Women in Finance – Breaking Barriers and Building Futures

08 Mar Women in Finance – Breaking Barriers and Building Futures

How women have shaped finance

Women have always played a role in finance, even when they weren’t given credit for it. Victoria Woodhull, for example, became the first female stockbroker in the 19th century. Hilda Harding was Britain’s first female bank manager. History is full of examples of great women proving they belong in finance. Fast forward to today and we see strong women at the top of the industry:

• Christine Lagarde – President of the European Central Bank, previously Managing Director of the International Monetary Fund.
• Janet Yellen – The first woman to serve as U.S. Treasury Secretary and former Chair of the Federal Reserve.
• Anne Boden – Founder of Starling Bank, leading the charge in digital banking innovation.

Women are seen to be leading in finance roles more and more, but despite these successes there is still more we can do in the fight for gender equality in finance roles.

Does the gender gap in finance still exist?

The short answer is yes.

Women make up around 50% of entry-level finance positions, yet only 15-20% of senior financial leadership roles are held by women. Women are especially underrepresented in investment roles especially, despite studies showing that diverse teams deliver better financial results. The gender pay gap in finance remains wider than in many other industries too.

Perhaps it’s a mix of unconscious bias, workplace culture, and a lack of mentorship opportunities that means women often struggle to climb the corporate ladder. However when they do, they still face barriers. Women in finance are often overlooked for promotions, or do not having the same access to high-profile clients and deals.

The women who are currently successful in these financial roles though can certainly become an advocate for change and be a voice for progression in the sector.

Why gender diversity in finance matters

Diversity can feel like a bit of a buzzword. A tick box exercise. But it’s good business practice and actually beneficial to your business. Companies with diverse leadership teams regularly outperform those that are less diverse. Studies have shown that:

• Mixed-gender teams make better investment decisions.
• Companies with more female executives are more profitable.
• Diversity leads to better risk management.

So, if gender diversity is so beneficial, why aren’t we seeing more women in leadership roles?

Encouraging more women to pursue finance careers

Encouraging women into finance roles is not just about how we hire women, it’s about supporting them throughout their careers once they are a part of our world. It’s helping them to see progression routes so that they have aspirations. It’s helping them to set and achieve personal development and training goals. And it’s giving them equal opportunities to lead, innovate, and thrive. We need to inspire the next generation of female finance professionals.

How can we do that?

More Role Models and Mentors – If you can’t see it, you can’t be it. Women in leadership need to be visible. If you are a woman in finance be that inspiration. Speak at events, mentor other young women, and advocate for workplace equality.

Flexible Working and Career Progression – The finance industry has to change to retain female talent. Women often leave finance mid-career, especially when starting families, because of rigid structures that don’t allow for work-life balance. Companies need to offer flexibility, equal opportunities for promotion, and better support networks.

Equal Pay Audits – Transparency in salaries is a key step toward closing this gap. Companies should conduct regular pay audits, ensure fair compensation across all roles, and make salary structures more transparent. Pay equality is not just about fairness – it also boosts employee morale, retention, and overall business performance.

More Women in Leadership – Actively promote and support female leaders by implementing leadership development programs, offering sponsorship and mentoring opportunities, and ensuring fair access to promotions. When more women hold leadership positions, it creates a ripple effect, inspiring and enabling other women to climb the career ladder.

Unconscious Bias Training & Recruitment – Bias, whether intentional or not, affects hiring, promotions, and workplace culture. To foster true diversity, organisations must implement unconscious bias training at all levels, from recruitment to senior decision-making.

Advice for women in finance

For those already in the industry, or considering a career in finance, here’s some advice and motivation from women who have made it in business:

“Speak up and take your seat at the table.” – Sheryl Sandberg, COO of Facebook.

“The only thing that stands between you and your dream is the will to try and the belief that it is actually possible.” – Jodi Meyer, former Managing Director at Goldman Sachs 

“I challenge my fellow women to learn not to dim our light, but rather step into our light unashamedly … I hope we learn to unapologetically take up space and believe we belong on every table that we are at … better yet we learn to create the table for other women to sit on.” – Funlola (Ogunkoya) Ayebae, founder of Black Women in Finance

“Stick to your true north – build greatness for the long term.” – Ruth Porat, President and Chief Investment Officer of Google.

“Never be afraid to raise your hand and ask questions, even if you think you already know the answer.” – Melinda Gates, co-founder of the Bill & Melinda Gates Foundation 

“Do not be afraid to make decisions. Do not be afraid to make mistakes.” – Carly Fiorina, first female CEO of a Fortune 20 company

The future of women in finance

There is no doubt that women belong in finance, and not just as employees but as leaders, innovators, and changemakers. The industry is shifting, but it’s up to all of us to keep pushing for that progress.

On this International Women’s Day, we would like to celebrate the achievements of women in finance, but more importantly, to highlight the importance of and keep working towards creating a future where gender is never a barrier to success.

💬 Join the conversation

What do you think is the biggest challenge for women in finance today? Find us on LinkedIn and let’s talk about it.

And if you would like to see how many wonderful women we have here at R J Francis & Co why not take a look at our team page.