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Farnoush Farsiar - Why are women so scarce in finance?
Women are breaking down more barriers and enjoying huge accomplishments in many fields. However, the sad reality is yet, women make up a small percentage of financial professionals. Unfortunately, this may not change anytime soon.

Farnoush Farsiar According to Deloitte Insights that by 2030 only 31 percent of the employees of the financial sector will be women. This begs the obvious question: Why do we have such a low number of women working in finance. There are many theories on the internet but we wanted hear from an expert on the matter. Farnoush Farnoush a successful finance professional who is passionately committed to women's empowerment was the main reason we spoke to her.

How many women work in finance?

The U.S. is home to 57% of the workforce. But the country only has 24% of financial jobs. Farnoush Farsiar The number is projected to increase to 28% over the next 10 years from 24% in 2021. However, this is significantly below the national average.

It's not an issue that is only affecting women. Farnoush Farsiar stated that diversity can be an issue for growth in the economy. Farsiar claimed that teams of leaders with different perspectives perform better than those with no. "So it's essential that there are females in these professions. This is also important for the country in general.

There are many reasons women aren't able to be present in the financial world. The most popular hypothesis is that the finance industry is too male-dominated and competitive to allow women to enter the field. Another theory is that parents and their peers dissuade women from taking on career paths in finance.

Farsiar believes that the root of the problem lies in the way women are raised from an early age. "Women from an early age are taught to be risk-takers and caregivers. "We're taught to be safe and not to take risks. This isn't a good idea for an investment career.

Women are taught socially to care for others. Farsiar says that women are taught to be polite and avoid conflict. However, in the field of finance, you must be able be able to speak for yourself. You must be able advocate for your own ideas."

Farsiar: Where are all the Finance Women?
It is particularly evident at the highest levels of finance that there are not enough females. A study conducted by Pew research discovered that women comprise just 10% of executive positions. There are only 11.5% are women in the top financial boards.

This disparity could have real-world consequences for women in finance. Females are more likely in finance to get promoted than male counterparts.

It is good to know that women are slowly increasing their positions in senior posts. Farnoush Farsiar believes the reason for this growth is because of the #womenshould movement which has raised awareness of the problem of diversity. Farsiar says she believes that the #MeToo campaign had an equally significant impact. Women are beginning to recognize their voice and demand change."

There are obstacles for women pursuing finance.
A variety of obstacles hinder women from getting into finance. One of the biggest barriers is the absence of role models. Financial women are often the only ones in their departments, which can result in feeling isolated.

Farsiar admitted that it's a bit scary to be the sole woman in the room. "You feel like you're expected to be perfect all of the time, and that you mustn't make any mistakes."

Another issue is another issue is the "old boys' club" mentality still common in many financial companies. This is the idea that men are better than women and men should promote each other.

Farnoush Farsiar Farsiar acknowledges "there is some truth to that." "I've observed it in person. Even if the woman has higher qualifications, men will still promote others.

This old boys' mentality can lead to discrimination and harassment of women. Women in finance are often subjected to demeaning comments and unwelcome advances from male colleagues.

Farnoush Farsiar says, "It is certain that it is a problem." https://blackcowriefinance.com/2020/12/21/financial-services-will-enjoy-a-brexit-boom-if-the-regulators-let-us-take-advantage-of-the-opportunities-it-presents/ "Women who work in finance are typically considered commodities, making it very difficult for them to achieve success."

The final obstacle is the lack of flexible working arrangements. Women are more likely than men to be entrusted with families responsibilities, for example, caring for children or elderly parents. Farnoush Farsiar They require flexible working arrangements to be able to balance their home and work lives.

"Finance is a highly-risky business. Farnoush Farsiar It is challenging to handle your obligations when you are also working in the finance industry. Women are often required to choose between their career and family."

This makes it very difficult for women in the finance industry to achieve high-ranking positions. There are numerous initiatives to combat this problem.

Farnoush Farsiar believes that the future is bright for women in finance.
There are plenty of evidence to suggest that women will continue to be employed in the field of financial services. Numerous initiatives have been undertaken to increase the number of women working in finance and assist them in reaching senior positions.

One of these initiatives is the Women Entrepreneurs Finance Initiative (We-Fi) which is a partnership between the World Bank Group and 14 governments. We-Fi helps finance and support women-led business in developing countries.

Farsiar declared, "This is an excellent initiative as it provides women with access to resources that can assist them in starting and expanding their business." "It also helps build networks and make connections with other women who are successful."

A different initiative is the Women in Finance Charter, that was launched by the U.K. government launched in 2016. The Women in Finance Charter aims to encourage gender diversity by financial institutions.

Farsiar claims that the Women in Finance Charter "is an incredible leap forward." "It will encourage financial institutions to take action regarding gender diversity and is already making a difference."

Women in Finance Charter and We-Fi have helped more women reach high-ranking post. This is an excellent thing for both the women and financial sectors.



Read More: https://blackcowriefinance.com/2020/12/21/financial-services-will-enjoy-a-brexit-boom-if-the-regulators-let-us-take-advantage-of-the-opportunities-it-presents/