Farnoush Farsiar: Why are so few women in finance?

Women are breaking down barriers and becoming powerful leaders in various sectors. It is a sad fact, but women make up a small percentage of financial professionals. https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ This is likely to remain the case for a while, however.

Deloitte Web Insights reports that just 31% of financial sector workers will be female by 2030. This begs the obvious question: Why do we have many women in finance. There are a myriad of theories there but we wanted learn from an expert in the field. This is why we spoke with Farnoush Farsiar an accomplished finance professional who is passionate about women empowerment.

How many women are employed in finance?

The U.S. employs 57% women However, only 24% hold financial jobs. This number is predicted to rise to 28% in the next ten to 20 years increasing from the current 24.

It’s not an issue that is only affecting women. Farnoush Farsiar believes it’s also a problem that affects the economy. Farsiar said that leadership teams with diverse perspectives have more impact than teams with fewer viewpoints. “So it’s not just vital that women are represented in these positions, but it is also essential for the nation as a in general.”

There are many theories about why women are underrepresented in the financial industry. One theory is that financial services are too masculine and competitive for females to get into. Another theory suggests that financial careers are viewed as a deterrent for women by peers or their parents.

Farsiar believes the root of the issue lies in the way women are raised from a young age. “Women are taught at a young age to be caretakers rather than risk-takers. “We’re taught not to make risky decisions but to play it safe. This isn’t the most effective method to pursue an investment career.

It’s not enough to have women being socialized as caretakers. They’re also viewed as people-pleasers. Farsiar explains that women are indoctrinated as polite and to minimize conflicts. “But in the world of finance, it is important to be able and willing to speak out for yourself. You have to be able advocates for your own ideas.

Farsiar questions where are the females employed in finance?
At the top of the financial sector there is a significant lack of women. A study conducted by Pew research found that women account for only 10% of executive positions. There are only 11.5 percent of women sit on the top financial company boards.

This inequality has a direct impact on women working as financial professionals. This is due to the fact that women are less likely to get promoted than male counterparts and are also more likely not to stay in the field.

The positive side is that the number of women working in senior positions is steadily increasing. Farnoush Farsiar believes this partly because of the #womenshould campaign which raised awareness of the dearth of diversity. Farsiar says she is certain that the #MeToo campaign also produced a profound impact. Women are now more vocal and calling for change.

Financial barriers that prevent women from working in finance
Many barriers prevent women being able to enter the field of finance. One of the biggest barriers is the lack of role models. This makes it challenging for women who work in finance to become the only females within their departments.

Farsiar explained that being the only woman in a room can be quite daunting. https://www.difc.ae/public-register/rumi-investment-limited/ “It makes you feel like you need to be flawless every time, and that you shouldn’t make any errors.”

Another obstacle is the traditional men’s club mentality, which still exists in a lot of financial institutions. This is the belief that men are the ones who promote men, and women are not promoted.

Farsiar acknowledges that there is a lot to this statement. “I’ve observed this firsthand. Men will be promoted by men, even if they are more skilled.

This”old-boys’ club” mentality can also result in discrimination and harassment of women. Women who are financially successful often face insulting comments and unwelcome advances from their male counterparts.

Farnoush Farsiar declares, “It’s definitely an issue.” “Women working in finance are typically considered commodities, which makes it very difficult for them to succeed.”

Last but not least, there is the issue of flexible working arrangements. Family obligations are more prevalent for women than for males. Farnoush Farsiar Flexible work schedules are essential for women to be able to balance work and family life.

“Finance is a very complex industry, is hard to handle when you have many other obligations. Women frequently have to pick between their careers as well as their family.

These obstacles make it very difficult to become an experienced financial professional in the senior level and get into the business. There are however several initiatives being implemented to overcome this.

Farnoush Farsiar Believes the Future is Bright for Women in Finance
There are plenty of reasons to be optimistic about the future of women in finance. Many initiatives are working to increase the number of women in the finance industry and assist them in achieving senior positions.

An example of this initiative is the Women Entrepreneurs Finance Initiative which is a partnership of 14 governments and the World Bank Group. We-Fi supports women-led companies in emerging nations by offering financial assistance and support.

https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ Farsiar stated that this is a wonderful initiative as it gives women the tools to expand and begin their own business. “It will also assist them in building networks and network to other women who have succeeded.”

A different initiative is the Women in Finance Charter, that was launched by the U.K. government launched in 2016. Financial companies have pledged to gender diversity through the Women in Finance Charter.

Farsiar lauds “The Women in Finance Charter as a significant step in the right direction.” Farnoush Farsiar “It will encourage financial institutions to make changes to improve gender diversity. It’s making progress.”

Women are more likely to get promoted and get the chance to be employed in high-level financial positions because of initiatives like We-Fi. This is great news for both the women and financial sectors.