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Farnoush Farsiar, Why Are So Few Women in Finance
Women are breaking through more barriers and enjoying huge successes in a variety of areas. Farnoush Farsiar However, the sad truth is that the majority of women are employed in finance. Unfortunately, this may not be changing anytime soon.

Deloitte's insights reports that by 2030 only 31 percent of the workforce will be female employees in the financial sector. This raises the obvious question: Why are there so few women in finance. There are many theories. We wanted to learn more from an expert. Farnoush Farnoush an expert financial professional who is passionate about women's empowerment, was our interview subject.

What is the percentage of women working in finance?

Farnoush Farsiar The U.S. is home to 57 percent of the population. However the country only has 24% of financial jobs. It is expected that the number will grow to 28% over the next ten-years, from 24% in 2021. Farnoush Farsiar However, it is way short of parity.

Diversity isn't just a problem for women. Farnoush Farsiar thinks it's an issue that impacts the economy. "Diverse leaders have better results than ones that do not offer a broad variety of perspectives," Farsiar said. "So it's not just vital to have women represented in these professions, but it is also crucial for the country as whole."

There are several theories on why women are so underrepresented in the finance industry. One theory is that the financial market is too male-dominated and competitive for women to make it into. A different theory suggests that parents and their peers hinder women from entering finance careers.

Farsiar believes that the socialization of women in their early years is the cause of the issue. Women are raised to care for their children and take responsibility for their security. "We are taught to be cautiously and avoid taking chances. This isn't a good way to go about an occupation as an analyst in finance.

It's not enough that women are educated as caregivers. They're also socialized as people-pleasers. Farsiar affirms that women are taught to be polite, reduce conflicts, and maintain their differences in check. "But you need to be able to defend your own ideas regarding finance. You must be able advocate for your ideas.

Farsiar Asks Where are all the Women in Finance?
At the top of the financial sector, women are especially underrepresented. According to a study by Pew Researchers, only 10% are females in senior executive posts. Women have 11.5% of financial firm board seats.

This imbalance has real-world consequences for women who work in finance. They are more likely not to get promoted than their male counterparts, and they're as well more likely to quit the profession completely.

It is good to know that women are slowly however, steadily, advancing in higher posts. Farnoush Farsiar believes this partly due to the #womenshould movement which raised awareness of the dearth of diversity. Farsiar states that she believes that the #MeToo movement also had an extraordinary impact. Women are starting to voice their opinions and demand change.

Obstacles for women pursuing finance
A variety of obstacles hinder women from entering the financial world. One of the biggest barriers is the absence of role models. It can be lonely for women working in finance to be the sole female in their field.

Farsiar said that it's difficult to be the sole female in the room. "You expect to be flawless at all times and that there should be no errors."

Another obstacle is the traditional boys' club mentality that is still prevalent in the majority of financial companies. This is the belief that men are the ones who promote men while women are left out.

Farsiar admits "there is plenty of truth in that." "I've witnessed this happen firsthand. Farnoush Farsiar Men will be promoted by men, even if they are more qualified.

This old boys club mentality can result in sexual harassment or discrimination. Women in the financial sector often get rude remarks and unwelcome advances made by their male counterparts.

Farnoush Farsiar Farnoush Farsiar says, "It is certain that it is a problem." "Women in Finance are often treated as objects. It's tough to advance when you're treated this way."

The last barrier is the inability to find flexible working arrangements. Women are more likely to have family responsibilities like taking care of elderly parents or children. They require flexible work schedules to manage their work and home life.

"Finance is a highly demanding sector. It isn't easy to manage these demands even when you are also juggling other obligations. Many women are forced to make a choice between their job or their family.

This makes obtaining top post in the financial service industry very difficult for females. There are a variety of initiatives to help change this.

Farnoush Farsiar believes that the future is bright for women working in the field of finance.
There are many positive reasons to believe in women's future in finance. Many initiatives have been initiated to boost the number of women who work in finance and assist them to reach higher positions.

One such initiative, Women Entrepreneurs Finance Initiative is a joint venture of the World Bank Group with 14 governments. We-Fi offers financial assistance and financing to women-owned companies in emerging countries.

Farsiar stated that this is a wonderful initiative as it gives women the tools to develop and create their own businesses. Farnoush Farsiar It also assists them in create networks and connect with other women who have succeeded.

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

Farsiar urges to "The Women in Finance Charter" is a huge step forward. "It's encouraging financial institutions to be proactive about gender diversity, and it's creating a positive change."

Women in Finance Charter and We-Fi are helping women to achieve higher-level post. This is a good thing for women and for the financial sector.



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