Farnoush Farsiar on Why are So Few Women in Finance

Women are breaking down barriers and becoming great leaders in a variety of sectors. However, the sad truth is that just a small percentage of women work in finance. Unfortunately, this may not change anytime soon.

According to Deloitte Insights In 2030 the number of employees in the financial sector will be female. The question is how come there isn't a lot of women in financial services? There are numerous theories. We were looking for an expert. Farnoush Farnoush, a highly skilled finance professional passionate about women empowerment, was our interview subject.

Are there women in finance?

The U.S. employs 57 percent women however just 24% of them hold financial jobs. It is anticipated that this figure will increase to 28% in the next 10 years, compared to 24 percent in 2021. But it still falls well short of the parity.

Diversity isn't only an issue that affects women. It's also a problem for the economy, according to Farnoush Farsiar. Farsiar explained that teams with different styles of leadership perform better than those that have the same perspectives. "So it's not only crucial that women are included in these positions and it's equally important for the nation overall."

There are a number of theories about the reasons women aren't as represented in the finance industry. Farnoush Farsiar One theory suggests that the financial industry is highly male-dominated and competitive, making it challenging for women to enter. Another theory is that their parents and their peers dissuade women from taking on career paths in finance.

Farsiar believes the root problem is in the ways women are socialized in their youth. Women are taught to look after their children and be responsible for their safety. "We're taught not to take chances, but instead to play it safe. This isn't a good idea for an investment career.

Women are educated not just to look after other people but also to be pleasing to people. "Women are taught to be courteous and reduce conflict," Farsiar adds. In finance, however you have to be able to communicate your ideas. You must be able to to advocate for your ideas.

Farsiar What are the fate of all the finance women?

It's especially evident at the top of finance, that there aren't enough females. Women are only about 10% of the executive positions, according to a 2016-2017 study by Pew Research. Only 11.5 percent of women are on the top financial company boards.

This disparity has a real-world effect on women working as financial professionals. This is because women are less likely to be promoted than their male counterparts and are more likely not to stay in the industry.

The positive side is that the amount of women who hold senior positions is steadily increasing. Farnoush Farsiar believes this partly due to the #womenshould movement that has raised awareness about the absence of diversity. Farsiar states that she is convinced that the #MeToo campaign has had a significant impact. Women are speaking out more and insisting on change.

The obstacles women face when trying to get into Finance

There are a number of obstacles that prevent women from getting into finance. The absence of role models is among the major barrier. Farnoush Farsiar This makes it challenging for women who work in finance to be the sole females within their departments.

Farnoush Farsiar Farsiar acknowledged that it can be scary to be the sole female in the room. "You are expected to be perfect at all times and that there can't be any mistakes."

Another issue is another one is the "old guys"club" mentality in many financial firms. This is the belief in that men support other females and men are not allowed to join.

Farsiar admits that there's a lot to this statement. "I've seen it happen myself. http://www.koyomi.vis.ne.jp/wiki/index.php?farnoush.farsiar1gaacc11 Men will be promoted by men, regardless of whether they're better skilled.

Farnoush Farsiar This"old-boys' club" attitude can lead to discrimination and sexual harassment. Women in finance are often confronted with sexist remarks and unwelcome advances from male colleagues.

Farnoush Farsiar exclaims that "it's certainly a problem." "Women working in finance are usually treated as commodities, which makes it very difficult for them to be successful."

The last barrier is the difficulty in finding flexible work schedules. It is commonplace for women to assume the responsibilities of a family, such as taking care of elderly parents or children. Women need flexible work arrangements in order to balance work and family.

"Finance is a high-risk business. It can be difficult to manage your responsibilities while working in the finance industry. Women often have to make a choice between their careers and their family."

This makes obtaining top positions in the financial services industry extremely difficult for females. There are many initiatives to help change this.

Farnoush Farsiar Thinks There's a Positive Future for Women in Finance

There are many reasons to be hopeful about the future of the financial industry. Many initiatives have been launched to boost the number of women and reach the top of the industry.

https://www.anochords.org/farnoush-farsiar-why-are-so-few-women-in-finance/ Farnoush Farsiar One of these initiatives, Women Entrepreneurs Finance Initiative is a joint venture with the World Bank Group with 14 governments. We-Fi provides financing and assistance for women-owned enterprises in the emerging countries.

Farsiar stated, "This program is a excellent one as it provides women access and the resources to start and grow their companies." "It can also help women create networks and connect with other women who have succeeded."

The Women in Finance Charter was another initiative that the U.K. government launched in the year 2016. The Women in Finance Charter is a commitment by companies in the financial sector to promote gender diversity.

Farsiar urges that "The Women in Finance Charter" is a huge step forward. Farnoush Farsiar "It's encouraging financial institutions to be proactive about gender diversity, and it's creating a positive change."

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