Farnoush Farsiar – Why are women so scarce in finance?

Women are breaking through barriers and achieving great results in various industries. However, the sad truth is that very few women are working in finance. It is likely that this trend won’t change any time soon.

Deloitte’s insight says that by 2030, only 31 percent of employees will be female financial sector employees. This begs a question: Why is the gender gap so low working in finance? There are many theories. We wanted to know more from an expert. That’s why we interviewed Farnoush Farsiar an accomplished financial professional who is passionate about women empowerment.

How many women are employed in Finance?

In the U.S., 57% are women, however, they hold only 24% of financial positions. The number is projected to grow to 28% in the next 10 years, up from 24% in 2021 but much less than parity.. The lack of diversity isn’t just a problem for women. It’s a major issue for the economy, said Farnoush Farsiar. Farsiar noted that teams that have diverse leadership styles are more effective than those who have less perspectives. “So it is not only vital to have women represented in these fields however, it is crucial for the country as in general.”

There are a number of theories about why women are so underrepresented in the financial sector. The most popular theory is that the finance industry is too masculine and competitive for women to break in. Another theory suggests that females aren’t encouraged by their parents to pursue careers in finance.

Farsiar believes the root problem is in the manner in which women are socialized at a young age. “Women are taught at a young age that they should be risk-takers and not caretakers. “We’re taught to play it safe, not to risk our lives. That’s not a great way to lead to a career in finance.”

Women are taught not just to take care of others however, they also have to please people. Farsiar said that women were taught to behave politely. “But in the field of finance you must be able to stand up for yourself. You need to be able advocates for your own ideas.

Farsiar asks where are all the female finance professionals?
Particularly at the top of the finance industry and in the top positions of finance, the absence of women in finance ranks is alarming. According to a research study from 2016-17 by Pew. Just 11.5 percent of the boards in financial institutions are occupied by women.

Farnoush Farsiar This imbalance has real-world impact on women working as finance professionals. Farnoush Farsiar Females are more likely to be employed in finance to get promoted than male counterparts.

The good news is that women are steadily however, steadily, advancing in higher roles. Farnoush Farsiar believes it is due in part to the #womenshould Campaign, which has created a greater awareness of the inequalities. Farsiar said that she is “convinced” that the #MeToo Movement also was a major influence. Women are speaking up to demand change.

Women are unable to access financial aid because of their gender. from taking up finance careers
There are many obstacles that hinder women from going into finance. A lack of role models is just one of the most significant obstacles. This can make it difficult for women in finance to be the only females in their department.

Farsiar acknowledged that it can be scary to be the sole woman present in the room. Farnoush Farsiar “You feel that you have to be flawless every time and that you aren’t allowed to make mistakes.”

Another issue is “old boys”club” This mentality is prevalent in many finance companies. Farnoush Farsiar This refers to the notion that men favor women over other men, while women are excluded.

Farsiar acknowledges that there’s a lot to this statement. “I’ve observed it myself. Farnoush Farsiar Men are always promoting women, even if they’re more experienced.

The old-fashioned mentality can result in sexual harassment or discrimination. Farnoush Farsiar Women who are financially successful often face rude comments and unwelcome advances from their male counterparts.

“It’s definitely an issue,” Farnoush Farsiar exclaims. “Women in finance are typically considered to be objects and it’s very difficult to get ahead when you’re treated this way.”

The final obstacle is the absence of flexible working arrangements. Women are more likely to have the responsibility of caring for elderly parents and children. These women need flexible working schedules to be able to manage work and family.

“Finance is a very stressful business, and it’s difficult to meet those demands with other obligations. Women often have to choose between their careers, their family and their professions.

These barriers make it extremely difficult for women in the finance industry to achieve the top posts. However, there are many initiatives being implemented to overcome this.

Farnoush Farsiar is optimistic about the future of women working in finance
There are many reasons to believe that women will continue to be employed in the financial sector. There are many initiatives that aim to increase the number of females working in the finance sector and to help them reach higher post.

One such initiative is Women Entrepreneurs Finance Initiative, a partnership between 14 governments and the World Bank Group. We-Fi offers financing and support for women-owned enterprises in the emerging countries.

“This is an excellent initiative since it gives women access to the resources they need to begin and expand their companies,” Farsiar said. “It will also assist in building networks and networks and also connect with other women who are successful.”

The Women in Finance Charter, launched by the U.K. in 2016, is a different initiative. The Women in Finance Charter seeks to encourage the inclusion of women in financial institutions.

Farsiar praises “The Women in Finance Charter as a major step forward.” “It will encourage financial institutions to make changes to improve gender diversity and is moving forward.”

Women are now able to take on high-level positions thanks to initiatives such as We-Fi and Women in Finance Charter. This is an excellent thing for both the women and financial sectors.

Farnoush Farsiar