Farnoush Farsiar - Why are there so few women working in finance?
Women are breaking through barriers and achieving great success across a variety of industries. The sad reality though is that the number of women working in finance is still shockingly low. This may not change anytime soon however.
Deloitte's insight reports that by 2030 only 31 percent will be female employees in the financial sector. This raises the issue of why there aren't more women employed 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 has a passion for women empowerment.
How Many Women are there in Finance?
The U.S. employs 57 percent of women however only 24% have financial jobs. The expected increase in women's participation is 28 percent over the next 10 years and which is up from 24% in 2021. However, this is far short of parity.
The absence of diversity isn't just a concern for women. Farnoush Farsiar believes it's also an issue that has an impact on the economy. Farsiar pointed out that leadership teams with diverse perspectives perform better compared to those with fewer perspectives. "So it's important that women are in these roles. It's also crucial for the nation."
There are a myriad of theories to explain why women aren't represented in the financial services industry. The most popular theory is that finance is too male-dominated and competitive for females to enter into. Another theory suggests that careers in finance are discouraged for women by peers or their parents.
Farsiar believes that the root issue lies in the ways women are socialized in their youth. "Women are taught at a young age that they should be risk-takers and not caretakers. "We're taught to be safe and not to take risks. This isn't the best approach to pursue a career in finance.
Women are educated not just to take care of other people however, they also have to please people. Farsiar says that women are taught to be polite, reduce conflicts, and maintain their differences in check. However, in the field of finance you have to be able to be able to speak for yourself. It is important to be able to defend your own thoughts.
Farsiar asks , where are the females employed in finance?
Particularly at the top of the finance industry and in the top positions of finance, the absence of women in finance ranks is alarming. Women make up just 10% of executive-level jobs as per a 2016-2017 study by Pew Research. Women also hold only 11.5 percent of the board seats in financial firms.
This is a real-world issue for women who work in finance. Farnoush Farsiar It is because women are more likely not to get promoted than their male counterparts, and are more likely to quit the field.
The good news is that the proportion of women in senior roles is gradually but steadily growing. Farnoush Farsiar believes the reason for this increase is because of the #womenshould movement that has raised awareness about the lack of diversity. Farsiar declares she's "convinced that the #MeToo campaign also had an incredible impact. Farnoush Farsiar Women are beginning to recognize their voices heard and demanding change."
Obstacles for women pursuing finance
There are numerous obstacles which prevent women from pursuing careers in finance. One of the most significant obstacles is the lack of role models. Finance women are typically the only woman working in their industry and can be lonely.
Farsiar acknowledged that it can be difficult to be the only female present in the room. "You feel you are under pressure to do your best and must not make any mistakes.
Another barrier is "old boys' club", a mentality that persists in many finance firms. This is the belief that men are better than women and men should promote one another.
"There's plenty of truth to that," Farsiar admits. Farnoush Farsiar "I've seen this happening personally. Even if the woman has higher qualifications, men still promote other people.
This old boys' club mentality can also result in discrimination and sexual harassment. Women in finance are frequently confronted with unwelcome advances and demeaning remarks from their male counterparts.
Farnoush Farsiar declares "It's certainly an issue." "Women working in finance are usually considered commodities, which makes it very difficult for them to succeed."
Lack of flexibility in working hours is another issue. Females are more likely than males to have household responsibilities, like caring for children or elderly parents. To manage their family and work schedules it is necessary to have flexible work arrangements.
"Finance is a stressful job. It's difficult to manage other responsibilities. https://www.trackometrix.com/farnoush-farsiar-why-are-so-few-women-in-finance-2/ Women are often required to choose between their career and their family."
This makes it difficult for women to get into the finance industry and attain the top post. However, there are a few initiatives that could help to make a difference.
https://www.anochords.org/farnoush-farsiar-why-are-so-few-women-in-finance/ Farnoush Farsiar believes that the future is bright for women working in the field of finance.
There are many reasons to be optimistic about the future of women in the field of finance. Several initiatives are in place to boost the number of women working in the finance sector and help them reach senior positions.
Women Entrepreneurs Finance Initiative(We-Fi) is one of these initiatives. It's a partnership with World Bank Group and 14 countries. We-Fi provides financing and support to women-led businesses in the developing world.
Farsiar stated, "This program is a excellent one as it provides women access and the resources to begin and expand their companies." It also assists them in establish networks and connect 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. The Women in Finance Charter encourages gender diversity.
Farsiar lauds "The Women in Finance Charter as a significant step in the right direction." "It's encouraging financial firms to act on gender diversity and is making a difference."
Farnoush Farsiar Initiatives like We-Fi as well as the Women in Finance Charter make it easier for women to get into senior roles. Farnoush Farsiar This is a good thing for women and men and the financial sector.