Women continue to be underrepresented in the finance industry, especially at the senior manager level, according to Yiming Qian, Professor and the Toscano Family Chair in Finance at University of Connecticut.
While women make up half of the entry-level finance jobs, they occupy less than one third of the C-suite positions, she said, adding that this ratio is much smaller in large financial firms.
“Such underrepresentation in leadership positions reduces women’s access to mentorship and networking opportunities,” she told Traders Magazine.
Moreover, according to Qian, traditional gender roles often place the responsibility of work-life balance predominantly on women, presenting a significant challenge in a demanding industry like finance.
“This imbalance can create substantial barriers to career progression for women in finance,” she said.
To amplify opportunities for women in finance and support their growth, the UConn School of Business launched the ‘Women in Finance’ Course in Spring 2023, which will run again this fall.
The course was small with 25 students and was open to any first- or second- year undergraduate student at UConn, said Alana Adams, Director for Undergraduate Programs and the course instructor.
Students enrolled from various UConn campuses, she said, adding that they participated in (virtual) guest speaker days, doing research and preparing questions in advance of the prominent women leaders joining the course.
This course is intended to support and elevate students, particularly women, those professionals historically underrepresented in gender roles, and those concerned with gender barriers in the field of finance, by helping enrolled students develop industry-specific skills, identify goals towards crafting a personal brand, and build the confidence to pursue leadership roles within the finance industry, she explained.
In addition to the guest speakers, students learned from industry tools like Wall Street Prep and CaseCoach, and participated in short virtual work experiences using The Forage platform, Adams said.
She added that students were assigned a book to read throughout “One Bold Move a Day: Meaningful Actions Women Can Take to Fulfill Their Leadership and Career Potential” by Shanna Hocking during the term, and the author also joined as a guest speaker.
“The feedback from these students was overwhelmingly positive, and students reported being most impacted by getting to speak with the professionals who visited the course,” she commented.
Kelly Kennedy, Director of Transformative Learning Career Education at the UConn School of Business, said that creating the curriculum for this course was intended to elevate the student’s connection to the business world and, through practical exploration and reflection, assist them in navigating a potential career pathway in a safe space.
Research has shown that confidence tends to be the biggest obstacle for women in this industry, according to Kennedy.
“Generation Z college students strongly desire to explore different industries, companies, and roles that appeal to their interests and academic majors; which require transformative experiences on campus,” she said.
These students proactively engaged on campus and, throughout the course, acquired the industry-specific skills crucial for success to be marketable in a competitive industry like finance, Kennedy said.
“The interaction with our business alums gave them insights into what to expect in their future, and the strong network, coupled with skill development, created the confidence to forge ahead,” she said.
“If their career preferences shift after completing an internship, the experience will equip them with valuable transferable skills for the future,” she added.
“This course provided a starting point and support for the growth and development of the next generation of finance leaders who identify as women,” she stressed.
One of the highlights of the course was the opportunity to speak with women in the industry, according to Kennedy: “Last year’s guests were so popular that we might engage them again.”
She added that students particularly enjoyed the “literature circle” with Shanna Hocking, who will join them again this fall to discuss her book.
“Mentorship is incredibly impactful in paving the way in a competitive industry,” said Kennedy.
Guidance from successful mentors assists young professionals in setting realistic goals and being accountable for those goals, she said.
“Mentors can provide actionable feedback and the occasional “you got this” moment that can make all the difference in moving forward “one bold move a day,” she cited Hocking’s book title.
Professor Nora Madjar, Associate Dean of Undergraduate Programs at the UConn School of Business, added that their goal with this course is to make both female-identifying and male-identifying students aware of some of the gender norms that exist and present obstacles to women’s advancement in the finance industry.
“We believe that in addition to mentoring and presenting opportunities for networking and role models to the female-identifying students, it is important to create allies in the male-identifying students by helping them acknowledge their own assumptions and biases and learn to challenge them in order to create a more inclusive culture for their female colleagues,” she said.
“By making male-identifying students aware of the lack of equal gender representation in the financial industry, our goal is to preparing them to become the best advocates for gender equality,” she added.
To celebrate outstanding achievements by Women in Financial Services, Markets Media will be hosting the ninth annual 2023 U.S. Women in Finance Awards, which will be held on Thursday, November 16, at the Hard Rock Hotel in New York City.
