Mentoring program seeks to improve financial services gender gap
Future IM/Pact has launched a mentoring and advocacy program to make it easier for investment teams to recruit future talent.
Data from the gender pay gap report from the Workplace Gender Equality Agency (WGEA) found financial services is among the worst offenders with a median total remuneration gap of 26.1 per cent, second only to construction.
According to a recent Diversity Survey by the Financial Services Council, women only make up 18 per cent of portfolio managers and 11 per cent of chief investment officers in Australia.
Future IM/Pact founder, Yolanda Beattie, said: “Recruiting and promoting more women into top paying roles is key to addressing gender pay gaps. Despite universities and the early career candidate market being full of talented, curious and highly numerate women, the pathway from university to an investment role tends to favour proven men over women with perhaps greater potential.”
She flagged women are often hindered by the lack of experience in a markets role, such as investment banking or deal advisory, when it comes to obtaining their first analyst appointment.
“Hiring managers, who are mostly men, want to see a visible conviction and passion for investing that reflects their own, and this desire to hire in their own image can put women at an inherent disadvantage.”
Its initiative – YourEDGE – is a six-month program that will provide one-on-one mentoring and coaching support for women looking to enter investment management. During the program, they will develop and present an investment thesis, expand their technical and non-technical skills, and broaden their networks.
The organisation partners with investment managers and super funds, including Australian Ethical, Australian Retirement Trust, Macquarie, Perpetual and Rest.
Natalie Tam, systematic portfolio manager at Australian Ethical Investment and a former equity research analyst at Deutsche Bank, is an industry mentor for the organisation.
“Investment management is an incredible career for curious, smart women who want to be intellectually stimulated doing meaningful work. I’m thrilled to be sharing my knowledge and networks with women who are trying to break into the industry,” she said.
Applications for YourEDGE close on 30 April 2024, with the program slated to kick off at the end of May.
AUTHOR
Laura Dew
Recommended for you
BlackRock, in collaboration with iCapital and GeoWealth, has unveiled a model portfolio that delivers access to both private and public market assets in a single account, following adviser demand.
Magellan has confirmed the new leadership of its active infrastructure ETF once head of investment, Gerald Stack, exits in July.
Vanguard has indicated it is actively trying to meet the demand for international ETFs with its next ETF launches sitting in this space.
Dubious marketing strategies involving financial advisers are among reasons that research house SQM Research has put the private credit space on alert.
