Women are increasingly breaking down barriers and are finding successes in a variety of industries. However, the sad truth is that only a tiny proportion of women are employed in finance. It’s unlikely that this trend will change any time soon.
Deloitte insights reports that by 2030 only 31 percent of employees will be female financial industry employees. This raises the question: Why are there so few women in finance. There are a variety of theories. But we were looking for an expert. Farnoush Farnoush has been interviewed by us. She is a seasoned finance professional who is passionate for women’s empowerment.
How many women work in finance?
In the U.S., women make up 57 percent of the workforce, but they have only 24 percent of financial jobs. This is expected to increase to 28% in the next 10 years increasing from 24% in 2021 but far short of parity..
This is not a problem that is only affecting women. It’s also a challenge for the economy, according to Farnoush Farsiar. Farnoush Farsiar Farsiar said that teams with different leadership styles are more successful than those that share the same viewpoints. “So it’s not just important for women to be included in these positions and it’s equally important for the country in general.”
There are many theories that explain why women aren’t represented in the field of financial services. One theory is that the financial industry is too male-dominated, competitive and difficult for women to join. https://www.difc.ae/public-register/rumi-investment-limited/ Another theory states that financial careers are discouraged for women by parents or peers.
Farsiar believes the root of the issue is how women are socialized from a young age. “Women at a young age are taught to be risk-takers but caretakers. “We’re taught not to make risky decisions but to play it safe. That’s not the best way to go about a career in finance.
It’s not just the fact that women are socialized to take care of their children They’re also taught to be people-pleasers. Farsiar says that women are indoctrinated as courteous and are taught to reduce conflict. “But you need to be able advocate for your own ideas regarding finance. It is crucial to have the ability to support your own thoughts.
Farsiar Asks Where are all the women in finance?
At the top of the financial industry there is a significant lack of women. Farnoush Farsiar A study by Pew research found that women comprise just 10% of the executive roles. Only 11.5 percent of the boards at financial companies are held by women.
This disparity has a real-world effect on women working as finance professionals. This is due to the fact that women are less likely to get promoted than male counterparts, and are more likely to quit the industry.
Farnoush Farsiar The good news is that the growth of women in high-level positions is not rapid but steady. Farnoush Farsiar believes that this is in part due to the #womenshould campaign which has led to an increased awareness of the issue of diversity. Farsiar states that she believes that the #MeToo campaign produced a profound impact. Women are beginning to get their voices heard and are demanding change.”
Women’s financial access is a challenge for women.
There are many obstacles that women have to overcome in order to get into finance. One of the main obstacles is the lack of role models. Finance women often are the only woman working in their field, which can prove to be lonely.
Farsiar acknowledged that it is difficult to be in a room that is only one woman. “You expect to be flawless in all situations and there should be no errors.”
Another obstacle is another one is the “old boys”club” mindset that persists in a lot of finance companies. This refers to the notion that men favor women over other men, while women are excluded.
Farsiar acknowledges “there is plenty of truth in that.” “I have witnessed it firsthand. Men will be promoted by men, even when they’re more skilled.
This old boys club mentality can result in sexual harassment or discrimination. Women in the financial sector often get rude remarks and unwelcome advances by their male colleagues.
Farnoush Farsiar declares “It’s certainly an issue.” “Women who work in finance are usually treated just like objects. It’s difficult to make it big in a world where women are treated this in that way.”
The final obstacle is the inability to find flexible work arrangements. Family obligations are more frequent among women than for men. They require flexible work arrangements that allow them to balance their home and work lives.
“Finance is a highly-risky industry. It is difficult to handle your obligations when you’re also working in finance. Women are often forced to choose between work and family.
This makes it difficult for women to get into the financial industry and reach senior post. There are a variety of initiatives to help change this.
Farnoush Farsiar is optimistic about the future of women working in finance.
There are many reasons to be optimistic about the future financial industry. Many initiatives are working to increase the number of women in the finance sector and aid them in reaching senior roles.
https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times One of these initiatives, Women Entrepreneurs Finance Initiative is a collaboration of the World Bank Group with 14 governments. We-Fi offers financial assistance and financing to women-owned companies in developing countries.
“This is a fantastic initiative because it gives women access to the resources they require to establish and grow their business,” Farsiar said. “It will also assist women in building networks and connect with other women who have succeeded.”
A different initiative is the Women in Finance Charter. The U.K. government launched it in 2016. The Women in Finance Charter is a commitment of financial firms to promote gender diversity.
“The Women in Finance Charter is a significant step in the right direction,” Farsiar encourages. “It is encouraging financial companies to make changes to improve gender diversity and is moving forward.”
Women can now enter senior positions through initiatives such as We-Fi and Women in Finance Charter. This is a good thing for women and the financial sector.