Correct you also see this through entry criteria for them being massively lowered (have seen the typical psychometric test scores getting lowered by30-50pc), so the average that enters IBD will be much lower. HFs and to a much lesser extent PE firms really could not care less about diversity policies so will just hire meritocratically (in an ideal world anyway) and given the average women out of banking may be a worse candidate than the average guy your conversion to PE/HF may well be lower. This is just simple statistics not some great discrimination scheme.
It is a very demanding profession as one needs to devote all her time and attention to work alone leaving less time for family. So when people have kids and don't have someone back at home to rear them, it becomes a source of constant guilt and grief for everyone in the system. It becomes extremely competitive and political at the senior management levels as only a few people can be accommodated at that level. If one is not able to give her 100% to work for whatever reasons, it becomes difficult to compete. It finally boils to the candidate's personal rapport with the top management and conscious gender sensitivity on the part of the organisation to get over this hurdle. Most firms are found wanting on this factor though in recent times at least the established ones with a large work force are trying to be conscious about it.
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.
But Stash’s analysis does find that male and female Stash users behave quite differently when markets become volatile. Stash examined its users’ behavior on two especially volatile days for markets in 2018—Feb. 5 and Feb. 8, when major stock indexes suffered big losses, moving into what Stash defines as correction territory. On those days, the men panicked: Men who use Stash were 87% more likely than women, on average, to sell an investment. That behavior continued through the following week, with the men remaining 76% more likely than the women to sell an investment.
Investing money in the stock market is not a complicated process, but it requires making decisions. Will you buy funds, exchange traded funds or equities? If so, which ones — and in what proportion? And on which platform will you choose to hold your investments? These are the practical barriers, but bigger decisions are needed to guide these choices — namely, what am I saving for, and how can I do so in the most tax-efficient way?
As an analyst, I'm also part of an employee networking group called Junior Women Connect, which organises a range of networking and career events. Last year we organised an event called "Power Dressing 101", which consisted of an evening in an L.K. Bennett store hosted by a professional stylist who advised us on how to dress for work and the impact of our image on people's perceptions of us.
Each guest speaker has no fewer than ten years’ experience in the industry, working at at least one well-known organisation. Citi’s Louise, however, has a banking career that pre-dates the euro – spanning two decades. That’s because Louise, who was one of ten students to join Lehman Brothers' graduate scheme in 1995, knew from an early age that she wanted to be a banker.
Life expectancy is one of the many unpredictable variables at play. My mother-in-law just turned 100 – amazing! She never expected to live that long, and even if she did, how could she or anyone else effectively plan for the income needed to last all of those years? Meanwhile, my husband's sister passed away unexpectedly in her early 60s – a reminder that trying to anticipate our own mortality based on that of our immediate family members is pretty much futile.
I agree there is some discrimination and it effects women of a certain age the hardest. Generally, it's not going to impact analysts or women over 40. Most often it's going to effect women in their mid/late twenties to early forties. Why? Well, it's sort of obvious. These are the years where professional women are most likely to have kids. Hiring a woman in this age range is much riskier for the employer, because you are probably going to have to endure 1-2 maternity leaves in the best of scenarios or the complete withdrawal from the work force.
I was partially being sarcastic. However, I think the comment probably holds some merit, as unfair as it may be. In addition, I don't think that it relates only to finance, but in business in general. I think from a hiring standpoint, for whatever reason, appearance absolutely can play a role in the decision-making process. I also think that, again for whatever reason, it probably plays a bigger role when the hiring decision pertains to a female.
You know how the world of finance can sound like it’s full of jargon and its own vernacular? That’s quite intentional. “It’s always been in the industry’s best interest,” says Whitney Morrison, a financial planner at Wealthsimple, an online investment-management service. “If it’s confusing to the point that a regular person couldn’t possibly understand it, then you have to pay someone to navigate that for you, right?” Deliberately obfuscating language is designed to be intimidating, and that intimidation is worse for women largely because male financial advisors greatly outnumber their female colleagues. Also, women who want financial advice “may be confronted with someone who doesn’t fully understand their experience or take factors that primarily concern women—like living longer, taking more career breaks—into consideration,” Morrison says.
2. Make “friends” with risk. Women prefer to preserve wealth even if it means giving up higher returns. Take a 51-year-old attorney (who preferred not to give her name) as an example; she has consistently contributed the maximum allowed by her law firm’s retirement plan. “I know I should be investing in stocks, but I don’t want a repeat of 2008. My money is parked in a money market fund, where I know it’s safe.”
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