Empowering Women in Finance: The Inspiring Story of FemaleXFinance

In a world where gender diversity in the finance industry has been a longstanding challenge, two remarkable women, Mélanie and Léonie, took it upon themselves to be the change-makers. They embarked on a journey that eventually led to the birth of FemaleXFinance, a platform that has emerged as a symbol of hope and empowerment for women aspiring to carve a niche in the finance world. Their story is one of resilience, ambition, and a deep-seated commitment to challenging the norms in an industry where women have often been underrepresented. Join us as we unravel the remarkable journey of FemaleXFinance, and discover how they are determined to rewrite the rules and pave the way for a brighter, more inclusive future in finance.

Can you share more about what FemaleXFinance is all about and the work you do there?

FemaleXFinance is a platform dedicated to building a network of women interested in finance, ranging from high school students to those with years of experience. We call it the 'new girl network,' emphasising the power of networking in the industry. We organise events and provide educational sessions, covering both soft and hard skills, such as corporate finance and negotiation strategies. Additionally, we assist with recruitment, helping women enhance their resumes and navigate the interview process. Currently, we have around 4,500 community members, and everything we offer to our community is free, thanks to partnerships with companies that support our initiatives. We have about 1,000 members in the UK, with the majority in the Netherlands and across Europe, and a growing presence in the US. We work with various sectors within finance, including corporate finance, investment banking, private equity, and venture capital, and expand into areas like trading, risk management, and hedge funds based on our community's needs.

What inspired the creation of FemaleXFinance in the first place?

The founders, Mélanie and Léonie, initially created FemaleXFinance while they were finance students. They noticed that only about 30% of their study group consisted of women. As they pursued internships and jobs in finance, they realised that there were very few women in the field, apart from office managers or marketing interns. Through their research, they discovered that many women were opting for careers in strategy consulting rather than finance due to factors like budgetary constraints, marketing efforts by larger companies, and existing networks. They realised that a lack of knowledge about the finance sector and how to enter it played a significant role. To address this, they started an Instagram page to answer common questions about finance, such as the nature of different finance roles and the companies involved. As the page gained followers and engagement, they decided to make it a full-time endeavour.

What challenges did the founders of FemaleXFinance face as women in finance? Have they encountered any discrimination or difficulties in the industry?

At the outset, they faced the challenge of not being taken seriously. This lack of recognition was often rooted in the older generation's perspective on the industry, which sometimes included outdated beliefs and attitudes. The founders have shared stories of women feeling undervalued or not being sure if they were hired solely because they were women. However, FemaleXFinance actively addresses such issues. If a community member reports feeling marginalised or disrespected during any interaction, we investigate and address it. We prioritise creating a safe environment for our community, which means not partnering with companies that perpetuate such problems. Interestingly, many of our partner companies are from the newer generation in finance. They recognise the need for greater diversity and are proactive in supporting our initiatives.

That's commendable work. Can you share some common questions or concerns you often encounter from your community members regarding careers in finance?

Certainly, we receive a variety of questions, but some recurring ones include:

1.???? How to stay motivated after facing numerous rejections: Many community members send out multiple job applications and face rejection. Staying motivated through this process is a common challenge.

2.???? Networking strategies: Some individuals, particularly women, are hesitant about networking. They often ask about the best ways to network effectively and overcome their apprehensions.

3.???? Choosing the right field: Finance offers diverse career options, and many individuals are unsure about which field suits them best. We advise them to attend in-house days, webinars, and events to gain insights and make informed choices.

4.???? Dealing with feelings of not being taken seriously: Some women in finance may feel undervalued or doubt their abilities. We teach them how to stand up in a room filled with a hundred men encourage open conversations about such feelings and, if necessary, address specific issues with relevant parties.

What advice do you typically offer to young women aspiring to enter the finance industry?

Our advice generally revolves around three key principles:

1.???? Exploration: We encourage them to explore the industry, attend events, follow webinars, and talk to as many people as possible. Understanding the various facets of finance and the company culture is crucial.

2.???? Networking: Building connections is essential. We emphasise that networking doesn't have to be intimidating; sending LinkedIn messages and initiating conversations is a valuable step.

3.???? Persistence: Rejections are part of the process. We advise them to stay persistent, keep applying, and not let setbacks discourage them. It's important to focus on finding the right fit both in terms of job roles and company culture.

What are your plans for the future of FemaleXFinance, both on Instagram and in terms of events and initiatives?

Our future plans involve significant growth. We aim to increase our community membership by 300% annually, reaching around 7,500 members by the end of the year. We also plan to expand our presence to London, recognising it as a financial hub. Our overarching goal is to redefine the image of finance, emphasising diversity, inclusivity, and opportunity. We want young women to think of finance as a dynamic and exciting field, not just a traditional, intimidating industry.