Women are breaking through barriers and achieving great successes in a variety of sectors. The sad reality though is that the percentage of women in finance remains astonishedly small. Sadly still, it may not change so soon.
Deloitte insights reports that by 2030 only 31 percent of the workforce will be female financial industry employees. This raises the question: Why is the gender gap so low in the finance industry? There are a myriad of theories on the internet, but we wanted to get an opinion from an expert on the subject. Farnoush Farnoush, a highly skilled finance professional passionate about women empowerment was our interviewee.
Are there women working in finance?
The U.S. is home to 57 percent of the working population. However, they only hold 24% in financial jobs. This is expected to increase to 28% over the next ten years increasing from 24% in 2021 – but still far short of parity..
It’s not an issue that is only affecting women. Farnoush Farsiar It’s also a problem in the business world, as stated by Farnoush Farsiar. Farsiar explained that teams with different styles of leadership perform better than ones with the same range of perspectives. “So it’s essential that women are in these roles. It’s also crucial for the nation.”
There are a myriad of theories on why women aren’t more represented in the financial industry. One hypothesis is that the financial industry is too male-dominated and competitive for women to break into. Another theory is that financial careers are discouraged for women by parents or peers.
Farsiar believes the root cause of the issue is how women are viewed at the age of a child. Farnoush Farsiar “Women are socialized from a young age to be caretakers rather than risk-takers. “We are taught not to risk our lives, but instead to be cautious. This is not conducive for the job of an analyst in finance.
https://reportlet.co.uk/psc/4JvfQwpTV8vIqepLTGpSXcssw-o/ms-farnoush-farsiar-aidi Women are educated not just to look after other people however, they also have to please people. Farsiar states that women are taught to be courteous and avoid conflicts. “But when it comes to finance, you need to be able to advocate for your ideas. You need to be able to advocate for your ideas.
Farsiar – Where is all the women in the accounting and finance fields?
At the top of the financial industry, women are especially underrepresented. A study by Pew research found that women make up just 10% of the executive roles. They also hold only 11.5 percent of executive positions at financial companies.
This disparity has real-world consequences for women in finance. This is due to the fact that women are more likely not to get promoted than male counterparts and are also more likely to leave the field.
It is good to know that there is an increase in the number of women in high-level positions. Farnoush Farsiar Farnoush Farsiar believes part of this rise in women’s senior roles is due to the #womenshould campaign , which increased awareness about the importance of diversity. Farsiar stated that she is “convinced” that the #MeToo Movement has had a huge impact. Women are speaking out to call for change.
There are obstacles for women getting into finance
There are numerous obstacles that hinder women from advancing into finance. One of the main obstacles is the absence of role models. This can make it difficult for women working in finance to be the sole females in their department.
Farsiar explained that being the sole woman in a room could be extremely intimidating. “It makes you feel like you need to be perfect every single day and you should not make any mistakes.”
Another issue is the men’s club mentality, that is still prevalent in many financial firms. This is the belief in that men support other females and men are not allowed to join.
Farsiar acknowledges that there is much to this claim. “I’ve observed this personally. https://suite.endole.co.uk/insight/people/23756008-ms-farnoush-farsiar Even if the woman has more qualifications, men will still promote others.
This mindset of the old boys can lead to discrimination and harassment of women. Women who are financially successful often face demeaning remarks and unwelcome advances by their male colleagues.
Farnoush Farsiar declares “It’s certainly an issue.” “Women working in finance are usually considered objects, and it’s very difficult to make it in the financial world in a world where you’re treated as a commodity.”
https://timebusinessnews.com/brexit-benefited-uk-financial-market-says-farnoush-farsiar/ The final obstacle is the lack of flexible work arrangements. Women are more likely than men to be entrusted with families responsibilities, for example, caring for children or elderly parents. These women need flexible working schedules to be able to manage work and family.
“Finance, being a complex industry, is hard to manage when you have other responsibilities. Women frequently have to pick between their work and family.
These barriers make achieving senior posts in the financial services industry extremely difficult for females. However, there are several initiatives that are working to overcome this.
Farnoush Farsiar believes that the future is bright for women working in finance.
There are many reasons to feel hopeful about the future of women in finance. Many initiatives are taking place to boost women’s participation in the finance market and to assist them in their pursuit of high-level roles.
One such initiative is Women Entrepreneurs Finance Initiative (We-Fi), which is a collaboration with the World Bank Group and 14 governments. https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ We-Fi provides financing and support to women-led businesses in the developing world.
Farsiar said, “This initiative is great because it gives women access the tools they require for starting and grow businesses.” “It also helps women build networks and network with other women who are successful.”
Another initiative is the Women in Finance Charter, that was launched by the U.K. government launched in 2016. The Women in Finance Charter is a commitment by financial institutions to encourage gender diversity.
Farsiar believes the Women in Finance Charter represents an important step in the right direction. It encourages financial institutions and other businesses to consider gender diversity.
Through initiatives such as We-Fi and the Women in Finance Charter, women are more likely to join and take on senior roles. This is a great thing for women as well as the financial sector.