Report highlights lack of role models and sponsorship
Women hoping to rise through the ranks of Canada’s investment banking industry continue to find the route challenging according to a new report.
Eight in ten respondents to a survey by VersaFi said that more needs to be done to retain women in the industry and the report overall highlights systemic barriers that are faced by those wanting to enter the industry or seek promotion. Altogether this means underrepresentation of women in investment banking in Canada.
The findings mirror some of the points raised about gender inequality in the Canadian wealth management industry by IG Wealth’s head of financial planning, Christine Van Cauwenberghe, and the barriers facing women in the asset management industry, as highlighted by Mackenzie Investments’ CIO of equities Lesley Marks.
Unrealistic expectations around childcare, parental leave, and care giving (82%) is the most cited factor impacting representation and advancement, followed closely by a lack of women role models in senior roles (81%) and being penalized for using flexibility policies (76%).
But the relative lack of sponsorship compared to male counterparts (74%) is also noted as a key factor limiting the career advancement opportunities of women in the industry.
Seven in ten women also say that there is unequal access to high-profile projects and pitches and the same share believe that firms should do more to ensure equal access.
Women who work in the industry told the survey that they were attracted to a career in investment banking because they believe it is interesting and challenging work, because of opportunities for career development, and the pay.
Office culture
Being in the office in person – facetime – is also considered a key barrier to career progression for women with firm cultures often seen as unwelcoming to those who need a more flexible approach to their working week.
“These findings underscore the need for immediate and meaningful changes within the investment banking sector; changes that target policy, culture and educational programming simultaneously,” said Tanya van Biesen, president and CEO, VersaFi.
Versafi’s report suggests how the investment banking industry can address the challenges to attract, retain, and promote women.
This includes building a culture of flexibility, improving transparency in how projects are assigned, approaching parental leave holistically, and championing sponsorship and mentorship.
“VersaFi has created comprehensive recommendations for change, including tangible approaches to promoting flexible work cultures, improving mentorship and sponsorship for women, building holistic parental leave plans, and ensuring transparent and equitable access to career-defining opportunities. It’s up to all of us to address the issues head-on and establish a sustainable talent pipeline across the industry.”
