Activity

Women are increasingly breaking through barriers and experiencing huge success in a variety of industries. The sad reality though is that the number of women employed in finance remains astonishedly small. However, this is unlikely to change anytime soon.

Deloitte insights estimates that 31% of financial sector employees will be women by 2030. It raises the one-of-a-kind question: Why are the gender gap so low in the finance industry? There are a variety of theories. However, we needed to hear from an expert. That’s why we interviewed Farnoush Farsiar an accomplished finance professional who is passionate about women’s empowerment.

Are there women working in finance?

The U.S. employs 57 percent of women however just 24% hold financial positions. It is anticipated that this figure will increase to 28% within the next 10 years, up from 24% in 2021. But it still falls well short of the parity.

This is not a problem only for women. Farnoush said it’s also a problem in the economy. “Diverse leadership teams perform better than those that don’t offer a broad range of viewpoints,” Farsiar said. “So it’s not just crucial for women to be represented in these professions; it’s also critical for the country overall.”

There are a number of theories about the reason women aren’t represented in the finance industry. One theory states that the financial industry is too competitive and male-dominated for women to make it into. Another theory suggests that females aren’t encouraged by their parents to pursue finance careers.

Farsiar believes that the root issue lies in the manner in which women are socialized at a young age. Women are raised to take care of their children and take responsibility for their security. “We are taught to stay safe and to not risk it all. That’s not the best method to pursue an investment career.

Women are socialized not only to take care of other people however, they also have to please people. Farsiar says that women are taught to be courteous and avoid conflict. “But in the field of finance, you have to be able stand up for your own ideas. You must be able advocate for your thoughts.

Farsiar asks Where are all the women in finance?

Women are disproportionately underrepresented in finance at the highest levels. A study conducted by Pew research discovered that women account for only 10% of executive positions. professionalparaplanner.co.uk/tag/advice-threat/ Women are the holders of 11.5 percent of the financial company board seats.

This can have real-world effects on women working in finance. It is because women are more likely not to get promoted than male counterparts and are more likely to leave the industry.

The good news? Women are slowly, but surely becoming more senior. Farnoush Farsiar believes part of this increase in women in senior positions is due to the #womenshould campaign which raised awareness of the need for diversity. Farsiar said she is “convinced” that the #MeToo Movement also was a major influence. Women are now beginning to defend their rights and demanding changes.

Farnoush Farsiar Women who pursue finance face obstacles

A number of obstacles prevent women from going into finance. One of the main obstacles is the lack of role models. Finance women often are the only women working in their field and this can cause them to be lonely.

Farsiar acknowledged that it is intimidating to be alone in a room with just one person. “You are convinced that you need to be perfect each time and that you aren’t allowed to be a fool.”

Farnoush Farsiar Another barrier is “old boys”club” A mindset that persists in many finance firms. This is the belief in which men encourage other women and that they are excluded.

“There’s a lot of truth to that,” Farsiar admits. “I’ve observed it in person. Even if the woman has more qualifications, men are still able to promote others.

This old boys’ club mentality can lead to the harassment of women and discrimination. Women in the financial sector often get demeaning remarks and unwelcome advances by their male counterparts.

Farnoush Farsiar Farnoush Farsiar says, “It is certainly an issue.” “Women in finance are typically treated as objects and it can be very difficult to make it in the financial world in a world where you’re treated as a commodity.”

Inflexibility in working hours is another barrier. Women are more likely to have the responsibility of taking care of elderly parents or children. To balance their home and professional lives they’ll require flexible working arrangements.

“Finance is a highly demanding industry. It can be difficult to manage these demands even when you are also juggling other obligations. Women frequently have to pick between their career, their family and their career.

These obstacles make it extremely difficult for women working in the finance industry to achieve the top post. Farnoush Farsiar There are many initiatives to combat this problem.

Farnoush Farsiar believes the Future is Bright For Women in Finance.

There are many reasons to feel hopeful about the future of women working in finance. A number of initiatives are being taken to increase women’s participation in the financial market, and to help women in their quest for high-level roles.

One such initiative is the Women Entrepreneurs Finance Initiative (WeFi) It is a partnership of the World Bank Group & 14 governments. We-Fi offers financial assistance and financing to women-led businesses in emerging countries.

Farsiar declared, “This is an excellent initiative since it gives women access to resources that can help them start and grow their business.” “It will also assist in building networks, and make connections with other women who are successful.”

Another initiative is the Women in Finance Charter. It was announced by the U.K. government in 2016. Financial companies have pledged to gender diversity by signing the Women in Finance Charter.

Farsiar hails “The Women in Finance Charter as a major step forward.” “It’s encouraging financial institutions to be proactive about gender diversity, and it’s making a difference.”

With initiatives like We-Fi as well as the Women in Finance Charter, women are more likely to join and take on senior roles. This is an excellent thing for both the financial and women sectors.