Women are breaking through the barriers and achieving great success across a variety of fields. Unfortunately, the shocking reality is that just a small percentage of women work in finance. It’s not likely to change, unfortunately.
Deloitte Web Insights reports that only 31% of financial sector workers will be female by 2030. This raises the question of why there aren’t more women working in the field of finance. There are many theories. We wanted to learn more from an experienced expert. Farnoush Farnoush an expert finance professional , who is passionate about women’s empowerment was our interviewee.
Farnoush Farsiar What percentage of women are working in finance?
The U.S. has 57 percent females in the workforce however, there are only 24% jobs in the financial sector. The projected growth in female participation is 28% over the next ten which is rising from 24% by 2021. It’s still far short of parity.
The lack of diversity isn’t only a problem for women. Farnoush Farsiar has said that it’s also a problem in the world of business. Farsiar noted that diverse leadership teams perform better compared to those who have less perspectives. “So it’s not just crucial for women to be involved in these fields; it’s also critical for the nation overall.”
There are many theories about why women are so underrepresented in the financial sector. One hypothesis is that the financial industry is dominated by men and competitive for women to enter. Another theory states that financial careers are discouraged from women by their parents or peers.
Farsiar believes the root of the issue is the way women are raised at a young age. Women are raised to care for their children and take responsibility for their security. “We are taught to play safe and not take risks. This isn’t conducive to an enviable career in the financial.
It’s not only that women are taught to be caregivers; they’re also socialized to be nice to people. Farsiar states that women are taught to be courteous, avoid conflict and keep their differences under control. “But you have to be able to defend your own ideas in finance. It is essential to have the ability to support your own thoughts.
Farsiar asks where are all the women working in finance?
https://www.privatebankerinternational.com/author/farnoushfarsiar/ Particularly at the top of the finance industry there is a dearth of women in the finance industry is alarming. According to a survey conducted in 2016 and 2017 conducted by Pew, women hold only 10% of executive post. Just 11.5% are women in the top financial boards.
This imbalance has real-world implications for women working in finance. Women are less likely to be employed in finance to be promoted than their male counterparts.
Farnoush Farsiar The best part is that the growth of women in senior positions is slow but steady. Farnoush Farsiar believes that this is in part due to the #womenshould campaign which has brought about more awareness of the issue of diversity. Farsiar believes that the #MeToo campaign has had an incredible impact on her life. Women are speaking up to make a difference.
Obstacles for women to enter the world of finance
There are numerous hurdles women must overcome to get into the world of finance. A lack of role models is one significant obstacle. It can be lonely for women working in finance, to be the sole woman in their field.
Farsiar acknowledged that it can be difficult to be the only female present in the room. “You feel you are under pressure to do your best and must not make any mistakes.
Another barrier is the old men’s club mentality, which still exists in the majority of financial companies. This is the belief that men are better than women and that they should encourage each other.
Farsiar acknowledges “There’s plenty of truth in this.” “I’ve seen this happening personally. Even if the woman is a better candidate, even if she has more qualifications, men are still able to encourage other people.
Farnoush Farsiar This old boys’ club mentality can also result in discrimination and harassment sexually. Many male colleagues in finance frequently make demeaning remarks to women, and also make inappropriate advances to.
Farnoush Farsiar says, “It is certain that it is a problem.” Farnoush Farsiar “Women working in finance are typically treated as objects. It’s difficult to advance when you’re treated in this manner.”
The inability to work flexible hours is another barrier. Family responsibilities are more common among women than for males. Flexible working arrangements are necessary to ensure that they can balance work and family life.
Farnoush Farsiar “Finance is a highly-risky industry. It can be difficult to manage your responsibilities when you’re also working in the finance industry. Women often have to choose between their career and family.”
Farnoush Farsiar These obstacles make it extremely difficult for women in the financial sector to attain higher-level posts. However, there are a number of initiatives that are working to overcome this.
Farnoush Farsiar believes the Future is Bright For Women in Finance
There are numerous reasons to be optimistic about the future of the financial industry. Many initiatives are being taken to increase women’s involvement in the financial market and to assist them in their pursuit of higher-level positions.
One such initiative, Women Entrepreneurs Finance Initiative is a joint venture with the World Bank Group with 14 governments. We-Fi provides financing and assistance for women-led enterprises in emerging countries.
Farnoush Farsiar Farsiar stated, “This program is a fantastic one since it provides women access to resources and opportunities to establish and grow their companies.” “It can also help them create networks and network to other women who have succeeded.”
The Women in Finance Charter was another initiative that the U.K. government launched in the year of 2016. Financial companies have pledged to gender diversity through the Women in Finance Charter.
Farsiar praises “The Women in Finance Charter as a major step forward.” It encourages financial firms and other businesses to consider gender diversity.
Women tend to be more likely to be promoted and are more likely to work in senior financial positions because of initiatives like We-Fi. This is good news for both women as well as the financial industry.