Nearly one fifth of The Chicago Network members work in the nonprofit sector, where women, traditionally, have been much better represented at the highest levels of leadership than in the corporate world. The reasons for this are many. Yet when we surveyed our nonprofit members we heard loud and clear that their goals in selecting careers in nonprofit positions could be defined by only two: to follow their passion and seek to make a difference in the lives of others.

Whether these women leaders began their careers 35 years ago in nonprofits or made the leap from a professional or corporate background, aspiration has been a key force in their decision-making. "It's extremely rewarding, but not for the faint of heart," said Deborah Rutter, president of the Chicago Symphony Orchestra Association, summing up a career in the nonprofit sector.

That kind of challenge, combined with opportunity, explains the attraction of today's college graduates to nonprofit careers. About 15% of each Stanford Business School graduating class earns a certificate from the Public Management Program. Nine percent of incoming first year students at Harvard Business School in 2005 came from the nonprofit sector vs. 8% and 6% in investment banking and consumer products, respectively.

The Millennial Generation has grown up with service hours and volunteer events, giving them early and unprecedented exposure to what many Network members recount as the joy of giving back. In 1990, there were 17 graduate programs in nonprofit management in the United States; more recently, courses in nonprofit management are offered at 255 colleges and universities, according to Seton Hall University.

Their increased interest comes at a crucial time. Arguably, the greatest challenge facing the nonprofit sector is the need for senior talent. The Bridgespan Group, in its white paper, "The Nonprofit Sector's Leadership Deficit," noted that within the next ten years more than 640,000 nonprofit leaders will be needed to fill the ranks of the Baby Boomer retirees, plus openings at new and growing nonprofits. That's the equivalent of 2.4 times the number of leaders currently employed in nonprofits. "To put this challenge in context, attracting the required number of managers will be equivalent to recruiting over 50% of every MBA graduating class, at every college and university across the country, every year for the next ten years," the report said. And, without the number of internally grown candidates that for-profit businesses can rely on, nonprofits often find it much more difficult to fill senior management roles for COOs, CFOs and Executive Directors.

This presents enormous prospects for women satisfying jobs in a sector that is especially hospitable to women. The sector requires management skills common to any industry: problem solving, good communications ability and being a team player. Beyond that, The Chicago Network nonprofit leaders often cited other talents: integrity, creativity, flexibility and patience were most commonly cited, followed closely by a sense of humor.

Broader skills are required, according to those who came from for-profit or government backgrounds into the sector, because the work of nonprofits is seen as more complex and taking a higher degree of persuasion, dedication and ingenuity to achieve results. While for-profit leaders may aim to satisfy a single constituency shareholders nonprofit leaders have to respond to and motivate donors, board members, volunteers, program participants and the public, working with very limited resources. And success is not measured in quarterly earnings or P/E ratios, but over time and may be more difficult to quantify.

This array of management challenges is often a surprise to those who come from the corporate world. Nonprofit leaders report they often experience a lack of appreciation from their peers in the private sector. "For-profit leaders often think that nonprofits are easier to run and don't take as much time or as complex a skill set," said Lynn Osmond, president and CEO of the Chicago Architecture Foundation.

Financial expectations are no less exacting at nonprofits than for-profits. The mission cannot be advanced without continuous fundraising that is linked to performance. Yet, it is only one of a number of metrics for which the nonprofit leader is responsible. Program innovation must be ongoing, funders' requirements must be met, government policies constantly monitored and advocated and volunteers mobilized all while competing for talent against employers that can pay higher salaries and offer greater benefits.

In an era of high-demand for multi-talented nonprofit leaders, the pool of candidates deepens beyond graduates of public management programs to those already in careers in the private sector and those looking at second careers. "Many corporate skills are useful in the nonprofit world for example, marketing, total quality management and both financial and general analysis," said Sandra Guthman, chair and CEO of the Polk Bros. Foundation.

The Chicago Network nonprofit members were of like mind when asked to describe the key ingredients for success in the nonprofit sector. Work hard. Never settle for the status quo. Listen. Keep learning. Don't give up on work/life balance. Clearly, this is a sector primed for more women. Alysia Tate, chief operating officer of the Community Renewal Society, captured the spirit when she said, "The work will often be long and without a lot of big victories, so you really need to believe in what you're doing. When you do, it is hugely rewarding."