Notes

Farnoush Farsiar, Why Are So Few Women in Finance
Women are breaking through barriers to achieve great success across a variety of fields. https://www.privatebankerinternational.com/analysis/business-profile-plato-capital/ Unfortunately, very few women are working in finance. Farnoush Farsiar But, unfortunately, this will not be changing anytime soon.

Deloitte Web Insights reports that just 31 percent of the financial sector's workers will be female by 2030. This begs the question how come there isn't a lot of women in the finance industry? Farnoush Farsiar There are a variety of theories. We wanted to hear more from an expert. Farnoush Farnoush has been interviewed by us. She is a seasoned finance professional who is passionate for women's empowerment.

How many women are employed in finance?

The U.S. employs 57 percent of women, but just 24% of them hold financial jobs. The projected growth in women's participation is 28 percent over the next ten years and rising from 24% by 2021. This is still much less than parity.

Diverseness isn't just an issue for women. Farnoush Farsiar has said that it's also a major issue in the business world. Farsiar said that leadership teams with diverse perspectives are more effective than those that have fewer perspectives. "So it's crucial that women are in these professions. This is also important for the country as a whole.

There are a myriad of theories on the reasons women aren't represented in the finance industry. One theory suggests that the financial sector is very male-dominated, competitive and challenging for women to enter. Another theory says that peers and parents do not encourage women to pursue career paths in finance.

Farsiar believes socialization of women in their early years is the root of the issue. Women are raised to look after their children and to be accountable for their safety. "We're taught to play it safe, not to take risks. This isn't a good way to go to a career in finance."

It's not only that women are taught to be caregivers; they're also socialized to be people-pleasers. "Women are taught to be polite and minimize conflicts," Farsiar adds. "But when it comes to finance, you have to be able stand up for your own ideas. It is crucial to be able to defend your personal ideas.

Farsiar questions where are the females who work in finance?
It's particularly apparent at the top of finance, that there are not enough women. According to a study conducted in 2016-17 by Pew. Women have 11.5 percent of the financial company board seats.

This imbalance has real-world consequences for women working in finance. They are more likely not to get promoted than their male counterparts, and they're as well more likely to quit the profession entirely.

The good news is that women are slowly, but surely becoming more senior. Farnoush Farsiar believes it is due in part to the #womenshould campaign, which has created a greater awareness of the lack of diversity. Farsiar claims that she is certain that the #MeToo campaign also had an extraordinary impact. Women are starting to speak out and call for changes.

Financial Access Barriers for Women
Many obstacles hinder women from pursuing finance careers. The lack of role models for women is one of the biggest obstacles to women entering finance. Financial women are often the only ones working in their departments, which can lead to feeling isolated.

Farsiar acknowledged that it's difficult to be in a room with just one person. "You are convinced that you need to be perfect each time, and you cannot be a fool."

Farnoush Farsiar Another obstacle is another one is the "old guys"club" mentality that is prevalent in many finance businesses. This refers to the idea that men are the ones who promote men and women are not promoted.

Farsiar admits "there is a lot of truth in that." "I've seen this happening in person. Men will encourage their male counterparts regardless of whether they are better equipped.

The old boys' club mentality can lead also to sexual discrimination or harassment. Financial women often receive rude remarks and unwelcome advances by their male counterparts.

Farnoush Farsiar says, "It is certain that it is a problem." "Women who work in finance are usually considered commodities, making it extremely difficult for them to achieve success."

The final barrier is the inability to make flexible working arrangements. Family obligations are more prevalent among women than for males. Women require flexible work schedules to be able to manage work and family.

"Finance is a very demanding industry. It can be challenging to meet these demands with other obligations. Farnoush Farsiar Women are often forced to choose between their work and family."

These obstacles make it difficult for women to gain entry into the financial sector and hold the top post. There are a myriad of initiatives to tackle this issue.

Farnoush Farsiar is optimistic about the future of women in finance.
There are many reasons to be optimistic about the future of women in finance. Several initiatives are working to increase the proportion of women working in the finance sector and assist them in achieving senior positions.

One of these initiatives is the Women Entrepreneurs Finance Initiative (WeFi), which is a partnership between the World Bank Group & 14 governments. We-Fi supports women-led companies in emerging nations by offering funding and assistance.

Farsiar stated, "This program is a great one because it gives women access to resources and opportunities to start and grow their businesses." "It can also help them create networks and connect to other women who have succeeded."

Another initiative is the Women in Finance Charter, that the U.K. government launched in 2016. The Women in Finance Charter is designed to promote gender diversity by financial institutions.

Farsiar says to "The Women in Finance Charter" is a huge move forward. It's urging financial institutions to act on gender diversity and it's making an impact.

Initiatives such as We-Fi as well as the Women in Finance Charter make it easier for women to climb into top posts. This is good news for both females and the financial sector.



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