Farnoush Farsiar on Why are So Few Women in Finance?

Women are breaking through barriers and are finding successes in a variety of sectors. However, the sad reality is yet, women make up a small percentage of financial professionals. But, unfortunately, this will not be changing anytime soon.

Deloitte’s insights estimates that 31% of financial sector employees will be women by 2030. This begs the obvious question: Why do we have so few women in finance. Although there are many theories on why this is, we wanted to hear from someone who’s been working in the field for some time. Farnoush Farnoush has been interviewed by us. She is a seasoned finance professional who has a passion for women empowerment.

How many women are employed in the field of finance?

In the U.S., 57 percent are female, yet they have just 24% of the financial posts. The number is projected to increase to 28% within the next ten year, from 24% in 2021. However, it’s still far below parity.

Diverseness is not only an issue for women. Farnoush Farsiar believes it’s also an issue that impacts the economy. “Diverse leaders have better results than those that don’t possess a wide range of viewpoints,” Farsiar said. “So it’s essential that there are females in these professions. It’s also essential for the country as a whole.

There are a myriad of theories on the reasons women aren’t represented in the financial sector. One theory is that the financial sector is simply too male-dominated and competitive for women to enter. A different theory suggests that parents and their peers discourage women from pursuing career paths in finance.

Farsiar believes that women’s socialization in their early years is the root of the issue. “Women learn from an early age to become caretakers, not risk-takers. “We’re taught to not make risky decisions but to play it safe. This doesn’t help a career financial.

Women are socialized to be caring for one another. “Women are indoctrinated to be courteous and reduce conflict,” Farsiar adds. “But you have to be able advocate for your own financial ideas. It is essential to have the ability to support your own ideas.

Farnoush Farsiar Farsiar asks: Where are the females in finance?
Particularly at the top of the finance industry and in the top positions of finance, the absence of women in finance ranks is alarming. According to a study conducted in 2016-17 conducted by Pew. Women have 11.5% of financial firm board seats.

This is a real-world issue for women working in finance. This means that women are more likely than men to be promoted, and are more likely to leave finance.

It’s great to know that there is an increasing number of women working in senior posts. Farnoush Farsiar believes the reason for this increase is because of the #womenshould movement that has raised awareness of the issue of diversity. Farsiar stated that she was “convinced” that the #MeToo movement also was a major influence. Women are now starting to claim their rights and demand change.

There are obstacles for women getting into finance
There are many barriers preventing women from getting into financial services. A lack of role models is one of these biggest obstacles. Finance women often are the only women working in their field and this can cause them to be lonely.

Farsiar acknowledged that it is intimidating to be alone in a room with just one person. “You are pressured to be perfect and not make mistakes.

Another barrier is another one is the “old guys”club” mentality that is prevalent in many financial firms. This is the idea that men are superior to women and that they should encourage each other.

https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ Farsiar admits that there’s an element of truth to this assertion. “I’ve seen this happening firsthand. Men will be able to promote men regardless of whether they are better qualified.”

The old boys’ club mentality can also lead to sexual discrimination or harassment. https://eutoday.net/news/business-economy/2019/how-wealth-management-firms-can-prepare-for-turbulent-times Finance women are usually exposed to unwanted advances and humiliating remarks from male colleagues.

Farnoush Farsiar says, “It is certain that it is a problem.” “Women working in finance are often treated as objects. It’s difficult to get noticed when you treat women that in that way.”

The final obstacle is the absence of flexible work arrangements. It is more typical for women to assume household responsibilities, like taking care of their parents, elderly parents, or children. This means that they require flexible work schedules to manage their personal and professional lives.

“Finance is a high-risk industry. It can be difficult to manage your responsibilities when you are also working in finance. Women are often having to make a choice between work and family.

This makes it difficult for women to get into the financial sector and achieve high-level post. However, there are a number of initiatives being implemented to improve this.

Farnoush Farsiar is optimistic about the future of women working in finance
There are plenty of reasons to believe that women will continue working in the field of financial services. Many initiatives have been initiated to boost the number of women employed in finance, and also to help them in reaching senior positions.

An example of this initiative is Women Entrepreneurs Finance Initiative A partnership that is formed between 14 governments and the World Bank Group. Farnoush Farsiar https://www.cbetta.com/director/farnoush-farsiar-aidi-2 We-Fi helps women-owned businesses in emerging nations by offering funding and assistance.

Farsiar stated, “This program is a fantastic one since it provides women the tools and resources to establish and grow their companies.” “It also helps build networks and meet with women who have made it successful.”

Another initiative is the Women in Finance Charter, that was launched by the U.K. government launched in 2016. The Women in Finance Charter is a commitment by companies in the financial sector to promote gender diversity.

Farsiar hails “The Women in Finance Charter as a significant step in the right direction.” Farnoush Farsiar It’s urging financial institutions to act on gender diversity and has made an impact.

Initiatives such as We-Fi or the Women in Finance Charter make it easier for women to climb into senior posts. This is great news for women as well as the financial sector.