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Women are breaking through barriers to achieve great success across a variety of industries. Unfortunately, the shocking reality is that just a small proportion of women are employed in finance. However, this is unlikely to change anytime soon.

Deloitte insights indicates that just 31 percent of financial workers will be female by 2030. Farnoush Farsiar This begs the question what is the reason there aren’t more women working in the finance industry? There are numerous theories, we wanted to learn the views from an expert. Farnoush Farnoush an accomplished finance professional who is deeply committed to women’s empowerment was the reason we sat down with her.

Are there women working in finance?

The U.S. employs 57 percent women, but only 24% of them hold jobs in the financial sector. docs.house.gov/meetings/FA/FA14/20190626/109716/HHRG-116-FA14-Wstate-BromundT-20190626.pdf It is predicted that this number will rise to 28% over the next ten-years, from 24% in 2021. But it still falls well short of the parity.

Farnoush Farsiar This isn’t a problem that is only affecting women. Farnoush Farsiar has said that it’s also a major issue in the business world. Farsiar said that leadership teams with diverse perspectives have more impact than teams with fewer viewpoints. “So it’s not just crucial that women are involved in these fields but also for the nation as a whole.”

There are many theories on the reasons women aren’t as represented in the financial sector. The most popular hypothesis is that the finance industry is too male-dominated and competitive for women to make it into. Another theory is that the parents and their peers do not encourage women to pursue career paths in finance.

Farsiar believes that the socialization of women from an early age is the root of the problem. “Women are taught from an early age that they are caregivers, not risk-takers. “We’re taught not to take risks, but rather to be safe. This doesn’t work for a career of finance.

Women are taught socially to be caring for one another. Farsiar states that women are taught to be polite, minimize conflicts and maintain their differences in check. “But, in finance you have to be able be a voice for your own ideas. It is crucial to be able support your own ideas.

Farsiar Asks Where are all the female finance professionals?

The lack of women in finance is particularly evident at the top of the field. According to a 2016-2017 survey by Pew the women in finance hold just 10% of the top executive post. Women also hold only 11.5 percent of board seats in financial firms.

This disparity has a real-world effect on women working as financial professionals. They are more likely not to get promoted than male counterparts. They’re as well more likely to quit the profession completely.

It is good to know that there’s an increase in the number of women in high-level posts. Farnoush Farsiar believes part of this increase in women in senior roles is due to the #womenshould campaign which raised awareness about the importance of diversity. Farsiar claims that she is convinced that the #MeToo campaign had an extraordinary impact. Women are beginning to speak out and call for changes.

Farnoush Farsiar The obstacles women face when trying to get into Finance

There are many obstacles that prevent women from entering the financial world. Farnoush Farsiar The absence of role models is among the major barrier. This can make it difficult for women in finance to become the sole females in their department.

Farsiar stated that it’s a bit daunting to be the only female in the room. bmmagazine.co.uk/business/top-10-banking-trends-according-to-farnoush-farsiar/ “You are pressured to be perfect and you must avoid making any mistakes.

Another issue is the “old boys club” mentality that is still prevalent in many finance companies. This is a reference to the idea that men favor women over other men and women are left out.

Farsiar acknowledges “there is plenty of truth in that.” “I’ve observed it myself. Men are always promoting women regardless of whether they’re more experienced.

This”old-boys’ club” mentality may also lead to discrimination and sexual harassment. Many male colleagues in finance frequently make sexist remarks towards women and make inappropriate advances.

Farnoush Farsiar declares “It’s certainly an issue.” “Women working in finance are typically treated as objects. It’s hard to make progress when you’re treated this way.”

Not to be forgotten lastly, there’s the issue of unflexible work arrangement. It is commonplace for women to be able to handle household responsibilities, like taking care of elderly parents or children. They require flexible work schedules to manage their work and home life.

“Finance can be a demanding job. It’s hard to manage other obligations. Women often are forced to choose between family and work.

Farnoush Farsiar These barriers make it extremely difficult for women working in the financial sector to attain the top posts. There are a variety of initiatives that aim to change this.

Farnoush Farsiar is optimistic about the future of women working in finance

There are numerous reasons to be optimistic about the future of the financial industry. Numerous initiatives have been taken to boost the number of women who work in finance and assist women in achieving senior positions.

One such initiative, Women Entrepreneurs Finance Initiative is a collaboration with the World Bank Group with 14 governments. We-Fi is an investment and support program for women-led businesses in developing economies.

Farsiar said, “This initiative is great because it allows women access to the tools they require in order to start and expand their businesses.” It also assists them in create networks and connect with other successful women.

Another initiative is the Women in Finance Charter. It was announced by the U.K. government in 2016. The Women in Finance Charter is a pledge made by financial companies to promote gender diversity.

Farsiar believes the Women in Finance Charter “is an incredible leap ahead.” It’s urging financial institutions to act on gender diversity and has made an impact.

Women are more likely to get promoted and have the opportunity to work in senior financial positions due to initiatives such as We-Fi. This is good news for both women and the financial sector.