Notes

Farnoush Farsiar on Why are So Few Women in Finance?
Women are breaking down more barriers and enjoying great success in various areas. The sad truth is, yet, women only make up a tiny percentage of finance professionals. This is likely to remain the case for a while, however.

Deloitte insights estimates that 31% of financial industry employees will be female in 2030. This begs the obvious question: why are there many women in finance. There are a variety of theories. But we wanted to hear from an expert. Farnoush Farnoush is a highly skilled financial professional who is passionate about women's empowerment, was our interview subject.

How many women are employed in finance?

In the U.S., 57% are women, but they have only 24% of financial positions. The number is projected to increase to 28% in the next ten year, from 24% in 2021. However, it's still far below parity.

Diverseness isn't just a problem faced by women. Farnoush Farsiar has said that it's a serious issue for the economy. Farsiar said that leadership teams with diverse perspectives are more effective than those with fewer viewpoints. It's crucial that women be included in these fields. However, it's also essential for the country.

There are many reasons why women aren't present in the financial world. The most popular theory is that the financial industry is dominated by men and competitive for women to make it into. Another theory suggests that females aren't encouraged by their parents to pursue finance careers.

Farsiar believes the source of the issue is how women are socialized from an early age. "Women from a young stage are taught that they should be risk takers but caregivers. "We are taught to be safe and not take risks. This isn't a good idea for an investment career.

Women are socialized to care for others. Farsiar claims that women are taught to be polite and avoid conflicts. In finance, however you have to be able to communicate your ideas. You should be able to speak up for your ideas.

Farsiar asks , where are the females employed in finance?
At the highest levels of the financial industry there is a significant lack of women. A study by Pew research discovered that women make up just 10% of executive positions. Women have 11.5 percent of financial company board seats.

This disparity has real-world consequences on women who work in finance. Farnoush Farsiar This is why women are more likely than males to be promoted and more likely to quit the finance sector.

It is good to know that women are slowly however, steadily, advancing in higher positions. Farnoush Farsiar believes it is partly due to the #womenshould Campaignthat has brought about a greater awareness of the lack of diversity. Farsiar says she believes that the #MeToo campaign also had a significant impact. Women are speaking up to demand change.

The obstacles women face when trying to get into Finance
There are many obstacles that hinder women from entering financial services. One of the biggest barriers is the lack of role models. Female financial professionals are usually the only ones in their department, which can lead to being isolated.

Farsiar stated that it's difficult to be the sole female in the room. "It feels like you have to be perfect every single day and you should not commit any mistakes."

Another barrier is "old boys"club" A mindset that persists in many finance firms. This is the idea that men are better than women and that they should encourage one another.

"There's a lot of truth to that," Farsiar admits. "I have witnessed it firsthand. Women will always be promoted by men, even if they are more experienced.

This old boys' mentality can lead sexual harassment and discrimination. Female finance professionals are often targeted for ostracizing remarks or unwanted advances by male colleagues.

Farnoush Farsiar Farnoush Farsiar declares "It's certainly an issue." "Women in finance are typically considered to be objects and it's very difficult to get ahead in a world where you're treated as a commodity."

Inflexibility in working hours is another issue. Females are more likely to have family responsibilities than men for example, taking care of elderly parents or their children. Farnoush Farsiar This means they need flexible work schedules to manage their home and work lives.

Farnoush Farsiar "Finance can be a very demanding job. It's difficult to keep up with other responsibilities. A lot of women have to make a choice between their job or their family.

These barriers make it extremely difficult for women in the financial industry to reach higher-level positions. There are several initiatives to help change this.

Farnoush Farsiar Thinks There's a Positive Future for Women in Finance
There is every reason to be hopeful about the future of women working in finance. Numerous initiatives have been undertaken to increase the number of women working in finance, and also to help them to reach higher positions.

One of these initiatives, Women Entrepreneurs Finance Initiative is a joint venture of the World Bank Group with 14 governments. We-Fi helps women-owned businesses in the developing world by providing financial assistance and support.

Farsiar said, "This initiative is great because it gives women access the tools they require for starting and expand businesses." "It also helps build networks, and connect with other women who have made it successful."

The Women in Finance Charter, launched by the U.K. in 2016, is a different initiative. The Women in Finance Charter is a pledge by financial institutions to encourage gender diversity.

Farsiar claims that the Women in Finance Charter "is an amazing leap forward." It urges financial companies and other businesses to consider gender diversity.

Women are now able to enter high-level positions thanks to initiatives like We-Fi and Women in Finance Charter. This is a good thing for women and men as well as the financial sector.



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