Before running for office, Walters was an investment banker from 1988 to 1995, and served as chairwoman of the Laguna Niguel Investment and Banking Committee.[1][2] She then served two terms on the Laguna Niguel City Council from 1996 to 2004, serving as Mayor in 2000, before representing the 73rd Assembly district in the California State Assembly from 2004 to 2008. She was subsequently elected to the California State Senate, representing the 33rd Senate district from 2008 to 2012 and the 37th Senate district from 2012 to 2015.