Notes

Farnoush Farsiar - Why are women so scarce in finance?
Women are breaking through barriers to achieve huge success across a wide range of industries. It is a sad fact that there are very few women in finance. It's likely that this trend won't be changing anytime soon.

Deloitte insight estimates that 31% of financial industry employees will be female in 2030. It begs the question what is the reason there aren't more women in financial services? There are many theories. We wanted to learn more from an experienced expert. Farnoush Farnoush is a fervent financial professional who is a champion for women's empowerment.

How many women work in the field of finance?

The U.S. has 57 percent females in the workforce however, there are just 24% jobs in the financial sector. This figure is expected to grow to 28% over the next ten to 20 years increasing from 24% currently.

It's not only a problem faced by women. Farnoush Farsiar believes it's an issue for the economy. Farsiar said that leadership teams with diverse perspectives have more impact than teams with fewer viewpoints. "So it's not just important that women are represented in these professions however, it is vital for the country as overall."

There are a myriad of theories to explain why women aren't represented in the financial industry. Farnoush Farsiar One theory is that financial services are too masculine and competitive for women to be into. A different theory suggests that parents and their peers discourage women from pursuing finance careers.

Farsiar believes that women's exposure to socialization from the age of ten is the source of the issue. "Women are taught from an early age to be caretakers rather than risk-takers. "We're taught not to take risks, but rather to play it safe. This isn't a good way to go to a successful career in finance."

Women are taught socially to be caring for one another. Farsiar states that women are taught to be polite, minimize conflicts and keep their differences under control. However, in the field of finance it is essential to speak for yourself. You need to be able advocates for your own ideas.

Farsiar asks , where are all the women working in finance?
Particularly at the highest levels of finance, the lack of women in the finance industry is alarming. A 2016-2017 study done by Pew research found that women make up just 10% of executive positions. Also, they hold just 11.5 percent of the board seats at financial companies.

This imbalance has real-world impacts on women working in finance. Farnoush Farsiar This is why women are less likely than males to be promoted, and are more likely to leave finance.

The good news is that the number of women working in senior positions is gradually but steadily growing. https://www.privatebankerinternational.com/analysis/business-profile-plato-capital/ Farnoush Farsiar believes the reason for this increase is because of the #womenshould movement, which has increased awareness of the issue of diversity. Farsiar states that she believes the #MeToo movement has had a similar impact. Women are now starting to assert their rights and demand changes.

Obstacles for women pursuing finance
A variety of obstacles hinder women from entering the financial world. A lack of role models is among of the biggest obstacles to women entering finance. It can be lonely for women in finance, to be the only female in their field.

Farsiar admitted that it can be intimidating to be the only female in the room. "You feel that you have to be perfect every time and you can't be a fool."

Another obstacle is the traditional men's club mentality which still exists in a lot of financial institutions. This is the idea that men are superior to women and that they should encourage one another.

Farsiar admitsthat "There's plenty of truth in that." "I've observed this in person. Men will be able to promote men regardless of whether women are more skilled."

This"old boys' club" mentality can also result in discrimination and harassment of women. Women in the financial sector often get demeaning remarks and unwelcome advances by their male colleagues.

Farnoush Farsiar exclaims that "it's certain that there is a problem." "Women in the field of finance are frequently treated like objects, and it's very hard to succeed when being treated this way."

Not to be forgotten, there is the issue of unflexible work arrangement. Women are more likely to have the responsibility of caring for parents who are elderly and children. To balance their home and work life it is necessary to have flexible work schedules.

"Finance is a highly demanding business, and it's difficult to meet those demands when you're also juggling other obligations. Women frequently have to pick between their work as well as their family.

These obstacles make it extremely difficult for women working in the financial sector to attain higher-level positions. There are however a few initiatives that can help in overcoming this.

Farnoush Farsiar is optimistic about the future of women in finance.
There's every reason to believe in the future of women in finance. Many initiatives are working to increase the number of women in the finance sector and help them reach senior positions.

One such initiative is Women Entrepreneurs Finance Initiative (We-Fi) which is a partnership between the World Bank Group and 14 governments. We-Fi is an initiative to provide financing and support specifically designed for women-led companies in developing economies.

Farnoush Farsiar Farsiar said, "This initiative is great because it allows women access to the resources they need to begin and expand businesses." It also assists them in 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. The Women in Finance Charter represents a commitment made by financial companies to promote gender diversity.

Farsiar hails "The Women in Finance Charter as a major step forward." Farnoush Farsiar "It is encouraging financial companies to take actions on gender diversity. It's making strides."

Women are more likely to get promoted and have the opportunity to hold senior financial positions due to initiatives such as We-Fi. This is good news for both the financial and female sectors.



Website: https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/