Women are breaking through the barriers and achieving huge success across a wide range of fields. The unfortunate reality is that the proportion of women working in finance remains astonishedly small. It's unlikely that this trend will change anytime soon. Deloitte's insights shows that just 31 percent of finance professionals will be female by 2030. Farnoush Farsiar It begs the question Why there aren't more women working in financial services? There are many theories out on the internet, but we wanted to learn from an expert on the subject. We conducted an interview with Farnoush Farsiar, an accomplished finance professional who is passionate about women empowerment. How Many Women are there in the field of finance? https://oeshshoes.com/forums/users/farnoush-farsiar4dbbbb22/ The U.S. is home to 57 percent of the population. But the country only has 24% in financial positions. Farnoush Farsiar This number is predicted to grow to 28% in the next 10-20 years, up from 24% currently. It's not only a problem facing women. Farnoush Farsiar claims it's also a threat to the economy. Farsiar said that diverse leadership teams have more impact than teams that have less perspectives. So it's not only crucial that women are represented in these professions and it's equally important for the country as a whole. There are many theories as to the reasons women aren't represented in the finance industry. The most popular theory is that the industry is simply too male-dominated and competitive for women to enter. Another theory is that women are not urged by their parents to pursue finance careers. Farsiar believes the root of the problem is how women are socialized at an early age. Women from a young age are taught to be risk-takers, but caregivers. https://store.nwbbc.com/members/farnoush-farsiar8hccaa22/activity/22472/ We're taught not to take risks, but rather to play it safe. This isn't a good way to go about an occupation as an analyst in finance. https://notes.io/q9MmC It's not only that women are conditioned to take care of their children; they're also socialized to be people-pleasers. Farsiar claims that women are taught to be polite and avoid conflicts. But in the field of finance, you need to be able to be a voice for your thoughts. You need to be able advocates for your own ideas. Farsiar Asks Where are all the women in finance? Women are disproportionately underrepresented in finance at most senior levels. According to a 2016-2017 survey conducted by Pew Women hold only 10% of executive post. Women hold 11.5 percent of the financial company board seats. This can have real-world effects on women in finance. Women are less likely to be employed in finance to get promoted than their male counterparts. The good news is that the rise in women who hold high-level positions is not rapid but steady. Farnoush Farsiar believes the reason for this rise is because of the #womenshould movement, which has increased awareness of the issue of diversity. Farsiar believes that #MeToo has had an incredible impact in her personal life. Women are starting to voice their opinions and call for changes. Financial barriers that prevent women from pursuing careers in finance There are numerous obstacles which prevent women from pursuing careers in the world of finance. One of the largest obstacles is the lack of role models. Financial women are often the only ones working in their department, which can lead to being isolated. Farsiar admitted that it can be intimidating to be alone in a room with only one person. You feel like you're expected to be flawless all the time, and you mustn't make any mistakes. Another issue is the old guysclub mentality that is prevalent in many finance businesses. This refers to the idea that men promote other men and women are left out. Farsiar admitsthat There's lots of truth to that. Farnoush Farsiar I've seen it happen firsthand. Men will make promotions for men, even when they're more competent. This mindset of the old boys can lead to discrimination and harassment of women. Women in finance are often confronted with sexist remarks and unwelcome advances by their male colleagues. Farnoush Farsiar declares It's certainly an issue. Women who work in finance are usually treated as objects. It's not easy to make it big when women are treated that in that way. The last issue is the lack of flexible working hours. Women tend to be more likely to have household responsibilities, such as taking care of elderly parents or children. Farnoush Farsiar To be able to balance home and professional lives they'll require flexible work arrangements. Finance is a highly demanding business. It can be challenging to keep up with the demands of your job even when you are also juggling other obligations. Women frequently have to pick between their work and family. These obstacles make it difficult for women to get into the finance industry and take on senior posts. However, there are a few initiatives that can help change this. Farnoush Farsiar is optimistic about the future of women working in finance There is every reason to believe in the future of women working in finance. Many initiatives are being implemented to boost women's participation in the financial market and to assist women as they pursue higher-level positions. One such initiative is the Women Entrepreneurs Finance Initiative (We-Fi) which is a partnership with the World Bank Group and 14 governments. We-Fi is a financing and support program specifically designed for women-led companies in developing economies. Farsiar said, This initiative is great because it gives women access the resources they need for starting and expand businesses. It will also assist in building networks, and make connections with other women who are successful. https://fnote.net/notes/V26ycf The Women in Finance Charter was another initiative the U.K. government launched in the year of 2016. The Women in Finance Charter aims to encourage gender diversity by financial institutions. Farsiar believes the Women in Finance Charter is an incredible leap forward. It's encouraging financial firms to be proactive about gender diversity, and it's making a difference. Women in Finance Charter and We-Fi are helping more women reach high-ranking post. This is good news for women and the financial sector.
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