Farnoush Farsiar, Why Are So Few Women in Finance
Women are breaking down barriers and experiencing great accomplishments in many fields. The unfortunate reality is that the proportion of women in finance remains shockingly low. This is likely to remain the case for a while but it will be a long time before that happens.
Deloitte insight estimates that 31% of financial industry employees will be female in 2030. It begs the question "Why there aren't more women working in finance?" While there are many theories on the reasons for this, we were looking for an opinion from someone who's been in the field for a long time. Farnoush Farnoush is a highly skilled finance professional , who is passionate about women's empowerment, was our interview subject.
What percentage of women are employed in finance?
In the U.S., 57 percent are women, however, they have just 24% of financial posts. This number is predicted to increase to 28% in the next 10-20 years, up from the current 24.
Farnoush Farsiar Diverseness is not only an issue for women. Farnoush Farsiar has said that it's also a major issue in the business world. "Diverse leadership teams are more effective than teams that do not offer a broad range of viewpoints," Farsiar said. "So it's not just important to have women represented in these positions however, it is crucial for the country as whole."
There are many reasons why women aren't included in the financial sector. One theory suggests that the financial industry is too male-dominated and competitive for women to make it into. Another theory suggests that females are not encouraged by their parents to pursue finance careers.
Farsiar believes that the root of the problem is how women are socialized at an early age. "Women from an early age are taught to be risk-takers, but caretakers. "We are taught to stay secure and not to take risks. That's not the best method to pursue a career in finance.
Women are taught to take care of others. Farsiar states that women are taught to be polite and avoid conflicts. "But in the field of finance, you need to be able to advocate for your thoughts. You must be able to and willing to stand up for yourself.
Farsiar asks where are the females working in finance?
Particularly at the top of the finance industry and in the top positions of finance, the absence of women in finance ranks is alarming. A study by Pew research found that women account for only 10% of executive positions. Farnoush Farsiar There are only 11.5 percent of women sit on the top financial boards.
This is a real-world issue for women who work in finance. This imbalance means that women are more likely than males to be promoted, and are more likely to leave the finance industry.
It's good to know that there is an increasing number of women in high-level positions. Farnoush Farsiar believes that this is in part due to the #womenshould campaign that has resulted in an increased awareness of the lack of diversity. Farsiar says she believes the #MeToo movement had an equally significant impact. Women are starting to hear their voices heard and demanding change."
Obstacles for women to enter the world of finance
There are many obstacles that prevent women from getting into finance. One of the most significant barriers is the lack of role models. Finance women are typically the only women working in their industry and can be lonely.
Farsiar admitted that it's daunting to be the only female present in the room. "You are convinced that you need to be flawless every time, and you cannot make mistakes."
Another barrier is another one is the "old guys' club" mindset that exists in a lot of finance companies. This is a reference to the idea that men favor women over other men, while women are excluded.
"There's lots of truth in it," Farsiar admits. "I have witnessed it firsthand. Men are always promoting women even when they're more experienced.
The old boys' club mentality can also lead to sexual discrimination or harassment. Financial women often receive rude remarks and unwelcome advances by their male counterparts.
Farnoush Farsiar Farnoush Farsiar declares, "It's definitely a problem." "Women in finance are often treated as objects and it can be very difficult to get ahead in a world where you're treated as a commodity."
The last issue is the lack of flexible working arrangements. Females are more likely to have family responsibilities than men, such as caring after elderly parents or children. Farnoush Farsiar This means that they require flexible working arrangements to balance their work and home life.
"Finance is a highly demanding sector. It can be challenging to keep up with the demands of your job when you have other responsibilities. A lot of women have to choose between their career or family.
These barriers make it hard for women to get into the financial industry and to hold high-level posts. There are a variety of initiatives being taken to remedy this.
Farnoush Farsiar Thinks There's a bright future for women in Finance
There's every reason to believe in the future of women working in finance. Farnoush Farsiar Many initiatives have been launched to boost the number of women 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 assists women-led businesses in emerging nations by offering financing and support.
Farsiar said that this is an excellent initiative because it provides women with the tools to develop and create their own companies. https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ It also assists them in build networks and connect to other successful women.
https://reportlet.co.uk/psc/4JvfQwpTV8vIqepLTGpSXcssw-o/ms-farnoush-farsiar-aidi Another initiative is The Women in Finance Charter. The initiative was initiated by the U.K. government in 2016. The Women in Finance Charter is a pledge by companies in the financial sector to promote gender diversity.
"The Women in Finance Charter is a significant step in the right direction," Farsiar encourages. Financial companies are being encouraged to act on gender diversity and has made an impact.
Women are more likely to get promoted and have the opportunity to hold senior financial positions due to initiatives such as We-Fi. This is good news for women and the financial sector.