Women are breaking through the barriers to achieve great success across a variety of industries. The sad reality is that the majority of women are employed in finance. This is likely to remain the case for a while, however. Deloitte insights says that by 2030, only 31 percent of the workforce will be female employees in the financial sector. This raises the obvious question: why are there many women in finance. There are many theories out there however we wanted to get an opinion from an expert on the subject. Farnoush Farnoush is a highly skilled finance professional passionate about women empowerment was our interviewee. Are there any women in finance? In the U.S., 57 percent are women, but they are held in just 24% of the financial posts. The number is projected to grow to 28% in the next 10 years and up from 24% in 2021--still way below parity.. The lack of diversity isn't just a problem for women. Farnoush Farsiar has stated that diversity is an issue for growth in the economy. Farnoush Farsiar Farsiar claimed that teams that have different styles of leadership perform better than ones that share the same perspectives. So it's important that women are included in these positions. It's also crucial for the nation. There are many reasons why women are not present in the financial world. Farnoush Farsiar One theory suggests that the market for financial services is too competitive and male-dominated for women to break into. Another theory is that women are not motivated to pursue careers in finance either by their parents , or their peers. Farsiar believes that the root of the problem lies in the way women are treated from a young age. Women from an early age are taught to be risk-takers and caregivers. Farnoush Farsiar We're taught to be safe and not to risk our lives. This isn't a good idea for a career of finance. It's not enough to have women being socialized as caretakers. They're also viewed as people-pleasers. Women are taught to be polite and minimize conflicts, Farsiar adds. But when it comes to finance, you have to be able be a voice for your thoughts. It is important to be able support your own ideas. Farsiar asks: Where are the females who work in finance? It is particularly evident at the highest levels of finance that there are not enough women. A study conducted by Pew research found that women make up just 10% of executive positions. Women also hold only 11.5 percent of board seats in financial firms. This disparity has a real-world effect on women working as financial professionals. This is because women are more likely not to get promoted than their male counterparts and are also more likely to leave the field. Farnoush Farsiar It is good to know that women are slowly but surely rising in senior positions. Farnoush Farsiar believes the reason for this increase is due to the #womenshould campaign, which has increased awareness of the problem of diversity. Farsiar states that she is convinced that the #MeToo campaign has had a significant impact. Women are beginning to recognize their voice and demand change. Barriers to Women Getting into Finance A number of obstacles prevent women from going into finance. A lack of role models is among the important obstacle. Farnoush Farsiar Finance women are typically the only woman working in their area, which can prove to be lonely. Farsiar stated that it's intimidating to be the only female in the room. You are under pressure to be perfect and not make mistakes. Another barrier is old boys' club A mindset that persists in many finance firms. It is a belief that men are superior to women, and that men should be promoting each other. Farsiar acknowledges There's a lot truth to this. I've seen it happen myself. Men will promote men regardless of whether they're better skilled. The old-fashioned mentality can result in sexual harassment or discrimination. Women in the financial sector often get demeaning comments and unwelcome advances from their male counterparts. Farnoush Farsiar exclaims that it's certain that there is a problem. Women in the field of finance are frequently treated as objects, and it's very difficult to succeed when being treated like that. The last issue is the inability to make flexible working arrangements. It is more common for women to take on household responsibilities, like taking care of elderly parents or children. They require flexible working arrangements to be able to balance their home and work schedules. Finance is a stressful job. It can be difficult to manage other responsibilities. Women often have to choose between their career and family. These barriers make it hard for women to enter the financial sector and hold high-level posts. However, there are a few initiatives that can change this. https://bmmagazine.co.uk/business/farnoush-farsiar-on-queen-elizabeth-inclusion-and-diversity/ Farnoush Farsiar Thinks There's a Bright Future for Women in Finance There's every reason to believe in the future of women's careers in finance. There are many initiatives designed to boost the numbers of of women working in the financial sector and help them achieve senior positions. One of these initiatives, Women Entrepreneurs Finance Initiative is a collaboration with the World Bank Group with 14 governments. https://www.reddit.com/r/ukpolitics/comments/cepfsc/the_doommongers_are_wrong_after_brexit_london/ We-Fi offers financing and support for women-led businesses in emerging countries. Farsiar said, This program is a great one because it gives women access to resources and opportunities to begin and expand their companies. It helps them create networks and make connections with other female entrepreneurs. Another initiative is the Women in Finance Charter. This was launched by the U.K. government in 2016. The Women in Finance Charter is a pledge made by financial institutions to support gender diversity. Farsiar hails The Women in Finance Charter as a major step forward. It's encouraging financial institutions to be proactive about gender diversity, and it's making a difference. Women in Finance Charter and We-Fi help women to achieve higher-level positions. This is good news for women and men and the financial industry.
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