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Gender and career barriers

11/04/16

Women have made massive progress in the world of financial services over the past 50 years, but there is still some way to go before equality is achieved. While access to the profession has been broadened significantly, the industry has struggled when it comes to creating gender-parity in the boardroom. The government has actively been seeking to remedy this situation, and initiatives have included calling for bonuses in the sector to be linked to gender-equality targets.

There is also a gap in earnings between men and women working in the industry. Recent research from Marks Sattin found that women in the industry earn £17,000 less than their male counterparts per year.  According to the findings, the total remuneration for a typical female accountant stands at £67,680, while men take home an average of £84,970. Female accountants also bring 37% home less than men in bonuses each year, with men averaging a bonus package of £13,080 and women £8,260.

The starkness of the gulf means that firms and in-house teams must ensure they have clear policies which ensure women are just as encouraged as their male colleagues to excel in their careers and they realise that opportunities are equally within their reach. More diverse organisations are better-suited to meeting the needs of diverse clients and customers, and firms that encourage it will almost certainly benefit in the long-term.

It isn’t all bad news, however. The research found that the gap has been shrinking in recent years – which hopefully means equality is on the way.

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