Women in Financial Services
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 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 2009 Catalyst Census of Women Executive Officers, which counts the number of women in upper management in Fortune 500 companies women are 18.1% of executive officers in the finance and insurance industries.1
- In addition, women are 16.8% of board directors in the finance and insurance industries in Fortune 500 companies.2
- In 2009, women were 9.1% of CFOs of the Fortune 500.3
- 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 2008:
- Women made up 42.3% of all employees and 18.8% of executive/senior-level officials and managers at the 1,730 companies that fall into the category "Security, Commodity Contracts & Other Financial Investments"4
- Women made up 39.0% of all employees and 16.4% of executive/senior-level officials and managers at the 618 companies that fall into the category "Investment Banking & Securities Dealing" (which is a subcategory of "Security, Commodity Contracts & Other Financial Investments")5
- Women made up 61.8% of all employees and 30.0% of executive/senior-level officials and managers at the 3,984 companies that fall into the category "Commercial Banking"6
- Women made up 53.8% of all employees and 31.5% of executive/senior-level officials and managers at the 1,231 companies that fall into the category "Accounting/Tax Prep/Bookkeeping/Payroll Services"7
- According to the Bureau of Labor Statistics, in 2009, women made up the following percentages of these occupations:
- 54.7% of financial managers8
- 61.8% of accountants and auditors8
- 30.9% of financial analysts8
- 32.1% of personal financial advisors8
- According to the Bureau of Labor Statistics, in 2009, women made up the following percentages of these industries: (note, these do not factor position level)
- 63.8% of banking and related activities9
- 76.3% of savings institutions, including credit unions9
- 38.4% of securities, commodities, funds, trusts, and other financial investments9
- 61.0% of insurance carriers and related activities9
Accounting Degrees10,11, 12
SOURCES
1 Rachel Soares, Nancy M. Carter, and Jan Combopiano, 2009 Catalyst Census: Fortune 500 Women Executive Corporate Officers and Top Earners (Catalyst: 2009).
2 Catalyst, 2009 Catalyst Census: Fortune 500 Women Board Directors (2009).
3 Catalyst, Unpublished data (2009).
4 U.S. Equal Employment Opportunity Commission, Job Patterns For Minorities And Women In Private Industry, "2008 EEO-1 National Aggregate Report by NAICS-3 Code: 523 - Securities, Commodity Contracts, and Other Financial Investments" (2009).
5 U.S. Equal Employment Opportunity Commission, Job Patterns For Minorities And Women In Private Industry, "Investment Banking & Securities Dealing" (2009).
6 U.S. Equal Employment Opportunity Commission, Job Patterns For Minorities And Women In Private Industry, "Commercial Banking" (2009).
7 U.S. Equal Employment Opportunity Commission, Job Patterns For Minorities And Women In Private Industry, "Accounting/Tax Prep/Bookkeeping/Payroll Services" (2009).
8 Bureau of Labor Statistics, Current Population Survey, "Table 11: Employed persons by detailed occupation, sex, race, and Hispanic or Latino ethnicity," Annual Averages 2009 (2010).
9 Bureau of Labor Statistics, Current Population Survey, "Table 18: Employed persons by detailed industry, sex, race, and Hispanic or Latino ethnicity," Annual Averages 2009 (2010).
10 National Center for Education Statistics, "Degrees conferred by degree granting institutions by 2000 CIP," unpublished data.
11 National Center for Education Statistics, "Table 275: Bachelor's, master's, and doctor's degrees conferred by degree-granting institutions, by sex of student and discipline division: 2007-08" (2009).
12 National Center for Education Statistics, "Chartbook of Degrees Conferred, 1969-70 to 1993-94" (1997).
UPDATED April 8, 2010
