Knowledge Center

Women in Canadian, US, and Global Financial Services

A Note About Women in "Financial Services"

Because there is no single official definition of "financial services," it is impossible to answer the question, “How many women are in financial services?" with a single figure or statistic. Rather, we must look at specific occupations that fall within the field of financial services.

Canada, Global, US


Canada


Canada’s Financial Services Industry Is More Gender Diverse Than Most1

 

Canada is the third highest ranked country for executive committee gender diversity after  Norway and Sweden.2

  • Women comprise 25% of  boards and 23% of executive committees.3  

Women’s professional representation in Canadian business and finance is increasing, up from 38.3% in 1987 to more than 50% in 2009.4

 

Canadian Women's Employment in Financial Services5

Occupation % of Women
Financial managers 55.2%
Insurance, real estate and financial brokerage managers 43.8%
Banking, credit and other investment managers 56.9%
Financial and investment analysts 50.2%
Securities agents, investment dealers and brokers 32.0%

 

Though More Diverse, a Gender Pay Gap Remains for Canadian Women in Financial Services
  • In the Professional Occupations in Business and Finance industry classification, women’s average weekly wage was C$1236.88 compared to men’s whose average weekly wage was C$1495.52.6
     

Global


Women Represent Nearly Half of All Employees in the Global Financial Services Industry 


 

Women’s Share of Employment in Financial and Insurance Activities7

Country %
2014
Finland 60.9%
France 57.6%
Germany 51.2%
Italy 45.4%
Japan 51.8%a
Mexico 49.9%a
Norway 52.5%
Portugal 45.6%
Spain 48.1%
Sweden 51.0%
Switzerland 39.8%
United Kingdom 43.7%


a 2013 data.

 

Women’s Representation at Leadership Levels Remains Low in the Global Financial Services Industry


The Grant Thornton International Business Report reports women hold 18% of global CFO roles.8

  •  Women hold 25% of senior management roles in the global Financial Services industry.9

Only 4% of the 150 global financial institutions surveyed by Oliver Wyman had women CEOs.10

 


United States


The US Financial Services Industry Employs Many Women11 
 
Accountants and Auditors    63.0%
Financial Managers 53.4%
Financial Analysts 40.5%

 

 

 

But In Every Sector of the Financial Services Industry, the Number of Women Drop Off in Leadership Positions
 
  • As of February 2014, there were 58 women CFOs of the Fortune 500 companies.12
 

 

US Women’s Representation in Financial Services Senior Leadership
Roles Remains Low
 
Women in the US Commercial
Banking Industry13
All Employees 57.6%
First/Mid-Level Officials and Managers 48.4%
Executive/Senior Level Officials and Managers 30.9%
Women in US Funds, Trusts, and Other Financial Vehicles14
All Employees 52.8%
First/Mid-Level Officials and Managers 44.7%
Executive/Senior Level Officials and Managers 27.4%
Women in US Investment Banking
and Securities Dealing15
All Employees 35.4%
First/Mid-Level Officials and Managers 30.9%
Executive/Senior Level Officials and Managers 16.1
Women in US Securities, Commodity, Contracts and Other Financial Investments and Related Activities16
All Employees 40.0%
First/Mid-Level Officials and Managers 35.6%
Executive/Senior Level Officials and Managers 18.2%.

 

Progress Is Slow for Women Managers in US Private Equity, Venture Capital, and Hedge Funds

Just 9.4% of all US fund managers are women.17 

  • More than 60% of women working in US hedge funds, private equity, and venture capital stated that their gender made success more difficult.18
     
A Gender Pay Gap Exists for Women Working Across All US Financial Occupations 19

 

Occupation Median Weekly Earnings
  Women Men
Financial Managers $1,127 $1,671
Financial Analysts $1,224 $1,493
Personal Financial Advisors $1,004 $1,637

 


Additional Resources
 

Candice Morgan, Meryle Mahrer Kaplan, and Sylvia Apostolidis, Women and Men in Canadian Capital Markets: An Action Plan for Gender Diversity (Catalyst, 2012).
 

Institute of Leadership & Management, Women in Banking (UK).
 

Morningstar, Morningstar Research Repot: Fund Managers by Gender (2015).
 

Oliver Wyman, Women in Financial Services (2014).