Notes

Farnoush Farsiar on Why are So Few Women in Finance?
Women are increasingly breaking down barriers and achieving amazing success in many sectors. The sad reality is that only a tiny percentage of women work in finance. This is likely to remain the case for a while but it will be a long time before that happens.

Deloitte's insight reports that by 2030 only 31 percent of employees will be female financial sector employees. This begs the obvious question: Why are there such a low number of women working in finance. There are a variety of theories. We wanted to hear more from an experienced expert. Farnoush Farnoush was interviewed by us. She is a highly experienced finance professional who is passionate for women empowerment.

How many women are involved in the field of finance?

The U.S. employs 57 percent women, but only 24% hold jobs in the financial sector. That's is projected to expand to 28% over the next 10 years and up from 24% in 2021 - but still far short of parity..

Diversity isn't only an issue that affects women. Farnoush Farsiar says it is an issue for the economy. "Diverse leadership teams are more effective than ones that do not offer a broad range of viewpoints," Farsiar said. "So it's essential that there are females in these professions. This is also important for the nation as a whole.

There are a myriad of theories on why women are underrepresented in the financial sector. One theory is that the financial industry is too male-dominated and competitive for women to enter. A different theory suggests that their parents and peers discourage women from pursuing finance careers.

Farsiar believes that the socialization of women at an early age is the cause of the issue. "Women are socialized at a young age to be caretakers , rather than risk-takers. "We are taught to not take risks, but to be cautious. It's not conducive to a career of finance.

It's not enough that women are socialized as caretakers. They're also viewed as people-pleasers. Farsiar states that women are taught to be polite, minimize conflicts and maintain their differences in check. However, in the field of finance it is essential to be able to speak for yourself. You need to be able advocates for your own ideas.

Farsiar questions where are the females employed in finance?
Women are underrepresented in finance at highest levels. According to a study conducted between 2016 and 2017 conducted by Pew the women in finance hold just 10% of the top executive posts. Women also hold only 11.5 percent of the board seats at financial companies.

https://www.trackometrix.com/farnoush-farsiar-discusses-challenges-women-business-leaders-confront-4/ This is a real-world issue for women who work in finance. They are more likely not to get promoted than their male counterparts, and they're also more likely to leave the field entirely.

The good news is the increase in women holding senior positions is slow but steady. Farnoush Farsiar believes part of the increase in women taking on senior positions is due to the #womenshould campaign , which increased awareness about the importance of diversity. Farsiar claims that she believes that the #MeToo movement also had an extraordinary impact. Women are beginning to get their voice and demand change."

Women who pursue finance face obstacles
There are many obstacles that hinder women from entering finance. Lack of role models is among of the biggest obstacles to women getting into finance. This makes it challenging for women who work in finance to be the only females in their department.

Farsiar admitted that it's a bit nerve-wracking to be the only female present in the room. "You feel as if you're being expected to be perfect all of every moment, and that you shouldn't be able to commit any errors."

Another issue is the "old guys' club" mentality that is prevalent in many finance businesses. This is the belief that men are superior to women and that they should encourage each other.

Farsiar admits that "there's lots of truth to that," he says. https://lexcliq.com/how-can-wealth-management-firms-prepare-for-turbulent-times-farnoush-farsiar/ "I have seen it in person. Even if the woman is a better candidate, even if she has more qualifications, men still recommend other people.

This old boys' club mentality can result in harassment and discrimination. https://controlc.com/0333f86a/new.php Finance professionals are frequently subjected to demeaning comments and unwelcome advances from male counterparts.

Farnoush Farsiar declares "It's certainly an issue." https://timebusinessnews.com/brexit-benefited-uk-financial-market-says-farnoush-farsiar/ "Women in finance are often treated as objects and it's very difficult to get ahead if you're treated that way."

The last issue is the absence of flexible working arrangements. Females are more likely than males to have families responsibilities, for example, caring for elderly or children parents. To manage their family and professional lives, they will need flexible work arrangements.

"Finance is a very complex business, is difficult to manage when you have additional responsibilities. Women are often required to choose between their career and their family."

This makes obtaining senior post in the financial service industry very difficult for females. There are however some initiatives that could help to make a difference.

Farnoush Farsiar Believes the Future is Bright for Women in Finance
There are plenty of positive reasons to believe in women's future in the field of finance. Numerous initiatives have been taken to increase the numbers of women employed in finance, and also to help them in reaching senior positions.

One such initiative is the Women Entrepreneurs Finance Initiative (We-Fi), an alliance with the World Bank Group and 14 governments. We-Fi provides financial support and assistance to women-led businesses in the developing world.

Farsiar said, "This program is a excellent one as it provides women access and the resources to start and grow their businesses." "It also helps women build networks and network with other successful women."

The Women in Finance Charter, introduced by the U.K. in 2016, is another initiative. The Women in Finance Charter is designed to promote gender diversity by financial institutions.

"The Women in Finance Charter is an important step in the right direction," Farsiar encourages. https://www.talk-business.co.uk/2022/06/21/fanoush-farsiar-on-the-importance-of-gender-lens-investing/ It's urging financial institutions to take action on gender diversity, and is making an impact.

Women in Finance Charter and We-Fi help women to achieve higher-level post. This is good news for women and the financial sector.



Homepage: https://www.talk-business.co.uk/2022/06/21/fanoush-farsiar-on-the-importance-of-gender-lens-investing/