Farnoush Farsiar, Why Are So Few Women in Finance

Women are breaking through barriers and are finding successes in a variety of sectors. Unfortunately, only a few women work in finance. Sadly still, it may not change so soon.

Deloitte Web Insights shows that only 31% of financial sector workers will be female by 2030. This begs a one-of-a-kind question: Why are there a lack of women in the finance industry? https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ There are numerous theories about why this is the case, we were looking for an opinion from someone who has been working in the field for a long time. This is why we spoke with Farnoush Farsiar, an accomplished financial professional who is a firm believer in women's empowerment.

How many women work in finance?

The U.S. has 57% female workforce however, there are just 24% of financial jobs. This number is predicted to rise to 28% over the next ten to 20 years, up from 24% at present.

Diversity is not just an issue for women. It's also a problem in the business world, said Farnoush Farsiar. Farnoush Farsiar Farsiar said that teams that have diverse leadership styles have better results than teams with fewer perspectives. "So it's essential to have females working in these fields. It's also crucial for the country in general.

There are many theories about the reasons why women in the finance sector aren't as well represented. One theory is that financial services are too masculine and competitive for females to enter into. Another theory is that financial careers are discouraged for women by peers or their parents.

Farsiar believes that women's exposure to socialization from a young time is at the source of the issue. "Women are taught at an early age that they need to be risk-takers and not caretakers. "We're taught to play it safe, not to risk our lives. This isn't a good way to go to a career in finance."

It's not just that women are conditioned to be caretakers They're also taught to be people-pleasers. Farsiar states that women are taught to be polite and to minimize conflict. "But, in finance you have to be able advocate for your ideas. You must be able to advocate for your own ideas.

Farsiar asks Where are the females who work in finance?
Women are underrepresented in finance at top levels. According to a study by Pew Researchers, only 10% of finance jobs are held by women in senior executive positions. There are only 11.5 percent of women are on the top financial boards.

This is a real-world issue for women working in finance. Women are less likely than their male colleagues will be promoted and they are also more likely to leave the profession.

It is good to know that women are slowly increasing their positions in senior roles. Farnoush Farsiar believes the reason for this increase is because of the #womenshould movement that has raised awareness of the problem of diversity. Farnoush Farsiar Farsiar believes that the #MeToo campaign has had an incredible impact on her life. Women are starting to speak up and demand changes.

There are obstacles for women pursuing finance.
A variety of obstacles hinder women from getting into finance. A lack of role models is one of the most significant obstacles for women pursuing finance. Women in finance are often the only woman in their job and this can make them feel isolated.

"It can be very intimidating to be the only female in the room" Farsiar said. "You feel like you're expected to be perfect all of the time, and that you're not allowed to commit any errors."

Farnoush Farsiar Another problem is the "old boys' club" mindset that's still present in many finance firms. This is the belief that men favor men over women, and women are not promoted.

Farsiar admits "there is plenty of truth in that." "I've seen it happen firsthand. Even if a woman has greater qualifications, men are still able to encourage other people.

This old boys' club mentality can also lead to sexual harassment and discrimination. Male colleagues working in finance make demeaning remarks to women and make inappropriate advances.

Farnoush Farsiar says, "It is definitely an issue." "Women in Finance are usually treated as objects. It's difficult to make progress when you're treated this way."

Then, there is the issue of inflexible working arrangement. Women tend to be more likely to have the responsibility of caring for elderly parents and children. To balance their home and professional lives they'll require flexible work arrangements.

"Finance, being a complex business, is difficult to handle when you have additional responsibilities. Women frequently have to pick between their careers or family, as well as their career.

These barriers make achieving senior post in the financial service sector very difficult for women. There are however many initiatives being implemented to improve this.

Farnoush Farsiar Thinks There's a Bright Future for Women in Finance
There are many evidence to suggest that women will continue to be employed in the field of financial services. Several initiatives are in place to boost the number of women working in the finance sector and help them reach senior 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 provides financial support and assistance for women-owned businesses in developing countries.

Farsiar explained, "This initiative is great because it gives women access the tools they require to begin and grow businesses." "It will also assist in building networks, and make connections with other women who have made it successful."

The Women in Finance Charter was another initiative that the U.K. government launched in the year of 2016. The Women in Finance Charter promotes gender diversity.

Farsiar believes to "The Women in Finance Charter" is a major step in the right direction. "It encourages financial firms to take actions on gender diversity and is making strides."

Initiatives such as We-Fi as well as the Women in Finance Charter make it easier for women to move into leadership posts. Farnoush Farsiar This is good news for both women and the financial sector.