Farnoush Farsiar, Why Are So Few Women in Finance

Women are increasingly breaking down barriers and enjoying huge success in a variety of sectors. The unfortunate reality is that the number of women in finance is still shockingly low. Farnoush Farsiar It is likely that this trend won't change anytime soon.

Deloitte Web Insights shows that only 31 percent of the financial sector's workers will be female by 2030. This begs a question: why are the gender gap so low in the finance industry? There are a myriad of theories there but we wanted hear from an expert on the matter. Farnoush Farnoush a successful finance professional who is deeply committed to women's empowerment is the main reason we spoke to her.

How many women are involved in the field of finance?

The U.S. is home to 57 percent of the population. But the country only has 24% in financial jobs. This is expected to rise to 28% in the next 10 years, from 24% by 2021. However, it's still significantly below the national average.

Diversity is not just an issue for women. Farnoush Farsiar says it is also a threat to the economy. Farsiar claimed that leadership teams with diverse viewpoints perform better than those who don't. "So it's not just important for females to be represented in these professions but also for the country overall."

There are several theories on the reason women aren't represented in the financial sector. https://twitter.com/BrexitCentral/status/1152601570447646720 One theory is that financial services are too masculine and competitive for women to enter into. Another theory suggests that peers and parents do not encourage women to pursue finance careers.

Farsiar believes socialization of women from an early age is the cause of the issue. Women are taught to look after their children and take responsibility for their security. "We are taught not to take risks, but to play it safe. It's not conducive to the field of finance.

Women are socialized not only to look after others but also to be pleasing to people. Farsiar claimed women were taught to behave politely. "But in the world of finance, it is important to be able and willing to speak out for yourself. You have to be able advocate for your own ideas."

Farsiar asks: Where are the females working in finance?
Women are disproportionately underrepresented in finance at the most senior levels. Women hold just about only 10% of executive-level jobs according to a research study by Pew Research. Only 11.5 percent of the board members of financial firms are headed by women.

This inequality has real-world effects on women who work in finance. This is because women are more likely not to be promoted than male counterparts, and are more likely to leave the field.

Good news is that women are steadily but surely rising in senior positions. Farnoush Farsiar believes part of this rise in women's senior roles is due to the #womenshould campaign , which increased awareness about the importance of diversity. Farsiar says she is convinced that the #MeToo campaign had an extraordinary impact. Farnoush Farsiar Women are beginning to speak out and demand change.

Women are unable to access financial aid because of their gender. from pursuing careers in finance
There are numerous obstacles that prevent women from getting into financial services. Lack of role models is among the significant obstacle. This can make it difficult for women in finance to become the sole females in their department.

"It can be very intimidating to be the sole female in the room" Farsiar said. Farnoush Farsiar "You are convinced that you need to be perfect every time and that you aren't allowed to be a fool."

Another issue is the "old boys"club" mindset that persists in a lot of finance companies. This is the belief that men are better than women and that they should encourage one another.

Farsiar admits that there's much to this claim. "I've seen this happening firsthand. Men will promote men regardless of whether they're better competent.

This"old boys' club" mentality can lead to discrimination and harassment of women. Women who are financially successful often face rude comments and unwelcome advances from their male counterparts.

Farnoush Farsiar declares, "It's certainly an issue." "Women in finance are often treated like objects, and it's extremely difficult to make it in the financial world when you're being treated this way."

Inflexibility in working schedules is another obstacle. Women are more likely than men to have families responsibilities, for example, caring for elderly or children parents. They need flexible work arrangements to manage their home and work lives.

"Finance is a high-risk industry. It is difficult to balance your work and family obligations when you're also working in finance. Women are often required to make a choice between their careers and their family."

This makes it very difficult for women in the financial sector to attain high-ranking positions. There are a variety of initiatives aiming to address this.

Farnoush Farsiar believes that the future is bright for women working in finance
There are plenty of reasons to be optimistic about women's future in the field of finance. Numerous initiatives have been undertaken to boost the number of women working in finance, and also to help them to reach higher positions.

One of these initiatives is the Women Entrepreneurs Finance Initiative (WeFi) that is a partnership of the World Bank Group & 14 governments. We-Fi is an initiative to provide financing and support for women-led businesses in developing economies.

Farsiar declared that this is an excellent initiative as it gives women the tools needed to grow and start their own companies. "It also helps build networks, and make connections with other women who have made it successful."

Another initiative is the Women in Finance Charter, which was launched by the U.K. government launched in 2016. https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ Financial firms have committed to gender diversity by signing the Women in Finance Charter.

Farsiar believes that the Women in Finance Charter represents an important step in the right direction. "It's encouraging financial firms to be proactive about gender diversity, and it's creating a positive change."

Women in Finance Charter and We-Fi help women to achieve higher-level posts. This is good news both for women and the financial industry.