#1... biggest advice to any female looking to break into finance... drop the feminista thing, it won't get you anywhere. It's ok to be bitchy, and in fact may help you in certain instances, but don't ever, ever pull the feminist card. There's nothing worse than a person who chalks up their own personal failings to an "anti-me" thing. It's nothing more than an excuse for being a slacker.
Now, the down of it is because often those jobs don't pay as well as those in the private sector. So, I think women have been drawn into those roles, but the good of it is get yourself in there, manage, lead, learn, and translate those skills either upward in the, in the public sphere or externally in the private sector. And when I used to work on appointments for President Bush and when he was governor in Texas we used to try to sell people like Andrea that we were going to go from success to significance. And so-- MS. SMITH: And you did.
You’re not supposed to feel sorry for her. But it’s interesting that she’s so wealthy and doesn’t feel that way. She’s in this odd, hyperbarically sealed Wall Street world. You lose perspective on how much is enough. Some people have taken issue with her making so much money. If she were a supermodel or a celebrity, I don’t think people would mention it. People react differently to an ambitious woman.
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Women are often more cautious than men, a quality which has become highly valued in the post-financial crisis world. Intuition is another valuable ‘female’ quality when it comes to investment decisions. And last but not least, women are often more goal-driven, knowing that they sometimes need to work twice as hard as their male colleagues to get ahead.
MS. TURLINGTON BURNS: I think we see all ages who are interested, and it might be—obviously, it's not just people who are thinking about motherhood or pregnant themselves. This is again it's an issue that really touches a lot of people. It might be because of their own parent. It might be because, you know, like my 13-year-old, right, it's not lost in me that, you know, at this age of her life it's kind of the perfect time to be learning about these issues, well before she is thinking about whether she wants to or doesn't want to become a mom one day. But now, as she's understanding her body, and is learning about the things that she wants to do and what she wants to be in life. Like, this is like a ripe time. It's a challenging time in almost every country to be able to educate our young people about these things, but it's so important. My team at work, their ages, you know, 22 to I'm 48, so to 48. I mean it's a pretty broad age range, and I think the way that we work as a team has really helped to—like we don't really see age and numbers. It's like we're together sharing this mission and we each can kind of reach our own networks in our own way, in the way that they want to be spoken to or taught. So, we're really trying to think about that and keep an open mind about how people want to, how receptive people are, and how they want to take information in and how they want to be activated.
To keep from acting impulsively, Kaplan suggests writing a script that outlines how you will react to a plunge or a rapidly rising market. Following that plan—-be it reading from an investment policy statement that you’ve prepared for yourself or simply calling your adviser—-should help you in both booms and busts, tempering the inclination to invest the rent money in stocks during run-ups and to bail out of the market with money you might not need for 30 years.
These factors, coupled with women’s lower average wages and greater longevity, go a long way toward explaining why men’s poverty rate in retirement is half the poverty rate of women. “My real concern is that the retirement-savings crisis is a gender crisis, and we are not talking about it that way,” says Sallie Krawcheck. “Women can save more and invest more. They have to find a way that works for them and just do it.”
But rather than pitch men and women and their typical respective styles against each other, we might look to the success of diverse teams across the business world for a far more productive use of this information. A widely circulated study undertaken by McKinsey & Company found that companies in the top quartile for gender diversity on their executive teams were 21 percent more likely to experience above-average profitability. And in February this year, it was discovered that funds managed by mixed gender teams attracted 6 percent more inflows than those run solely by men or women over three years. Diversity, it’s clear, is good for business.
“We were then left with a chunk of that cash plus some Unilever share options. That’s the point where Jennie really wasn’t interested,” says Mr Byrne. Initially he invested in a low-cost “tracker” fund that simply mirrored the performance of the FTSE 100 index, but after building up his confidence he put money in funds run by professional managers, which have delivered better returns.
However, after talking to more professionals in the finance field and reading articles like this, I have regained my faith in finance and became a co-leader for the finance club at my high school. My biggest concern is the one depicted in this article: the club has an extreme lack of female members (we only had one last year). As you have mentioned, this is unfortunate as diversity fosters more informed decisions. Similarly, Kelly Loeffler of Intercontinental Exchange, who was quoted in the KWHS article titled “Career Insight: Advice from New York Stock Exchange President Stacey Cunningham”, believes that gender should not be a limiting factor for the expression of intellectual curiosity. You mentioned how you felt uneasy in male-dominated classes, and as a male, I never had to go through the same feelings, but I certainly want to change this limiting atmosphere in academic settings. I think your mentioning of Kylie’s Cosmetics is a perfect example of how more female members could allow the male-dominated industry to make more informed and wise investments. Yet even though we recently had a female member take upon a leadership position, many other female classmates I’ve talked told have told me that the finance industry was “disgusting” and filled with greedy, misogynistic men.
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When I got my first management position nearly 15 years ago, My global manager said to remember, 'Transparency and honesty are key to managing relationships and gaining trust from people. And it’s harder than you think.' It’s true. It’s incredibly hard sometimes to deliver a message you know someone is not going to like, but in the long run, it really pays off to be as transparent about a situation as you can be.
Women currently live longer than men. According to the World Health Organization, a female born in 2015 can expect to live nearly five years longer than a male born in the same year.2 The possibility that I may live longer means I have a greater chance of needing more income to sustain me through those extra years. And don't forget to factor in the medical expenses that will likely accompany an extended lifespan.
Unfortunately, according to a nationwide survey conducted by LearnVest and Chase Blueprint, only 48% of women and 56% of men have a 401(k) retirement account, and the percentage of people who have their own individual retirement account (IRA) is even lower: 40% for women and 48% for men. And these stats are just for retirement investing alone—even fewer people are doing any non-retirement investing.
At Ellevest, we’ve found (and research confirms) that women are not so much risk-averse but risk-aware—meaning that they want to thoroughly understand a risk before they take it on. And once they do? A study from the University of California at Berkeley describes women as “rational” investors, meaning that they take on smart risks, and the women in the study outperformed the men, whose overtrading due to overconfidence was a less successful move in the long run.
“The Reserve Banks are vital contributors to our nation’s economic and financial success. I’m excited about the opportunity to work with the Bank’s well-respected staff in advancing the excellent reputation this organization has built over many years,” Bostic said. “In my role as president of the Atlanta Reserve Bank, I also look forward to confronting the challenges the Federal Reserve faces in today’s increasingly global and rapidly changing economy.”
Things will only change if senior male bankers start promoting women on the basis of their competency, said senior female banker on Wall Street. "Women lose the will to fight against the tide and get tired of putting in the hours and sacrificing family time." But women also need to ask for what they deserve: "I believe I am paid equal to men in the past few roles I have had, but that is because I have been proactive in finding out how much my peers make, and demanded that I be paid the same, if not more," she concluded.
He also found that cortisol levels rise during a market crash, increasing risk aversion among traders and exacerbating the decline. Since women have significant lower testosterone levels, Coates argues that they are less prone to the irrational exuberance associated with stock market bubbles. While the study by Coats is focused on biological factors, it is not the only study to draw similar conclusions with regard to the investment behavior differences between men and women.
So, if you’re eager to make a major job or career change… you guessed it, make a plan. Consider making a list of pros and cons for taking the plunge. If everything in your life is pointing to making a major change, figure out what new goal makes the most sense for you. Take an inventory of your skills and experience, along with your interests and aspirations, and figure out which careers/industries you best align with. Do you have any friends or family who have jobs that sound potentially intriguing to you? If so, ask them more about it. Do your research—the Internet is a great source of information for researching new companies and careers.