Farnoush Farsiar discusses Why are There So Few Women In Finance?

Women are breaking through walls and finding great successes in a variety of industries. The sad truth is, yet, women are a minority of finance professionals. It is unlikely that this trend will be changing anytime soon.

https://www.trackometrix.com/farnoush-farsiar-why-are-so-few-women-in-finance-2/ According to Deloitte Insights In 2030 the number of financial sector employees will be female. This begs a question: Why is there a lack of women working in finance? There are a myriad of theories there however we wanted to get an opinion from an expert on the matter. Farnoush Farnoush was interviewed by us. She is a seasoned finance professional who has a passion for women's empowerment.

Are there women working in finance?

The U.S. has 57 percent females in the workforce but only 24% of financial jobs. It is expected that this figure will increase to 28% in the next 10 years, compared to 24 percent in 2021. However, it is way short of parity.

It's not an issue only for women. Farnoush said it's a serious issue for the economy.  https://www.businesstelegraph.co.uk/why-there-are-few-women-in-finance-farnoush-farsiar/ Farsiar pointed out that leadership teams with diverse perspectives have better results than teams who have less perspectives. It is crucial for women to be represented in these fields. However, it's also essential for the country.

There are a myriad of theories to provide the reason women aren't being represented in the financial services industry. One hypothesis is that the financial industry is too masculine and competitive to permit women to make it into. Another theory suggests that females are not encouraged by their parents to pursue careers in finance.

Farsiar believes socialization of women in their early years is the root of the issue. "Women are socialized at a young age to be caretakers , rather than risk-takers. "We are taught to not risk our lives, but instead to be safe. This doesn't make sense for a career as a financial analyst.

Women are educated not just to care for other people however, they also have to please people. Farsiar states that women are taught to be friendly and to avoid conflicts. "But in finance you must be able to stand up for yourself. You must be able to advocate for your own ideas.

Farsiar asks where are all the female finance professionals?
At the top of the financial industry women are disproportionately underrepresented. A study by Pew research found that women comprise just 10% of executive positions. Just 11.5% are women in the top boards of financial companies.

This imbalance has real-world impacts on women working in finance. They are more likely not to get promoted than their male counterparts, and are as well more likely to quit the profession entirely.

The positive side is that the number of women in senior roles is slowly but surely increasing. Farnoush Farsiar believes the reason for this rise is due to the #womenshould campaign, which has increased awareness of the problem of diversity. Farsiar says she believes that the #MeToo campaign produced a profound impact. Women are starting to speak out and call for changes.

The financial barriers that stop women from working in finance
Many obstacles hinder women from going into finance. Lack of role models is a significant obstacle. Women in finance are typically the only ones working in their department, which can cause isolation.

Farsiar said that being the only woman in a room is very intimidating. "It makes you feel like you need to be flawless every time, and you should not make any mistakes."

Another barrier is "old boys"club" This mentality persists in many finance firms. This is a belief system in which men encourage other females and men are not allowed to join.

Farsiar admits that there's much to this claim. "I've witnessed this happen firsthand.  Farnoush Farsiar Even if a woman has greater qualifications, men are still able to recommend others.

Farnoush Farsiar This old boys' club mentality can also result in discrimination and harassment sexually. Finance women are often subject to unwelcome advances and demeaning remarks from their male counterparts.

Farnoush Farsiar says, "It is certain that it is a problem." "Women who work in finance are often treated just like objects. It's difficult to get noticed when women are treated that way."

The last obstacle is the absence of flexible working arrangements. Females are more likely than males to have families responsibilities, for example, caring for elderly or children parents. Flexible work schedules are essential to ensure that they can manage work and family.

"Finance is a very challenging industry. It can be challenging to keep up with the demands of your job with other obligations. Women often have to choose between their job as well as their family careers.

This makes it difficult to be a top financial professional and to enter the field. There are however some initiatives that could help to make a difference.

Farnoush Farsiar Believes the Future is bright for women in Finance
There are numerous reasons to be hopeful about the future of women in finance. Numerous initiatives have been initiated to boost the number of women and reach the highest levels of the financial sector.

One such initiative is the Women Entrepreneurs Finance Initiative (We-Fi) which is which is a collaboration with the World Bank Group and 14 governments. We-Fi offers financial assistance and financing to women-led businesses in developing countries.

Farsiar declared that this was a fantastic initiative as it gives women the tools needed to develop and create their own business. It also helps them build networks and network with other women entrepreneurs.

Another initiative is the Women in Finance Charter. It was announced by the U.K. government in 2016.  https://www.crunchbase.com/person/farnoush-farsiar The Women in Finance Charter is a pledge by financial institutions to encourage gender diversity.

Farsiar believes the Women in Finance Charter "is an incredible leap forward." It urges financial companies and other businesses to consider gender diversity.

Women in Finance Charter and We-Fi are helping women to achieve higher-level post. This is good news for women and men and the financial industry.