Stephanie Cohen, founder of Passenger to Pilot and former executive at Financial Conduct Authority (FCA) and BlackRock, told delegates at the PIMFA Women’s Symposium 2026 that leadership confidence is rooted in “self-trust” rather than perfection or external validation.
Speaking during a keynote session on confidence and leadership, Cohen said many senior professionals who appear successful externally still struggle internally with “confidence, authority, visibility, belonging and permission.”
She added: “Real confidence is not certainty. It’s not polished, not charisma, it’s not fearlessness.
“Real confidence is self-trust, coherence, discernment, emotional steadiness and the ability to stay connected to yourself under pressure.”
Cohen, who founded Passenger to Pilot after a 25-year career in financial services, said confidence often becomes unstable when professionals become overly reliant on external feedback and validation.
“As we become more senior, the feedback loop starts to weaken,” she said.
“The work is not to become immune to feedback. The work is to stop being governed by the absence of it.”
The keynote explored the pressures experienced by high-performing professionals, particularly women in leadership roles, including overwork and adapting behaviour to fit established leadership norms.
Cohen noted: “Confidence is much harder to access when you are constantly translating yourself.
“Real confidence is not finally looking like everybody else in the room. It’s no longer needing to.”
Cohen also discussed the importance of boundaries and understanding personal leadership patterns, arguing that many confidence challenges stem from past experiences rather than present capability.
Reflecting on her own career and personal experiences, including motherhood and living with multiple sclerosis (MS), Cohen said leadership confidence was about learning to lead alongside the realities of life rather than waiting for circumstances to become perfect.
She concluded: “Confidence is not having a perfectly uncomplicated life.
“It’s learning how to organise yourself, your support, your boundaries and your choices around the life you already have.”
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