Women are increasingly breaking through barriers and enjoying huge success in a variety of sectors. The sad truth is that there are still very many women in finance. It is unlikely that this trend will change anytime soon.
Deloitte insights states that by 2030 only 31 percent of employees will be female employees in the financial sector. This raises the question as to why there aren’t more women working in the field of finance. There are a variety of theories. However, we wanted to hear from an expert. Farnoush Farnoush an accomplished finance professional who is passionately committed to women’s empowerment is the reason we sat down with her.
Farnoush Farsiar How Many Women are there in the field of finance?
The U.S. is home to 57 percent of the working population. However, they only hold 24% of the financial work. This number is predicted to increase to 28% within the next ten to 20 years, up from the current 24.
It’s not an issue that is only affecting women. Farnoush Farsiar Farnoush Farsiar has stated that diversity is also an issue for growth in the economy. Farsiar asserted that leadership teams with different perspectives perform better than those with no. It’s important for women to be represented in these fields. It’s also vital for the nation.
There are several theories about the reason women aren’t represented in the finance industry. One theory suggests that the financial industry is very male-dominated, competitive and challenging for women to enter. Another theory is that women are not urged by their parents to pursue careers in finance.
Farsiar believes the root cause of the problem is how women are viewed at an early age. “Women learn from an early age to become caretakers, not risk-takers. “We are taught not to risk our lives, but instead to play it safe. That’s not a great way to lead to a successful career in finance.”
https://rekvizitai.vz.lt/en/company/lionsgate_procurement_services/farnoush_farsiar_direktore/ Farnoush Farsiar It’s not enough for women to be trained to be caretakers. They’re also viewed as people-pleasers. Farsiar states that women are taught to be courteous, avoid conflicts, and maintain their differences in check. “But in finance it is crucial to be prepared and willing to speak out for yourself. You have to be able advocates for your own ideas.
Farsiar asks where are all the Women in Finance?
At the highest levels of the financial industry, women are especially underrepresented. A study by Pew research found that women comprise just 10% of executive positions. Just 11.5 percent of the board members in financial institutions are occupied by women.
This imbalance has real-world impact on women who work as financial professionals. Women are less likely to be promoted than male counterparts, and they’re also more likely to leave the industry completely.
It is good to know that women are steadily but surely rising in senior posts. Farnoush Farsiar believes the reason for this rise is because of the #womenshould movement, which has increased awareness of the issue of diversity. Farsiar claims that she believes that the #MeToo campaign produced a profound impact. Women are starting to voice their opinions and demand change.
Obstacles for women to enter Finance
There are numerous obstacles that hinder women from entering the world of finance. Lack of role models is one of these biggest obstacles. Women in finance are typically the only ones working in their respective departments, which could lead to isolation.
Farsiar admitted that it can be daunting to be in a room with just one woman. “You are conditioned to be perfect all of the time, and that you’re not allowed to make a mistake.”
Another problem is the “old boys club” mentality still prevalent in many finance companies. This refers to the notion that men favor women over other men while women are not.
Farnoush Farsiar Farsiar acknowledges “There’s a lot truth to that.” “I’ve observed this in person. Men will always promote women, even if they have more experience.
This”old-boys’ club” mentality can lead to harassment and discrimination. Financial women often receive demeaning remarks and unwelcome advances by their male counterparts.
Farnoush Farsiar declares “It’s certainly an issue.” “Women working in finance are typically treated like objects, and it’s very difficult to get ahead when you’re being treated like that.”
Farnoush Farsiar The other issue is the inability to find flexible working arrangements. https://twitter.com/brexitcentral/status/1151733390485467136 Family obligations are more prevalent for women than males. They require flexible work schedules to be able to balance their home and work.
“Finance is a very stressful business, and it’s difficult to keep up with the demands when you’re also juggling other obligations. Women are often forced to choose between their work and family.”
This makes it difficult for women to enter the finance industry and attain senior positions. There are a variety of initiatives being taken to remedy this.
Farnoush Farsiar believes that the future is bright for women working in finance
There are numerous reasons to feel optimistic regarding the future of the financial sector. Many initiatives are being taken to increase women’s participation in the finance market, and to help women in their quest for high-level roles.
One of these initiatives is the Women Entrepreneurs Finance Initiative (WeFi) It is a partnership of the World Bank Group & 14 governments. https://www.difc.ae/public-register/rumi-investment-limited/ We-Fi provides financial support and assistance to women-owned companies in the developing world.
Farsiar stated, “This program is a excellent one as it provides women access to resources and opportunities to establish and grow their businesses.” “It can also help women create networks and network with other women who are successful.”
A different initiative is the Women in Finance Charter. The U.K. government launched it in the year 2016. https://reportlet.co.uk/psc/4JvfQwpTV8vIqepLTGpSXcssw-o/ms-farnoush-farsiar-aidi The Women in Finance Charter encourages gender diversity.
Farsiar urges that “The Women in Finance Charter” is a huge step in the right direction. It encourages financial firms and other businesses to consider gender diversity.
Initiatives such as We-Fi or initiatives like the Women in Finance Charter make it easier for women to get into top roles. This is great news for women and the financial sector.