Farnoush Farsiar - Why are women so scarce in finance?

Women are breaking down more barriers and enjoying huge accomplishments in many areas. However, the sad truth is that very few women are working in finance. However, this is unlikely to change anytime soon.

Deloitte insights estimates that 31% of financial industry employees will be female in 2030.  Farnoush Farsiar This raises the obvious question: Why do we have such a low number of women working in finance. There are numerous theories about why this is but we were looking for an opinion from someone who has been working in the field for some time. Farnoush Farnoush an expert finance professional passionate about women empowerment was our interviewee.

How many women work in finance?

The U.S. has 57 percent of the workforce is female however, there are only 24% financial jobs. That's is projected to expand to 28% in the next 10 years, up from 24% in 2021 - but still way below parity..

This is not a problem only for women.  https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ Farnoush Farsiar believes it's also an issue that has an impact on the economy. Farsiar claimed that teams that have different styles of leadership perform better than ones that share the same perspectives.  Farnoush Farsiar "So it is not only vital to have women represented in these professions, but it is also vital for the country as whole."

https://www.trackometrix.com/farnoush-farsiar-why-are-so-few-women-in-finance-2/ There are numerous theories that provide the reason women aren't being represented in the field of financial services. The most popular hypothesis is that the industry is dominated by men and competitive for women to enter. A different theory suggests that their parents and peers hinder women from entering career paths in finance.

Farsiar believes that the socialization of women at an early age is at the root of the issue. "Women at a young age are taught to be risk-takers and caretakers. "We're taught not to make risky decisions but to play it safe. This isn't the best way to go about the field of finance.

Women are taught socially to be caring for one another. Farsiar claimed women were taught to behave politely. "But in the field of finance, you need to be able to stand up for yourself. You must be able to defend your personal ideas."

Farsiar What are the fate of all the Finance Women?
It's particularly apparent at the top level of finance that there are not enough women. A study conducted by Pew research found that women make up just 10% of executive positions. A mere 11.5 percent of the board members in financial institutions are occupied by women.

This is a real-world issue for women who work in finance. They are more likely that their male counterparts are promoted, and they're also more likely leave the industry.

It is good to know that women are steadily however, steadily, advancing in higher roles. Farnoush Farsiar believes the reason for this increase is because of the #womenshould movement which has raised awareness of the issue of diversity. Farsiar believes that the #MeToo campaign has had an amazing influence on her life. Women are now beginning to defend their rights and demanding changes.

The obstacles women face when trying to get into Finance
There are many obstacles that hinder women from going into finance. A lack of role models is a significant obstacle. This can make it hard for women who work in finance to become the only females within their departments.

Farsiar said that it's difficult to be the sole female in the room. "You feel you are under pressure to do your best and not make mistakes.

Another issue is the "old boys club" mindset that's still present in many finance firms. It is a belief that men are better than women, and that men should be promoting each other.

Farsiar acknowledges "There's lots of truth to this." "I have witnessed it firsthand. Men will be able to promote men regardless of whether women are more skilled."

This mindset of the old boys can lead to discrimination and harassment of women.  Farnoush FarsiarFarnoush Farsiar A lot of male colleagues in finance frequently make demeaning remarks to women and make inappropriate advances.

Farnoush Farsiar says, "It is definitely an issue." "Women working in finance are typically considered objects and it's very hard to get ahead when you're being treated that way."

Last but not least lastly, there's the issue of flexible working arrangements. Women are more likely to have the responsibility of taking care of elderly parents or children. Flexible working schedules are required to ensure that they can balance work and family life.

"Finance can be a demanding job. It's difficult to keep up with other obligations. Women often have to choose between their job or family, as well as their careers.

These obstacles make getting senior post in the financial service industry very difficult for females. However, there are a number of initiatives that are working to change this.

Farnoush Farsiar is optimistic about the future of women in finance.
There is every reason to believe in the future of women in finance.  Farnoush FarsiarFarnoush Farsiar Numerous initiatives have been initiated to boost the number of women and reach the top of the industry.

One of these initiatives, Women Entrepreneurs Finance Initiative is a collaboration of the World Bank Group with 14 governments.  Farnoush Farsiar We-Fi provides financing and assistance for women-owned enterprises in the emerging countries.

Farsiar explained, "This initiative is great because it allows women access to the resources they need for starting and expand their businesses." It helps them create networks and make connections with other female entrepreneurs.

Another initiative is the Women in Finance Charter. It was announced by the U.K. government in 2016. The Women in Finance Charter encourages gender diversity.

"The Women in Finance Charter is a significant step in the right direction," Farsiar encourages. "It's encouraging financial institutions to take action on gender diversity and is creating a positive change."

Through initiatives such as We-Fi and the Women in Finance Charter, women are more likely to join and reach senior positions. This is a great thing for women and the financial sector.