In recent years, there have been countless efforts made by some of the world’s largest financial organisations to recruit more women into the ranks. However, the numbers are still very low. And in some sectors, they are dropping quite significantly. Mutual fund companies are one example, in which the number of women has fallen to 10% in the last decade. In the banking sector, less than a quarter of those in senior positions are females.
Influential Business Schools are Trying to Redress the Balance
In the US, scholarships are aiming at female MBA participants. Tens of thousands of dollars are being offered by banks and financial service companies to help female students pay for their tuition. A full scholarship is offered by the 30% Club in the UK, at the Alliance Manchester Business School. Talks are also being given lower down the line, together with recruitment events at schools and universities. Many of the top business schools are adding gender equality to their list of priorities. There has been a modicum of success, but the progress is slow.
What is Putting Women off Pursuing a Career in Finance?
There are many reasons why women are reticent to pursue a career in finance. The ‘old boy network’ is sadly one of the most significant. It often times seems men can find work easier in this field because of their connections. A situation in which many women are unable to compete.
There are several reasons why women should consider a career in finance. Firstly, it is very rewarding. It can also be a very intellectually stimulating path to take. With all the incentives currently available, we can only hope there will be more female executives working their way up through the ranks, and changing the world of finance in a positive way for all concerned.