Notes

Farnoush Farsiar - Why are women so scarce in finance?
Women are breaking through more barriers and enjoying great success in various fields. However, there are still a few women working in finance. This is likely to remain the case for a while but it will be a long time before that happens.

Deloitte insight estimates that 31% of financial sector employees will be female by 2030. This begs the question how come there isn't a lot of women in financial services? There are many theories out there but we wanted learn from an expert on the subject. Farnoush Farnoush is a fervent finance professional and advocate for women's empowerment.

How many women are in the field of finance?

The U.S. employs 57% women However, only 24% of them hold financial positions. It is expected that this figure will increase to 28% within the next ten-years, from 24% in 2021. However, it is well short of the parity.

The absence of diversity isn't just a problem for women. Farnoush Farsiar It's also a problem in the business world, said Farnoush Farsiar. Farsiar said that leadership teams with diverse perspectives are more effective than those with fewer perspectives. "So it's not only crucial for females to be included in these positions but also for the nation as a whole."

There are a variety of reasons women aren't able to be represented in the financial industry. The most popular theory is that the financial industry is dominated by men and competitive for women to make it into. Farnoush Farsiar Another theory is that women are not encouraged by their families to pursue finance careers.

Farsiar believes socialization of women at an early age is at the root of the problem. "Women are taught at a young age that they need to be risk-takers and not caretakers. "We're taught to be safe and not to take risks. This isn't the most effective method to pursue a career in finance.

https://contestalert.in/members/farnoush-farsiar5baacc22/activity/155813/ It's not only that women are taught to be caretakers and caregivers; they're also taught to be pleasant to others. Farnoush Farsiar Farsiar says that women are taught to be polite, reduce conflict and keep their differences under control. "But when it comes to finance, you need to be able to stand up for your ideas. You must be able and willing to advocate for yourself.

Farsiar - Where are all the women working in finance and accounting?
Particularly at the top of the finance industry there is a dearth of women in finance ranks is alarming. A study by Pew research found that women account for only 10% of the executive roles. They also hold only 11.5 percent of the executive positions in financial companies.

This disparity has real-world consequences on women who work in finance. They are more likely to be promoted than their male counterparts will be promoted, and are more likely to leave the profession.

The good news is that women are slowly increasing their positions in senior posts. Farnoush Farsiar believes that this is in part due to the ##womenshould campaign, which has brought about an increased awareness of the lack of diversity. Farsiar states that she believes that the #MeToo campaign also had an extraordinary impact. Women are beginning to recognize their voice and demand change."

Women are unable to access financial aid because of their gender. from working in finance
Many barriers prevent women getting into finance. One of the main obstacles is the lack of role models. Financial women are often the only ones working in their departments, which can lead to isolation.

Farsiar admitted that it can be daunting to be in a room with just one woman. "You feel as if you're being expected to be perfect all of the time, and that you're not allowed to make any mistakes."

Another issue is another one is the "old guys' club" mentality in many financial firms. It is the belief that males favor men over women and women are left out.

"There's plenty of truth in that," Farsiar admits. "I have witnessed it firsthand. Men will promote men even when they're more skilled.

The old boys' club mentality can result in sexual harassment or discrimination. A lot of male colleagues working in finance make demeaning comments to women, and also make inappropriate advances to.

"It's certainly a problem," Farnoush Farsiar exclaims. Farnoush Farsiar "Women in finance are often treated as objects and it's very difficult to advance if you're treated that way."

The last issue is the inability to make flexible work schedules. Females are more likely to be responsible for family obligations than men, such as caring after elderly parents or children. To manage their family and professional lives it is necessary to have flexible work arrangements.

"Finance is a very challenging business. It can be difficult to keep up with the demands of your job when you have other responsibilities. Women are often forced to make a choice between their job as well as their family careers.

This makes obtaining top posts in the financial services industry very difficult for females. There are a myriad of initiatives to tackle this issue.

Farnoush Farsiar believes that the future is bright for women in finance
There's every reason to believe in the future of women's careers in finance. There are numerous initiatives aiming to boost the numbers of of women working in the finance sector and help them achieve senior positions.

One of these initiatives, Women Entrepreneurs Finance Initiative is a collaboration with the World Bank Group with 14 governments. We-Fi assists women-led businesses in the developing world by providing financing and support.

Farsiar stated that this was a fantastic initiative as it gives women the tools to develop and create their own business. It also helps them build networks and make connections with other female entrepreneurs.

The Women in Finance Charter was another initiative that the U.K. government launched in 2016. Financial firms have committed to gender equality through the Women in Finance Charter.

"The Women in Finance Charter is a significant step in the right direction," Farsiar encourages. "It's encouraging financial firms to act on gender diversity, and it's creating a positive change."

Women are more likely to get promoted and get the chance to be employed in high-level financial positions due to initiatives such as We-Fi. This is good news for both the women and financial sectors.



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