So, you think it might be fun to sit on a board someday.

Before rehearsing your board pitch, there are a few misconceptions to unlearn, factors to consider, and preparatory steps to take, said a trio of panelists during the women’s brunch held Tuesday at Compliance Week’s National Conference in Washington, D.C.

A resounding takeaway, or disillusionment, of the panel belied the session’s title, “Rising the Ranks - All the Way to the Boardroom.” Board service, the speakers asserted, is not, in fact, about “rising the ranks.”

“There is an impression about board service that it is the next rung on the ladder. It does not pay,” confided Cindy Moehring, former U.S. chief ethics and compliance officer and global chief ethics officer at retail giant Walmart and a current member of several boards. “Thinking about doing board service because you want to go the next rung on the ladder, which typically means more responsibility plus more compensation, is the wrong way to think about it.”