Raja Al Mazrouei: I was often told that my place was at home, that I should focus on my children rather than building a career. This was a constant challenge throughout my life. But I believe that women can and should do more than just be homemakers. Moreover, success for women often comes with the double burden of proving their competence and professionalism.

The idea that women need to prove their competence doubly is supported by statistics.

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Statistics are on the Speaker’s Side

General

Studies highlight gender inequality in the global workforce, with less than half (47.7%) of working-age women employed. The percentage varies from country to country, sometimes dropping even lower, overall creating a ratio of two men for every woman. Additionally, women often face lower earnings compared to male counterparts and are more likely to experience gender-based discrimination.

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Fintech

According to the 2021 Findexable report, women hold 19% of leadership positions in fintech companies, 11% of board seats, and only 1.5% of founder positions. They receive just 1% of total fintech funding. Women make up about 30% of the overall fintech workforce.

The pandemic played a role in this. From February 2020 to January 2022, over a million women left the workforce, mainly due to childcare responsibilities when schools and daycares were closed. But now we are witnessing a sort of renaissance, thanks to achievements in remote work. Returning to Raja's words, the concept of proving one's professionalism resurfaces here.

The research featuring interviews with 120 nominees from the Innovate Finance Women in FinTech Powerlist in the UK reveals that barriers still exist in the sector. Female top leaders in the UK industry highlight a lack of recognition (27%) and opaque promotion processes (25%) as key challenges to professional growth.

According to the Office for National Statistics, the gender pay gap stands at 14.9% for all types of employment. This gap significantly widens in technology sectors (27%) and financial services (26%). In fintech, where public reporting is limited, EY analysis estimates the gender gap at 22%.

EY’s European Financial Services Board monitoring shows that in the UK financial sector, the overall male-to-female ratio among directors is 61% to 39%.

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Tech

The World Bank reports that women make up less than one-third of the global workforce in technology fields. In the United States, women constitute only 28% of the STEM workforce. And there is a gender imbalance in the tech giants, with the percentage of women ranging from 45% at Amazon to 29% at Microsoft. In leadership roles at these companies, the percentage of women is even lower.

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- 31% is the average female representation in the GAFAM workforce (Google, Apple, Facebook, Amazon, Microsoft).

- 38% of women with a computer science degree are employed in the industry (compared to 53% of men).

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Worrying forecasts from a 2021 World Economic Forum study predict that it will take up to 268 years to close the financial gender gap. Though recent expert analysis suggests that by 2024, this timeframe may have reduced to 50 years. While better, this is still a tragedy.

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Finance

A similar story unfolds in finance. Despite roughly equal representation of men and women at entry level, men climb the career ladder much faster. In venture capital, only 4.9% of senior partners are women. In private equity, this figure is 10%.

A McKinsey & Company report shows that women’s representation decreases as they move up the corporate ladder:

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For every 100 men promoted to manager, only 81 women receive the same promotion (2024 figures). For women of color, this number is even lower. Furthermore, about 40% of respondents said they had been interrupted more often than others in the workplace and had their expertise doubted at least once.

As of 2021, women accounted for only 41% of students in business schools. However, the statistics vary by institution: Harvard Business School’s Class of 2023 had 46% women, while Wharton’s MBA program saw 52% female graduates in 2023. When it comes to faculty, only 16% of professors at top business schools are women, leading to a gap in publications, as women publish about 17% fewer articles compared to men.

At the start of 2021, women made up 52% of the finance industry, but their representation decreased as they climbed the corporate ladder. Women held only 27% of top leadership positions.

At the same time, the gender pay gap in the U.S. financial sector amounts to $13. For every $40 earned by a man, a woman earns just $27. On average, it takes 6.6 years for a man to climb the corporate ladder, but 7.4 years for a woman.

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Conclusion

In conclusion it is best to use Yasemin Bedir words:

"Women are creators, and if society has more active, successful, and determined women, we can build a prosperous state. Moreover, women need to be recognized on an international scale. Global recognition opens new opportunities; it’s a unique chance to inspire others. Every woman who achieves success becomes a role model for future generations."

This is indeed a valuable idea, especially when looking at the world as a whole. In India, for instance, 80% of women lack financial literacy, and 62% do not have bank accounts (The Economics Times India). Despite the fact that many studies show that having women on company boards leads to profit growth.

We can hope that such events and women like these bring us closer to gender equality and we will not have to wait 50 years to equalize at least salaries.