Where Are the Women?: An Investigation into Why Women are Not Attaining Top Leadership Roles in the Financial Services Industry

Abstract

According to a 2016 report by Catalyst, women in the United States make up 46.8% of the workforce and 51.1% of management and professional positions, but only a startling 4% of top leadership positions in S&P 500 companies. There are many reasons for this phenomenon, and this paper will consider the major theories behind it. Through the lens of the financial services industry and using both the qualitative research technique of semi-structured interviews, and quantitative techniques to measure the findings from the qualitative research, this paper endeavors to show which factors impact female leaders’ ability to reach the senior levels of management from their own perspective, and illustrate how these may differ from the challenges their male colleagues experience. The goal of this research is to provide insights to help direct future research and offer guidance to the financial services industry regarding steps to take to ensure women are afforded equal advancement opportunities. The research shows that both harassment and social role conflict impact women to a greater extent than men in the financial services industry.