Notes

Farnoush Farsiar - Why are women so scarce in finance?
Women are breaking through more barriers and enjoying huge accomplishments in many fields. The sad reality is that only a tiny percentage of women work in finance. This may not change anytime soon however.

Deloitte insight estimates that 31% of the financial industry employees will be women in 2030. This begs a one-of-a-kind question: Why are the gender gap so low in the finance industry? While there are many theories as to why this is the case however, we were looking for an opinion from someone who's been in the field for a long time. Farnoush Farnoush is a passionate financial professional who is a champion for women's empowerment.

How many women work in finance?

The U.S. has 57 percent of the workforce is female however just 24% of financial jobs. It is predicted that this number will rise to 28% over the next 10 years, compared to 24% in 2021. However, they are well short of the parity.

This isn't a problem that is only affecting women. Farnoush Farsiar believes it's also a threat to the economy. Farsiar said that diverse leadership teams have better results than teams with fewer perspectives. "So it is not only important to have women represented in these professions, but it is also vital for the country as in general."

There are many theories about the reasons why women in the finance industry aren't as well represented. One theory is that the financial sector is dominated by men and competitive for women to enter. https://www.tumgir.com/farnoush-farsiar8dddbb11 Another theory states that financial careers are discouraged from women by their peers or parents.

Farsiar believes socialization of women from an early age is the root of the issue. "Women are socialized from a young age to be caregivers rather than risk-takers. "We are taught not to make a risk, but rather to be safe. This doesn't work for an investment career.

It's more than just being socialized to look after the children. Women also learn to love people. Farsiar claims that women are taught to be courteous and avoid conflict. "But in the field of finance, you need to be able to advocate for your own ideas. You must be able to and willing to stand up for yourself.

Farsiar What are the fate of all the finance women?
Women are underrepresented in finance at top levels. Women make up just 10% of executive-level jobs, according to a 2016-2017 study conducted by Pew Research. Women are the holders of 11.5 percent of financial company board seats.

This is a real-world issue for women in finance. They are more likely not to get promoted than their male counterparts. They're also more likely to leave the industry completely.

The good news is that the proportion of women in senior roles is gradually but steadily growing. Farnoush Farsiar believes the reason for this growth is due to the #womenshould campaign that has raised awareness of the issue of diversity. https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ Farsiar said she was "convinced" that the #MeToo Movement has had a huge impact. Women are now more vocal and insisting on changes.

Financial Access Barriers for Women
There are a number of obstacles that prevent women from getting into the world of finance. Lack of role models for women is one of the greatest barriers to women entering finance. Women in finance are often the only female in their job and this can make them feel isolated.

Farsiar admitted that it can be difficult to be in a room with just one person. "You are convinced that you need to be flawless every time and that you aren't allowed to make mistakes."

https://reportlet.co.uk/psc/4JvfQwpTV8vIqepLTGpSXcssw-o/ms-farnoush-farsiar-aidi Farnoush Farsiar Another obstacle is another one is the "old boys' club" mentality that is still prevalent in many financial firms. This is the belief in that men are the ones who encourage females and men are not allowed to join.

Farsiar admitsthat "There's a lot truth to that." "I experienced it myself. Men will be arousing to other men even if women are more qualified.

The old-fashioned mentality can result in sexual discrimination or harassment. Female finance professionals are often targeted for ostracizing remarks or unwanted advances from male colleagues.

Farnoush Farsiar declares, "It's definitely an issue." https://docs.house.gov/meetings/FA/FA14/20190626/109716/HHRG-116-FA14-Wstate-BromundT-20190626.pdf "Women working in finance are typically treated like objects, and it's very hard to succeed when being treated like that."

The last obstacle is the absence of flexible working arrangements. Females are more likely than males to have families responsibilities, for example, caring for children or elderly parents. Flexible work schedules are essential for women to be able to balance work and family life.

Farnoush Farsiar "Finance is a highly-risky industry. It is difficult to handle your obligations when you're also working in finance. Women are often forced to choose between their work or family.

These obstacles make it extremely difficult for women in the finance industry to achieve the top post. There are however many initiatives that are working to improve this.

Farnoush Farsiar Farnoush Farsiar Believes the Future is Bright for Women in Finance
There are many reasons to be hopeful regarding the future of the financial sector. A variety of initiatives are aiming to increase the number of women in the financial industry and to help them reach senior positions.

One of these initiatives is the Women Entrepreneurs Finance Initiative (WeFi) It is a partnership of the World Bank Group & 14 governments. We-Fi offers financial assistance and financing to women-owned companies in emerging countries.

Farsiar said that this was a fantastic initiative as it gives women the tools to grow and start their own companies. It helps them create networks and network with other female entrepreneurs.

Another initiative is The Women in Finance Charter. It was announced by the U.K. government in 2016. Financial firms have committed to gender diversity through the Women in Finance Charter.

Farsiar claims that the Women in Finance Charter "is a great leap ahead." "It's encouraging financial firms to be proactive about gender diversity, and it's making a difference."

With initiatives like We-Fi as well as the Women in Finance Charter, women are more likely to be accepted into and take on senior roles. This is good news for both women and the financial industry.



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