EVERY SECRETARY'S DREAM : DILIGENT WOMAN IS NOW THE BOSS.

Byline: Deborah Adamson Daily News Staff Writer

She's a long way from Wall Street and the high-rolling world of billion-dollar junk bond financing, but Lorraine Spurge knows how to leverage her job experiences into better opportunities.

A former secretary at Drexel Burnham Lambert and protege of junk bond king Michael Milken, Spurge rose from the ranks to become senior vice president of new issues when she left the company in 1989. She was there for two decades.

Today, she co-owns Knowledge Exchange in Santa Monica, a venture Spurge began after leaving Drexel. It is half-owned by Milken, who was convicted in 1990 for violating federal securities laws and other crimes.

Knowledge Exchange began as a marketing and consulting firm, later recasting itself as a publishing house. The 15-employee company had 1996 revenues of $2.5 million.

Spurge ascribes her upward mobility at Drexel to hard work, a desire to learn more about the high-yield bond business and her passion to succeed.

``I developed the job into more than an administrative function,'' said Spurge, whose highest educational degree is a high school diploma. ``No task is too menial if you learn from it and grow.''

Indeed, many secretaries want to climb the corporate ladder like Spurge did.

Professional Secretaries International in Kansas City, Mo., which coined Secretaries Week and celebrates it this week, said half of its 40,000 members want to move up to management positions.

It's not as far-fetched as one might think, said Rick Stroud, spokesman for the professional group.

Secretaries aren't mere typists who answer phones. Over the years, their duties have grown to include data processing, purchasing office supplies, time management and working on interdepartmental projects.

``The secretary is the one who holds things together,'' said Lynette Smith, a former secretary who is the executive director of the National Association of Secretarial Services in Yorba Linda. ``They make sure that everything gets done.''

Stroud said with expanded duties, secretaries are also administrative assistants, executive assistants or office managers.

Professional Secretaries International also certifies the profession.

By passing a six-hour test on finance and business law, office systems and administration as well as management, a secretary can become a CPS or Certified Professional Secretary. But continuing education is needed to remain certified.

This knowledge helps secretaries understand basic business terminology to be more effective in whatever industry they choose to work, Smith said.

As for Spurge, she rose at Drexel by educating and positioning herself.

For instance, she read newspapers to keep abreast of financial news. She cultivated friendships with top executives when she answered the phone. She tapped people in the company, including Milken, to be her mentors.

Spurge also kept a list of securities being bought and sold in which Drexel was the underwriter. As a result, she could give recommendations as to who might want to buy a certain security based on past transactions.

``You build up this database of information within yourself,'' she said. ``The more you know, the more you're worth.''

Along those lines, Spurge has published a business reference book called Knowledge Exchange Business Encyclopedia. She will promote it at Barnes & Noble in Burbank on May 3 and at another branch of the bookstore in Pasadena on May 10.

?ON THE JOB

In 1995 In 1983

Number of secretaries:

3.4 million 3.9 million

Those who were women:

98.5 percent 99 percent

Those who were African-American

8.7 percent 5.8 percent

Those who were Latino:

6.4 percent 4 percent

Secretaries who worked full-time all year earned an average of $19,444, according to 1989 figures. In the Los Angeles-Long Beach area, secretaries earned an average of $24,778.

- SOURCE: U.S. Department of Commerce

CAPTION(S):

Photo, Box

Box: (Color) ON THE JOB (See text)

Photo: (Color) Lorraine Spurge now co-owns a compnay with Michael Milken, her former mentor.

David Sprague/Daily News