Notes

Farnoush Farsiar on Why are So Few Women in Finance?
Women are breaking through barriers and achieving huge success across a wide range of fields. However, the sad reality is but women are a minority of finance professionals. It's likely that this trend won't change any time soon.

Deloitte's research shows that only 31 percent of finance professionals will be female in 2030. It begs the question: why are so few women in finance? Although there are many theories about why this is however, we would like to hear from someone who's worked in finance for a long time. That's why we interviewed Farnoush Farsiar an experienced financial professional who is a firm believer in women's empowerment.

What proportion of women are working in finance?

Farnoush Farsiar In the U.S., women make up 57 percent of the workforce however, they are able to have only 24% of financial jobs. This figure is expected to rise to 28% over the next 10-20 years, up from the current 24.

It's not only a problem that women face. Farnoush Farsiar believes it's also an issue that impacts the economy. Farsiar explained that teams with different styles of leadership perform better than those with the same range of perspectives. "So it's crucial that females are included in these positions. This is also essential for the nation."

There are several theories on the reason women aren't represented in the finance industry. One theory suggests that the financial industry is too competitive and male-dominated for women to make it into. A different theory suggests that their parents and peers hinder women from entering finance careers.

Farsiar believes socialization of women at an early age is the cause of the issue. "Women from a young age are taught to be risk-takers and caretakers. "We are taught to stay secure and to not risk it all. This isn't conducive to an enviable career in the financial.

It's not just that women are conditioned to be caretakers; they're also socialized to be nice to people. Farsiar said women were taught to behave politely. "But you must be able to defend your own financial ideas. You must be able advocate for your thoughts.

Farsiar asks where are all the women working in finance?
Particularly at the top of the finance industry there is a dearth of women in finance ranks is alarming. According to a 2016-2017 survey conducted by Pew Women hold just 10% of the executive-level posts. Women have 11.5% of financial firm board seats.

This imbalance could have real-world consequences for women in finance. It is because women are less likely to get promoted than male counterparts and are also more likely not to stay in the field.

The good news is that the proportion of women working in senior positions is gradually but steadily growing. Farnoush Farsiar Farnoush Farsiar believes it is due in part to the #womenshould Campaign, which has created a greater awareness of the lack of diversity. Farsiar states that she is "convinced that the #MeToo campaign has also had an impact. Women are starting to hear their voices heard and demanding change."

There are obstacles for women getting into finance
Many obstacles hinder women from going into finance. A lack of role models is just one of the biggest hurdles. Finance women are typically the only woman working in their industry and can be lonely.

Farnoush Farsiar Farnoush Farsiar "It can be very intimidating being the only woman in the room," Farsiar said. "You are expected to be flawless at all times and that there should be no errors."

Another issue is the "old guys' club" mentality in many financial firms. It is a belief that men are better than women, and that men should be promoting each other.

Farsiar acknowledges that "there's more real," he says. "I experienced it myself. Men will promote men even if they are more competent.

This"old boys' club" mentality can also result in discrimination and harassment of women. Women in finance are frequently confronted with unwelcome advances and humiliating remarks from their male counterparts.

Farnoush Farsiar declares "It's certainly an issue." "Women in the field of finance are frequently treated as objects, and it's extremely difficult to get ahead when you're being treated like that."

The final barrier is the lack of flexible working arrangements. It is more common for women to assume family responsibilities such as caring of parents who are elderly or children. They require flexible working arrangements to be able to balance their home and work.

"Finance is a complicated business, is difficult to manage when you have many other obligations. Women are often forced to make a choice between their careers, their family and their careers.

These barriers make achieving senior positions in the financial services industry very difficult for females. There are however many initiatives that are working to overcome this.

Farnoush Farsiar believes the Future is bright for women in Finance
There are many reasons to be optimistic about the future for women working in finance. Many initiatives have been launched to boost their numbers and reach the highest levels of the financial sector.

One such initiative is Women Entrepreneurs Finance Initiative (We-Fi) It is which is a collaboration with the World Bank Group and 14 governments. We-Fi finances and supports women-led businesses in the developing world.

Farsiar explained, "This initiative is great because it provides women with access to the tools they require in order to start and expand their businesses." It also helps them build 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 companies have pledged to gender equality through the Women in Finance Charter.

"The Women in Finance Charter is a great step forward," Farsiar encourages. "It's encouraging financial institutions to be proactive about gender diversity and is making a difference."

Women in Finance Charter and We-Fi have helped women to achieve higher-level posts. This is good news, for women and men and the financial sector.



Homepage: https://suite.endole.co.uk/insight/people/23756008-ms-farnoush-farsiar