Quick Take: Women in Financial ServicesJan 05, 2018
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.
Women Represent Nearly Half of All Employees in the Global Financial Services Industry
|Women’s Share of Employment in Financial and Insurance Activities1|
a 2015 data.
Women’s Representation at Leadership Levels Remains Low in the Global Financial Services Industry
The Grant Thornton International Business Report reveals that women held 18% of global CFO roles in 2014.2
- Women held 25% of senior management roles in the global Financial Services industry in 2014.3
Only 4% of the 150 global financial institutions surveyed by Oliver Wyman in 2013 had women CEOs.4
In 2016, 79% of women working in hedge funds, private equity, and venture capital, investments, or private real estate funds stated that their gender made success as a fund manager more difficult.5
While Canada’s Financial Services Industry is More Gender Diverse than Many, Women’s Representation has Hit a Ceiling6
Canada was the third-highest ranked country for executive committee gender diversity after Norway and Sweden in 2013 but dropped to sixth in 2016 with the addition of new countries that were included in the analysis.7
- Women held 20.8% of board seats in 2014 and 25% of executive committee seats in 2015.8
Canada’s Financial Institutions Outpace Other Sectors
Canada’s financial institutions are leaders in advancing women to boards and championing gender diversity in general, outpacing businesses in other sectors.9
In 2014, women occupied 34.5% of senior management positions and 50% of all middle-management positions at Canada’s six largest banks.10
|Canadian Women’s Employment in Financial Services, 201611|
|Occupation||% of Women|
|Insurance, real estate, and financial brokerage managers||42.8%|
|Banking, credit, and other investment managers||56.2%|
|Financial and investment analysts||45.0%|
|Securities agents, investment dealers, and brokers||31.4%|
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 in 2016 was C$1,236.94, compared to men’s average weekly wage of C$1,453.19.12
The US Financial Services Industry Employs Many Women
|Women in the US Financial Services Industry, 201613|
|Accountants and Auditors||61.3%|
But US Women’s Representation in Financial Services Senior Leadership Roles Remains Low
- As of February 2015, there were only 58 women CFOs in Fortune 500 companies.14
|Women in the US Commercial
Banking Industry, 201515
|First/Mid-Level Officials and Managers||48.0%|
|Executive/Senior-Level Officials and Managers||30.8%|
|Women in US Funds, Trusts, and Other Financial Vehicles, 201516|
|First/Mid-Level Officials and Managers||43.7%|
|Executive/Senior-Level Officials and Managers||25.7%|
|Women in US Investment Banking
and Securities Dealing, 201517
|First/Mid-Level Officials and Managers||31.1%|
|Executive/Senior-Level Officials and Managers||16.7%|
|Women in US Securities and Commodity Exchanges, 201518|
|First/Mid-Level Officials and Managers||27.4%|
|Executive/Senior-Level Officials and Managers||12.8%|
Progress is Slow for Women Managers in US Private Equity, Venture Capital, and Hedge Funds
- Just 10% of all US fund managers were women in 2016.19
- According to some studies, the likelihood of women serving in fund manager roles has declined since 2008.20
A Gender Pay Gap Exists for Women Working Across All US Financial Occupations
|Occupation||Median Weekly Earnings in 201621|
|Personal Financial Advisors||$953||$1,714|
Candice Morgan, Meryle Mahrer Kaplan, and Sylvia Apostolidis, Women and Men in Canadian Capital Markets: An Action Plan for Gender Diversity (Catalyst, 2012).
Madison Sargis and Laura Pavlenko Lutton, Fund Managers by Gender: The Global Landscape (Morningstar Research, 2016).
Oliver Wyman, Women in Financial Services 2016 (2016).
Catalyst, Gender Diversity on Boards in Canada: Recommendations for Accelerating Progress, commissioned by the Government of Ontario (2016).
How to cite this product: Catalyst, Quick Take: Women in Canadian, US, and Global Financial Services (January 5, 2018).
1. ILO, “Employment by Sex and Economic Activity (Thousands),” ILOSTAT.
2. Grant Thornton, Grant Thornton International Business Report 2015 Women in Business: The Path to Leadership (2015).
3. Grant Thornton, Grant Thornton International Business Report 2015 Women in Business: The Path to Leadership (2015).
4. Oliver Wyman, Women on Financial Firm EXCOS (%) By Country in 2003, 2008, and 2013 (December 2014).
9. Catalyst, Gender Diversity on Boards in Canada: Recommendations for Accelerating Progress, commissioned by the Government of Ontario (2016); Dan Ovsey, “Gender Diversity on Corporate Boards A Tale of Two Sectors,” Financial Post, November 12, 2012.
10. Catalyst, Gender Diversity on Boards in Canada: Recommendations for Accelerating Progress, commissioned by the Government of Ontario (2016); Canadian Bankers Association, “Banks as Employers,” Media Facts, October 19, 2015. Melissa Moyser, Women in Canada: A Gender-Based Statistical Report: Women and Paid Work (Statistics Canada, 2017): p. 21.
11. Statistics Canada, “Occupation – National Occupational Classification (NOC) 2016 (693A), Highest Certificate, Diploma or Degree (15), Labour Force Status (3), Age (13A) and Sex (3) for the Labour Force Aged 15 Years and Over in Private Households of Canada, Provinces and Territories, Census Metropolitan Areas and Census Agglomerations, 2016 Census – 25% Sample Data,” 2016 Census (2017).
12. Statistics Canada, “Table 282-0152 – Labour Force Survey Estimates (LFS), Wages of Employees by Type of Work, National Occupational Classification for Statistics (NOC), Sex, and Age Group, Annual (Current Dollars),” CANSIM.
13. Bureau of Labor Statistics, “Table 11: Employed Persons by Detailed Occupation, Sex, Race, and Hispanic or Latino Ethnicity, 2016,” Current Population Survey (2017).
15. U.S. Equal Employment Opportunity Commission, “2015 EEO-1 National Aggregate Report by NAICS-6 Code, Commercial Banking (52110),” 2015 Job Patterns For Minorities and Women in Private Industry (EEO-1) (2015).
16. U.S. Equal Employment Opportunity Commission, “2015 EEO-1 National Aggregate Report by NAICS-3 Code, Funds, Trusts, and Other Financial Vehicles (525),” 2015 Job Patterns For Minorities and Women in Private Industry (EEO-1) (2015).
17. U.S. Equal Employment Opportunity Commission, “2015 EEO-1 National Aggregate Report by NAICS-6 Code, Investment Banking and Securities Dealing (523110),” 2015 Job Patterns For Minorities and Women in Private Industry (EEO-1) (2015).
18. U.S. Equal Employment Opportunity Commission, “2015 EEO-1 National Aggregate Report by NAICS-6 Code, Securities and Commodity Exchanges (523210),” 2015 Job Patterns For Minorities and Women in Private Industry (EEO-1) (2015).
21. Bureau of Labor Statistics, “Table 39: Median Weekly Earnings of Full-Time Wage and Salary Workers By Detailed Occupation and Sex, 2016,”Current Population Survey (2017).