From physics to finance: The evolution of Elizabeth Irungu

Elizabeth Irungu is a talented storyteller. Within minutes of meeting her at her corner office at Absa Bank’s headquarters along Waiyaki Way, she was captivatingly narrating her life’s experiences, especially her early days in the corporate world, with hilarious dramatisation that left us in stitches.

Ms Irungu is the Chief Executive Officer (CEO) at Absa Asset Management Limited, a subsidiary of Absa Bank.

“We are owned by the bank but we don’t do banking. We offer investment solutions to Absa Bank’s clients and the public as well - The bank is regulated by the Central Bank and the Capital Markets Authority, while the Retirement Benefits Authority regulates us. So we compliment our mother, the Absa PLC,” she clarifies as we kick-start the interview. 

Tell us about your early life. Where does your story begin?

I was born in Nyeri, in a small village in Othaya, as the sixth of 10 siblings—seven girls and three boys. Growing up in a large family, my mother was a stay-at-home farmer, and my father was a teacher. My mother, despite not completing her education, was brilliant in maths and always reminded us, especially the girls, of the importance of education. She would say, "Girls need to study," and I took that to heart. Her dream of seeing us succeed drove me to excel academically and aim for something greater.

When did you realise leadership was part of your journey?

Leadership first showed itself in high school when I was made a captain. At the time, I didn’t think much about what being a leader entailed. It was later, in university, that my leadership skills truly began to grow, especially when I decided to pursue economics, even though my first love had been science.

Why did you switch from science to finance?

I wanted to be an engineer because I loved physics, but one bad grade in my KCSE dashed that dream. I was admitted to the University of Nairobi for a Bachelor of Arts degree. At first, I was disappointed, but during a career forum in my first week, I was inspired to embrace economics. That moment changed my path. I majored in economics and never looked back.

How did you break into the job market, especially in such a competitive field?

My career began in sales, where I learned how to interact with people and understand business dynamics. My big break came when I was hired as an economist in the Office of the President under President Kibaki’s administration. That experience exposed me to national budgeting and large-scale projects. However, I soon realised I wanted to do more, so, I pursued my Chartered Financial Analyst (CFA) certification, which led me to transition into fund management in 2007.

What challenges have you faced as a woman in a male-dominated industry?

There are many, from office politics to navigating spaces where deals are often closed in social settings like pubs—spaces I don’t frequent. Finance is heavily male-dominated, and being one of only two or three women in a room with 20 men can be intimidating. But I’ve learned to let my work speak for itself. I’ve also had to continuously upskill to keep pace with the dynamic nature of the industry.

How do you balance your demanding career with family life?

It’s all about intentionality. I communicate openly with my family about my work commitments and make time for them whenever possible. I’ve been blessed with a supportive partner (my husband) and a loyal domestic worker who has been with me for over 22 years. My four children are my biggest cheerleaders. When I asked my youngest who is 12 if she’d prefer a stay-at-home mom, she said, “No, you inspire us to work hard and achieve our goals.”

What mistakes do you think people make when it comes to investing?

Ignorance is a major issue. Many chase returns without understanding the risks involved. For instance, someone might buy land expecting its value to double, but they fail to consider liquidity challenges. It’s crucial to balance the pursuit of returns with an understanding of what could go wrong. Risk awareness is key.

What leadership style do you embody, and what lessons have you learned over the years?

My leadership style is rooted in empowerment, mentorship, and coaching. As a certified coach, I focus on nurturing my team to achieve their best. The most valuable lesson I’ve learned is self-belief. People may doubt you, but you should never doubt yourself. Continuous learning has also been central to my growth. I read extensively, attend conferences, and seek mentorship to stay ahead.

What motivates you every day?

Impact. I see my work as a way to touch lives — not just the individuals I advise but their families and future generations. Investments create legacies, and I find joy in knowing that my guidance can influence wealth creation for years to come.

What advice do you have for women aspiring for leadership roles?

Don’t shy away from leadership. Yes, the finance world is male-dominated, but we need more women to step up and lead with excellence. Leave a legacy that says, “A woman was here, and she made things better.” Leadership isn’t just about taking charge; it’s about transforming the space you occupy.

If you had one message for the world, what would it be?

Go for it and trust yourself. That’s the mantra I live by, and it’s what I’d want every woman to embrace.

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