Farnoush Farsiar: Why are there so few women in finance?

Women are breaking through more barriers and enjoying great success in various fields. The unfortunate reality is that the number of women in finance is still shockingly low. It's not likely to change, unfortunately.

Deloitte insight estimates that 31% of the financial industry employees will be women by 2030.  https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ This raises the question of why there's not more women in finance. While there are many theories, we decided to get the opinion from an expert. Farnoush Farnoush is a fervent finance professional and an advocate for women's empowerment.

Are there women working in finance?

In the U.S., 57% are women, but they have only 24% of the financial positions. That's is projected to expand to 28% over the next 10 years, up from 24% in 2021 but way below parity..

It's not an issue only for women. Farnoush Farsiar has said that it's a serious issue for the world of business. Farsiar claimed that teams that have different styles of leadership perform better than ones that share the same perspectives. "So it's not just important for women to be involved in these fields; it's also critical for the nation overall."

There are a number of theories on the reasons women aren't as represented in the financial industry.  Farnoush Farsiar One theory is that the market for financial services is too competitive and male-dominated for women to break into. Another theory is that parents and their peers dissuade women from taking on career paths in finance.

Farsiar believes the root of the problem lies in the way women are raised from an early age. "Women are taught from an early age to be caretakers rather than risk-takers. "We are taught to stay cautious and not take chances. This isn't conducive to being a successful career financially.

It's more than just being taught to look after the children. Women also learn to love people. Farsiar said that women were taught to be polite. "But in finance it is essential to be capable of standing up for yourself. You have to be able to advocate for your personal ideas."

Farsiar: Where are all the finance women?
Particularly at the highest levels of finance there is a dearth of women working in finance is alarming. A study by Pew research found that women account for only 10% of executive positions. In addition, they only hold 11.5 percent of seats on the boards of financial firms.

This imbalance has real-world implications for women in finance. Women are less likely to be promoted than male counterparts. They're also more likely to leave the industry completely.

The good news is that the number of women who hold senior positions is slowly but surely increasing. Farnoush Farsiar believes the reason for this growth is due to the #womenshould campaign, which has increased awareness of the issue of diversity. Farsiar states that she is certain that the #MeToo movement also produced a profound impact. Women are starting to speak up and demand changes.

Farnoush Farsiar Women are unable to access financial aid because of their gender. from working in finance
There are many barriers which prevent women from pursuing careers in financial services. The absence of role models is one major barrier. This makes it challenging for women working in finance to become the only females in their department.

Farsiar acknowledged that it can be nerve-wracking to be the only female present in the room.  https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times "You feel as if you're being expected to be perfect all of the time, and that you're not allowed to commit any errors."

Farnoush Farsiar Another barrier is the "old boys"club" mentality that still exists in many financial firms. This is the belief that men are superior to women and men should promote each other.

Farsiar admits that there's an element of truth to this assertion. "I have seen it happen firsthand. Men will promote other men, even if women are more skilled."

This old boys' club mentality can lead to discrimination and harassment of women. Finance women are usually exposed to unwanted advances and demeaning remarks from male counterparts.

Farnoush Farsiar exclaims that "it's certain that there is a issue." "Women working in finance are typically treated like objects. It's tough to advance when you're treated this way."

The last obstacle is the lack of flexible work arrangements. It is commonplace for women to assume household responsibilities, like taking care of parents who are elderly or children. They need flexible work arrangements to balance their family and work lives.

Farnoush Farsiar "Finance is a very challenging industry. It isn't easy to keep up with the demands of your job when you have other responsibilities. Women often find themselves having to make a choice between family and work.

This makes it very difficult for women working in the financial industry to reach higher-level positions. There are many initiatives to combat this problem.

Farnoush Farsiar believes the Future is Bright For Women in Finance
There are many reasons to be optimistic about women's future in the field of finance. Many initiatives are working to increase the proportion of women working in the financial industry and to aid them in reaching senior roles.

One such initiative is the Women Entrepreneurs Finance Initiative (WeFi) It is a partnership between the World Bank Group & 14 governments. We-Fi offers financing and support for women-led enterprises in emerging countries.

"This is a great initiative since it gives women access to the tools they need to begin and expand their business," Farsiar said. "It can also help them create networks and network with other women who are successful."

A different initiative is the Women in Finance Charter. The U.K. government launched it in 2016. The Women in Finance Charter promotes gender diversity.

Farsiar believes that the Women in Finance Charter represents significant progress. It urges financial companies and other businesses to consider gender diversity.

Women are now able to take on senior positions through initiatives like We-Fi as well as Women in Finance Charter. This is great news for both the women and financial sectors.