Women in Financial Services

Quick Take - Women in Financial Services
Global
In Many Countries, Women Represent Nearly or Just Over Half of the Financial
Services Industry
Women’s Share of Employment in Financial and Insurance Activities
Country

Year

% Employed

Australia

2018

48.6%

Brazil

2019

49.9%

France

2019

56.6%

Germany

2019

51.3%

India

2018

16.8%

Italy

2019

45.1%

Japan

2018

52.2%

Netherlands

2019

37.5%

Singapore

2018

51.8%

Spain

2019

53.0%

Sweden

2019

48.9%

United Kingdom

2019

43.8%

United States

2019

54.3%

Few Women Reach Leadership Positions in Financial Services Across the
World
Globally, women represented 12% of CFOs in large-cap firms and 34% of
CFOs in mid-cap firms in 2018.
In 2019, women’s global representation on executive committees in major financial
services firms was only 20%, up from just 16% in 2016.3 Women’s representation
by selected country:
Above or at the global average:

Below the global average:

Australia (34%)

Switzerland (17%)

US (26%)

Germany (15%)

Singapore (23%)

Mexico (13%) UK (20%)

Italy (13%)

Hong Kong SAR (20%)

China (5%)

France (20%)

Japan (5%)

In 2019, women’s global share of board directors in major financial services firms
was only 23%
In a 2018 global survey of firms in alternative investments (e.g., hedge funds, private
equity and venture capital, private real estate funds), women accounted for only 13%
of CEOs.
Among these firms:
• Over half (62%) have women in noninvestment leadership positions.
• More than a third (38%) include women on the firm investment committee.
• Nearly half (49%) offer flexible work arrangements.
Women Are Less Likely to Receive Promotions and Sponsors
In 2017, the financial services industry in North America had a 24% gap between
the rates of first promotions (from entry-level to manager) of women and men,
despite asking for promotions at comparable rates.
• At 34%, the first-promotion gap is even greater between women of color and
their male peers.
• Among entry-level employees, men are more likely than women to have
managers and senior leaders act as sponsors-serving as advocates, providing
advancement advice, and identifying opportunities.
Women have higher representation in leadership roles that do not typically lead to
promotion to CEO, such as heads of talent and marketing/business development.
• Operations experience is one predictor of successful candidacy for a CEO
position. One-quarter of current CEOs had been COO just prior to becoming
CEO, yet women represent only 11% of the current operations leadership
pool.

Canada
Canada’s Financial Institutions Outpace Other Sectors
Finance and insurance ranks second among the industries with the highest
percentage of women board directors in the Financial Post 500, at 33.1% in 2018. Among Canada’s six largest banks in 2018, women represented:
•
•
•
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57.1% of the total workforce.
37.7% of senior management.
48.0% of middle management.
47.7% of all professional jobs.

In 2020, 39% of board directors at Canada’s six largest banks were women.
Women in the Labor Force in Financial Services in Canada, 2016
Occupation

% Women

Financial managers

57.7%

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 finance, insurance, real estate, rental, and leasing industry, women’s
average weekly wage in 2019 was CAD 1,091.01, compared to men’s average
weekly wage of CAD 1,336.47.

United States
The Higher Up the Leadership Ladder, the Fewer Women
Women in the US Financial Services Industry, 2019
Accountants and Auditors

61.7%

Financial Managers

53.5%

Financial Analysts

34.2%

Personal Financial Advisors

32.1%

Compared to other industries, the financial services industry had the highest number
of women CFOs (18) in 2019 in the Fortune 500 and S&P combined. • A Korn Ferry analysis of the US’ 1,000 largest corporations over eight
industries showed just 8% of CFOs in finance were women in 2019.
In 2019, fewer than a quarter (21.9%) of senior leadership roles within financial
services firms were held by women. Current growth projections of 31% by 2030 are
still far from parity
In the banking and consumer finance industry women are just at parity (50%) for
entry level positions, but a gender gap gradually increases along the leadership
pipeline, from 42% of managers to 27% of senior vice presidents.