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 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 2011 Catalyst Census of Women Executive Officers, which counts the number of women in upper management in Fortune 500 companies, women are 18.4 of executive officers in the finance and insurance industries.1
- In 2010, women were 24.3% of all senior officers in the finance and insurance industries in Financial Post 500 companies.2
- In addition, women are 18.3% of board directors in the finance and insurance industries in Fortune 500 companies. 3
- Similarly, in Financial Post 500 companies, women were 17.4% of all board directors in the finance and insurance industries in 2009.4
- In 2011, women were 8.7% 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 2009:
- Women made up 41.8% of all employees and 17.9% of executive/senior-level officials and managers at the 1,587 companies that fall into the category "Securities, Commodity Contracts & Other Financial Investments"6
- Women made up 37.7% of all employees and 15.3% of executive/senior-level officials and managers at the 383 companies that fall into the category "Investment Banking & Securities Dealing" (which is a subcategory of "Securities, Commodity Contracts & Other Financial Investments")7
- Women made up 60.9% of all employees and 28.9% of executive/senior-level officials and managers at the 3,989 companies that fall into the category "Commercial Banking"8
- Women made up 53.4% of all employees and 31.0% of executive/senior-level officials and managers at the 1,198 companies that fall into the category "Accounting/Tax Prep/Bookkeeping/Payroll Services"9
- According to the Bureau of Labor Statistics, in 2010, women made up the following percentages of these occupations:
- 53.2% of financial managers10
- 60.1% of accountants and auditors11
- 35.7% of financial analysts12
- 30.8% of personal financial advisors13
- According to the Bureau of Labor Statistics, in 2010, women made up the following percentages of these industries: (note, these do not factor position level)
- 63.9% of banking and related activities14
- 78.6% of savings institutions, including credit unions15
- 39.4% of securities, commodities, funds, trusts, and other financial investments16
- 60.5% of insurance carriers and related activities17
Accounting Degrees18
SOURCES
1 Rachel Soares, Baye Cobb, Ellen Lebow, Hannah Winsten, Veronica Wojnas, and Allyson Regis, "Appendix 7: Women’s Representation by NAICS Industry," 2011 Catalyst Census: Fortune 500 Women Board Directors(Catalyst, 2011).
2 Liz Mulligan-Ferry, Rachel Soares, Jan Combopiano, Jaye Cullen, and Laura Riker, "Appendix 7: Women’s Representation by NAICS Industry," 2010 Catalyst Census: Financial Post 500 Women Senior Officers and Top Earners (Catalyst, 2011).
3 Rachel Soares, Baye Cobb, Ellen Lebow, Hannah Winsten, Veronica Wojnas, and Allyson Regis, "Appendix 7: Women’s Representation by NAICS Industry," 2011 Catalyst Census: Fortune 500 Women Board Directors (Catalyst, 2011).
4 Laura Jenner, Liz Mulligan-Ferry, and Rachel Soares, "Appendix 6: Women’s Representation by NAICS Industry," 2009 Catalyst Census: Financial Post 500 Women Board Directors (Catalyst: 2010).
5 Catalyst, unpublished data (2011).
6 U.S. Equal Employment Opportunity Commission, "2009 EEO-1 National Aggregate Report by NAICS-3 Code: 523 - Securities, Commodity Contracts, and Other Financial Investments," Job Patterns For Minorities and Women in Private Industry (2009).
7 U.S. Equal Employment Opportunity Commission, "2009 EEO-1 National Aggregate Report by NAICS-5 Code: 52311: Investment Banking & Securities Dealing," Job Patterns For Minorities and Women in Private Industry (2009).
8 U.S. Equal Employment Opportunity Commission, "2009 EEO-1 National Aggregate Report by NAICS-5 Code 52211: Commercial Banking," Job Patterns For Minorities and Women in Private Industry (2009).
9 U.S. Equal Employment Opportunity Commission, "2009 EEO-1 National Aggregate Report by NAICS-4 Code 5412: Accounting, Tax Preparation, Bookkeeping, and Payroll Services," Job Patterns For Minorities and Women in Private Industry (2009).
10 Bureau of Labor Statistics, Current Population Survey, "Table 11: Employed Persons by Detailed Occupation, Sex, Race, and Hispanic or Latino Ethnicity," Annual Averages 2010 (2011).
11 Bureau of Labor Statistics, Current Population Survey, "Table 11: Employed Persons by Detailed Occupation, Sex, Race, and Hispanic or Latino Ethnicity," Annual Averages 2010 (2011).
12 Bureau of Labor Statistics, Current Population Survey, "Table 11: Employed Persons by Detailed Occupation, Sex, Race, and Hispanic or Latino Ethnicity," Annual Averages 2010 (2011).
13 Bureau of Labor Statistics, Current Population Survey, "Table 11: Employed Persons by Detailed Occupation, Sex, Race, and Hispanic or Latino Ethnicity," Annual Averages 2010 (2011).
14 Bureau of Labor Statistics, Current Population Survey, "Table 18: Employed Persons by Detailed Industry, Sex, Race, and Hispanic or Latino Ethnicity," Annual Averages 2010 (2011).
15 Bureau of Labor Statistics, Current Population Survey, "Table 18: Employed Persons by Detailed Industry, Sex, Race, and Hispanic or Latino Ethnicity," Annual Averages 2010 (2011).
16 Bureau of Labor Statistics, Current Population Survey, "Table 18: Employed Persons by Detailed Industry, Sex, Race, and Hispanic or Latino Ethnicity," Annual Averages 2010 (2011).
17 Bureau of Labor Statistics, Current Population Survey, "Table 18: Employed Persons by Detailed Industry, Sex, Race, and Hispanic or Latino Ethnicity," Annual Averages 2010 (2011).
18 National Center for Education Statistics, "Table 286: Bachelor's, master's, and doctor's degrees conferred by degree-granting institutions, by sex of student and discipline division: 2008-09," Digest of Education Statistics 2010 (2011).
UPDATED December 14, 2011
