Here’s 5 Things You Need to Know About Women in Finance

Forbes interviewed seven members of the Forbes Finance Council who are breaking the barriers in female executive finance roles. Read on to discover insight, experiences and advice on how to make it to the top.

The 2017 World Economic Forum’s Global Gender Gap Report has highlighted that “Female talent remains one of the most under utilised business resources”. It is clear that this is especially prescient in the finance industry, where female representation declines as career level rises. At the executive level, only 15 per cent are women. Here are 5 things that you need to know about how these women made it to the top.

1.    See The Gender Gap As Both An Opportunity And A Challenge 

Francesca Federico, co-founder and principal of Twelve Points Wealth Management, highlighted how the industry is “pretty much an ‘old boys club’ and most men have gotten into this industry because their father or golf buddy or college alumni was in it. 

“I think women have a hard time breaking in because there have never been that many to begin with”, she said. Francesca acknowledges the difficulties that women face in breaking this mold in order to obtain credibility in a culturally fixed industry.  

However, Keri Gohman, president of Xero Americas, a cloud-based accounting and payroll SaaS provider for small business, believes that too much energy is wasted on trying to fit in. Keri focused on directing that energy into great work and doing things her own way, allowing her to unleash her true capacity and creativity that has helped her build a thriving career.

2.    Finance Is About Making A Difference 

Rather than just paying the bills, the women interviewed by Forbes were particularly motivated by altruism. Francesca wakes up every morning knowing she is “making a difference in the lives of people and families around me.” In a consumer climate where three quarters of Americans reportedly face difficulties saving money, Danielle Kinkle, CEO of Boomer Benefits, a licensed insurance agency, takes most excitement from educating her consumers through free Medicare 101 webinars. 

Leaders have the ability to make the financial customer journey simple and easy to understand for the consumer, making a real and positive impact in their lives.

3.    Finance Professionals Never Stop Learning

The women of the Forbes Finance Council also reported intellectual stimulation as a motivating factor. Dealing with market impacts by everything from climate change to politics means that no two days are ever the same. 

Kayce Hunt, CFO of Vishion, a personal shopping app arranged around color choices, encourages women interested in finance to “gain a broad understanding of the different functions available … so that they can go down the path that interests them most.” 

4.    Women Are Creating The Future Of Finance

Living with the status quo was not an option for the women of the Forbes Finance Council. By founding their own businesses, developing new business cultures and supporting a range of new initiatives, they get to do things their own way.

Keri focuses on shaping attitudes and culture at her firm. “It’s been impactful creating a culture for my teams where they can be free to bring their unique gifts to the table and be themselves,” she said.

Jade Sullivan, co-founder and experience designer for Pogo Insurance, offered encouragement to women looking to make their mark in finance. “Just understand that it takes a lot to change things or to develop a new idea,” she said. “But it’s worth it.” 

5.    Women In Finance Can Look Forward To The Future

Whilst there is a gender gap in the finance industry, things are getting better. Danielle summed up her experience by highlighting her ability to grow her business from one employee (herself) to employing over 30 people and serving customers in 47 states.

Women on the council also offered their encouragement to women who want to have a family and grow their career at the same time. There shouldn’t be a choice between one or the other, and women in finance of the future will be able to clearly show this.