Sherron Watkins: life after Enron

She is the former Vice President who exposed her company's accounting irregularities in one of the most high profile corporate scandals of recent years. Lesley Meall caught up with Sherron Watkins on a recent visit to the UK to discover what her years with Enron have taught her, and her hopes for the future

We are all guaranteed 15 minutes of fame, courtesy of Andy Warhol, and maybe that's enough - for most people. Sherron Watkins has had 15 months of fame and, although she's more than comfortable basking in the glow of Enron's smouldering embers, she wants to get on with the rest of her life, and is already planning her next move.

Since Sherron walked away from her $165,000 job with Enron, she's been flirting with celebrity, earning up to $25,000 an appearance on the speaking circuit, and sharing a $500,000 advance as co-author of Power Failure: The Rise & Fall of Enron. 'It won't last for ever,' says Sherron, 'but while it does, I get the chance to spend plenty of time with my four-year-old daughter - and it's not a bad way to make a living.'

When the spotlight moves elsewhere, Sherron plans to start a global consulting firm, to advise company boards on corporate governance and ethics; though she's well aware that she might not be the most popular choice. 'I'm making a living on the lecture circuit and, right now, I don't think many CEOs would let me in the door,' she laughs. 'But I want to be accepted back into a corporate role, so I'll have to look at something else.'

Going back into regular employment simply isn't an option; and not just because she's become one of the world's most infamous whistleblowers. As it stands, Sherron Watkins' CV has something of the corporate Grim Reaper about it. Since graduating from the University of Texas at Austin in 1981 with a BA, and in 1982 with an MBA in accounting, she has worked for three employers: Arthur Andersen, Metallgesselschaft (MG) and Enron. 'I can sure pick 'em, can't I?' she jokes. 'In a short period of time I will not have an employer on my resumé that is still in existence.'

If Sherron had spent the past 20 years working in the high-tech sector this might not be surprising. But these were well established multi-nationals that seemed unshakeable - and all three were destroyed by financial scandals. 'I find it amusing that at MG and Enron I tried to remould myself as a banker, and no longer an accountant,' she says, admitting to an ambition that many readers will identify with. 'I wanted to be sure no-one thought of me as just another bean counter.'

What a difference a series of corporate accounting scandals can make. 'Now it's considered exciting to be an accountant,' says Sherron wryly. More than two decades ago when she opted for a career in finance it seemed anything but. Her mother had a degree in education and accounting, taught high school business, and authored sample problems for McGraw-Hill textbooks, so Sherron simply followed in her footsteps.

Reflecting on her decision to study accounting, she says: 'I went in there blindly, then during my time at college I kept thinking 'I want to change, I want to change, but what will I change to'.' As it turned out, she had accidentally chosen well. 'I was sort of just good at it,' she recalls, 'and it became easy to me, so I stayed at it.'

Once Sherron was resigned to her fate, she looked more closely at her chosen profession and realised how much it had to offer. One of the reasons Sherron avoided being trapped on what she terms 'the dark side' at Enron was because her accounting background allowed her to reprioritise her life to give her family precedence over her career. 'I was having trouble with hours and travel, etc, and that's why I took myself off the fast-track and went back to work for Andy Fastow in the summer of 2001,' she says, adding: 'It killed my promotion prospects, but it meant at least I could be home by 6pm to be with my daughter.'

At the time, procreation was high on her personal agenda. 'I was thinking about trying to have a second child,' recalls Sherron, but that plan had to be postponed. 'When I found the fraud problem I started interviewing with some of Enron's competitors,' she explains. 'You certainly don't want to be pregnant and starting a new job!'

In this situation, being a female had its drawbacks, but being a member of the fairer sex hasn't typically stood in Sherron's way. 'An accounting partner, male or female, is the same partner making pretty much the same money. There's very little difference,' she asserts. 'In an industry like trading there's more lip service when it comes to female managers. Most of them are in the back office, and there are very few revenue-generating women.'

During her time in the male-dominated environs of Enron, Sherron adopted male styles that earned her the nickname 'the buzz saw'. 'What's leadership in a man is bitchiness in a woman,' she comments. 'Every woman boss has the same story to tell. There's a dual standard.' But this stood her in good stead when she discovered the fraud.

'I think women are in a better position to whistleblow than men,' she suggests, because they're rarely treated like one of the boys. 'You're already on the sidelines and you're not conflicted to state your concerns,' she explains. 'If you're in a club, you're more likely to bow to peer pressure.' Sherron believes that women are also more likely to have the confidence of their convictions. 'Men often push for positions that even they don't feel they're ready for', while women tend to need convincing that they merit a promotion.

'When women stumble over a problem, they're rarely in a position they're not qualified for,' suggests Sherron, so they can confidently say something about it without worrying that they might be working beyond their skill set. 'Someone who isn't too sure whether they really deserved their last promotion is a little more vulnerable,' she says, adding: 'Women don't have the same insecurities, because they had to work twice as hard to get there.'

Having been there, and back, would she do it all again? Maybe. Maybe not. Despite everything that's happened since Enron, Sherron remains unconvinced that corporate America is capable of taking a best practice approach to business ethics without a push. 'There's a current class of CEO that's beyond help,' she comments. And although she's optimistic about the future of the accounting profession, she won't be encouraging her daughter to follow her into finance. 'I've seen the seamy side of business,' she says, poker-faced, 'so I want her to be a musician.'

Lesley Meall is a writer on business and technology issues.