Notes

Farnoush Farsiar on Why are So Few Women in Finance?
Women are breaking through the barriers and achieving great success across a variety of fields. Unfortunately, very few women are working in finance. It is likely that this trend won't change anytime soon.

Deloitte's insight says that by 2030, only 31 percent will be female financial sector employees. This raises the question "Why do women have a hard time working in financial services?" There are a myriad of theories on the internet, but we wanted to get an opinion from an expert in the field. This is why we spoke with Farnoush Farsiar an accomplished financial professional who is passionate about women's empowerment.

What percentage of women are employed in finance?

In the U.S., 57% are female, yet they are held in just 24% of financial positions. This figure is expected to grow to 28% in the next 10-20 years, up from the current 24.

Diversity is not just a problem for women. Farnoush Farsiar has stated that diversity is an issue for growth in the economy. Farsiar said that leadership teams with diverse perspectives are more effective than ones that have less perspectives. "So it is not only important that women are included in these fields, but it is also crucial for the country as whole."

There are many theories about the reason women aren't represented in the finance industry. One theory is that the financial sector is very male-dominated, competitive and difficult for women to join. Another theory suggests that peers and parents do not encourage women to pursue finance careers.

Farsiar believes that the root of the issue lies in the way women are viewed at the age of a child. "Women from a young age are taught to be risk-takers but caregivers. "We are taught not to make a risk, but rather to be cautious. This doesn't work for an investment career.

It's not enough for women to be educated as caregivers. They're also socialized as people-pleasers. Farsiar states that women are taught to be polite and avoid conflicts. "But in finance, it is important to be able and willing to speak out for yourself. You should be able and willing to stand up for yourself.

Farsiar Asks Where are all the female finance professionals?
It's especially evident at the top of finance, that there aren't enough females. According to a study conducted by Pew Researchers only 10% are females in senior executive posts. https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times https://www.crunchbase.com/person/farnoush-farsiar Just 11.5 percent of the boards in financial institutions are occupied by women.

Farnoush Farsiar This imbalance has real-world impact on women who work as financial professionals. This imbalance means that women are less likely than males to be promoted, and are more likely to leave finance.

The good news? Women are slowly but surely becoming more senior. Farnoush Farsiar believes that this is in part due to the ##womenshould campaign, which has led to more awareness of the issue of diversity. Farsiar stated that she is "convinced" that the #MeToo Movement had an enormous impact. Women are starting to hear their voices heard and demanding change."

https://www.highlandcountychamber.com/farnoush-farsiar-why-are-so-few-women-in-finance/ Obstacles for women to enter Finance
There are many obstacles that hinder women from entering the world of finance. Farnoush Farsiar One of the largest issues is the lack of role models. Female financial professionals are usually the only ones in their respective departments, which could result in isolation.

Farsiar acknowledged that it is daunting to be in a room with just one person. "You are conditioned to be perfect all of the time, and that you shouldn't be able to make any mistakes."

Another obstacle is another one is the "old guys"club" mindset that exists in a lot of financial firms. This refers to the idea that men promote other men, and women are left out.

"There's lots of truth to that," Farsiar admits. "I have witnessed it in person. Men will be promoted by men, even when they're more qualified.

This old boys' club mentality can result in harassment and discrimination. Women in the financial sector often get rude remarks and unwelcome advances made by their male counterparts.

Farnoush Farsiar exclaims that "it's certainly a problem." "Women in finance are typically considered objects, and it can be very difficult to get ahead when you're treated this way."

The final barrier is the lack of flexible work schedules. Females are more likely than males to be entrusted with family responsibilities, such as caring for elderly or children parents. Women require flexible work schedules to be able to manage work and home.

"Finance can be a very demanding job. It can be difficult to manage other obligations. Women often have to choose between their career and their family."

This makes it very difficult for women in the financial industry to reach high-ranking post. There are however a few initiatives that could help to change this.

Farnoush Farsiar believes that the future is bright for women working in the field of finance.
There are many reasons to feel hopeful about the future of women in finance. Several initiatives are aiming to increase the number of women working in the finance industry and assist them in achieving senior positions.

Women Entrepreneurs Finance Initiative(We-Fi) is one of the initiatives. It's a partnership with World Bank Group and 14 countries. We-Fi assists women-led businesses in emerging nations by offering financing and support.

Farsiar declared that this is an excellent initiative, as it gives women the tools they need to grow and start their own business. It also allows them to build networks and connect to other successful women.

The Women in Finance Charter, created by the U.K. in 2016, is an additional initiative. https://www.trackometrix.com/farnoush-farsiar-discusses-challenges-women-business-leaders-confront-4/ Financial companies have pledged to gender equality through the Women in Finance Charter.

Farnoush Farsiar Farsiar believes that the Women in Finance Charter represents an important step in the right direction. It's urging financial institutions to act on gender diversity, and is making an impact.

Women tend to be more likely to be promoted and get the chance to be employed in high-level financial positions because of initiatives like We-Fi. This is a good thing for women and the financial sector.



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