Notes

Farnoush Farsiar on Why are So Few Women in Finance?
Women are breaking through barriers and reaching great success across a variety of industries. However, the sad reality is however, that women still only make up a tiny percentage of financial professionals. It's unlikely to change, unfortunately.

Deloitte Web Insights indicates that only 31 percent of the financial sector's workers will be women by 2030. This begs a question: Why is there so little women in the finance industry? There are numerous theories. We wanted to hear from an expert. Farnoush Farnoush, a highly skilled finance professional , who is passionate about women's empowerment, was our interview subject.

How many women are employed in finance?

The U.S. is home to 57% of the workforce. But there are only 24% of financial positions. That's is projected to expand to 28% over the next 10 years, up from 24% in 2021--still far short of parity..

Diversity is not just an issue for women. It's also a challenge for the economy, said Farnoush Farsiar. Farsiar claimed that teams of leaders with differing perspectives are more effective than those who don't. "So it's crucial that females are in these roles. This is also essential for the country."

There are a myriad of theories on why women are underrepresented in the financial sector. Farnoush Farsiar The most popular hypothesis is that the industry is simply too male-dominated and competitive for women to break into. Another theory is that females are not urged by their parents to pursue finance careers.

Farsiar believes that the root of the issue lies in how women are socialized from a young age. "Women learn from an early age to become caregivers, not risk-takers. "We're taught to not make chances, but instead to play it safe. This doesn't help a career financial.

Women are taught to be caring for one another. Farsiar stated that women were taught to behave politely. "But you have to be able advocate for your own ideas regarding finance. You must be able and willing to stand up for yourself.

Farsiar asks , where are the females employed in finance?
The dearth of women working in finance is particularly apparent at the top of the business. Women hold just about only 10% of executive-level jobs as per a 2016-2017 study conducted by Pew Research. Farnoush Farsiar Women also hold only 11.5% of the board seats in financial firms.

This could have real-world consequences for women working in finance. This is why women are less likely than men to be promoted, and are more likely to leave the finance industry.

Farnoush Farsiar It's great to know that there is increasing numbers of women working in senior roles. Farnoush Farsiar believes that this is in part due to the ##womenshould campaign, which has brought about more awareness of the absence of diversity. Farsiar declares that she's "convinced that the #MeToo campaign has had a profound impact. Women are beginning to voice their opinions and demand changes.

The obstacles for women who want to pursue finance
There are many obstacles that prevent women from being able to enter the field of finance. One of the most significant barriers is the lack of role models. It can be lonely for women in finance to be the only female in their field.

"It can be very intimidating being the only female in the room" Farsiar said. "You are conditioned to be flawless all the time, and you mustn't commit any errors."

Another issue is the men's club mentality, that persists in the majority of financial companies. It is a belief that men are superior to women and men should promote each other.

Farsiar admits "there's a lot more than that," he says. "I've observed it in person. Men will promote men even when they're more competent.

This old boys' club mentality can lead to sexual harassment and discrimination. Female finance professionals are frequently confronted with ostracizing remarks and unwelcome advances by male colleagues.

Farnoush Farsiar says, "It is definitely an issue." "Women in finance are typically considered to be objects and it's difficult to make it in the financial world in a world where you're treated as a commodity."

The last issue is the inability to make flexible work schedules. Family obligations are more frequent for women than for males. Flexible working schedules are required for women to be able to keep a balance between work and family.

"Finance is a highly demanding business. Farnoush Farsiar It can be challenging to manage these demands even when you are also juggling other obligations. Women are often forced to make a choice between their career as well as their family.

These barriers make it hard for women to get into the financial industry and to hold the top post. There are several initiatives aiming to address this.

Farnoush Farsiar believes that the future is bright for women working in finance
There are numerous reasons to be positive about the future of women in finance. Farnoush Farsiar Several initiatives are in place to boost the number of women in the finance sector and assist them in achieving senior positions.

One of these initiatives, Women Entrepreneurs Finance Initiative is a collaboration of the World Bank Group with 14 governments. We-Fi offers financial assistance and financing for women-owned businesses in the developing world.

Farsiar stated, "This program is a fantastic one since it provides women the tools and resources to begin and expand their companies." It also assists them in build networks and connect to other women who have succeeded.

The Women in Finance Charter, introduced by the U.K. in 2016, is an additional initiative. The Women in Finance Charter is a commitment by financial institutions to encourage gender diversity.

"The Women in Finance Charter is a great step forward," Farsiar encourages. "It encourages financial firms to take actions on gender diversity and is moving forward."

Farnoush Farsiar Women can now enter the top positions in organizations such as We-Fi and Women in Finance Charter. Farnoush Farsiar This is good news for both females and the financial sector.



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