Women are increasingly breaking down barriers and are finding successes in a variety of industries. However, the sad fact is that the proportion of women in finance remains astonishedly small. It is likely that this trend won’t be changing anytime soon.
Deloitte insights states that by 2030 only 31 percent of the workforce will be female employees in the financial sector. This begs the obvious question: why are there many women in finance. There are many theories. But we wanted to hear from an expert. We conducted an interview with Farnoush Farsiar an accomplished finance professional who is passionate about women’s empowerment.
How many women are employed in finance?
The U.S. has 57 percent of the workforce is female however only 24% of financial jobs. https://rekvizitai.vz.lt/en/company/lionsgate_procurement_services/farnoush_farsiar_direktore/ That’s is projected to expand to 28% over the next ten years and up from 24% in 2021 but way below parity..
Diversity isn’t just a problem for women. Farnoush Farsiar thinks it’s an issue that has an impact on the economy. Farsiar said that leadership teams with diverse perspectives are more effective than ones with fewer viewpoints. “So it’s not just crucial for women to be involved in these fields and it’s equally important for the country in general.”
There are a number of theories on the reasons women aren’t as represented in the financial sector. https://www.asian-tapas.com/farnoush-farsiar-discusses-challenges-women-business-leaders-face/ One theory is that financial services are masculine and competitive for females to enter into. Another theory is that women are not encouraged by their families to pursue finance careers.
Farsiar believes the root of the problem is how women are socialized from an early age. “Women begin at an early age to be caretakers, not risk-takers. “We are taught not to take risks, but to be cautious. This isn’t the most effective approach to pursue a career in finance.
Women are taught socially to care for others. “Women are taught to be polite and minimize conflict,” Farsiar adds. “But in the field of finance you must be able to stand up for yourself. You need to be able to defend your ideas.”
Farsiar asks where are the females employed in finance?
Particularly at the highest levels of finance, the lack of women working in finance is alarming. According to a study conducted in 2016-17 by Pew. They also hold only 11.5% of executive positions at financial companies.
This disparity has real-world consequences for women in finance. This is why women are more likely than males to be promoted and are more likely to leave the finance industry.
The good news is that women are slowly, but surely becoming older. Farnoush Farsiar Farnoush Farsiar believes it is due in part to the #womenshould campaign, which has brought about a greater awareness of the problem of lack of diversity. Farsiar says she is certain that the #MeToo movement also has had a significant impact. Women are now beginning to assert their rights and demand change.
Women’s financial access is a challenge for women.
https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ There are many obstacles that hinder women from advancing into financial services. One of the biggest obstacles is the lack of role models. This can make it difficult for women in finance to be the only female in their respective departments.
Farsiar admitted that it can be intimidating to be alone in a room with only one woman. “You expect to be flawless every time and there should be no errors.”
Another issue is another one is the “old guys”club” mentality that is prevalent in many finance companies. This is the idea that males favor men over women and women are left out.
Farsiar admitsthat “There’s a lot truth to that.” “I have seen it in person. Men will be arousing to other men even if women are more qualified.
The old boys’ club mentality can result in sexual harassment or discrimination. Female professionals in finance are often confronted with ostracizing remarks and unwelcome advances by male colleagues.
Farnoush Farsiar Farnoush Farsiar exclaims that “it’s definitely an issue.” “Women working in finance are typically treated like commodities, making it difficult for them to succeed.”
The last obstacle is the absence of flexible working hours. Females are more likely be responsible for family obligations than men for example, taking care of elderly parents or their children. To balance their home and work schedules, they will need flexible work schedules.
“Finance is a very complex field, can be difficult to handle when you have many other obligations. Women often have to choose between their careers as well as their family.
These challenges make it extremely difficult to become a top financial professional and enter the industry. There are numerous initiatives underway to overcome this.
Farnoush Farsiar is optimistic about the future of women working in finance.
There is every reason to be optimistic about the future of women’s careers in finance. Several initiatives are working to increase the proportion of women working in the financial industry and to aid them in reaching senior roles.
One such initiative, Women Entrepreneurs Finance Initiative is a collaboration of the World Bank Group with 14 governments. We-Fi helps finance and support women-led business in developing countries.
“This is an excellent initiative as it provides women with access to the resources they need to establish and grow their business,” Farsiar said. “It can also help women create networks and connect with other successful women.”
The Women in Finance Charter, created by the U.K. in 2016, is a different initiative. The Women in Finance Charter promotes gender diversity.
Farsiar claims that the Women in Finance Charter “is an incredible leap in the right direction.” “It encourages financial firms to adopt actions regarding gender diversity and is moving forward.”
Initiatives like We-Fi as well as initiatives like the Women in Finance Charter make it easier for women to get into top roles. This is great news for both the women and financial sectors.