Notes

Farnoush Farsiar - Why are there so few women working in finance?
Women are increasingly breaking down barriers and achieving great successes in a variety of sectors. Unfortunately, only a few women work in finance. Farnoush Farsiar It may not change soon but it will be a long time before that happens.

Deloitte's insights estimates that 31% of financial sector employees will be women by 2030. It raises the question: why are there so little women in the finance industry? There are many theories. But we wanted to hear from an expert. That's why we interviewed Farnoush Farsiar an accomplished financial professional who is passionate about women's empowerment.

How many women work in finance?

In the U.S., 57 percent are women, however, they are held in just 24% of the financial posts. The expected increase in women's participation will be 28 percent over the next 10 years, up from 24% for 2021. However, this is much less than the parity.

Diverseness isn't just a problem for women. Farnoush Farsiar has stated that diversity is also an issue for growth in the economy. Farsiar said that teams of leaders with diverse viewpoints perform better than those who don't. "So it's not just important that women are represented in these professions but also for the nation in general."

There are many reasons why women aren't represented in the financial industry. The most popular theory is that the financial industry is dominated by men and competitive for women to enter. Another theory is that females aren't encouraged by their parents to pursue careers in finance.

Farsiar believes that women's exposure to socialization from a young time is at the source of the issue. "Women are taught from an early age that they are caretakers, not risk-takers. "We are taught to play safe and to not take chances. It's not conducive to a career of finance.

Women are socialized not only to care for other people but also to be pleasing to people. Farsiar says that women are taught to be polite and avoid conflict. "But in finance it is essential to be able and willing to speak up for yourself. You need to be able to advocate for your ideas.

Farsiar asks where are all the Women in Finance?
Particularly at the highest levels of finance there is a dearth of women working in finance is alarming. According to a report by Pew Researchers just 10% of the positions are females in senior executive posts. They also hold only 11.5 percent of the board seats at financial companies.

This imbalance has real-world impact on women working as financial professionals. Females are more likely in finance to get promoted than male counterparts.

It's good to know that there is an increase in the number of women working in senior posts. Farnoush Farsiar believes that this is in part due to the #womenshould campaign which has led to an increased awareness of the lack of diversity. Farnoush Farsiar Farnoush Farsiar Farsiar says she is certain that the #MeToo campaign also produced a profound impact. Women are beginning to claim their rights and demand change.

The obstacles for women who want to pursue finance
There are a number of obstacles that prevent women from getting into the world of finance. One of the biggest barriers is the absence of role models. Women working in finance are usually the only women in their department, which can be isolating.

Farsiar said that being the only woman in a room is very daunting. "It makes you feel like you need to be flawless every single day and you should not make any mistakes."

Another obstacle is another one is the "old guys' club" mentality that is prevalent in many finance companies. This is a reference to the notion that men are the ones who promote men, and women are not promoted.

Farsiar acknowledges that there is a lot to this statement. "I've seen this happening personally. Men will be promoted by men, even when they're more competent.

Farnoush Farsiar Farnoush Farsiar This"old-boys' club" mentality can lead to the harassment of women and discrimination. Female finance professionals are frequently subjected ostracizing comments and unwanted advances by male colleagues.

Farnoush Farsiar exclaims that "it's certain that there is a problem." "Women in finance are typically considered objects, and it's difficult to get ahead when you're treated this way."

Farnoush Farsiar The inability to work flexible hours is another issue. Women are more likely than men to have families responsibilities, for example, caring for children or elderly parents. This means they need flexible work schedules to manage their personal and professional lives.

"Finance is a highly demanding sector. It can be difficult to manage these demands when you have other responsibilities. Women are often forced to make a choice between their career, their family and their professions.

These obstacles make it very difficult to become an experienced financial professional in the senior level and enter the industry. Farnoush Farsiar However, there are a number of initiatives that are working to change this.

Farnoush Farsiar believes that the future is bright for women in finance
There are many evidence to suggest that women will continue to work in the field of financial services. Many initiatives are aiming to increase the number of women working in the finance sector and help them reach senior positions.

One such initiative is Women Entrepreneurs Finance Initiative (We-Fi), which is a collaboration between the World Bank Group and 14 governments. We-Fi finances and supports women-led enterprises in developing countries.

"This is a great initiative as it provides women with access to the tools they need to establish and grow their businesses," Farsiar said. It also helps them to build networks and connect to other women who are successful.

https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ A different initiative is the Women in Finance Charter, that was launched by the U.K. government launched in 2016. https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ The Women in Finance Charter seeks to encourage the inclusion of women in financial institutions.

Farsiar praises "The Women in Finance Charter as a great step forward." It's urging financial institutions to act on gender diversity and it's making an impact.

Women in Finance Charter and We-Fi have helped women to achieve higher-level post. This is good news both for women as well as the financial sector.



Homepage: https://www.privatebankerinternational.com/author/farnoushfarsiar/