Farnoush Farsiar Why are there so few women in finance

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Women are increasingly breaking down walls and finding great results in various sectors. However, the sad fact is that the number of women employed in finance remains astonishedly small. It's unlikely to improve, which is unfortunate.

Deloitte insights indicates that just 31 percent of financial workers will be female in 2030. It raises the one-of-a-kind question: Why are there a lack of women working in finance? There are numerous theories, we wanted to hear the opinions of an expert. Farnoush Farnoush an expert financial professional who is passionate about women's empowerment is our interview subject.

What proportion of women are working in finance?

https://www.anochords.org/farnoush-farsiar-why-are-so-few-women-in-finance/ The U.S. employs 57 percent women however only 24% of them hold jobs in the financial sector. The number is projected to grow to 28% over the next ten years and up from 24% in 2021 - but still far short of parity..

Diversity is not just a problem for women. It's a major issue for the economy, said Farnoush Farsiar. "Diverse leaders have better results than those that don't offer a broad range of viewpoints," Farsiar said. "So it's not just crucial for females to be included in these positions and it's equally important for the nation in general."

There are many theories as to why women aren't more represented in the financial industry. One theory is that the financial sector is highly male-dominated and competitive, making it difficult for women to enter. Another theory says that peers and parents do not encourage women to pursue financial careers.

Farsiar believes the root cause of the issue is how women are socialized from the age of a child. "Women are taught at a young age to be caregivers rather than risk-takers. "We are taught to be safe and to not take risks. This doesn't work for a career of finance.

It's not enough to have women being trained to be caretakers. They're also socialized as people-pleasers. "Women are taught to be courteous and reduce conflict," Farsiar adds. "But you must be able advocate for your own ideas regarding finance. You need to be able advocate for your own ideas."

Farsiar: Where are all the Finance Women?

Farnoush Farsiar At the top of the financial sector there is a significant lack of women. According to a research study from 2016-17 by Pew. Women have 11.5 percent of financial company board seats.

Farnoush Farsiar This inequality has real-world effects on women who work in finance. Women are less likely to be promoted than male counterparts, and they're as well more likely to leave the industry completely.

It's great to know that there is an increase in the number of women working in senior roles. Farnoush Farsiar believes that this is in part due to the #womenshould campaign that has resulted in more awareness of the issue of diversity. Farnoush Farsiar Farsiar says that she is "convinced that the #MeToo movement has also had an impact. Women are beginning to recognize their voices heard and are demanding change."

Women who pursue finance face obstacles

There are numerous hurdles women face in order to be successful in finance. One of the most significant barriers is the absence of role models. It can be lonely for women in finance, to be the sole woman in their field.

Farsiar said that it can be difficult to be the sole female present in the room. "It is like you are expected to be perfect all the time and that you shouldn't make any mistakes."

Another barrier is the "old boys' club" mindset that persists in a lot of finance companies. This refers to the notion that men are the ones who promote women, while women are excluded.

Farsiar acknowledges that there is an element of truth to this assertion. "I've seen it happen firsthand. Even if the woman is a better candidate, even if she has greater qualifications, men will still encourage others.

This old boys' mentality can lead sexual harassment and discrimination. Male colleagues in finance often make sexist remarks towards women, and also make inappropriate advances to.

Farnoush Farsiar says, "It is definitely an issue." "Women in Finance are usually treated like objects. It's hard to get ahead in a world where you're treated like a commodity."

Last but not least lastly, there's the issue of inflexible working arrangement. Women are more likely than men to be entrusted with family responsibilities, such as caring for elderly or children parents. Farnoush Farsiar They require flexible work arrangements that allow them to balance their work and home life.

"Finance, being a complex field, can be difficult to manage when you are juggling other responsibilities. Women are often required to make a choice between their careers and family."

These barriers make it very difficult for women to enter the financial sector and achieve the top posts. Farnoush Farsiar There are many initiatives to help change this.

Farnoush Farsiar Thinks There's a Bright Future for Women in Finance

There are numerous reasons to be optimistic about the future of the financial industry. Many initiatives have been launched to increase the number and get to the highest levels of the financial sector.

One such initiative is the Women Entrepreneurs Finance Initiative (We-Fi) It is an alliance between the World Bank Group and 14 governments. We-Fi is an investment and support program for women-led businesses in developing economies.

Farsiar declared that this is a wonderful initiative because it provides women with the tools they need to grow and start their own companies. "It can also help them create networks and network to other women who have succeeded."

The Women in Finance Charter was another initiative that the U.K. government launched in 2016. The Women in Finance Charter is a pledge by financial firms to promote gender diversity.

Farsiar believes to "The Women in Finance Charter" is a huge step in the right direction. It's urging financial institutions to be proactive about gender diversity and it's making an impact.

With initiatives like We-Fi and the Women in Finance Charter, women are more likely to join and take on senior roles. This is great news for both the women and financial sectors.