Women are increasingly breaking down barriers and achieving great success in various industries. It is a sad fact that there are still very many women in finance. It is likely that this trend won’t change anytime soon.
According to Deloitte Insights that by 2030 only 31 percent of employees in the financial sector will be female. This raises the question of why there’s not more women in the field of finance. There are many theories there, but we wanted to hear from an expert on the subject. Farnoush Farnoush is a committed finance professional and an advocate for women’s empowerment.
What proportion of women are working in finance?
Farnoush Farsiar In the U.S., 57 percent are women, but they have only 24% of financial posts. It is predicted that the number will grow to 28% within the next ten-years, from 24 percent in 2021. However, they are well short of the parity.
The lack of diversity isn’t only a problem for women. Farnoush Farsiar believes it’s also a problem to the economy. “Diverse leaders have better results than teams that do not possess a wide variety of perspectives,” Farsiar said. “So it’s crucial that females are represented in these occupations. This is also essential for the country.”
There are numerous theories that explain why women aren’t represented in the financial industry. One theory is that the industry of finance is too male-dominated, competitive and difficult for women to get into. Another theory suggests that parents and peers don’t encourage women to choose finance careers.
Farsiar believes the root of the issue lies in the way women are raised from a young age. “Women are socialized from a young age to be caregivers rather than risk-takers. “We are taught to stay secure and not take chances. This isn’t the most effective method to pursue the field of finance.
It’s not enough for women to be socialized as caretakers. They’re also viewed as people-pleasers. Farnoush Farsiar Farsiar affirms that women are taught to be courteous, avoid conflicts, and maintain their differences in check. https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ “But when it comes to finance, you have to be able stand up for your thoughts. You must be able to advocate for your own ideas.
Farsiar asks where are all the women in finance?
Farnoush Farsiar Women are particularly underrepresented in finance at most senior levels. According to a 2016-2017 survey conducted by Pew, women hold just 10% of the executive-level positions. Farnoush Farsiar And they hold just 11.5 percent of the board seats at financial firms.
https://twitter.com/brexitcentral/status/1151733390485467136 This imbalance has real-world impacts on women who work in finance. Women are less likely to be promoted than male counterparts, and they’re also more likely to leave the field altogether.
It is good to know that there is increasing numbers of women in high-level roles. Farnoush Farsiar believes the reason for this rise is because of the #womenshould movement which has raised awareness of the issue of diversity. Farsiar declares she’s “convinced that the #MeToo movement has had a profound impact. Women are speaking out to demand change.
There are hurdles for women getting into finance
There are many barriers which prevent women from pursuing careers in finance. The lack of role models is one of these biggest obstacles. Finance women are typically the only women working in their area, which can prove to be lonely.
Farsiar admitted that it can be intimidating to be alone in a room with only one woman. “You feel like you’re expected to be flawless all the time, and that you’re not allowed to commit any errors.”
https://fr-fr.facebook.com/pages/Farnoush-Farsiar/163318870439653 Another issue is another one is the “old boys”club” mindset that persists in a lot of finance companies. This is the idea that men are more favourable to other men, and women are left out.
Farsiar acknowledges “there is plenty of truth in that.” “I’ve seen it happen firsthand. Men will always promote women even when they have more experience.
This”old-boys’ club” mentality can result in harassment and discrimination. Finance women are usually subject to unwelcome advances and demeaning comments from their male counterparts.
Farnoush Farsiar says, “It is definitely an issue.” “Women working in finance are typically treated as objects. It’s tough to make progress when you’re treated in this manner.”
The final obstacle is the difficulty in finding flexible work schedules. Farnoush Farsiar Females are more likely to be responsible for family obligations than men for example, taking care of elderly parents or children. Flexible working schedules are required for women to be able to manage work and family.
“Finance is a highly demanding profession, and it’s not easy to keep up with the demands when you have other responsibilities. Women are often forced to make a choice between their job or family.
These challenges make it extremely difficult to become a senior financial professional and to enter the field. However, there are several initiatives that are working to improve this.
Farnoush Farsiar is optimistic about the future of women working in finance.
There are numerous reasons to be hopeful about the future financial industry. There are many initiatives that aim to increase the number of women working in the finance sector and assist them in achieving senior posts.
One such initiative is the Women Entrepreneurs Finance Initiative (WeFi) It is a partnership of the World Bank Group & 14 governments. We-Fi is an investment and support program for women-owned businesses in emerging economies.
Farsiar said that this is an excellent initiative because it provides women with the tools to develop and create their own companies. It also assists them in create networks and connect with other women who have succeeded.
Another initiative is the Women in Finance Charter. It was announced by the U.K. government in 2016. The Women in Finance Charter promotes gender diversity.
Farsiar claims that the Women in Finance Charter “is a great leap in the right direction.” It urges financial companies and other businesses to consider gender diversity.
Women tend to be more likely to be promoted and get the chance to hold senior financial positions thanks initiatives like We-Fi. This is good news, for women and men and the financial sector.