Notes

Farnoush Farsiar: Why are the women in finance so infrequent?
Women are breaking through the barriers and reaching great success across a variety of fields. It is a sad fact, but women make up a small percentage of finance professionals. It's unlikely to change, unfortunately.

Deloitte insight estimates that 31% of financial sector employees will be women by 2030. This raises the question of why there aren't more women employed in the field of finance. There are many theories. We wanted to learn more from an experienced expert. Farnoush Farnoush a highly successful financial professional who is passionately committed to women empowerment was the reason we sat down with her.

How many women are employed in the field of finance?

In the U.S., 57% are women, but they hold only 24% of the financial posts. The expected increase in female participation is 28% over the next ten, rising from 24% by 2021. It's still much less than the parity.

Diversity is not just an issue that affects women. Farnoush Farsiar has stated that diversity is also an issue for economic growth. Farsiar explained that teams with diverse leadership styles perform better than ones that have the same viewpoints. "So it's important that women are represented in these occupations. It's also crucial for the nation."

There are a myriad of theories as to how women working in the financial industry aren't represented. One theory states that the financial industry is too male-dominated and competitive for women to make it into. Another theory is that women aren't motivated to take up careers in finance, either by their parents or peers.

Farsiar believes that women's socialization at a young time is at the source of the issue. Women are raised to take care of their children and to be accountable for their security. Farnoush Farsiar "We are taught to be secure and not take chances. This doesn't work for the field of finance.

Farnoush Farsiar It's not enough for women to be socialized as caretakers. Farnoush Farsiar They're also socialized as people-pleasers. Farsiar affirms that women are taught to be courteous, avoid conflicts, and keep their differences in check. "But in the field of finance, you must be able to advocate for your ideas. You must be able and willing to stand up for yourself.

Farsiar: Where are all the Finance Women?
The absence of women in finance is especially pronounced at the highest levels of the field. According to a study conducted between 2016 and 2017 conducted by Pew Women hold just 10% of the top executive positions. They also hold only 11.5 percent of the seats on the boards of financial firms.

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 altogether.

The good news is that women are slowly, but surely becoming older. Farnoush Farsiar believes the reason for this increase is because of the #womenshould movement which has raised awareness of the problem of diversity. Farsiar says that she's "convinced that the #MeToo movement also had an incredible impact. Women are becoming more vocal and demanding change.

Financial Access Barriers for Women
There are many obstacles that prevent women from getting into finance. One of the most significant barriers is the absence of role models. Women in finance are often the only women working in their area and can be lonely.

Farsiar acknowledged that it's intimidating to be alone in a room that is only one person. "You feel pressured to be perfect and must not make any mistakes.

Another barrier is "old boys' club" A mindset that persists in many finance firms. It is the belief that men are more favourable to other men, and women are left out.

Farsiar acknowledges that there is a lot to this statement. "I have seen it in person. Even if the woman has higher qualifications, men will still promote others.

This old boys' club attitude can lead to discrimination and sexual harassment. Female finance professionals are frequently subjected ostracizing comments and unwanted advances from male colleagues.

Farnoush Farsiar exclaims that "it's definitely an issue." "Women in the field of finance are frequently treated as objects, and it's very hard to make it in the financial world when you're being treated that way."

Inflexibility in working hours is another barrier. It is commonplace for women to assume household responsibilities, like taking care of their parents, elderly parents, or children. They require flexible work schedules to be able to balance their home and work schedules.

"Finance is a very demanding industry. It can be difficult to meet these demands even when you are also juggling other obligations. Women are often required to choose between their career and their family."

These barriers make achieving senior positions in the financial services industry extremely difficult for females. Farnoush Farsiar However, there are a few initiatives that can help make a difference.

Farnoush Farsiar Believes the Future is Bright for Women in Finance
There are plenty of reasons to be optimistic about the future of women in finance. Many initiatives have been launched to boost their numbers and reach the top of the industry.

One of these initiatives is Women Entrepreneurs Finance Initiative (WeFi) It is a partnership between the World Bank Group & 14 governments. We-Fi supports women-led companies in emerging nations by offering financing and support.

Farnoush Farsiar "This is a great initiative because it gives women access to the resources they require to start and grow their business," Farsiar said. It also helps them to establish 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. The Women in Finance Charter is designed to promote gender diversity in financial institutions.

Farsiar hails "The Women in Finance Charter as a significant step in the right direction." "It's encouraging financial companies to be proactive about gender diversity and is creating a positive change."

Initiatives like We-Fi as well as the Women in Finance Charter make it easier for women to get into senior roles. This is great news for both the financial and women sectors.



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