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Farnoush Farsiar - Why are there so few women in finance?
Women are breaking down barriers and becoming great leaders in a variety of industries. The unfortunate reality is that the proportion of women in finance remains shockingly low. Unfortunately, this may not change any time soon.

Deloitte insights states that by 2030 only 31 percent will be female financial industry employees. This raises the question: why are there a lack of women in the finance industry? There are many theories on the internet but we wanted learn from an expert in the field. Farnoush Farnoush is a highly skilled finance professional , who is passionate about women's empowerment, was our interview subject.

How many women are in finance?

The U.S. employs 57 percent women However, only 24% hold jobs in the financial sector. The projected growth in female participation is 28 percent over the next ten years which is up from 24% for 2021. This is still much less than parity.

This isn't just a matter facing women. Farnoush Farsiar believes it's also a threat to the economy. Farsiar stated that diverse leadership teams have more impact than teams that have less perspectives. "So it's important that women are represented in these occupations. Farnoush Farsiar It's also important for the nation."

There are many reasons women aren't represented in the financial industry. One theory states that the market for financial services is too competitive and male-dominated for women to enter. Another theory is that their parents and their peers hinder women from entering finance careers.

Farsiar believes socialization of women from an early age is the root of the problem. "Women from a young stage are taught that they should be risk takers but caregivers. "We are taught to be safe and not take chances. This isn't a good idea for a career of finance.

Farnoush Farsiar Women are taught to care for others. Farsiar states that women are taught to be polite and avoid conflict. "But in finance you must be able to stand up for yourself. You must be able advocate for your ideas."

Farsiar What are the fate of all the finance women?
Particularly at the top of the finance industry and in the top positions of finance, the absence of women in finance ranks is alarming. According to a study conducted by Pew Researchers, only 10% of finance jobs are employed by women in top executive post. Only 11.5 percent of the board members in financial institutions are occupied by women.

This disparity has real-world consequences on women working in finance. Women are less likely to be promoted than male counterparts, and they're also more likely to quit the profession completely.

The good news is that women are slowly increasing their positions in senior positions. Farnoush Farsiar believes that this is due in part to the #womenshould campaign which has brought about a greater awareness of the lack of diversity. Farsiar believes that the #MeToo campaign has had a profound impact on her life. Women are speaking out more and calling for change.

Farnoush Farsiar There are obstacles for women pursuing finance.
There are many obstacles that women face in order to enter the field of financial services. One of the biggest issues is the lack of role models. It can be lonely for women working in finance to be the only woman in their field.

Farsiar explained that being the sole female in a room is very intimidating. "You think you need to be flawless every time, and you cannot be a fool."

https://www.privatebankerinternational.com/author/farnoushfarsiar/ Another problem is the "old boys' club" mindset that's still prevalent in many finance companies. This is the belief that men promote other men and women are not promoted.

"There's a lot of truth in that," Farsiar admits. "I have seen it in person. Women will always be promoted by men even when they are more experienced.

This old boys' club attitude can lead to discrimination and harassment of women. A lot of male colleagues in finance frequently make demeaning remarks to women, and also make inappropriate advances to.

"It's definitely an issue," Farnoush Farsiar exclaims. "Women in the field of finance are frequently treated like objects, and it's very difficult to make it in the financial world when you're being treated that way."

Then lastly, there's the issue of flexible working arrangement. Farnoush Farsiar It is commonplace for women to be able to handle household responsibilities, like taking care of elderly parents or children. They need flexible work arrangements to be able to balance their home and work lives.

"Finance is a very demanding industry. It can be difficult to meet these demands even when you are also juggling other obligations. Women frequently have to pick between their career, their family and their professions.

This makes obtaining top post in the financial service industry extremely difficult for females. There are however some initiatives that can help make a difference.

Farnoush Farsiar believes that the future is bright for women in finance.
There are plenty of positive reasons to believe in women's future in the field of finance. Numerous initiatives have been undertaken to increase the number of women who work in finance and to assist women in achieving senior positions.

One such initiative, Women Entrepreneurs Finance Initiative is a joint venture of the World Bank Group with 14 governments. Farnoush Farsiar We-Fi assists women-led businesses in developing nations by providing financial assistance and support.

Farsiar stated, "This is an excellent initiative since it gives women access to resources that can help them start and grow their businesses." "It will also assist in building networks, and make connections with other women who are successful."

The Women in Finance Charter, created by the U.K. in 2016, is an additional initiative. The Women in Finance Charter is a pledge by financial institutions to support gender diversity.

"The Women in Finance Charter is a significant step in the right direction," Farsiar encourages. It encourages financial institutions as well as other companies to tackle gender diversity.

Women are more likely to get promoted and have the opportunity to hold senior financial positions due to initiatives such as We-Fi. This is a good thing for both women as well as the financial sector.



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