The financial services industry, traditionally dominated by male-centricity and intense competition, remains a challenging space for women and gender diversity advancement.
While there’s no denying progress has been made, there is still a stark contrast between men’s and women’s progression beyond middle management in fields such as banking and finance.
“The glass cliff” refers to recent findings that women are more likely to be given leadership roles when an organisation is in trouble. That makes it difficult for them to prove themselves. This and the “double glass ceiling” are just 2 of many barriers remaining in financial services.
To counter this and enhance gender diversity, tailored graduate programmes play a crucial role in empowering women to excel in STEM- and finance-related professions.
Current State of Gender Equality in Financial Services
The finance industry has been slow to achieve gender parity, with entrenched masculine cultures often stifling the advancement of women. Research shows a gender pay gap of 26% across the industry, which grows with role seniority.
This highlights a broader industry challenge to embrace inclusivity.
Graduate programmes focused on women in finance can be transformative by equipping women with the necessary skills and offering support structures to thrive in these environments.
Encouraging Women in Financial Services
To foster a more diverse and inclusive industry, you can take the following strategic actions:
Mentorship and Networking: Provide women with opportunities to connect with and learn from established professionals in finance.
Flexible Work Arrangements: Support work-life balance, which is crucial for long-term career sustainability.
Visibility of Role Models: Showcase successful women in finance to inspire and encourage upcoming professionals.
Graduate Programmes for Women: Specialised programmes help women establish themselves in the financial world.
Empowering Women Through Graduate Programmes
Graduate programmes are instrumental in achieving gender diversity through several key initiatives:
Education and Skill Development: These programmes offer courses in financial analysis, investment management, and corporate finance, crucial for building a robust foundation in finance.
Networking Opportunities: They provide platforms for aspiring female financiers to build valuable connections, gain industry insights, and access mentorship.
Access to Resources and Support: Many programmes offer tailored resources and support services, addressing the unique challenges women face in finance.
Mentorship and Role Models: Highlighting the importance of visibility, these programmes connect participants with role models and mentors, which are crucial for fostering ambition and guiding career paths.
Role Models and Impactful Graduate Schemes
Recognising role models in the sector is vital. Initiatives and platforms that spotlight top female professionals in fintech and finance like Women in Tech and Ticker Tape play a crucial role in providing inspiration and practical insights into career paths.
Programmes like Women in Banking and Finance and Arbuthnot Latham’s early careers programmes demonstrate the positive impact of dedicated support for women in finance. These schemes not only help bridge the gender gap but also empower women with the confidence, skills, and networks necessary to succeed.
OFS: Empowering Women in Finance
Graduate programmes tailored for women in finance are more than just educational courses; they are comprehensive platforms that offer education, mentorship, and support, which are critical for challenging the status quo and advancing gender diversity in the financial sector.
With these programmes, the industry can move towards a more inclusive and equitable environment, broader societal benefits and a stronger financial sector. Get in touch with OFS to find out how we can support your diverse recruitment strategy.
