Notes

Farnoush Farsiar on Why are So Few Women in Finance?
Women are breaking through barriers and are finding results in various industries. The sad truth is that there are still a few women working in finance. Sadly still, it may not be changing anytime soon.

According to Deloitte Insights In 2030 only 31 percent of the employees of the financial sector will be female. This begs the question what is the reason there aren't more women working in the finance industry? There are many theories. We wanted to learn more from an experienced expert. Farnoush Farnoush is a passionate finance professional and advocate for women's empowerment.

How many women work in finance?

The U.S. is home to 57% of the workforce. Farnoush Farsiar But, they only hold 24% of financial jobs. The expected increase in female participation is 28 percent over the next 10 years and up from 24% for 2021. This is still far short of the parity.

Farnoush Farsiar The lack of diversity isn't just a problem for women. Farnoush Farsiar thinks it's a problem that affects the economy. Farsiar said that leadership teams with diverse viewpoints perform better than those who don't. It's crucial that women be included in these fields. However, it's also essential for the nation.

There are many theories about why women are underrepresented in the financial sector. One theory suggests that the financial industry is highly male-dominated and competitive, making it challenging for women to get into. Another theory is that women aren't advised to pursue careers in finance, either by their parents , or their peers.

Farsiar believes the root problem lies in the way women are socialized young. "Women are socialized from an early age to be caretakers , rather than risk-takers. "We are taught not to take risks, but to be cautious. This isn't a good way to go to a successful career in finance."

Women are taught to care for others. Farsiar states that women are taught to be friendly and to avoid conflict. "But when it comes to finance, you have to be able be a voice for your own ideas. It is crucial to be able to defend your personal ideas.

Farsiar asks , where are all the women working in finance?
The dearth of women working in finance is particularly apparent at the top of the field. A study by Pew research found that women make up just 10% in executive-level roles. Women hold 11.5 percent of the financial company board seats.

This is a real-world issue for women working in finance. Women are less likely to be promoted than male counterparts, and they're also more likely to leave the industry altogether.

The good news is that women are steadily increasing their positions in senior posts. Farnoush Farsiar believes that this is in part due to the ##womenshould campaign, which has led to more awareness of the lack of diversity. Farsiar said that she was "convinced" that the #MeToo Movement had an enormous impact. Women are starting to hear their voices heard and are demanding change."

Financial barriers that prevent women from working in finance
There are many barriers preventing women from getting into finance. One of the main obstacles is the lack of role models. Women in finance are typically the only ones working in their department, which can result in feeling isolated.

Farsiar admitted that it's scary to be the sole woman in the room. "You are you are under pressure to do your best and not make mistakes.

Another barrier is another one is the "old boys' club" mentality that still exists in many financial firms. This is the belief in that men are the ones who encourage women and that they are excluded.

Farsiar admitsthat "There's a lot truth to this." "I've observed it myself. Even if a woman has higher qualifications, men still encourage others.

Farnoush Farsiar The old-fashioned mentality could lead to sexual harassment and discrimination. Women in the financial sector often get insulting comments and unwelcome advances from their male counterparts.

Farnoush Farsiar declares, "It's certainly a problem." "Women in finance are often considered objects and it's very hard to succeed when being treated this way."

The last issue is the absence of flexible working hours. It is more common for women to take on the responsibilities of a family, such as taking care of their parents, elderly parents, or children. Farnoush Farsiar This means that they require flexible work schedules to manage their home and work lives.

"Finance is a very demanding business, and it's difficult to keep up with the demands when you're also juggling other obligations. Women are often forced to make a choice between their career as well as their family professions.

These obstacles make it extremely difficult for women to enter the financial industry and reach high-level posts. There are however several initiatives being implemented to overcome this.

Farnoush Farsiar believes the Future is bright for women in Finance.
There are plenty of evidence to suggest that women will continue working in financial services. Many initiatives have been launched to increase the number and reach the highest levels of the financial sector.

One of these initiatives is Women Entrepreneurs Finance Initiative (WeFi) that is a collaboration between the World Bank Group & 14 governments. We-Fi offers financial assistance and financing to women-led businesses in emerging countries.

"This is an excellent initiative as it provides women with access to the resources they need to start and grow their companies," Farsiar said. It allows them to build networks and connect with other women entrepreneurs.

Another initiative is The Women in Finance Charter. The initiative was initiated by the U.K. government in 2016. The Women in Finance Charter promotes gender diversity.

"The Women in Finance Charter is a great step forward," Farsiar encourages. It urges financial companies and other businesses to consider gender diversity.

Farnoush Farsiar Initiatives like We-Fi or initiatives like the Women in Finance Charter make it easier for women to move into senior positions. This is a good thing for women and the financial industry.



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