The ratio of women in top-management positions is improving very slowly, even in countries scoring high on gender equality like Iceland. Despite over three decades of research having documented the barriers faced by women seeking top-management positions, understanding is still lacking as to why women are not overcoming these barriers at a greater rate. This study presents the lived experiences of women in middle-management positions in some of the largest organizations in Iceland, aiming to understand how the women experience the barriers and opportunities they face. It is important to give voice to these women as they are the ones who could be in line for top-management positions. Interviews with 11 women were analyzed and interpreted according to phenomenological methodology, revealing four themes. Findings show that the women experience top management as a network that is closed to them. Top-management jobs appear tailored for men and would require the women to take on unbearable responsibilities. They experience their hard work and diligence as unappreciated. Finally, they compare and contrast themselves with the stereotype of the male executive and blame themselves for not fitting the role. Thus, they feel pressured to adapt to the masculine gender role if they are to stand a chance of a top-management position. Not fitting this role further undermines their self-confidence and ambition, rendering them less likely to seek advancement.