Notes

Farnoush Farsiar - Why are there so few women in finance?
Women are increasingly breaking down barriers and achieving great success in different sectors. It is a sad fact that there are still very few women working in finance. It's likely that this trend won't change any time soon.

Deloitte insights estimates that 31% of financial sector employees will be women in 2030. This begs the question what is the reason there aren't more women in finance? There are a myriad of theories there, but we wanted to get an opinion from an expert on the subject. Farnoush Farsiar Farnoush Farnoush is a committed financial professional who is a champion for women's empowerment.

Farnoush Farsiar Are there women in finance?

In the U.S., 57 percent are women, but they are held in just 24% of the financial jobs. The projected increase in women's participation will be 28 percent over the next ten years, rising from 24% by 2021. This is still much less than the parity.

Diverseness isn't only an issue for women. Farnoush Farsiar believes it's also an issue that has an impact on the economy. "Diverse leadership teams are more effective than ones that do not offer a broad range of viewpoints," Farsiar said. "So it's not just crucial to have women represented in these professions and other positions, but it is crucial for the country as whole."

There are many theories as to the reasons women aren't as represented in the financial industry. One theory is that the financial sector is too male-dominated, competitive and difficult for women to join. Another theory says that parents and peers aren't encouraging women to consider career paths in finance.

Farsiar believes the root cause of the issue is how women are socialized from the age of a child. Farnoush Farsiar "Women are taught from a young age that they should be risk-takers and not caretakers. "We're taught to play it safe, not to risk our lives. That's not the best approach to pursue an investment career.

It's not just that women are conditioned to be caretakers; they're also socialized to be nice to people. "Women are indoctrinated to be courteous and reduce conflict," Farsiar adds. In finance, however you have to be able to communicate your ideas. You need to be able advocate for your own ideas.

Farsiar asks Where are all the women in finance?
It's particularly apparent at the highest levels of finance that there are not enough women. According to a study by Pew Researchers just 10% of the positions are employed by women in top executive positions. Just 11.5 percent of the board members in financial institutions are occupied by women.

This inequality has real-world effects on women who work in finance. This is due to the fact that women are less likely to get promoted than male counterparts and are also more likely to leave the industry.

It is good to know that women are slowly increasing their positions in senior posts. Farnoush Farsiar believes this partly due to the #womenshould campaign which has brought awareness to the dearth of diversity. Farsiar states that she believes the #MeToo movement has had a similar impact. Women are beginning to speak up and call for changes.

The financial barriers that stop women from taking up finance careers
Many obstacles hinder women from going into finance. One of the largest obstacles is the lack of role models. Women in finance are typically the only ones in their respective departments, which could lead to being isolated.

Farsiar acknowledged that it's nerve-wracking to be the only woman in the room. "You expect to be perfect in all situations and there can't be any mistakes."

Another obstacle is the "old boys club" mentality that is still present in many finance firms. This is the belief men favor other men and women are left out.

Farsiar admits "there's lots of real," he says. "I have seen it happen in person. Men will promote men regardless of whether they're better competent.

This old boys' club mentality may also lead to discrimination and harassment of women. Female finance professionals are often subjected ostracizing comments and unwanted advances by male colleagues.

"It's certain that it's a problem," Farnoush Farsiar exclaims. "Women working in finance are often treated like objects. It's not easy to make it big when you treat women that in that way."

Then lastly, there's the issue of inflexible working arrangement. Women are more likely than men to be entrusted with family responsibilities, such as taking care of children or elderly parents. To manage their family and work schedules, they will need flexible work arrangements.

"Finance is a very challenging sector. It can be challenging to manage these demands even when you are also juggling other obligations. A lot of women have to make a choice between their job or family.

This makes it challenging for women to enter the financial sector and hold high-level posts. There are a variety of initiatives being taken to remedy this.

Farnoush Farsiar Believes the Future is bright for women in Finance
There are many reasons to be optimistic about the future of women in the field of finance. Many initiatives have been initiated to increase the number of women employed in finance and assist women in achieving senior positions.

Farnoush Farsiar Women Entrepreneurs Finance Initiative(We-Fi) is one of the initiatives. It's a partnership between World Bank Group and 14 countries. We-Fi provides financing and support to women-led businesses in developing countries.

Farsiar stated, "This program is a fantastic one since it provides women access and the resources to start and grow their businesses." It also helps them to establish networks and connect with other women who have succeeded.

Farnoush Farsiar Another initiative is the Women in Finance Charter, which the U.K. government launched in 2016. The Women in Finance Charter encourages gender diversity.

Farsiar believes the Women in Finance Charter "is an amazing leap in the right direction." "It's encouraging financial companies to be proactive about gender diversity, and it's creating a positive change."

Initiatives like We-Fi or initiatives like the Women in Finance Charter make it easier for women to move into top posts. This is an excellent thing for both the financial and female sectors.



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