Notes

Farnoush Farsiar, Why Are So Few Women in Finance
Women are breaking through barriers and experiencing great accomplishments in many fields. The sad reality is that just a small proportion of women are employed in finance. It is likely that this trend won't change any time soon.

Deloitte's insights estimates that 31% of financial sector employees will be female by 2030. The question is: why are so few women working in the finance industry? While there are many theories, we wanted to hear the opinions from an expert. Farnoush Farnoush is a highly skilled finance professional , who is passionate about women's empowerment, was our interview subject.

How many women are involved in finance?

The U.S. has 57% female workforce however just 24% jobs in the financial sector. The number is projected to increase to 28% over the next 10 years, from 24% in 2021. But, they're significantly below the national average.

It's not just a problem faced by women. Farnoush Farsiar says it is also a problem to the economy. Farsiar noted that leadership teams with diverse perspectives perform better compared to those that have fewer perspectives. It's crucial that women be represented in these fields. It's also vital for the country.

There are a myriad of theories to explain the reasons women aren't included in the field of financial services. The most popular theory is that the financial sector is too masculine and competitive to allow women to enter the field. Another theory says that the parents and their peers do not encourage women to pursue finance careers.

Farsiar believes the root of the issue is the way women are raised from an early age. Farnoush Farsiar "Women begin at an early age to become caretakers, not risk-takers. "We're taught to be safe and not to risk our lives. This is not conducive for the job of a financial analyst.

Women are taught not just to look after other people, but also to please people. Farsiar states that women are taught to be polite, reduce conflict and keep their differences under control. But in finance you have to be able to be able to speak for yourself. You must be able to defend your ideas."

Farnoush Farsiar Farsiar asks Where are all the women in finance?
At the highest levels of the financial industry there is a significant lack of women. According to a study conducted in 2016-17 by Pew. Women hold 11.5% of financial firm board seats.

This is a real-world issue for women working in finance. This is due to the fact that women are less likely to be promoted than their male counterparts and are more likely to leave the field.

The good news is that the number of women working in senior positions is slowly but surely increasing. Farnoush Farsiar believes the reason for this rise is due to the #womenshould movement, which has increased awareness of the issue of diversity. Farsiar claims that she is convinced that the #MeToo movement also had an extraordinary impact. Women are speaking up to call for change.

The obstacles for women who want to pursue finance
There are numerous hurdles women must overcome to be successful in financial services. The lack of role models is one of the greatest barriers to women getting into finance. Finance professionals are typically the only woman in their department and can lead to isolation.

Farsiar acknowledged that it is intimidating to be alone in a room with only one person. "You think you need to be perfect each time, and you cannot be a fool."

Another obstacle is another one is the "old guys' club" mindset that exists in a lot of financial firms. This refers to the idea that men favor men over women, and women are not promoted.

Farsiar admits "there is some truth to that." "I've observed this firsthand. Men will make other men feel superior, even if they are better qualified."

This"old boys' club" mentality can also result in sexual harassment and discrimination. Females in the finance industry are often targeted for sexist comments and unwelcome advances from their male colleagues.

Farnoush Farsiar declares, "It's certain that there is an issue." "Women working in finance are typically treated like objects. It can be difficult to get noticed when women are treated that way."

The final barrier is the absence of flexible working arrangements. Women are more likely than men to be entrusted with family responsibilities, such as caring for children or elderly parents. To manage their family and work schedules they'll require flexible work schedules.

"Finance is a very challenging industry. It isn't easy to manage these demands with other obligations. Women are often having to make a choice between family and work.

This makes it difficult for women to enter the finance industry and attain senior posts. There are many initiatives to tackle this issue.

Farnoush Farsiar Farnoush Farsiar Believes the Future is Bright for Women in Finance
There are plenty of reasons to be optimistic about women's future in finance. Numerous initiatives have been undertaken to increase the numbers of women working in finance and to assist women in achieving senior positions.

One example of such an initiative is Women Entrepreneurs Finance Initiative A partnership that is formed between 14 governments and the World Bank Group. Farnoush Farsiar We-Fi provides financial assistance and financing for women-led enterprises in emerging countries.

Farsiar stated, "This program is a fantastic one since it provides women the tools and resources to start and grow their businesses." It helps them create networks and connect with other women entrepreneurs.

Another initiative is the Women in Finance Charter. The U.K. government launched it in 2016. The Women in Finance Charter is a pledge made by financial institutions to support gender diversity.

Farsiar believes the Women in Finance Charter "is a great leap ahead." "It will encourage financial institutions to make changes to improve gender diversity, it's making progress."

Through initiatives such as We-Fi and the Women in Finance Charter, women are more likely to be accepted into and take on senior roles. This is a good thing for females and the financial sector.


Farnoush Farsiar
Website: https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/