Notes

Farnoush Farsiar - Why are women so scarce in finance?
Women are increasingly breaking down walls and finding great success in different industries. It is a sad fact, however, that women still only make up a tiny percentage of financial professionals. It is likely that this trend won't change anytime soon.

Deloitte's insight reports that by 2030 only 31 percent of the workforce will be female employees in the financial sector. This begs the question how come there isn't a lot of women working in financial services? There are many theories out there, but we wanted to learn from an expert on the subject. We conducted an interview with Farnoush Farsiar, an accomplished financial professional who is a firm believer in women's empowerment.

Are there women in finance?

In the U.S., 57% are women, however, they are held in just 24% of the financial positions. This figure is expected to increase to 28% in the next 10-20 years, up from 24% at present.

This is not a problem that is only affecting women. Farnoush Farsiar believes it's also a problem to the economy. Farsiar said that leadership teams with diverse perspectives are more effective than those with fewer viewpoints. It's crucial that women be represented in these areas. https://notes.io/qZki4 It's also vital for the country.

There are a myriad of theories as to how women working in the finance sector are underrepresented. The most popular theory is that the financial industry is too male-dominated and competitive for women to enter. A different theory suggests that women aren't motivated to pursue careers in finance, either by their parents or their peers.

Farsiar believes the root problem is in the ways women are socialized in their youth. "Women are taught from an early age to become take care of others, not risk takers. "We are taught to play safe and not take risks. It's not conducive to a career of finance.

It's not enough that women are trained to be caretakers. They're also viewed as people-pleasers. Farsiar explains that women are taught to be courteous and are taught to reduce conflict. https://www.meetingwithpia.org/members/farnoush-farsiar1gbbaa22/activity/432401/ "But, in finance you must be able to stand up for your ideas. You have to be able to defend your own ideas."

Farsiar: Where are all the Finance Women?
Farnoush Farsiar At the top of the financial sector women are disproportionately underrepresented. According to a 2016-17 study conducted by Pew. Just 11.5 percent of the boards at financial companies are held by women.

This inequality has real-world effects on women who work in finance. This is why women are less likely than males to be promoted and are more likely to leave finance.

The good news is that women are gradually, but steadily becoming older. Farnoush Farsiar believes the reason for this increase is due to the #womenshould movement, which has increased awareness of the problem of diversity. Farsiar says that she's "convinced that the #MeToo movement also had an incredible impact. Women are now more vocal and demanding changes.

Obstacles for women to enter the world of finance
A variety of obstacles hinder women from getting into finance. The lack of role models is just one of the most significant obstacles. Financial women are often the only ones working in their departments, which can result in isolation.

Farnoush Farsiar "It can be really intimidating to be the sole woman in the room," Farsiar said. "It feels like you have to be flawless all the time and you shouldn't commit any mistakes."

Another problem is the "old boys club" mentality still common in many financial companies. This is the belief men are more favourable to other men, and women are not considered.

Farsiar acknowledges that "there's a lot more truth to that," he says. "I've seen it happen myself. Men will promote men even when they're more qualified.

This old boys' club mentality can lead to sexual harassment and discrimination. Finance women are usually confronted with unwelcome advances and demeaning remarks from their male counterparts.

"It's definitely an issue," Farnoush Farsiar exclaims. "Women who work in finance are usually considered commodities, making it extremely difficult for them to achieve success."

The last issue is the lack of flexible working hours. Women are more likely to have household responsibilities, such as caring for elderly parents and children. They require flexible working arrangements to balance their personal and professional lives.

"Finance, being a complex industry, is hard to manage when you have many other obligations. Women often have to choose between their careers and family.

This makes obtaining top positions in the financial services industry very difficult for females. There are however some initiatives that could help to in overcoming this.

Farnoush Farsiar Thinks There's a bright future for women in Finance
There's plenty of reason to be hopeful about the future of women's careers in finance. Farnoush Farsiar Many initiatives have been initiated to boost the number of women working in finance and to assist them in reaching senior positions.

One such initiative is Women Entrepreneurs Finance Initiative (WeFi) that is a partnership of the World Bank Group & 14 governments. We-Fi assists women-led businesses in emerging nations by offering funding and assistance.

Farsiar said, "This initiative is great because it gives women access the resources they need for starting and expand businesses." "It can also help them create networks and network to other women who have succeeded."

The Women in Finance Charter, launched by the U.K. in 2016, is an additional initiative. The Women in Finance Charter promotes gender diversity.

Farsiar says the Women in Finance Charter "is an amazing leap ahead." "It encourages financial institutions to take action on gender diversification, and is creating a positive change."

Women are now able to enter the top positions in organizations like We-Fi as well as Women in Finance Charter. This is good news for both the financial and women sectors.



Read More: https://www.crunchbase.com/person/farnoush-farsiar