Women are breaking through barriers and achieving amazing success in a range of industries. However, the sad reality is however, that women still make up a small percentage of finance professionals. Unfortunately, this may not be changing anytime soon. Deloitte insights shows that only 31 percent of finance professionals will be female in 2030. This begs a question: Why is there a lack of women working in finance? https://timebusinessnews.com/farnoush-farsiar-what-is-a-wealth-management-advisor/ There are a variety of theories. We needed to hear from an expert. Farnoush Farnoush an expert finance professional passionate about women empowerment, was our interview subject. What is the percentage of women working in finance? Farnoush Farsiar The U.S. has 57 percent females in the workforce however only 24% financial jobs. The expected increase in women's participation will be 28 percent over the next ten years, up from 24% for 2021. It's still way below parity. Diversity isn't just an issue that affects women. Farnoush Farsiar thinks it's a problem that affects the economy. Farsiar pointed out that leadership teams with diverse perspectives perform better compared to those that have fewer perspectives. So it's important that women are in these roles. Farnoush Farsiar This is also essential for the nation. There are a myriad of theories on why women are underrepresented in the finance industry. The most popular theory is that the financial industry is too masculine and competitive to allow women to make it into. A different theory suggests that their parents and peers hinder women from entering career paths in finance. Farsiar believes that the socialization of women from an early age is the root of the problem. Farnoush Farsiar Women are socialized at a young age to be caretakers , rather than risk-takers. We're taught to not make chances, but instead to play it safe. This isn't the most effective approach to pursue an investment career. It's not just the fact that women are conditioned to be caregivers They're also taught to be people-pleasers. Farsiar says that women are taught to be polite, reduce conflict and keep their differences under control. But in finance it is crucial to be prepared and willing to speak out for yourself. It is important to have the ability to support your own thoughts. Farsiar - Where is all of the women working in the accounting and finance fields? It's especially evident at the top level of finance, that there are not enough women. Women are only about 10% of the executive positions according to a research study by Pew Research. They also hold only 11.5 percent of the board seats at financial companies. This disparity has real-world consequences on women working in finance. They are more likely that their male colleagues will be promoted and are more likely to leave the profession. The good news is that the proportion of women who hold senior positions is gradually but steadily growing. Farnoush Farsiar believes the reason for this increase is because of the #womenshould movement that has raised awareness about the lack of diversity. Farsiar declares she's convinced that the #MeToo campaign has also had an impact. Women are beginning to get their voice and demand change. Farnoush Farsiar The obstacles for women who want to pursue finance A variety of obstacles hinder women from getting into finance. Lack of role models is among the significant obstacle. Finance women are typically the only women working in their field and can be lonely. It is really scary to be the sole female in the room Farsiar said. It makes you feel like you need to be flawless every time, and you should not commit any mistakes. Another issue is the old boys' club mentality that is still prevalent in many finance firms. This is a reference to the notion that men promote other men while women are left out. Farsiar acknowledges There's a lot truth to this. I've witnessed it firsthand. Men are always promoting women even when they are more experienced. The old-fashioned mentality can lead to discrimination and harassment of women. Female professionals in finance are often confronted with ostracizing remarks and unwelcome advances by male colleagues. Farnoush Farsiar says, It is certainly an issue. Women in Finance are usually treated as objects. It's difficult to get ahead when you're treated in this manner. The final barrier is the absence of flexible working hours. Farnoush Farsiar Females are more likely than males to have family responsibilities, such as taking care of children or elderly parents. To balance their home and work schedules, they will need flexible working arrangements. Finance can be a very demanding job. It's difficult to manage other responsibilities. Women often have to choose between their work as well as their family. These obstacles make it very difficult to be an experienced financial professional in the senior level and enter the industry. There are a myriad of initiatives to tackle this issue. Farnoush Farsiar is optimistic about the future of women working in finance. There are many reasons to feel optimistic about the future of the financial industry. Numerous initiatives have been undertaken to boost the number of women who work in finance and assist women in achieving senior positions. One example of such an initiative is the Women Entrepreneurs Finance Initiative A partnership that is formed between 14 governments as well as the World Bank Group. We-Fi offers financial assistance and financing to women-led businesses in emerging countries. This is an excellent initiative because it gives women access to the resources they require to start and grow their business, Farsiar said. It also helps them build networks and connect with other female entrepreneurs. The Women in Finance Charter, introduced by the U.K. in 2016, is a different initiative. The Women in Finance Charter is designed to promote gender diversity by financial institutions. https://brexitcentral.com/author/farnoush-farsiar/ The Women in Finance Charter is a significant step in the right direction, Farsiar encourages. It will encourage financial institutions to make changes to improve gender diversity. It's making progress. Women in Finance Charter and We-Fi have helped more women achieve high-level posts. This is good news for both the women and financial sectors.
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