prime Minister

After moving to Manila and passing the Certified Public Accountant exam, Carmelita was offered a role teaching at the College of Business.

A couple years into the role, Carmelita’s career took an unexpected turn when she was awarded a scholarship under the Colombo Plan, established to promote regional cooperation and development among Asian countries.

”The Dean at the time thought we should all go abroad for studies and that I should go to Australia because everyone else had gone to the United States,” Carmelita said.

That Dean was Cesar E.A. Virata who later went on to become Prime Minister of the Philippines, and his decision led her to Melbourne Business School.

A place in the history books

Becoming the first female MBA in Australia was not even on Carmelita’s radar.

”I didn’t realise it was noteworthy until one of my nephews googled me and it became viral in our family. I was quite surprised I was in Google.”

She is however proud to be so closely associated with the School and University of Melbourne’s history because of its reputation for academic excellence.

”When I came back after my MBA, I participated more actively in Faculty discussions at the University,” Carmelita said.

"It really enhanced my business background and gave me a lot of skills. It was a very good program."

”It was knowledge and skills acquired that I could apply in practical situations I encountered throughout the course of my career.”

Carmelita was one of just two women in her MBA cohort - the other being the late Jocelyn Howlett, who was a great friend of Carmelita’s.

”We were close friends, and she often defended me from the pranks of our male classmates. She was very motherly.”

Jocelyn was also a trailblazer who established a regular event at the Lyceum Club for female graduates of Melbourne Business School to network and connect with each other – a meeting which ultimately developed into the School’s iconic Women in Leadership Dinner.

Carmelita said despite the pranks, their male classmates were also friendly, warm and protective.

”We were all very close. We socialised a lot and I met all their families and would get invited here and there.”

Over the years they’ve remained in touch and reconnected at various events, cementing her strong ties to Melbourne and the broader Australian academic community.

Facing female prejudices

After completing her MBA, Carmelita became the head of the Department of Accounting at the College of Business introducing what is now the Bachelor of Science of Business, Administration and Accountancy program.

Despite her success, she faced a lot of opposition from people who didn’t like reporting to a woman.

”There were times I couldn’t stand colleagues of mine in my own department of accounting because they were so rebellious. I was getting all this flack and stubbornness to the point I almost resigned.”

The Dean Cesar Virata persuaded her to take things in her stride and to not abandon her post.

”I owed him a lot. He was a really good advisor and like a father figure. I felt I couldn’t not follow his advice.”

After standing her ground, the difficult male colleagues eventually gave up on being machos and reason prevailed.

Finding her calling

In 1974 Carmelita relinquished her academic career after she was appointed to the Professional Regulations Commission as a Member and Examiner of the Board of Accountancy. She also joined the SGV and Co., the largest Accounting Firm in the Philippines and Southeast Asia as Manager of its Professional Development Program.

Carmelita went on to climb the ranks of the corporate world, holding several senior corporate roles, including serving as Senior Executive Vice-President and Chief Financial Officer of Chemical Industries of the Philippines, Inc. (now Uniholdings).

Although Carmelita never intended to be an accountant, she grew to love the profession.

”I began to understand the social importance of accountancy—reporting the truth—and I developed a deep connection with the profession.”

Her immense contributions to the profession were recognised with the Accountancy Centenary Award of Excellence in 2023.

Despite the accolades, she most fondly recalled the success stories of her students, many of whom have gone on to become influential figures in the Philippine business community.

”I realised all along teaching was my true calling,” she said.

”One of my former students is now the President of the BDO Capital and Investment Corporation and the Captial Markets Development Foundation, Inc, where I am Trustee and Treasurer. I’m so happy to have contributed to their professional lives.”

In 1976, Carmelita became the Chief Operating Officer of the Parents Foundation for Educational Development, where she continued to help shape young minds.

”That’s where I had the most rewarding experiences—contributing to the education and character development of children.”

She remains Vice President of the Philippine Foundation for Cultural & Educational Development, Inc. and Trustee and Treasurer of the Capital Markets Development Foundation.

Carmelita’s words of wisdom to female leaders

Carmelita’s advice was to always pursue things with the right intentions.

”I was never really looking for this ambition or being successful in that sense,” she said.

”I just wanted to contribute where I could, with the sense of serving the common good at the back of my mind, and lo and behold it was rewarding with all the perks that came along the way.”

When it came to facing resistance in the workplace, she said expressing your intentions clearly and logically, was key.

”Explain the reason for the position you have taken, calmly without being overly emotional and I think people tend to listen and see the logic of it,” she said.

”It has to be with maturity and always led by objectives.”

Follow in the footsteps of Carmelita Salgado and study Australia’s top-ranked MBA to develop your leadership potential.