Notes

Farnoush Farsiar: Why are so few women in finance?
Women are breaking down walls and becoming powerful leaders in a variety of sectors. https://suite.endole.co.uk/insight/people/23756008-ms-farnoush-farsiar The sad reality though is that the proportion of women working in finance remains astonishedly small. This isn't likely to change, unfortunately.

Deloitte's research shows that only 31 percent of financial professionals will be female by 2030. Farnoush Farsiar It begs the question how come there isn't a lot of women working in finance? Although there are many theories about why this is the case however, we wanted to hear from someone who's been in the field for some time. That's why we interviewed Farnoush Farsiar an accomplished financial professional who is a firm believer in women's empowerment.

How Many Women are there in the field of finance?

In the U.S., 57% are women, however, they hold only 24% of financial jobs. This number is predicted to grow to 28% in the next ten to 20 years which is up from the current 24.

Diversity is not just an issue that affects women. Farnoush Farsiar has stated that diversity is also an issue for economic growth. "Diverse leadership teams are more effective than teams that do not offer a broad spectrum of opinions," Farsiar said. "So it's crucial that women are in these professions. It's also crucial for the nation in general.

There are a myriad of theories on why women aren't more represented in the finance industry. The most popular theory is that finance is too male-dominated and competitive for women to enter into. Another theory is that financial careers are discouraged from women by their peers or their parents.

Farsiar believes socialization of women in their early years is the root of the problem. "Women at a young age are taught to be risk-takers and caretakers. "We are taught to be secure and not to take risks. And that's just not conducive to a career in finance."

It's more than just being socialized to look after the children. Women are also taught to cherish people. Farsiar said women were taught to be courteous. "But you must be able to defend your own ideas in finance. You must be able to and willing to stand up for yourself.

Farsiar What are the fate of all the finance women?
It is particularly evident at the highest levels of finance that there aren't enough females. According to a study by Pew Researchers, only 10% are employed by women in top executive post. https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times Women are the holders of 11.5 percent of the financial company board seats.

This imbalance has real-world implications for women in finance. They are more likely than their male counterparts are promoted, and are more likely to leave the profession.

The good news is that women are gradually, but steadily getting older. Farnoush Farsiar believes this partly due to the #womenshould movement that has raised awareness about the lack of diversity. Farsiar stated she is "convinced" that the #MeToo Movement was a major influence. Women are beginning to assert their rights and demand change.

The obstacles women face when trying to get into Finance
There are numerous obstacles that hinder women from advancing into financial services. https://www.cbetta.com/director/farnoush-farsiar-aidi-2 One of the biggest obstacles is the lack of role models. This makes it challenging for women who work in finance to be the only females in their department.

Farsiar acknowledged that it is difficult to be in a room with just one person. "You think you need to be perfect each time, and you cannot make mistakes."

Another barrier is "old boys"club" This mentality is prevalent in many finance companies. This is the belief that men are superior to women and men should promote one another.

Farsiar admits "there is a lot of truth in that." "I've seen it happen myself. Men are always promoting women regardless of whether they're more experienced.

Farnoush Farsiar This"old boys' club" mentality can lead to harassment and discrimination. Financial women often receive demeaning remarks and unwelcome advances by their male colleagues.

"It's certainly a problem," Farnoush Farsiar exclaims. "Women working in finance are usually treated just like objects. It can be difficult to make it big when women are treated that in that way."

The final obstacle is the lack of flexible working hours. Women tend to be more likely to have the responsibility of caring for elderly parents and children. Flexible working arrangements are necessary to allow them to manage work and family.

"Finance is a high-risk business. It can be difficult to manage your responsibilities when you're also working in finance. Many women are forced to choose between their career or family.

This makes it difficult to be an experienced financial professional in the senior level and get into the business. Farnoush Farsiar There are a variety of initiatives that are being implemented to address this.

Farnoush Farsiar believes that the future is bright for women in finance
There are many reasons to feel positive about the future of women working in finance. Many initiatives have been initiated to increase the numbers of women employed in finance and to assist them to reach higher positions.

Women Entrepreneurs Finance Initiative(We-Fi) is one of these initiatives. It's a collaboration between World Bank Group and 14 countries. We-Fi provides financial assistance and financing for women-led businesses in emerging countries.

Farsiar stated, "This program is a fantastic one since it provides women access and the resources to start and grow their businesses." "It can also help them create networks and connect with other women who are successful."

Another initiative is The Women in Finance Charter. This was launched by the U.K. government in 2016. https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ The Women in Finance Charter is a pledge by companies in the financial sector to promote gender diversity.

Farsiar urges to "The Women in Finance Charter" is a major step forward. It encourages financial institutions and other businesses to consider gender diversity.

Women can now enter senior positions through initiatives like We-Fi as well as Women in Finance Charter. This is a good thing for women and the financial industry.



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