Knowledge Center

A Note about Women in "Financial Services"

There is no one single number to answer the question "How many women are in financial services?" because there is no single official definition of "financial services." Instead, we must look at different occupations that fall within the field of financial services.

Statistics for Various Financial Services Related Occupations

  • According to the 2013 Catalyst Census: Fortune 500 Women Executive Officers and Top Earners, which counts the number of women in upper management in Fortune 500 companies, women are 17.6% of executive officers in the finance and insurance industries.1
  • In 2012, women were 23.1% of all senior officers in the finance and insurance industries in Financial Post 500 companies.2
  • In addition, women are 17.9% of board directors in the finance and insurance industries in Fortune 500 companies.3
  • Similarly, in Financial Post 500 companies, women were 22.3% of all board directors in the finance and insurance industries in 2013.4
  • In 2013, women were 11.4% of CFOs of the Fortune 500.5
  • The U.S. Equal Employment Opportunity Commission collects information from private employers with 100 or more employees or federal contractors with 50 more employees. According to the EEOC, in 2011:
    • Women made up 40.1% of all employees and 18.3% of executive/senior-level officials and managers at the 1,283 companies that fall into the category "Securities, Commodity Contracts and Other Financial Investments and Related Activities."6
    • Women made up 35.2% of all employees and 15.6% of executive/senior-level officials and managers at the 229 companies that fall into the category "Investment Banking and Securities Dealing" (which is a subcategory of "Securities, Commodity Contracts & Other Financial Investments").7
    • Women made up 58.8% of all employees and 29.0% of executive/senior-level officials and managers at the 4,224 companies that fall into the category "Commercial Banking."8
    • Women made up 52.0% of all employees and 31.3% of executive/senior-level officials and managers at the 1,198 companies that fall into the category "Accounting, Tax Preparation, Bookkeeping, and Payroll Services"9
  • According to the Bureau of Labor Statistics10, in 2013, women made up the following percentages of these occupations:
Financial Managers 55.3%
Accountants and Auditors 62.1%
Financial Analysts 32.6%
Personal Financial Advisors 25.7%

 

  • According to the Bureau of Labor Statistics11, in 2013, women made up the following percentages of these industries: (note, these do not factor position level)
Banking and Related Activities 61.0%
Savings Institutions, Including Credit Unions 74.8%
Securities, Commodities, Funds, Trusts, and Other Financial Investments 36.9%
Insurance Carriers and Related Activities 59.4%

 

Accounting Degrees

 

SALARY BY GENDER FOR CIMA MEMBERS IN 200912
Country % that men earn over women
Australia 21%
Ireland 39%
Malaysia 51%
South Africa 47%
Sri Lanka 47%
United Kingdom 24%

 

* CIMA fellows are members of CIMA (Chartered Institute of Management Accountants) with considerable leadership experience

In Canada in 2006:

  • Women were 71.5% (2,162,005) of all business, finance, and administrative occupations, compared to men’s share of 28.5% (863,425).13

How to cite this product: Catalyst. Quick Take: Women in Financial Services. New York: Catalyst, March 3, 2014.