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’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|
|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
Women Represent Nearly Half of All Employees in the Global Financial Services Industry
Women’s Share of Employment in Financial and Insurance Activities7
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
The US Financial Services Industry Employs Many Women11
|Accountants and Auditors||63.0%|
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
|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|
|First/Mid-Level Officials and Managers||44.7%|
|Executive/Senior Level Officials and Managers||27.4%|
|Women in US Investment Banking
and Securities Dealing15
|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|
|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|
|Personal Financial Advisors||$1,004||$1,637|
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).
- 1. Oliver Wyman, Women in Financial Services (2014).
- 2. Oliver Wyman, Women in Financial Services (2014).
- 3. Oliver Wyman, Women in Financial Services (2014).
- 4. Status of Women Canada, Women in Canada At a Glance: Statistical Highlights” (2012).
- 5. Statistics Canada, “Occupation - National Occupational Classification (NOC) 2011 (691), Class of Worker (5), Age Groups (13B) and Sex (3) for the Employed Labour Force Aged 15 Years and Over, in Private Households of Canada, Provinces, Territories, Census Metropolitan Areas and Census Agglomerations,” 2011 Household Survey (2013).
- 6. Statistics Canada. “Table 282-0070 - Labour force survey estimates (LFS), wages of employees by type of work, National Occupational Classification for Statistics (NOC-S), sex and age group, annual (current dollars unless otherwise noted),”CANSIM.
- 7. ILO, “Female share of employment by economic activity (%)” “ILOSTAT.
- 8. Grant Thornton, Grant Thornton International Business Report 2015 Women in Business: The Path to Leadership (2015).
- 9. Grant Thornton, Grant Thornton International Business Report 2015 Women in Business: The Path to Leadership (2015).
- 10. Oliver Wyman, “Infographic: Women on Financial Firm EXCOS (%) By Country in 2003, 2008, and 2013.”
- 11. Bureau of Labor Statistics, “Current Population Survey, Annual Averages Table 11: Employed Persons by Detailed Occupation, Sex, Race, and Hispanic or Latino Ethnicity 2014” (2015).
- 12. Pat Wechsler, “58 Women CFOs in the Fortune 500: Is this Progress?” Fortune, February 24, 2015.
- 13. U.S. Equal Employment Opportunity Commission, "EEO-1 National Aggregate Report by NAICS-5 Code 52211: Commercial Banking," 2013 Job Patterns For Minorities and Women in Private Industry.
- 14. U.S. Equal Employment Opportunity Commission, " 2013 EEO-1 National Aggregate Report by NAICS-3 Code: 525: Funds, Trusts, and Other Financial Vehicles," 2013 Job Patterns For Minorities and Women in Private Industry.
- 15. U.S. Equal Employment Opportunity Commission, " 2013 EEO-1 National Aggregate Report by NAICS-5 Code: 52311: Investment Banking & Securities Dealing," 2013 Job Patterns For Minorities and Women in Private Industry.
- 16. U.S. Equal Employment Opportunity Commission, " 2013 EEO-1 National Aggregate Report by NAICS-3 Code: 523 - Securities, Commodity Contracts, and Other Financial Investments and Related Activities,"2013 Job Patterns For Minorities and Women in Private Industry.
- 17. Morningstar, Morningstar Research Report, Fund Managers by Gender (2015).
- 18. KPMG, Women in Alternative Investments: A Marathon, Not a Sprint (2014).
- 19. Bureau of Labor Statistics, “Current Population Survey, Annual Averages Table 39: Median Weekly Earnings of Full-Time Wage and Salary Workers By Detailed Occupation and Sex 2014" (2015).