Farnoush Farsiar: Why are the women in finance so infrequent?

Women are increasingly breaking through barriers and achieving great success in various sectors. The sad reality is that the majority of women are employed in finance. Sadly still, it may not be changing anytime soon.

Deloitte's insights estimates that 31% of financial sector employees will be women by 2030. This raises the question of why there's not more women employed in the field of finance. While there are several theories, we wanted learn the views from an expert. Farnoush Farnoush is a passionate finance professional and an advocate for women's empowerment.

Are there any women in finance?

The U.S. has 57 percent females in the workforce but just 24% of financial jobs. This number is predicted to grow to 28% within the next 10-20 years which is up from 24% currently.

This isn't just a matter that women face. It's also a problem for the economy, said Farnoush Farsiar.  https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/https://brexitcentral.com/author/farnoush-farsiar/ Farsiar explained that teams with different leadership styles are more successful than those that share the same views. "So it's not just important for women to be involved in these fields and it's equally important for the nation overall."

There are many theories about the reason women aren't represented in the financial sector. One theory is that financial services are male-dominated and competitive for females to get into. Another theory is that women are not encouraged to take up careers in finance, either by their parents , or their peers.

Farsiar believes women's socialization from a young time is at the source of the issue. "Women learn from an early age to become take care of others, not risk takers. "We're taught to play it safe, not to risk our lives. It's not conducive to the field of finance.

It's not just that women are taught to take care of their children; they're also socialized to be pleasant to others. Farsiar explains that women are taught to be polite and to minimize conflict. However, in the field of finance you have to be able to speak for yourself. You have to be able to defend your ideas."

Farsiar asks where are all the female finance professionals?
Women are particularly underrepresented in finance at top levels. According to a research study from 2016-17 by Pew. Just 11.5% are women in the top financial company boards.

This imbalance has real-world impacts on women working in finance.  Farnoush Farsiar Women are less likely to be promoted than male counterparts. They're also more likely to leave the industry entirely.

The good news is that women are gradually, but steadily becoming more senior. Farnoush Farsiar believes this partly due to the #womenshould movement which has brought awareness to the absence of diversity. Farsiar states that she believes the #MeToo movement has had a similar impact. Women are starting to speak out and call for changes.

Women are unable to access financial aid because of their gender. from taking up finance careers
A number of obstacles prevent women from taking up finance careers. Lack of role models is one important obstacle. Finance professionals are typically the only women in their department and this can make them feel isolated.

Farsiar explained that being the only woman in a room is very intimidating. "You feel that you have to be perfect every time and you can't make mistakes."

Another issue is another one is the "old guys"club" mindset that exists in a lot of finance companies. This is the belief men are more favourable to other men, and women are left out.

Farsiar admits "there is a lot of truth in this." "I've observed it in person. Men will promote men even when they're more skilled.

This"old-boys' club" mentality can lead to discrimination and harassment of women. Female professionals in finance are often confronted with ostracizing remarks and unwelcome advances by male colleagues.

"It's definitely an issue," Farnoush Farsiar exclaims. "Women who work in finance are usually treated just like objects. It can be difficult to get noticed in a world where women are treated this way."

The other issue is the inability to find flexible work arrangements. Females are more likely to have family responsibilities than men for example, taking care of elderly parents or children. These women need flexible working schedules to be able to manage work and family.

"Finance, being a complex field, can be difficult to handle when you have many other obligations. Women often find themselves having to make a choice between family and work.

Farnoush Farsiar These obstacles make it difficult for women to enter the financial industry and to hold senior post. There are a myriad of initiatives to tackle this issue.

Farnoush Farsiar believes the Future is Bright For Women in Finance
There are plenty of positive reasons to believe in women's future in the field of finance. There are numerous initiatives that aim to boost the numbers of of women working in the finance sector and assist them in achieving senior posts.

Women Entrepreneurs Finance Initiative(We-Fi) is one such initiative. It's a partnership with World Bank Group and 14 countries. We-Fi provides financial support and assistance to women-owned companies in emerging countries.

Farsiar explained, "This initiative is great because it provides women with access to the resources they need in order to start and grow businesses." "It also helps them build networks and network to other women who have succeeded."

Another initiative is the Women in Finance Charter. It was announced by the U.K. government in 2016. The Women in Finance Charter is a pledge by financial companies to promote gender diversity.

Farsiar hails "The Women in Finance Charter as a major step forward."  Farnoush Farsiar "It's encouraging financial institutions to act on gender diversity, and it's making a difference."

Initiatives such as We-Fi as well as the Women in Finance Charter make it easier for women to get into senior roles. This is a good thing for women and the financial sector.