Notes

Farnoush Farsiar - Why are women so scarce in finance?
Women are increasingly breaking through barriers and achieving amazing success in many sectors. Unfortunately, very few women are working in finance. Sadly still, it may not be changing anytime soon.

Deloitte insight estimates that 31% of the financial industry employees will be female by 2030. This raises the issue of why there aren't more women employed in the field of finance. While there are many theories on the reasons for this but we were looking for an opinion from someone who's been in the field for some time. Farnoush Farnoush has been interviewed by us. She is a highly experienced financial professional who is a passionate advocate for women's empowerment.

How many women are employed in the field of finance?

In the U.S., women make up 57 percent of all workers However, they have only 24 percent of financial jobs. The figure is projected to grow to 28% within the next ten to 20 years increasing from the current 24.

Diverseness is not only a problem for women. It's a major issue for the economy, as stated by Farnoush Farsiar. Farsiar said that teams with diverse leadership styles perform better than teams that have the same viewpoints. "So it's not just important for women to be involved in these fields; it's also critical for the country overall."

There are many theories about why women in the finance industry are underrepresented. The most popular theory is that finance is too masculine and competitive for women to be into. Another theory is that careers in finance are discouraged for women by parents or peers.

Farsiar believes that women's socialization at an early age is at the root of the problem. "Women learn from an early age to become caregivers, not risk-takers. "We're taught not to make risky decisions but to be safe. This is not conducive for the job of an analyst in finance.

It's not just that women are socialized to be caregivers; they're also socialized to be pleasant to others. Farsiar states that women are taught to be polite, minimize conflicts, and keep their differences in check. "But you have to be able to advocate for your own ideas regarding finance. You have to be able to advocate for your ideas.

Farsiar Asks Where are all the female finance professionals?
Farnoush Farsiar At the top of the financial industry there is a significant lack of women. According to a 2016-2017 survey conducted by Pew Women hold just 10% of executive post. They also hold only 11.5 percent of board seats in financial firms.

This disparity has a real-world effect on women who work as financial professionals. This is because women are more likely not to get promoted than their male counterparts and are more likely not to stay in the industry.

The good news? Women are gradually, but steadily getting older. Farnoush Farsiar believes it is due in part to the #womenshould Campaign, which has created a greater awareness of the the lack of diversity. Farsiar believes that #MeToo has had an amazing impact on her life. Farnoush Farsiar Women are beginning to speak out and demand change.

There are obstacles for women getting into finance
There are numerous hurdles women face in order to be successful in finance. Lack of role models is just one of these biggest obstacles. Women in finance are often the only female employees in their field and can be lonely.

Farsiar admitted that it can be difficult to be the only female present in the room. "You are expected to be flawless at all times and that there should be no errors."

Another obstacle is the "old boys' club" mentality that is still prevalent in many finance firms. It is the belief that men are more favourable to other men, and women are left out.

"There's lots of truth in that," Farsiar admits. "I've witnessed it myself. Men will encourage other men regardless of whether the woman is better qualified.

This"old-boys' club" mentality can result in the harassment of women and discrimination. Women who are financially successful often face demeaning remarks and unwelcome advances by their male counterparts.

Farnoush Farsiar Farnoush Farsiar declares, "It's certainly an issue." "Women in Finance are often treated as objects. It's tough to get ahead when you're treated in this manner."

Inflexibility in working hours is another barrier. It is more common for women to assume the responsibilities of a family, such as taking care of elderly parents or children. To balance their home and work life they'll require flexible work arrangements.

"Finance is a very demanding profession, and it's not easy to meet those demands when you're also juggling other obligations. Women are often forced to make a choice between their career or family, as well as their career.

These barriers make it extremely difficult for women in the finance industry to achieve high-ranking positions. There are many initiatives aiming to address this.

Farnoush Farsiar believes the Future is bright for women in Finance.
There are good reasons to believe that women will continue to be employed in financial services. Many initiatives are aiming to increase the number of women working in the finance sector and aid them in reaching senior roles.

One of these initiatives is the Women Entrepreneurs Finance Initiative (WeFi) It is a partnership between the World Bank Group & 14 governments. We-Fi finances and supports women-led businesses in the developing world.

Farsiar said, "This program is a great one because it gives women access to resources and opportunities to establish and grow their businesses." It allows them to build networks and connect with other female entrepreneurs.

The Women in Finance Charter was another initiative that the U.K. government launched in 2016. Financial firms have committed to gender diversity by signing the Women in Finance Charter.

Farsiar believes that the Women in Finance Charter represents a significant step forward. "It is encouraging financial companies to adopt actions regarding gender diversity and is making progress."

Women are more likely to be promoted and get the chance to hold senior financial positions due to initiatives such as We-Fi. Farnoush Farsiar This is great news for women and the financial industry.



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