Women in front-end finance: the Norwegian case

Transcription

Women in front-end finance:
the Norwegian case
Women in front-end finance
Content
Introduction
3
Message from the Steering Committee
5
Summary and recommendations
7
Survey methodology
9
1. Women currently working in front-end finance
10
1.1
Profile
11
1.2
Current position and ambitions
12
1.3
Perception of the finance industry
15
1.4
Motherhood and work-life balance
19
1.5
Recruitment and networking
22
2. Women who have left front-end finance
25
2.1
Profile
25
2.2
26
2.3
Past experiences and perception of the finance industry
26
2.4
28
2.5
Women who left finance, their view on recruitment
29
3. Students and front-end finance
30
3.1
Profile
30
3.2
Job expectations
32
3.3
36
3.4
Focus on female students
43
Appendix: survey questionnaires
45
Women currently working in front-end finance
45
Women who have left front-end finance
49
Students
54
2
Introduction
The Norwegian Securities Dealers Association initiated a study with the objective to improve the recruitment of
women to the front-end financial industry in Norway where they are significantly underrepresented, both on the
sell- and the buy-side, with all the obvious unfortunate effects this entails.
There are numerous challenges in this long-term process of improving the gender balance. Our industry is by
definition ‘demanding’ in terms of intensity, required effort, client servicing and competition for business. These
traits are given, and can only be changed to a limited extent. In addition, the media has continuously portrayed
the front-end financial industry as being chauvinistic and conservative.
International research into the same, but not identical, area also paints a bleak picture of the industry. For
example, the latest Financial News’ Women in Finance Survey that was published in April 2016, reports findings
from women in the European finance sector which reinforces the notion that finance is sexist, chauvinistic,
excessively demanding and not possible to balance with family life.
The interesting point of departure for this study is that a small group of females currently working in front-end
finance in Norway at an informal meeting in the autumn of 2014 unanimously claimed that these negative
attitudes and attributes deter women from entering an industry they themselves find to be extremely stimulating
and rewarding. They simply did not recognise themselves in the negativity surrounding our industry. This not to
say that they felt all was well and no improvements could be made, but on an overall level, they would encourage
young women to follow their lead into a challenging and dynamic work environment. This discrepancy between
attitudes and apparent reality made us want to dig deeper. We at the Norwegian Securities Dealers Association
offered to function as project manager and the women formed a steering group to formulate and guide the
project.
The objective of the project is to increase the number of women seeking to embark on a long and rewarding
career in front-end finance in the Nordic region. To reach this objective over time, the project was divided into
two stages. First, we needed to find out what women working in front-end finance today actually experience in
their worklife. These women are out there in the front with demanding careers and they know how the shoe fits.
We spent a lot of time identifying who they are, where they work and what they actually do and we were
fortunately able to get relevant replies both in terms of numbers and content. We believe this part of our survey
could be an important and valuable contribution to the debate on women in demanding occupations in a wider
sense.
In addition, we felt it was interesting to see if we could get replies from women who have left the industry and
hear their voice. We had a limited sample and though the reply rate was decent, the actual number of replies is
short of being statistically significant and we only include these findings very summarily in our report.
To get a comprehensive understanding of how to improve future recruitment, we wanted to gather information
on how students, and particularly female students, at the main business schools in Norway view their own future
and what they know about our industry.
In the second stage, the analysis and insights brought forward by these surveys are to form the basis for targeted
communication and efforts/change in our industry, particularly on the management side, to encourage the
women who are suited and interested to seek towards front-end finance.
The project was at an early stage adopted for financial support by the Finance Market Fund, a fund established by
the Norwegian Ministry of Finance. VPFF and the steering group decided on contracting Kepler Cheuvreux to
perform the bulk of the data gathering and analysis. Benedicte Thibord at Kepler Cheuvreux published the report
‘Women and the city’ in 2014 and the link between their experience and our objective was obvious. Benedicte
and her team consisting of Gregoire Prengere and Guillaume Rougeot have put tremendous effort into bringing
the report about.
3
We are very encouraged by our results. There is reason to be optimistic about reaching our objective of improved
female representation in front-end finance.
It may be that the women in the front-end finance industry who have responded to our survey are particularly
positive since they have succeeded in the industry and probably have made some sacrifices in doing so. It is not
possible to conclude to what extent such a ‘survival bias’ may influence our findings, but with the breadth and
depth of the sample, we feel confident that we have received honest and fair responses to our questions.
Enjoy the reading,
Sindre Stoer
Managing Director, VPFF Norwegian Securities Dealers Association
4
Message from the Steering Committee
Combined, we in the Steering Committee, have had long careers within investment banking and fund
management. We have chosen this part of the financial industry because of its important role in society and its
stimulating and professional challenges. We have never had a dull day at work!
We do not have many female colleagues and we have not found ourselves more numerous over the years. We
know that a diverse environment has the ability to see and interpret topics from multiple angles, complement
each other better and thus increase the probability of creating better results. We believe there are more women
like us, women who have the ability to succeed, to conduct high-quality work, and further contribute to a positive
rejuvenation of our industry.
The result of this survey has given us direction for our further work. The view of our industry differs between
students and those who work in investment banking and fund management. We are positively surprised by the
findings that male dominance is not a deterrent for young women interested in employment within the financial
sector, rather it is the lack of knowledge about what we do and how we do it.
Therefore, we and other women within this initiative, aim to add understanding of the financial sector, and
knowledge of what it means to work in investment banking and in fund management, targeting the next
generation of ambitious women. Our sector is demanding, and not everyone, men or women, will be drawn
towards such a demanding line of work. What we do know, however, is that there are many young women who
wish for exciting and challenging careers with the possibility of contributing to their own communities’
sustainable economic growth.
For them, front-end finance is the place to be!
Alexandra Morris
Investment Director
Anne Gjøen
Head of Research
Ida Christine Gyldenløve
Financial Analyst
Lill Aafos
Portfolio Manager
Skagen, as of 01.09.2016
Handelsbanken Markets
Swedbank
DnB Wealth Management
Alexandra Morris: Has had a long career in the pharmaceutical and financial industries, with time spent in equity research
(Pareto Securities), corporate finance (Nordea), investor relations (Amersham) and fund management (ODIN Fund
Management). Currently moving to Skagen as Investment Director as of September 2016.
Anne Gjøen: Bachelor (Siviløkonom) from Norwegian Business School. Executive manager, portfoliomanager, buy-side and
sell-side analyst. Now Lead analyst Energy and Head of Equity Research Oslo in Handelsbanken Capital Markets.
Ida Christine Gyldenløve: M. Sc. in Economic analysis from the Norwegian School of Economics. Internship in Swedbank in
2013 and started working there as an equity analyst in 2014. Covered the oil service, shipping and E&P space for almost
two years, and now works in the Corporate Finance department in the same company.
Lill Aafos: Has worked for more than 25 years as investment professional in Norway. Has been with DnB Asset
Management as Global Head of Energy team, several years as PM with Folketrygdfondet and with Pareto Securities in early
1990’s
5
Front-end finance CEOs’ corner
“It's important for us to obtain more knowledge about women's views on our industry in order to better adapt to
this very important group of employees. Our information aimed at female students can be improved. Women must
be told more about teamwork, adaptation, flexibility and the social importance of the industry's work to develop
and renew Norwegian and Nordic business. It is gratifying that women who work in finance do so because it is
exciting and interesting. More women must be allowed to experience this in the future in our industry."
Knut Brundtland, CEO, ABG Sundal Collier
"It's a good thing that women with different backgrounds in investment firms have had positive experiences as well
as positive views on working in our industry. They describe their jobs as interesting and exciting and as having good
development potential. We are asked to provide more relevant information on our occupations to women who are
in job-seeker modus. And we are happy to accept this challenge. The survey also points to the importance of having
an "open and fair" recruitment process and a more deliberate focus on recruiting women. In addition, a more
systematic use of mentor schemes is proposed, so that younger women especially can have good sparring partners
in an environment that is still too dominated by men.
"We have already initiated measures to achieve a recruitment process that is adapted to the report's
recommendations and are also in the process of implementing our first mentor programme. These are important
measures for ensuring a wider range of female employees and managers in this part of the finance industry."
Ottar Ertzeid, Group Executive Vice President, DNB Markets
"I would like to thank the Norwegian Securities Dealers Association for their work on the Women in front-end
finance report. The facts in the report confirm an impression I share with many other women in finance, namely that
the financial sector offers a stimulating work environment and the opportunity to gain insight, influence and
experience. Finance is an important instrument in any well-functioning society, and we can be involved in shaping
the sector’s future.
Many people incorrectly believe that the financial sector is characterised by values which young people today view
negatively. Prejudices also play a role in how the sector is seen. It is important to remember that the media often
focus on the most negative news. Nevertheless, some soul-searching is required. We have perhaps been
insufficiently proactive in communicating the crucial role of the financial sector in economic productivity, and in
highlighting positive role models. Finance offers opportunities to take on rewarding responsibilities and a rich range
of individual prospects.
The report is a good start, and we look forward to further studies on this topic. The development of a comprehensive
factual foundation will allow the financial sector to take a targeted approach to recruitment. Folketrygdfondet
expects the companies in which it invests to adopt strategies to ensure profitable operation. Companies focused on
value creation must assign high importance to promoting diversity and attracting all necessary expertise. Leading
expertise is highly sought after, and the financial sector loses out when skilled women choose other fields."
Olaug Svarva, CEO, Folketrygdfondet
6
Summary and recommendations
This study is the result of three surveys distributed from Friday, 5 February and Tuesday, 1 March 2016, which
were designed to poll women who are currently working in front-end finance how they experience their work
situations and to complement these views with a poll of women who have left front-end finance. In addition, we
performed a separate extensive poll of students at the three main business universities NTNU, BI and NHH.
The women currently working in front-end finance are highly educated, with a Master’s degree being the norm,
they are married and have families and they are hard-working, committed professionals in their field. They are
extremely interested in the work itself. They report very high scores on attributes such as “interest in the field”
and “exciting”. These attributes were rated as twice as important as other factors such as “compensation” and
“prestige” when asked why they chose a career in front-end finance. When we asked how the like their work
today, they reply that they are proud of their professions, that it truly is “exciting” and an “interesting subject”
and they are working with “smart colleagues”.
It may be that these findings are more universally true for all women working in demanding, professional
environments outside of our field. We were pleased to get this response from the women in our industry and the
women in our survey also nearly unanimously recommended young women to look for a future occupation in our
line of work. This is even more interesting when considering the backdrop of their working environment. The
women in front-end finance tell us that they feel they have limited flexibility, there is no room for part time
employment, they have fairly long work weeks, the workplaces are male dominated but not chauvinistic and the
mothers in the survey have apparently taken somewhat shorter maternity leaves than the norm.
When we ask them what they want going forward for the next five years, they tell us “more of the same”. They
are not looking for more flexibility or more part time work, they are rather looking for more and bigger jobs in
their present occupations.
Where does this leave us? Well, the signal to younger women should be clear. If you have a strong interest in
financial securities markets and want a dynamic and demanding working environment, look to us. For the
managers in the front-end industry today, the message is also clear. Get your act together and find the right
young women to work for you and give them the support they want and need during the different stages of their
careers. They will thrive.
Most of these findings were also supported in more or less identical terms in the much smaller sample we have
on women who have left front-end finance. They currently work in a multitude of sectors, and it is encouraging to
note that the few women who replied actually look back on the time in front-end finance with pride and mostly
positive feelings. This is a small sample though, and we are fully aware that there most likely are women who
have left the industry on a more negative note. They just did not reply to us.
The students, and particularly the female students, tell us that they need to know more about front-end finance.
The collective level of knowledge is, as expected, limited, and even more pronounced among the female students.
This is a challenge our industry should be able to address. The students need to be informed of the role capital
and risk play in the creation of value, jobs and tax incomes in the economy as a whole. This appears to be vastly
under-communicated and is really important. The same goes for the dynamic and demanding work environment
which gives you great learning and development as you mature in our industry.
In summary, the professional women in front-end finance are hard-working dedicated professionals and they are
committed to their careers. They want more female colleagues, they encourage younger women to apply and
they want managers in the industry to bring the young women into the industry and help them develop.
7
Ten recommendations for improving the gender balance in
the Front-end Finance sector in Norway
Based on the survey, we have been able to identify some tips for improving the gender equality in the Norwegian
Finance Sector. We have summarised them below and encourage implementation by the management in the
front-end finance sector
Information & recruitment Are these distinct enough?
1. Increase the awareness in the industry that women in front-end finance jobs
are thriving in their positions. The findings in this study are encouraging
2. Increase management focus on recruiting women with strong interest in the
field and with a will to succeed
3. Communicate how the financial markets contribute to value creation in
society on an overall basis
4. Target communication specifically to female students and use women
professionals in the recruitment process.
5. Base the communication on the findings in this report
6. Encourage and facilitate female mentoring
7. Support and coach all new employees better in the early stages of their
careers
Work-life facilitation factors
8. Facilitate flexibility and teleworking when possible
9. Support maternity leaves within the industry framework
For the universities
10. Facilitate more relevant practical information on worklife in diverse
occupations to students, for example by increasing the number of guest
lectures by professionals.
“The low proportion of women in front-end finance is not good for our industry. This report, which describes positive
experiences from a number of women in key positions in the industry, will hopefully help to improve the industry's
image. It would be great if talented women increasingly find their way to this exciting industry. We need them.”
Bernt Zakariassen, CEO, Norwegian Fund and Asset Management Association
“It is a both necessary and important aim for the financial industry to improve its attraction for women. Women are
half of the population, and if we fail to appeal to them, we miss out on half of the talent. Today, we face
toughening competition for the best employees. The financial industry needs to clearly demonstrate just how
interesting and inspiring it is to work in this sector. To contribute to the sector’s – and thereby to society’s
development is clearly of interest to men and women both.
To strengthen women’s interest in financial services, a starting point is to map out facts about women in the
industry. To this end, I think the report from the Norwegian Securities Dealers Association on women in front-end
finance is a positive initiative. Through the report we gain good and necessary insight into how women experience
working in the financial industry. This gives a much more balanced view on the situation compared to public
perception. It also points towards some important points of improvement.
I want to thank Sindre and his team for this important initiative, and I am looking forward to the next steps. This
includes what we can do together to attract skilled and talented women to the financial industry.”
Idar Kreutzer, CEO, Finance Norway
8
Survey methodology
This study is the result of three surveys distributed from Friday, 5 February and Tuesday, 1 March 2016, which
were designed and conducted in cooperation between the Norwegian Securities Dealers Association and Kepler
Cheuvreux.
The three surveys were, “Kvinner som jobber i finansbransjen” for women who are currently working in
Investment Banking and Fund Management, and “Kvinner som har sluttet i finans” for women who have left
finance. The comprehensive student survey was “Studenter”. The survey questionnaires are included in the Annex
of the report.
Out of a total sample of 74 women we were able to identify as currently working in front-end finance in Norway,
we got 48 responses to our survey “Kvinner som jobber i finansbransjen”. This brings new information into the
debate on how career-oriented women in the front-end finance experience the industry and their degree of
satisfaction. There is a certain survival bias in this sample owing to the fact that these women have been
successful and therefore their opinion of the industry can be assumed to be fairly positive. Never the less, the
sample is broad and sound and the answers are valid.
We were only able to identify 27 women who have left finance and 14 women participated in the survey. This
sample is small and is not statistically meaningful. However, we intentionally included open-ended questions in all
samples to foster data richness and diversity in the replies and we will include some of the comments from this
part of the survey in the main findings in our report without making wide interpretations due to the limited
sample size.
In the student survey, we polled widely and ended with 573 participants from BI, NHH and NTNU. The student
sample is wide and balanced and gives us a clear image of their knowledge about and attitudes towards the
Investment Banking and Fund Management industries.
The surveys were carried out in Norway and have been translated into English.
About Kepler Cheuvreux’s “Women and The City” report
“In an effort to reach a deeper understanding of what is happening with women the
financial sector, Kepler Cheuvreux reached out and polled an exceptional sample of 812
female professionals in the field in December 2014. The results of which make up Kepler
Cheuvreux’s first international survey of working woman and constitute a unique
benchmark in the sector.
We have made efforts to include a wide range of professionals, surveying institutional
investors (portfolio managers, buy-side analysts, dealing desks) and financial departments
at listed companies (CEOs, CFOs, investor relations, treasurers) throughout Continental
Europe, the United Kingdom and North America.
Although a number of such surveys have been done by the Street, they all fall short of the
scale of international analysis presented by Kepler Cheuvreux. The size of our sample and
its regional diversity ensure that it is of the utmost quality. The survey also includes
quotes from professionals in a wide range of fields from around the world as well as
contributions from Kepler Cheuvreux's SRI research team.”
Benedicte Thibord, Global Head of SmartConnect services, Kepler Cheuvreux
9
1. Women currently working in frontend finance
The main thrust of the combined survey was to try to find out how women who work in front-end finance really
experienced their situation. It is easier for the one wearing the shoe to tell how it fits. The main challenge in this
process was to identify and get contact details on women in the specific field of front-end finance.
What do we mean by front-end finance, and why is it interesting? Front-end finance was defined by the steering
committee as being women working in client- or market-facing positions in Investment Banking (brokerages) and
in portfolio management or research on the asset management side. In addition, we included women working as
Chief Financial Officers or Investor Relations Managers at publicly traded Norwegian companies. These women
were viewed by the steering committee as being in contact with the pulse of the securities markets, which
differentiates them from other jobs in finance. There are numerous interesting and rewarding jobs in finance in
the broader definition, but front-end finance entails working in close contact with the fluctuations in the markets
and the clients, which brings elements of dynamics, performance and feedback into the job.
This is very rewarding for people who thrive in such environments.
The women in the steering committee were all engaged in the financial securities markets in different
occupations and the study was intended to identify as many women as possible working in the field. This
identification process requires inside knowledge of the industry and the organizations. The women in the steering
committee engaged women in a wider reference group in this part of the process. In addition, VPFF cross-checked
with member firms on the Investment Banking side of the industry.
After some iterations, we ended up with a total list of 74 women in front-end finance. This is a low number. Only
on the Investment Banking side, there are about 2,400 employees registered at the Financial Supervisory
Authority of Norway as being in the front-end categorized as research, sales, trading and corporate finance. In
total, the asset management side in Norway employs approximately 800 people according to 2014 figures from
the FSA. If we assume that the front/back ratio in asset management is about 0.25, this would add another 200
front-end managers to a total of 2.600 and the female representation in front-end finance would be a meagre 3%.
These figures are only very rough estimations, but the message is clear.
How do women fare in this male-dominated, fast-paced and demanding industry? What can they tell us? How
have they done it? Would they encourage younger women to come and join them? Do they have children and
families and have they taken maternity leave? These and other questions were asked and answered and here are
the results from the 48 women who responded.
10
1.1
Profile
Chart 1: Age distribution of women working in finance
33%
33%
21%
13%
0%
Under 25
25-35
36-45
46-50
51 and more
Source: Kepler Cheuvreux
The women working in finance who responded to the survey were mainly under 45 years of age. In fact, 33%
were between 25 and 35, while another 33% were 36-45. Meanwhile, 13% were between 46 and 50 and 21%
were over 51 years of age.
Chart 2: Academic level of women working in finance
54%
34%
6%
Civil degree
Bachelor's
Master's
4%
2%
PhD
Other
The majority of the women that answered held a Master’s degree as their highest university qualification. Then,
34% hold a civil degree. However, a few (6%) had a Bachelor’s, and only 4% had a PhD.
11
Chart 3: Marital status of women working in finance
56%
23%
13%
8%
Single
Living together
Married
In a relationship
Regarding marital status, 56% were married, 8% were in a relationship, and 23% lived together in a relationship,
while only 13% were single.
1.2
Chart 4: Working duration in the front-end finance industry
27%
25%
21%
12%
13%
2%
Less than 1 year
Between 1 and 5 Between 5 and 10 Between 10 and 15 Between 15 and 20
years
years
years
years
More than 20
years
More than half (52%) of the women who are currently working in finance and took part in our survey have been
working in the financial industry for over 15 years. Thus, the majority of the respondents have quite solid
experience and a lot of insight in investment banking/fund management. In addition, our sample also included
women with a fresh view on the industry, as 14% have less than five years of experience.
12
Chart 5: Departments in which participants have worked in since the beginning of their careers
Research, sell side
38%
Sales/trading equities
15%
Sales/trading fixed income/forex/derivatives
10%
Corporate Finance
25%
Portfolio Manager
52%
Research, buy side
42%
CFO
4%
IR
6%
Other
19%
Regarding the department participants have worked in since the beginning of their careers in front-end finance,
there is a fairly wide distribution. The top three departments are portfolio management and research, both buyside and sell-side. For the rest, we see a variety of other positions such as: associate director, CEO and VP, chief
macro analyst, director of debt origination, head of institutional sales, head of investor relations and M&A, head
of private banking, head of research, head of responsible investment, partner, strategist, etc.
Chart 6: Average weekly working hours of women working in finance
48%
19%
21%
8%
4%
Under 40 hour per 41-50 hours per
week
week
0%
51-60 hours per
week
61-70 hours per
week
71-80 hours per Over 80 hours per
week
week
The women in front-end finance work longer hours than average, but likely in line with women in other
demanding positions elsewhere. The majority of these women work about 50 hours per week. Meanwhile, 19% of
participants work 51-60 hours a week, and 21% 61-70 hours. Around 8% of women work more than 70 hours.
13
Chart 7: Managerial responsibilities of the position
75%
13%
2%
No
Between 1-5 people
8%
2%
Between 6-10 people Between 11-20 people More than 20 people
A striking finding is that very few of the women have managerial responsibilities; 75% of them do not have any.
13% of participants have 1-5 people reporting to them, while only 8% manage more than 20 people.
I do want more
managerial
responsibility
40%
60%
While 75% of the women who took part in the survey
do not have any managerial responsibilities, 40%
would like to have more while 60% of the sample do
not wish to have more responsibilities.
I do not want more
managerial
responsibility
Chart 8: Personal ambitions five years from now (from 1 to 6, 6 being the most)
1
42%
2
3
4
5
6
33%
27%
19%19%
13%13%
10%
19%
17%
25%
17%
17%
10%
6%
15%
10%10%
6%
2%
19%
2%
In a different industry/sector More/larger responsibilities
and/or higher level position
in front-end finance
4% 4%
Less work pressure and
more free time
As in my current position
14
Personal ambitions five years from now (by decreasing order based on the weighted average):
- More/larger responsibilities and/or higher level position in front-end finance (4.46)
- As in my current position (3.85)
- Less work pressure and more free time (2.80)
- In a different industry/sector (2.20)
When asked what their five-year goal is, the least preferred option is a different industry or sector; they want to
continue where they are. This shows that women working in front-end finance have a profound interest in what
they do. The most preferred option is to have more and greater responsibilities or a higher level position in frontend finance. They do not want to have more managerial responsibilities, but they are ambitious and aim for
higher positions.
1.3
Chart 9: Factors that contributed to choosing front-end finance as a career (from 1 to 6, 6 being the most)
63%
1
29%
2
3
21%
5
67%
6
31%
27%
29%
25%
4
29%
25%
23%
19%
17%
10% 10%
2%
13%
4%
Exciting
8%
4%
Prestige
10% 10%
6%
15%
13%
13%
8%
2%
Unusual/different
Compensation
4%
Interest in the field
6%
2%
Coincidencies
Coincidences
It is interesting to see what factors contributed to choosing a career in front-end finance. People usually connect
front-end finance with good pay and think it is one of the main reasons to work in finance. According to the
results of our survey, compensation is only the third most important factor for women who decided to work in
finance. The first and most important is “interest in the field”, and the second most important factor is that the
financial industry is very exciting. These two criteria are by far the highest ranked and it seems apt to conclude
that the women working in finance are doing it because they are passionate about their jobs and the field.
Factors that contributed to choosing front-end finance as a career (by decreasing order based on the weighted average
and on a scale from 1 to 6):
- Interest in the field (5.56)
- Exciting (5.52)
- Compensation (3.94)
- Coincidences (3.47)
- Prestige (3.43)
- Unusual/different (2.88)
15
Chart 10: Factors that describe the experience in front-end finance (from 1 to 6, 6 being the most)
1
Satisfied
Satisfaction
Fun
Exciting
0%
0%
Dynamic
Smart colleagues
Interesting subject
4%
3
5
6
19%
0%
35%
38%
17%
40%
38%
0%
0%
0%
4%
40%
54%
2%
0%
0%
0%
19%
4%
33%
13%
44%
35%
42%
0%
0%
0%
13%
27%
52%
0%
0%
0%
6%
2%
31%
6%
Nice working environment
19%
25%
15%
15%
13%
4%
4%
Sex discriminating
Sexually
29%
8%
19%
13%
4%
31%
17%
15%
Fair
2%
2%
15%
23%
33%
4%
4%
Good compensation
10%
0%
0%
58%
23%
25%
15%
jours
Flexible working hours
Proud
Prestige
4
0%
0%
0%
Varied
2
2%
33%
38%
10%
40%
44%
16
Factors that describe the experience in front-end finance (by decreasing order based on the weighted average):
- Interesting subject (5.54)
- Exciting (5.51)
- Smart colleagues (5.42)
- Prestige (5.27)
- Dynamic (5.22)
- Fun (5.22)
- Varied (5.19)
- Satisfaction (5.11)
- Good compensation (4.38)
- Nice working environment (4.19)
- Sexually discriminating (3.91)
- Fair (3.39)
- Flexible working hours (3.11)
To describe their overall experience in finance, women used pretty much the same descriptions as the factors
that contributed to them working in this industry. Indeed, the first two are “interesting subject” and “exciting”,
but the third one is not good compensation, which ranked ninth; rather it is “smart colleagues”, followed by
“prestige”, “fun”, “dynamic”, and “varied”. Contrary to what one may think, women did not use sexually
discriminating to describe their experiences in finance.
Chart 11: Demand of the position (from 1 to 6, 6 being the most)
54%
27%
19%
0%
0%
0%
1
2
3
4
5
6
Women who are working in finance and who have already held several positions stated that their last position in
front-end finance was fairly demanding (19% said it was somewhat demanding, 54% stated that it was
demanding, and 27% consider their last position very demanding). It is interesting to note that no one said it was
not demanding.
17
Chart 12: Flexibility of the position (from 1 to 6, 6 being the most)
31%
25%
19%
13%
10%
2%
1
2
3
4
5
6
When it comes to how flexible their current position is, the results were more balanced. Only a very small portion
(2%) considers their position very flexible. More than half (56%) told us their current position is somewhat
flexible. When we combine difficulty and flexibility, we can see that while all their current positions are fairly
demanding, this does not necessarily mean that they are not flexible.
Chart 13: Sexual discrimination of the working environment (from 1 to 6, 6 being the most)
31%
23%
15%
13%
8%
1
2
3
4
5
10%
6
Over a third of respondents (38%) do not think that their current working environment is characterised by sexual
discrimination. Only 18% of them find it somewhat-to-very discriminating, while 44% gave an average grade and
do not see their current work environment as more discriminatory than other industries.
18
Chart 14: Autonomy of the position (from 1 to 6, 6 being the most)
56%
27%
15%
0%
0%
2%
1
2
3
4
5
6
Meanwhile, the time spent at work does not seem to be comparable with how demanding finance seems. This
may be due to participants’ ability to plan and structure their time at work, thanks to greater self-guided work
situations in their current positions. Indeed, 83% of the women stated that their positions are autonomous, while
only 3% consider their positions not to be very autonomous.
1.4
Chart 15: Did you have children while working in finance?
Chart 16: Number of children
56%
47%
28%
Yes
53%
No
12%
4%
1
2
3
4
0%
5
More than half (53%) of the women working in finance have had children while in front-end finance. The average
number of children is about two. One-third of the participants have three or more children.
19
Chart 17: Employer’s encouragement to take maternity leave
43%
37%
17%
3%
0%
No encouragement
Moderate
Significant
Explicit
discouragement
Implicit
discouragement
The main issue is that having children often means taking maternity leave, which is a challenge in client-facing
roles. We see that 43% of the women stated that they received no encouragement from their employer to take
maternity leave. Only 3%, still a significant figure, affirm having received implicit discouragement not to take a
leave. For the rest, 54% had moderate-to-significant encouragement from management. There is room for
improvement.
Chart 18: Length of maternity leave
1st child
2nd child
3rd child and more
7 7
6
5
4
3
2
2
1
1
2
3
4
4
3
2
1
1 1
5
6
4
3
2
1
7
1
8
3
2
1
9
10
11
12
The average length of maternity leave for the first child is c. 8.7 months, but there is a wide distribution. Close to
one half had normal leaves by Norwegian standards in the 10-12 month range. A few chose to have fairly short
leaves down in the 3-6 month range. For a second child, the average length is 9.4 months and is almost the same
as for the third (9.5 months). The norm in society and the legally regulated length has developed over the years
and many of these women had children in earlier periods. Nevertheless, our findings both in this report and other
observations point towards slightly shorter leave than normal.
20
Chart 19: Women wishes/Employer wishes driver for maternity leave’s duration
63%
22%
1
2
3%
3%
3
4
6%
5
3%
6
That said, women from the sample said that the length of their maternity leave was not driven by their
employer’s expectations; 85% said their employer’s expectations did not determine their maternity leave, but
rather it was their own decision.
Chart 20: Importance of work/life facilitation’s factors (from 1 to 6, 6 being the most)
1
2
2%
3
4
5
6
4%
8%
27%
25%
31%
4%
6%
Possibility to work from home
Option for working part time
10%
4%
6%
8%
2%
I have never wished for any special treatment
6%
8%
10%
15%
17%
21%
35%
65%
8%
21%
35%
Importance of work/life facilitation’s factors (by decreasing order based on the weighted average):
- Possibility to work from home (4.53)
- I have never wished for any special treatment (4.53)
- Option for working part time (1.82)
When we compare the same factors in terms of personal preferences, we can see that the results barely change.
Women give importance to flexible working hours and the possibility of working from home, but they do not want
part-time work. More importantly, when asked, women clearly state that they never wanted any special
treatment.
21
Chart 21: Facilitation of work/life balance by employer (from 1 to 6, 6 being the most)
1
2
3
4
5
13%
10%
19%
19%
19%
15%
8%
Possibility to work from home
15%
17%
13%
Option for working part time
0%
4%
6%
4%
25%
19%
60%
10%
8%
No, my employer has not taken any such step
6
25%
15%
10%
8%
8%
Facilitation of work/life balance by employer (by decreasing order based on the weighted average):
- No, my employer has not taken any such step (2.89)
Beyond maternity leave, employers can facilitate a working mother’s work-life balance. For survey participants,
the two options given by employers were flexible hours and teleworking.
1.5
Recruitment and networking
Although the women who work in front-end finance do not think that sexual discrimination characterises their
industry, they do see it as being male dominated, and they see the recruitment of new female talent as important
and necessary.
22
Chart 22: Main challenges in recruiting more females in front-end finance (from 1 to 6, 6 being the most)
1 2
4%
Improved gender balance in
the industry at the outset
3
4
5
6
8%
10%
8%
33%
25%
2%
4%
17%
17%
Conservative attitudes in the firm
4%
17%
6%
Women traditionnaly choose
less demanding roles
19%
23%
19%
19%
6%
15%
2%
Family situation considerations
25%
17%
13%
Lack of self confidence
29%
8%
10%
23%
13%
27%
31%
Main challenges in recruiting more females in front-end finance (by decreasing order based on the weighted average):
- Improved gender balance in the industry at the outset (4.51)
- Family situation considerations (4.47)
- Conservative attitudes in the firm (4.38)
- Lack of self-confidence (3.94)
- Women traditionally choose less demanding roles (3.75)
The first challenge identified by the women in the industry is that the people who present financial companies at
seminars, forums and thematic days should have a better gender balance to attract more women. Family
considerations are nearly equally as important. The third main challenge is to change firms’ conservative
attitudes. The least important challenge seems to be that women traditionally choose less demanding roles.
No opinion
17%
19%
My firm is fairly active
in this area
35%
29%
There are some
initiatives, but it could
have been more
For the women that answered the survey, 17%
believe that their current employer does not have
initiatives to improve female recruitment.
However, one-third say that their company is active
in this area, and 35% told us that some actions
were being taken to improve the gender balance in
the recruitment process, but more could be done.
There are no initiatives
23
Chart 23: Recommendation level to work in front-end finance (from 1 to 6, 6 being the most)
54%
33%
10%
0%
0%
2%
1
2
3
4
5
6
There are some challenges in recruiting more women in front-end finance; there is a gender imbalance in the
industry, however, 54% of the women we questioned said they definitely recommend young women to pursue a
career in front-end finance. In total, almost 90% of respondents recommend women to pursue a career in frontend finance, and more importantly, 0% discourage them from doing so.
Chart 24: Female network participation
38%
31%
27%
8%
2%
2%
4%
No, but I would Yes, internally in Yes, externally
Social
Alumni female International
like to be more
the firm
outside of the media/female
network
female network
active
firm
groups
No
It appears that one of the best ways to encourage young women to work in front-end finance is to facilitate
participation in a female network. As the student survey shows, some young women would like to have a female
mentor. Unfortunately, 31% of the women that took part in our survey said they are not part of a female network even
though 38% would like to be part of one. In the survey, 8% of women said they are part of an internal female network
in their firm and 27% participate in one outside their company. Only 2% of respondents participate in online female
networks
24
2. Women who have left front-end finance
This survey only includes 14 replies and therefore its statistical validity is limited. The section is therefore
abbreviated.
We expected the women who have left front-end finance to have a wide range of sentiments towards their time
in our industry. Our main interests were concerning their overall experience, whether the job was in the way of
starting a family and whether they had experienced a significant degree of chauvinistic pressure. We were also
looking for suggestions for improvements and whether this group would recommend younger women to seek
towards our industry based on their experience.
Since we did not have a large population from the outset, the +50% response rate, which is very good in itself, did
not yield more than 14 answers and we cannot present this part of the study as other than supplemental
information.
We have nonetheless included some of the main findings from this part, only to illustrate how these replies
underscore the findings from the women currently working in finance.
The tales of the women who have left the industry and who answered our survey are a little more varied than the
ones from those currently in front-end finance. These women tended to have a bachelor’s degree and to be
working in sales/trading. They describe their experience by using the same adjectives as the women in the frontend today; they felt it was exciting and very interesting. They had short maternity leaves and they moved on to
other sectors when they got interesting offers and the timing was right. Again, the length of the maternity leave is
influenced by the period when the leave was taken.
They also point towards male domination but still in this small sample, limited chauvinism. Most of them reported
that they were proud of their time in front-end finance and they are still pursuing more and bigger positions in
their current line of work.
The women claim that more proactive management could not have prevented them from leaving the industry,
but it is an open issue whether this is really the case. They apparently received limited encouragement and
support.
In all, these women also recommended younger women to start working in front-end finance.
2.1
Profile
As for the women who have left front-end finance, their age profile is a bit different: about 70% of the
participants were over the age of 51. This seems logical, as they have already had a career in finance.
By academic degree, participants’ profiles differ slightly from the women currently in finance as their level of
education is slightly lower with more holding a bachelor’s degree.
Almost 70% women who have left were married, 15% lived together with her partner, and only 8% were either in
a relationship or single.
25
2.2
Women who left the investment banking and Fund Management industry are now working in different sectors
and industries, such as:
Pharmaceuticals
Real Estate
Publishing
Public sector
Public health
Headhunting
Computer security
When changing industry and position, women’s priorities didn’t really change as over 90% of respondents listed
new challenges in the workplace as the main reason for taking a new job. After challenges, flexibility (54%) was
listed as the biggest driver, followed by managerial responsibility (38%).
Personal ambitions five years from now (by decreasing order based on the weighted average):
- More/larger responsibilities and/or higher level position (4.64)
- As in my current position (3.63)
- Less work pressure and more free time (2.66)
- In a different industry/sector (2.17)
Regarding personal ambition five years from now, respondents clearly showed that they would like to have more
responsibilities in their current job. They also added that they do not wish to work in a different sector or industry
and that they do not really want more free time for themselves.
2.3
Past experiences and perception of the finance industry
Factors that contributed to make them work in finance (by decreasing order based on the weighted average):
- Professional challenge (4.81)
- Exciting (4.69)
- Coincidences (4.13)
- Unusual/different (3.96)
- Compensation (3.17)
- Prestige (2.02)
Here the findings are fully in line with what the women currently in finance experience. The women who have left
the industry still listed the ‘professional challenge’ of working in finance and second, the perceived ‘excitement’.
"It is an extremely exciting sector. You learn a lot, not just about finance/economics but also about people
and psychological mechanisms.”
26
Overall description of their experience in finance (weighted average, scale 1-6):
- Varied (5.60)
- Interesting subject (5.59)
- Exciting (5.54)
- Fun (5.35)
- Smart colleagues (5.30)
- Prestige (5.30)
- Dynamic (5.29)
- Satisfaction (5.15)
- Good compensation (4.67)
- Pleasant working environment (4.33)
- Sexually discriminating (4.18)
- Fair (2.89)
When asked about how they would describe their overall experience in finance, we got exactly the same answers
as from the women working in finance; the excitement of working in the field and the fact that they found it
interesting. They also described their experiences in finance as being varied, fun and dynamic as well as having
smart colleagues. The unpopular image of the investment banking and fund management industries as being
sexist is once again discredited since it comes with the three least used characteristics together with finance being
fair and with flexible hours.
Women who left the finance industry were working in different departments than those who currently work in
finance. The women who have left were primarily working in Sales/Trading in equities (62%) and Research (31%)
while women currently working in the industry are more in Portfolio Management and Research.
On the surface, this appears logical as there is a perception of more autonomy, flexibility and predictability in
Portfolio Management and Research than in Sales and Trading. This may not be the case in reality as the Sales
positions are linked to the opening hours at the exchange and numerous females currently in these positions
report high degree of job satisfaction but they stress their work requires good planning and structure. The
challenge for these client-facing positions is lengthy maternity leaves and the women currently in these roles tend
to have had somewhat shorter leaves.
The main reason given for leaving the financial industry was that participants had a new job opportunity in a field
other than Investment Banking and Fund Management. The most common additional reasons were the wish for a
less demanding work environment combined with more flexibility. The factors that were least listed were a
greater separation of work and private life and the attitudes of superiors or other employees toward females,
which once again went against the stereotype of finance being a sexist industry.
“For me, the choice was a matter of priorities when I had my second child – it was impossible to work 10-12
hours a day and have two children. However, it was difficult to work less if you wanted to "keep up". So the
choice was easy: I had two children and had to put them before working in an enjoyable and interesting
(and well-paid) job.”
27
The findings highlight the fact that women do not leave Investment Banking and Fund Management due to
gender discrimination or gender imbalance.
Indeed, we asked these women if they would have stayed longer in front-end finance if their direct superior had
been a female and only 15% of the participants said that it might have changed their decision. 62% stated that
their motivation was not due to their boss’s attitude towards them, and 23% admitted that it was not even
relevant to their decision.
The results were even more conclusive when we asked them if they would have stayed longer if they had more
female colleagues, none of the women answered yes and 62% said it was not relevant to their decision. The same
rang true for the overall gender balance in the financial industry, as only 8% said a difference in gender balance
might have changed their decision.
2.4
For women who took maternity leave, one-third of them reported that the duration of their maternity leaves
were more driven by their employer’s expectations than their own wishes. Results are more balanced for women
who have left finance than for women who are currently working in finance; indeed, they told us that the length
of their maternity leaves were significantly driven by their own expectations.
Facilitation of work/life balance by the employer (by decreasing order based on the weighted average):
- No, my employer has not taken any such steps (4.24)
Unfortunately, it appears that for the majority of women, their employers did not take any steps to help them
balance their work and family lives. However, for some of them, the possibility to work from home was proposed,
as was working flexible hours, albeit to a lesser extent. The option of working part time was not proposed.
Importance of work/life facilitation’s factors (by decreasing order based on the weighted average):
- I never wished for any special treatment (5.23)
Most of the women surveyed stated that they never wished for any special treatment from their superior. For the
rest, the measure they wanted most was flexible hours, followed by the possibility to work from home. This might
be correlated to the fact that many of the women who have left worked in sales roles are more tied to time in the
office during opening hours.
"The extended stock-exchange opening hours led to even less flexible working hours which meant I had
to be at work (i.e. I had no opportunity to take my children to kindergarten, or pick them up, on any day
and almost no opportunity to see the children during the working week since the morning meeting
started at 7:30am, which meant I had to be there at 7:00 am to prepare. I had to be there all the time.
The working day ended at 6pm and I was home at 6.30pm, so I had no time with the children as they go
to bed at 7pm. The men in the industry had wives who worked part-time and often had au pairs as well,
while the women had men who worked full-time and also did not have much time to take care of the
children. In the end, the children suffer and it doesn't work in the long run."
28
2.5
Women who left finance, their view on recruitment
The three main factors identified as being the most challenging in the recruitment of young women in the
industry were: the conservative attitudes in the firm, improving the gender balance in the industry and family
considerations. Women who currently work in finance identified the same concerns, with the exception of
conservative attitudes.
“When I worked as a broker, I thought the job was so specialised that it would be difficult to start in another
industry, but in my new job I benefit greatly from the knowledge and experience I gained in the financial
industry. I'd recommend it!"
Chart 25: Recommendation level to work in front-end finance (from 1 to 6, 6 being the most)
31%
31%
5
6
23%
15%
0%
0%
1
2
3
4
Nevertheless, 62% of them highly recommend young women to pursue a career in front-end finance. The other
38% are more moderate in their recommendation, but no one really discourages young women to pursue a
career in front-end finance.
29
3. Students and front-end finance
What are students looking for in their future occupations? Well, the answers are not surprising. They want to
continue to learn and develop, they want the firms to be well reputed and financially solid, they want pleasant
working environments and they want good pay five years down the line when they have proven themselves.
How do the students view the front-end finance industry? Well, the words they use to describe the industry
based on their limited degree of intimate knowledge are ‘exciting’, ‘demanding’ and ‘challenging’. Not unlike the
real characterisations by the women working in finance today. There is a slight, but maybe meaningful, difference
between genders in that female students have two words fairly high on their list which the men do not have;
‘stressful’ and ‘time consuming’.
The student survey shows that the front-end finance industry has a significant informational challenge. This is
particularly so for the female students and the industry would be wise to target and streamline some of their
communication to female students alone. Other meaningful actions would be to foster mentoring and insight
from the professional women in the industry.
3.1
Profile
Chart 26: Gender repartition
Chart 27: Student’s age
78%
39%
Men
61%
Women
21%
1%
Under 25 years
25-30 years
31 years or older
In total, 573 students participated in the survey. The split based on gender was 61/39 in favour of men but the
39% participation of females is important for the quality of the survey as it corresponds to more than 220
individual replies from women. Almost 80% of the participants were under 25 years old (78%), while the rest were
between 25 and 30, except for 1% of students, who were over 30.
30
Chart 28: University distribution
Chart 29: Student’s academic level
42%
52%
35%
23%
22%
26%
Bachelor's Master's
BI
NTNU
NHH
Civil
degree
0%
0%
PhD
Other
Half of the students in the survey were studying at Norwegian Business School (BI) (52%), while the other half is
split between Norwegian University of Science and Technology (NTNU) (22%) and Norwegian School of Economics
(NHH) (26%). Regarding their academic programmes, most were pursuing a civil degree (42%), while the rest were
doing either a Master’s (35%) or a Bachelor’s (23%) degree. In terms of year of study, the make-up is fairly even
from first to fifth year students (18-23% per year).
31
3.2
Job expectations
Chart 30: Criteria’s importance when looking for a job (from 1 to 6, 6 being the most)
1
4%
2
3
4
11%
International career possibilities
5
17%
6
23%
27%
18%
Financially solid firm
1%
2%
1%
10%
23%
23%
4%
Well-respected firm
40%
17%
32%
34%
12%
Positive work climate
1%
0%
3%
11%
3%
36%
8%
Prestige
19%
29%
9%
1%
10%
Work-life balance
Personal challenges
0%
1%
15%
22%
20%
5%
49%
32%
32%
22%
44%
26%
Professional challenges
0%
1%
5%
22%
43%
27%
18%
Possibility of working from home
19%
8%
1%
5%
12%
Five-year potential remuneration
28%
31%
19%
5%
1%
2%
6%
29%
24%
22%
56%
14%
1%
7%
Starting wages and benefits
5%
18%
27%
41%
Criteria importance when looking for a job (by decreasing order based on the weighted average):
- Positive work climate (5.28) (or change the table)
- Professional challenges (4.92)
- Personal challenges (4.91)
- Financially solid firm (4.70)
- Five-year potential remuneration (4.70)
- Work-life balance (4.34)
- Well-respected firm (4.30)
- International career possibilities (4.12)
- Prestige (4.03)
- Starting wages and benefits (4.02)
- Possibility of working from home (2.73)
32
Students were asked to rate, on a scale from 1 to 6 (1 being “least important” and 6 “most important”), several
criteria that they consider when looking for a job after university. The students’ most important criterion when
looking for a job is work environment. This is followed by professional and personal challenges. Students also
state that five-year potential remuneration and benefits are more important than starting wages and think a
financially solid firm is better than the reputation or prestige that could come with the position/company. Last
but not least, the least important criteria were working hours and possibility of working from home.
Chart 31: Pleasant working environment importance comparison (from 1 to 6, 6 being the most)
Men
Women
66%
41%
38%
28%
16%
1%
1%
0%
1
3%
0%
2
4%
1%
3
4
5
6
In terms of first job criteria, there are only small differences between men and women. The main differences are
that women give somewhat more importance to flexible hours, the possibility of working from home and worklife balance. In addition, women have a slightly greater preference for a pleasant working environment than men,
and females also place more value on firms being financially solid than on the company’s prestige.
Chart 32: Financially solid firm importance comparison (from Chart 33: Prestige importance comparison (from 1 to 6, 6
1 to 6, 6 being the most)
being the most)
Men
Women
Men
46%
35%
32%
30%
36%
20%
18%
2% 0%
3% 1%
1
2
12%
6%
3
25%
27%
26%
5
6
23%
16%
3% 3%
4
Women
1
7%
12%
9%
2
4%
3
4
5
6
Meanwhile, 67% of the students believe they will have to work 41-60 hours per week, while 22% think they will
have to spend 61-70 hours per week at work. Finally, only 2% and 3% think they will work either fewer than 40
hours or more than 80 hours per week.
33
Chart 34: Average weekly working hours expectations
32%
35%
22%
6%
3%
2%
Less than 40 hours 41-50 hours per
per week
week
51-60 hours per
week
61-70 hours per
week
71-80 hours per
week
More than 80
hours per week
Chart 35: Comparison of average weekly working hours expectation
Men
40%
Women
38%
33%
26%
26%
15%
9%
2%
2%
Less than 40 hours
per week
2%
41-50 hours per
week
51-60 hours per
week
61-70 hours per
week
4%
3%
71-80 hours per More than 80 hours
week
per week
Comparing men and women allows us to see that women tend to think that their weekly timetables will be closer
to 41-50 hours (40% vs. 26%) or even 51-60 hours (38% vs. 33%). Meanwhile, there are fewer women than men
who expect they will have to work more than 61 hours per week.
Students’ personal attitudes in terms of job flexibility show that 92% think that it is somewhat or very important
(only 8% think that it is not important). In terms of sacrifice, 88% of participants are willing to sacrifice some or a
lot for their jobs.
34
Chart 36: Importance of flexibility
Chart 37: Willingness to sacrifice
56%
58%
36%
30%
12%
8%
Flexibility is very
important to me
Flexibility is
Flexibility is not
somewhat
important to me
important to me
I am willing to
make minor
sacrifice for my
job
I am willing to
sacrifice
somewhat
I am willing tp
sacrifice a lot
Comparing genders in terms of flexibility and sacrifice shows that there are not a lot of differences, except
women give a bit more importance to flexibility than men. Women are also more willing to make minor sacrifices
for their job than men, who are more willing to make somewhat bigger sacrifices.
Chart 38: Comparison of flexibility’s importance
Men
Chart 39: Comparison of the willingness to sacrifice
Women
Men
64%
58% 54%
33%
Women
54%
38%
40%
18%
9%
Flexibility is very
important for me
18%
8%
6%
Fexibility is
Flexibility is not
somewhat
important to me
important to me
I am willing to
make minor
sacrifices for my
job
I am willing to
sacrifice
somewhat
I am willing to
sacrifice quite a
lot
35
3.3
Chart 40 : Top 10 most recurrent words
Exciting
Demanding
Challenging
Prestige
Interesting
Male dominated
Hectic
Time-consuming
Intense
Stressful
141
118
110
46
44
40
33
27
26
26
When asked how they would describe the Investment Banking and Fund Management industry in three words,
these are the ten most frequent words in their answers.
When we look at the ten most common words for men and women used to describe the financial industry, we
can see that there are only two main differences: women use the words “Male-dominated” and “Time
consuming” while men have added the words “cynical” and “instructive”. However, the rest of their descriptions
are basically the same as men’s.
Male students
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Exciting
Challenging
Demanding
Prestige
Hectic
Interesting
Intense
Competition
Cynical
Instructive
Female students
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Demanding
Exciting
Challenging
Male dominated
Interesting
Prestige
Hectic
Competition
Tough
Time consuming
36
Chart 41: Knowledge of the operation of the investment banking and fund management businesses
I know these businesses very well
6%
I know these businesses well
21%
I know these businesses
25%
I know a little about these businesses
24%
I have a vague of knowledge about these businesses
18%
I do not know these businesses at all
6%
The survey also shows that there is a significant lack of information about the investment banking and fund
management industries. In fact, although many students know what the finance industry is, few of them are well
acquainted with what an investment banker or fund manager does. Less than one-third of the sample (27%)
appears to know these businesses well or very well. Almost half of the students (49%) simply know or know a
little about the finance industry, while the rest have only a vague notion or do not know it all (24%).
Chart 42: Comparison of the knowledge of the operation of the investment banking and fund management businesses
Women
I know these businesses very well
Men
3%
9%
16%
I know these businesses well
20%
I know these businesses
I know a little about these businesses
28%
23%
I have a vague of knowledge about these businesses
I do not know these businesses at all
25%
12%
3%
25%
28%
8%
We can see that the lack of information is even more marked for women. Only 3% (vs. 9%) of female participants
said they knew these businesses very well. Also 28% of women (vs. 12% of men) told us that they only have a
vague notion of the financial industry.
37
Chart 43: Willingness to work in front-end finance
59%
26%
15%
Yes
No
Not enough information
And when we asked students if they would consider working in front-end finance, while 59% of them answered “yes”,
26% indicated that they would be unable to answer, as they felt like they did not have enough information.
Chart 44: Comparison of the willingness to work in front-finance
Men
Women
71%
41%
40%
19%
11%
Yes
No
17%
Not enough information
When we break the results down by gender, 40% of women feel like they do not have enough information to
decide whether or not they want to work in front-end finance. It may be that they are not looking for information
like men do, or it may be the way communication from the investment banking and fund management industry
reaches men and women differently.
38
Chart 45: Main reasons for students that do not want to work in finance
43%
32%
14%
11%
I do not find the industry of The work is too demanding
position interesting
for me
Work-life balance
Familty concerns
There are still 15% of students who would not consider working in front-end finance. The main reason for this decision
is work-life balance, as they think the industry is very challenging and time-consuming. Meanwhile, nearly one-third
(32%) of the students that do not want to work in finance say they do not find the position or industry interesting.
Chart 46: Comparison of the main reasons for students that do not want to work in finance
Men
Women
46%
39%
32%
31%
18%
12%
10%
I do not find the industry of The work is too demanding
position interesting
for me
Work-life balance
12%
Family concerns
Contrary to what one might think, family concerns do not impact women more than men. Nearly half (46%) of
men that do not want to work in front-end finance say that this is due to work-life balance (39% of women). That
said, 18% of the women who are not interested in the industry think that the work will be too demanding (10% of
men).
While some students would not consider working in front-end finance, c. 10% (60% of men and 40% of women)
from the sample already had some experience from a summer internship or a part-time job in the industry.
39
Chart 47: Best ways to improve the student’s knowledge of the front-end finance industry (from 1 to 6, 6 being the most)
1
2
3
4
2%
Presentation at the university during themedays/seminars
5
5%
2%
6
9%
6%
17%
12%
Presentation at the university during career days
6%
29%
20%
12%
34%
29%
27%
19%
20%
22%
17%
Social media (Facebook, LinkedIn,…)
Best ways to improve the student’s knowledge of the front-end finance industry (by decreasing order based on the
weighted average):
- Presentation at the university during theme-days/seminar (4.75)
- Presentation at the university during career days (4.55)
- Social Media (Facebook, LinkedIn, etc.) (3.95)
Students say that the best way to improve their knowledge of Investment Banking and Fund Management would
be to communicate using presentations at universities during specific theme-days and seminars. Surprisingly, the
least recommended way of communication was social media.
Chart 48: Description of student’s experience in front-finance (from 1 to 6, 6 being the most)
1
9%
8%
Well paid
2
3
4
12%
3%
2%
Professionally challenging
6
28%
28%
14%
Long working hours
5
6%
5%
22%
5%
31%
34%
11%
12%
40%
31%
0%
6%
6%
Personally challenging
Prestige
0%
17%
32%
35%
2%
9%
11%
48%
29%
0%
Nice working climate
2%
9%
22%
26%
38%
40
Description of student’s experience in front-end finance (by decreasing order based on the weighted average):
- Prestige (4.92)
- Pleasant working environment (4.92)
- Personally challenging (4.88)
- Professionally challenging (4.74)
- Long working hours (4.72)
- Well paid (4.01)
Those who had already worked in finance also described their experiences using the following criteria rated from
1 to 6 (1<6). The results show that they felt their experiences were good thanks to a pleasant work environment
along with being challenged both personally and professionally.
Chart 49 : Comparison of the good pay factor (from 1 to 6, 6 Chart 50: Comparison of the working hours factor (from 1 to
being the most)
6, 6 being the most)
Man
Women
43%
Men
5%
11%
5%
2
3
4
5
19%
10%
2%
5%
1
1
17%
14%
17%
13%
10%
5%
37%
24%
26%
11%
37%
29%
33%
20%
Women
4%
2
2%
3
4
5
6
6
A gender comparison shows that women and men do not characterise their experiences in front-end finance the same
way. Women would say that being well paid is a characteristic of their internship/part-time work in the industry, while
they do not feel that the long working hours were important.
41
Chart 51: Comparison of the prestige factor (from 1 to 6, 6 Chart 52: Comparison of the working environment factor
being the most)
(from 1 to 6, 6 being the most)
Men
Men
Women
Women
48%
54%
33%
28%
19%
0%
5%
1
0% 0%
2
4%
3
26%
29%
19%
19%
9%
5%
0% 0%
4
5
6
1
7%
33%
30%
19%
10%
0%
2
3
4
5
6
Meanwhile, 82% of the male students say that prestige is an important criterion for the job they had in finance
versus only 62% of the female students. As for working environment, 67% of the women noted it as one of the
most important characteristics. These findings validate students’ expectations, as prestige was important for
men to decide on their first job and having a pleasant work environment was for women.
42
3.4
Focus on female students
Chart 53: Factors that can improve the probability of women seeking more demanding jobs (from 1 to 6, 6 being the most)
1
2
3
4
5
6
33%
33%
29%
28%
26%
25%
25%
25%
24%
23%
24%
22%
21%
21%
22%
21%
18%
17%
17%
13%
13%
11%
9%
3%
12%
13%
10%
8%
8%
6%
3%
17%
15%
14%
13%
21%
4%
4%
3%
4%
5%
4%
Improved gender Increased focus Contact with a Change of the Change of the
Cheaper and
Facilitation by
balance in the on this early in female mentor attitudes in the attitudes in
easier access to
employer
first place
university
industry
society at large help in the home
and to
kindergarden
Factors that can improve the probability of women seeking more demanding jobs (by decreasing order based on the
weighted average):
- Change of the attitudes in the industry (4.67)
- Facilitation by employer (4.34)
- Contact with a female mentor (4.22)
- Increased focus on this early in university (4.06)
- Improved gender balance in the first place (4.04)
- Change of the attitudes in society at large (4.01)
- Cheaper and easier access to help in the home and to kindergarten (3.81)
43
Our survey also focused on female students regarding women in finance. According to them, the three main
factors that could improve the probability of women seeking more demanding jobs in investment banking and
fund management were:
1) A change in the industry’s attitudes: some women have a bad image of the financial industry due to the
attitudes of those who represent it at company presentations: “one should look at the attitudes of those who
recruit. I have had some quite shocking experiences at company presentations.”
2) Facilitation by employer: women want to be treated equally to men during recruitment.
3) Contact with a female mentor: this is very helpful, as it allows female students to have more insight into the
industry and also what it is like to be a woman in front-end finance.
While it looks to be important, few female students
had a female mentor. Only 5% of the women who
participated in the student survey were in contact
with a female mentor. Meanwhile, 72% did not have
contact with a mentor and would have liked to have
had this opportunity. This shows that women would
like this opportunity, but there is a huge lack of
mentoring for women.
5%
23%
No, I feel it would
be of little value
No, but I would like
to have had the
opportunity
Yes, I have had
contact with a
female mentor
72%
Chart 54: Student’s importance given to insights from a women working in front-end finance (from 1 to 6, 6 being the most)
39%
30%
17%
3%
1
6%
6%
2
3
4
5
6
It is important for women to have insight from a female front-end finance professional. Female students have a
particular opinion about this industry, which is not always entirely correct. By talking with women currently
working in finance, they may gain a better understanding of what is waiting for them in finance. 69% of female
students gave a score of 5 or 6 (6 being the highest) when asked if, in their opinion, having more information from
a female professional would influence their own desire for such a demanding position.
“As much information as possible at the beginning of their studies has a great effect on women’s attitudes.
I have great faith in continuing the mentor program. Women must gain greater confidence in themselves
and their own decisions and know that they are an important resource and have a job to do in the finance
industry.”
44
Appendix: survey questionnaires
Women currently working in front-end finance
1. Which factors, on a scale from 1 to 6, contributed to you choosing front-end finance as a career? (scale
1-6, 6 highest/best)
a) Exciting
b) Prestige
c) Unusual/different
d) Compensation
e) Interest in the field
f) Coincidences
g) Other factors: _________________________________________________
2. Which departments have you worked in during your career in front-end finance (please check all
relevant boxes)
a) Research, sell side
b) Sales/trading equities
c) Sales/trading fixed income/forex/derivatives
d) Corporate Finance
e) Portfolio manager
f) Research, buy side
g) CFO
h) IR
i) Other:
_________________________________________________
3. How well do the following words describe your overall experience of your time in front-end finance? (1:
do not agree, 6: strongly agree)
a) Satisfaction
b) Fun
c) Exciting
d) Varied
e) Dynamic
f) Smart colleagues
g) Interesting subject
h) Pleasant working environment
i) Flexible working hours
j) Sexually discriminating
k) Fair
l) Good compensation
m) Prestige
4. Based on your overall impression, how would you describe the front-end finance industry in three
words:
a) ________________________________
b) ________________________________
c) ________________________________
45
5. Have you had children while in front-end finance?
a) No
b) Yes
c) If yes; number of children ________________________________
6. What is your age?
a) Under 25
b) 26-35
c) 36-45
d) 46-50
e) 51 or older
7. Which is your highest university degree?
a) Civil degree
b) Bachelor
c) Master
d) PHD
e) Other
8. What is your marital status?
a) Single
b) Co-habitant relationship
c) Married
d) In a relationship
9. How many hours do you work weekly, on average?
a) Less than 40 hours
b) 41 - 50 hours
c) 51- 60 hours
d) 61-70 hours
e) 71-80 hours
f) More than 80 hours per week
10. How long have you been in front-end finance?
a) Less than 1 year
b) Between 1 and 5 years
c) Between 5 and 10 years
d) Between 10 and 15 years
e) Between 15 and 20 years
f) More than 20 years
46
11. If you have children, to what extent did your employer encourage you to take maternity leave?
a) No encouragement
b) Moderate
c) Significant
d) Explicit discouragement
e) Implicit discouragement
12. If you have children, how much maternity leave with a complete absence did you take?
a) Child 1:
months
b) Child 2:
months
c) Child 3+:
months
13. If you have children, to what extent do you feel that the duration of the maternity leave was driven by
your employer’s expectation versus your own wishes?
Own wishes
Employer’s expectation
1
2
3
4
5
6
14. What is your current occupation and in what part of the industry?
______________________________________________________________
15. To what extent has your current employer facilitated work-life balance for you? (scale 1-6: 6 is
considerable)
a) Flexible working hours
b) b) Possibility to work from home
c) c) Option for working part time
d) d) No, my employer has not taken any such steps
16. How important would you say that the same factors are to you personally? (scale 1-6: 6 is considerable)
b) b) Possibility to work from home
c) c) Option for working part time
d) d) I have never wanted any special treatment
17. How demanding would you say your last position in front-end finance was? (scale 1-6)
18. On a scale from 1 to 6, where 6 is considerable, how autonomous would you characterise your current
position?
19. How flexible would you describe your last position in front-end finance? (scale 1-6)
20. On a scale from 1 to 6, where 6 is considerable, to what extent would you say your current work
environment is sexually discriminating?
47
22. Do you take part in a female network? (Please check all relevant boxes)
a) No, but I would like to be more active
b) Yes, internally in the firm
c) Yes, externally outside of the firm
d) Social media/female groups
e) Alumni female network
f) International female network
g) No
23. How well does you current employer facilitate recruitment of females to front-end finance, in your
opinion?
a) No opinion
b) My firm is fairly active in this area
c) There are some initiatives, but there could be more
d) The are no initiatives
24. What are the main challenges in recruiting more females to front-end finance? (scale 1-6?)
a) Improved gender balance in the industry at the outset
b) Conservative attitudes in the firm
c) Lack of self confidence
d) Women traditionally choose less demanding roles
e) Family situation considerations
f) Other: ______________________________________________________________
25. On scale from 1 to 6, where 6 is high, to what extent would you recommend young women to pursue a
career in front-end finance?
26. Do you have managerial responsibilities?
a) No
b) Between 1 and 5 people
c) Between 6-10 people
d) Between for 11-20 people
e) More than 20 people
27. Do you wish to expand your administrative responsibilities in the near future?
a) I do wish more administrative responsibilities
b) I do not wish more administrative responsibilities
28. What are your personal ambitions five years from now? ( Scale 1-6, 6 is high)
a) In a different industry/sector
b) More/larger responsibilities and/or higher level position in front-end finance
c) Significantly less demanding position and more spare time
d) Somewhat less demanding position and more spare time
e) Continue in my current position
48
Women who have left front-end finance
1. Which factors, on a scale from 1 to 6, contributed to you choosing front-end finance as a career? (scale
1-6, 6 highest/best)
a) Exciting
b) Prestige
c) Unusual/different
d) Compensation
e) Interest in the field
f) Coincidences
g) Other factors:…………………………………………….
2. Which departments did you work in during your career in front-end finance (please check all relevant
boxes)
a) Research, sell side
b) Sales/trading equities
c) Sales/trading fixed income/forex/derivatives
d) Corporate Finance
e) Portfolio manager
f) Research, buy side
g) CFO
h) IR
i) Other:………………………………………………………
3. How well do the following words describe your overall experience of your time in front-end finance? (1:
do not agree, 6: strongly agree)
a) Satisfaction
b) Fun
c) Exciting
d) Varied
e) Dynamic
f) Smart colleagues
g) Interesting subject
h) Pleasant working environment
i) Flexible working hours
j) Sexually discriminating
k) Fair
l) Good compensation
m) Prestige
4. Did you have children while in front-end finance?
a) No
b) Yes
If yes; number of children: _________________
49
5. What is your age?
a) Under 25
b) 26-35
c) 36-45
d) 46-50
e) 51 or older
6. How old were you when you stopped working in front-end finance?
a) Under 25
b) 26-35
c) 36-45
d) 46-50 s
e) 51 or older
7. Which is your highest university degree?
a) Civil degree
b) Bachelor
c) Master
d) PHD
e) Other
a) Single
b) Co-habitant relationship
c) Married
d) In a relationship
9. During your time in front-end finance, how long was your average working week?
b) 41 - 50 hours
c) 51- 60 hours
d) 61-70 hours
e) 71-80 hours
10. What was the duration of your career in front-end finance?
a) Less than 1 year
b) Between 1 and 5 years
c) Between 5 and 10 years
d) Between 10 and 15 years
e) Between 15 and 20 years
f) More than 20 years
50
11. If you had children during your career in front-end finance, to what extent did your employer
encourage you to take maternity leave?
a) No encouragement
b) Moderate
c) Significant
d) Explicit discouragement
e) Implicit discouragement
12. If you had children during your career in front-end finance, how long maternity leave with complete
absence did you take?
a) Child 1:
months
b) Child 2:
months
c) Child 3+:
months
13. If you had children during your career in front-end finance, to what extent do you feel that the duration
of the maternity leave was driven by your employer’s expectation versus your own wishes?
Own wishes
Employer’s expectation
1
2
3
4
5
6
a) To what extent did your current employer facilitate a work-life balance for you? (scale 1-6: 6 is
considerable)
b) Possibility to work from home
c) Option for working part time
d) My employer has not taken any such steps
14. How important would you say that the same factors are to you personally?
(scale 1-6: 6 is considerable)
b) Possibility to work from home
c) Option for working part time
d) I never wished for any special treatment
15. What are the main challenges in recruiting more females to front-end finance? (Scale 1-6?)
a) Improved gender balance in the industry at the outset
b) Conservative attitudes in the firm
c) Lack of self confidence
d) Women traditionally choose less demanding roles
e) Family situation considerations
Other:
……………………………………………………………………………………..
16. On a scale from 1 to 6, where 6 is high, to what extent would you recommend young women to pursue
a career in front-end finance?
51
17. Which factors contributed to you ending your career in front-end finance? (many choices are possible)
a) Family situation considerations
b) Wish for clearer separation of work and private life
c) Superior employees attitude towards you
d) Male colleagues attitudes towards females in the firm
e) New job offer outside the industry
f) Wish for less demanding work situation
g) Wish for more flexibility
h) Other reasons……………………………………………………………..
18. In addition to yourself, approximately how many women were in front-end finance at your latest
employer?
…….
19. Could your last employer have contributed to you continuing in your job?
a) No, my employer could not have contributed
b) My employer took no measures to prevent me from quitting
c) My employer took some measures, but could have done more
d) My employer could have done much more to prevent me from quitting
20. What gender was your latest superior in the firm?
a) Female
b) Male
21. If you had a male superior in your latest job, do you think your decision to quit could have been
different if your boss had been female?
a) Yes
b) No
c) No
relevance
22. Have you taken part in a female network and did it have any impact on your choice of career?
a) Yes, I have participated, but it has not had any impact
b) Yes, I have participated, and it has had some impact
c) Yes, I have participated, and it has had significant impact
d) No, I have not participated
23. Would you have stayed longer in front-end finance if you had had more female colleagues?
a) Yes
b) No
c) Not relevant
24. Would you have stayed longer in front-end finance if there had been a better gender balance in the
industry overall?
a) Yes
b) No
c) Not relevant
52
26. What is your current occupation and in which sector/industry?
a) Position______________________________________
b) Sector _______________________________________
c) Working in the home
d) Self employed
27. What are your priorities in your current work situation? (check all relevant boxes)
a) Flexibility
b) Prestige
c) Pay
d) Work-life balance
e) Care for family
f) Challenges
g) Administrative responsibility
28. What are your personal ambitions five years from now? ( Scale 1-6, 6 is high/agree)
a) In a different industry/sector
b) More/larger responsibilities and/or higher level position in front-end finance
c) Significantly less demanding position and more spare time
d) Somewhat less demanding position and more spare time
e) Continue in my current position
29. What percentage of full-time employment is your current position?
a) Less than 80%
b) 80%
c) More than 80%
30. Free text: We are interested in hearing all you may wish to share with us
53
Students
1. When considering job alternatives after finishing your studies, how important do you think the
following criteria will be for you? Scale 1-6, where 6 is very important
1
2
3
4
5
6
a) Starting remuneration and benefits
b) 5-year potential remuneration and benefits
c) Flexible working hours
d) Possibility of working from home
e) Professional challenges
f) Personal challenges
g) Work-life balance
h) Prestige
i) Pleasant working environment
j) Well reputed firm
k) Financially solid firm
l) International career possibilities
m) Other_______________________
2. Some occupations are more demanding than others. Which of the alternatives listed below best
describe your personal attitude towards entering a demanding job? (one alternative in ‘flexibility’, one
in ‘sacrifice’)
a) Flexibility is very important to me
b) Flexibility is somewhat important to me
c) Flexibility is not important to me
Some occupations are more demanding than others. Which of the options listed below best describes
your personal attitude towards entering a demanding job?
a) I am willing to make minor sacrifices for my job
b) I am willing to sacrifice somewhat
c) I am willing to sacrifice quite a lot
3. Which age group are you in?
a) Under 25
b) 26-30
c) 31 or older
4. I am
a) Female
b) Male
54
6. Which academic program are you currently in?
a) Bachelor
b) Master
c) Civil degree
d) PHD
e) Other
7. Which year are you in in your current programme?
a) 1st year
b) 2nd year
c) 3rd year
d) 4th year
e) 5th
year
8. Which institution are you currently studying at?
a) BI
b) NTNU
c) NHH
a) Single
b) In a relationship
c) In a relationship, living together
d) Married
10. Do you have any children?
a) No
b) 1
c) 2
d) 3 or more
11. Based on your overall impression, how would you describe the Investment Banking and Fund
Management industry in three words?
a) ………………………………………………
b) ………………………………………………
c) ………………………………………………
12. How well are you acquainted with the operations of the Investment Banking and the Fund
Management businesses?
a) I do not know these businesses at all
b) I have a wage notion of their business
c) I know a little about these businesses
d) I know these businesses
e) I know these businesses well
f) I know these businesses very well
55
13. Would you consider working in the front-end of the Investment banking or the Fund management
industries in the future?
a) Yes
b) No
c) Not enough information
14. If you answered ‘no’ to the question above, which factors best describe your reasons? (multiple factors
possible)
a) I do not find the industry or position interesting
b) The work is too demanding for me
c) Work-life balance
d) Family concerns
e) Other reasons ______________________________
15. In your first job, how many hours do you expect to work weekly, on average?
b) 41 - 50 hours
c) 51- 60 hours
d) 61-70 hours
e) 71-80 hours
16. Have you had a summer internship or part time work in Investment banking or Fund management?
a) Yes
b) No
17. If you answered ‘yes’ to the question above, how would you characterise you experience from the work
on the following criteria on a scale of 1 to 6, where 6 is strongly agree
a) Well paid
b) Long working hours
c) Professionally challenging
d) Personally challenging
e) Prestige
f) Pleasant working environment
g) Other____________________________________
18. On a scale from 1 to 6, which communication alternatives would improve your knowledge of, and
understanding of, the Investment banking and Fund management industries
a) Presentations at the university during theme-days/seminars
b) Presentations at the university during career days
c) Social media (Facebook, LinkedIn)
*****************************************************************************
56
For female respondents only:
19. On a general basis, what would, in your opinion, improve the probability of women seeking more
demanding jobs? Scale 1-6, six is highest/most important
a) Improved gender balance in the first place
b) Increased focus on this early in university
c) Contact with a female mentor
d) Change of the attitudes in the industry
e) Change of attitudes in society at large
f) Cheaper and easier access to help in the home and to kindergarten
g) Facilitation by employer
h) Other _________________________________________________
20. During your studies, have you been in contact with a female mentor?
a) No, I feel it would be of low value
b) No, but I would like to have the opportunity
c) Yes, I have had contact with a female mentor
21. On a scale from 1 to 6, where 6 is the highest, to what extent do you think that insight into the working
life of a female front-end financial professional would influence your own desire to strive for such a
demanding position?
22. When applying for a future job, will it be important to you whether the job is viewed as masculine or
feminine?
a) Yes
b) No
57
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58
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Women in front-end finance: the Norwegian case

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