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Empowering women in finance: Debunking common myths

15 Aug 2024

Despite the growth in the number of women in South Africa's financial sector—around 1.3 million as of Q4 2023 according to Statista—women remain underrepresented in top management roles, and the gender pay gap persists.

Source: Supplied. Kim Gibb, chief executive officer of Prescient.Management Company.

The World Economic Forum’s 2021 Global Gender Gap Report highlights that it will now take 135.6 years to close the gender gap globally, a significant increase from the previous estimate of 99.5 years in 2020.

To mark Women’s Month, the chief executive officer of Prescient Management Company, a financial-services industry leader and a mother of two daughters, shares some thoughts on overcoming common misconceptions about women in finance and how we can all contribute to a more inclusive industry. These insights are drawn from Kim’s 17 years of experience and what she has observed in the industry during this time:

Myth 1: The finance industry offers limited career options: The finance sector is often viewed as limited to traditional roles like chartered accountants or bankers. However, the industry is vast and rapidly evolving, with organisations building more inclusive and diverse teams. Women have opportunities to thrive in roles such as asset management, data analysis, and financial communication.

The sector increasingly values skills like empathy, strategic foresight, patience, and effective communication. These competencies are critical in navigating the complex landscape of finance and can position women as invaluable assets within their organisations.

Myth 2: There are no spaces for women: According to the Women in the Workplace 2023 report by McKinsey & Company, while men still hold more senior roles, there is a growing movement towards creating environments where women can thrive. This could be in companies with robust diversity policies, or organisations actively seeking to enhance gender representation.

During job interviews, it’s always good to understand the growth opportunities for women within an organisation by confidently asking about gender diversity and the company's commitment to equity. Being part of an inclusive workplace allows women to champion further change and help build a supportive environment for future generations.

Myth 3: You have to be subservient: In the finance industry, assertiveness and ambition are key contributors to success. Rather than feeling constrained by stereotypes, embracing aspirations and actively seeking opportunities for growth by engaging in initiatives beyond their job descriptions, such as joining strategic committees or spearheading projects, can showcase their leadership potential. Ambition and a proactive approach to career development are crucial in breaking through barriers and advancing to senior positions.

Myth 4: Your work doesn’t make a difference: The misconception that finance is solely profit-driven can be disheartening. However, the reality is that financial professionals can make a meaningful impact by fostering sustainable practices, ethical investment, and financial literacy.

Women in finance can lead initiatives that contribute positively to society, whether through advising clients, influencing corporate policies, or supporting community development projects. Recognising the broader impact of their work can provide a strong sense of purpose and motivation.

Myth 5: You must know everything: With the prevalent issue of imposter syndrome, it’s natural to face doubts and remember that nobody knows everything. However, women should trust in their qualifications and experiences, understanding that continuous learning is part of professional growth.

Embracing challenges with confidence, asking questions, and seeking mentorship can be powerful strategies for overcoming self-doubt. The focus should be on progress, not perfection, and on building a supportive network that encourages ongoing development.

Myth 6: You must choose between family or a career: You absolutely do not need to choose between a family or a career; if you are working 24/7, you are working harder, not smarter. In today's evolving workplace, achieving a work-life balance is not just a possibility, but a priority for many. Many companies offer flexible working arrangements, empowering their employees to thrive both professionally and personally.

Such policies not only boost productivity but also enhance employee satisfaction and wellbeing. It's crucial to find an employer who values these principles, as they understand that a happy, well-rounded employee is a productive one. Remember, success doesn't mean sacrificing your personal life for your career; it's about integrating both harmoniously."

As we celebrate Women’s Month, it's essential to challenge these myths and empower women to pursue their ambitions in the finance industry. By breaking down these misconceptions, we can foster a more inclusive and diverse workforce, paving the way for future generations of women leaders in finance.