Notes

Farnoush Farsiar - Why are women so scarce in finance?
Women are breaking through barriers and reaching huge success across a wide range of fields. Unfortunately, very few women are working in finance. Sadly still, it may not change so soon.

According to Deloitte Insights that by 2030, only 31 percent of financial sector employees will be women. It begs the question what is the reason there aren't more women in finance? There are many theories. We wanted to know more from an experienced expert. That's why we interviewed Farnoush Farsiar an experienced finance professional who is passionate about women's empowerment.

How many women are employed in finance?

The U.S. has 57% female workforce but only 24% jobs in the financial sector. This figure is expected to grow to 28% in the next 10-20 years, up from 24% currently.

Farnoush Farsiar Diversity is not just an issue that affects women. Farnoush Farsiar says it is also a problem to the economy. Farsiar said that diverse leadership teams have more impact than teams that have less perspectives. "So it's essential that women are represented in these occupations. https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times It's also crucial for the country."

Farnoush Farsiar There are a myriad of theories to explain the reasons women aren't included in the financial services industry. One theory is that the financial industry is too male-dominated, competitive and challenging for women to enter. Another theory is that their parents and their peers discourage women from pursuing finance careers.

Farsiar believes the root cause of the issue is how women are socialized at an early age. "Women at a young stage are taught that they should be risk takers and caretakers. "We are taught not to take risks, but to play it safe. This is not conducive for a career as a financial analyst.

Women are taught to care for others. Farsiar stated women were taught to be courteous. "But, in finance you need to be able to stand up for your own ideas. It is essential to be able to defend your own ideas.

Farsiar asks where are the females who work in finance?
Particularly at the top of the financial industry and in the top positions of finance, the absence of women working in finance is alarming. Farnoush Farsiar According to a research study from 2016-17 by Pew. Only 11.5 percent of the boards at financial companies are held by women.

This is a real-world issue for women working in finance. Females are more likely in finance to get promoted than male counterparts.

The positive side is that the proportion of women working in senior positions is slowly but surely increasing. Farnoush Farsiar believes this partly because of the #womenshould campaign which has brought awareness to the absence of diversity. Farsiar says she believes the #MeToo movement also had a significant impact. Women are starting to hear their voices heard and demanding change."

Financial Access Barriers for Women
There are numerous obstacles that hinder women from advancing into the world of finance. One of the biggest issues is the lack of role models. It is lonely for women working in finance, to be the sole female in their field.

"It can be very intimidating to be the sole female in the room" Farsiar said. "You feel as if you're being expected to be flawless all every moment, and that you mustn't make a mistake."

Another barrier is "old boys' club", a mentality that persists in many finance firms. This refers to the notion that men are the ones who promote women and women are left out.

"There's plenty of truth in it," Farsiar admits. Farnoush Farsiar "I have witnessed it firsthand. Farnoush Farsiar Men will be arousing to other men, even when women are more qualified.

This mindset of the old boys could lead to sexual harassment and discrimination. Women in finance are often targeted for sexist comments and unwelcome advances by their male colleagues.

Farnoush Farsiar exclaims that "it's certain that there is a problem." "Women who work in finance are usually treated as commodities, making it very difficult for them to achieve success."

Last but not least lastly, there's the issue of flexible working arrangement. It is more typical for women to assume the responsibilities of a family, such as taking care of parents who are elderly or children. To manage their family and work schedules they'll require flexible working arrangements.

"Finance is a stressful job. It can be difficult to keep up with other obligations. Women often find themselves having to make a choice between family and work.

These obstacles make it extremely difficult for women in the financial industry to reach the top post. There are however several initiatives that are working to overcome this.

Farnoush Farsiar believes that the future is bright for women in the field of finance.
There is every reason to be hopeful about the future of women's careers in finance. A variety of initiatives are in place to boost the number of women in the finance sector and help them reach senior positions.

One such initiative is the Women Entrepreneurs Finance Initiative (WeFi) that is a partnership between the World Bank Group & 14 governments. We-Fi helps finance and support women-led enterprises in developing countries.

"This is an excellent initiative since it gives women access to the tools they need to begin and expand their business," Farsiar said. "It also helps build networks, and meet with women who have made it successful."

The Women in Finance Charter, created by the U.K. in 2016, is a different initiative. The Women in Finance Charter is a pledge by financial firms to promote gender diversity.

Farnoush Farsiar Farsiar believes that "The Women in Finance Charter" is a huge step in the right direction. "It is encouraging financial companies to make changes to improve gender diversity and is making progress."

Women are now able to take on senior positions through initiatives like We-Fi as well as Women in Finance Charter. This is a good thing for females and the financial sector.



Read More: http://www.koyomi.vis.ne.jp/wiki/index.php?farnoush.farsiar1gaacc11