Knowledge Center

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’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 managers55.2%
Insurance, real estate and financial brokerage managers43.8%
Banking, credit and other investment managers56.9%
Financial and investment analysts50.2%
Securities agents, investment dealers and brokers32.0%
Professional occupations in business services to managers43.5%


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


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


Women’s Share of Employment in Financial and Insurance Activities7

United Kingdom43.7%

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 Managers53.4%
Financial Analysts40.5%




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 Employees57.6%
First/Mid-Level Officials and Managers48.4%
Executive/Senior Level Officials and Managers30.9%
Women in US Funds, Trusts, and Other Financial Vehicles14
All Employees52.8%
First/Mid-Level Officials and Managers44.7%
Executive/Senior Level Officials and Managers27.4%
Women in US Investment Banking
and Securities Dealing15
All Employees35.4%
First/Mid-Level Officials and Managers30.9%
Executive/Senior Level Officials and Managers16.1
Women in US Securities, Commodity, Contracts and Other Financial Investments and Related Activities16
All Employees40.0%
First/Mid-Level Officials and Managers35.6%
Executive/Senior Level Officials and Managers18.2%.


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


OccupationMedian Weekly Earnings
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, 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).