In the financial sphere today, women fill over half of entry level jobs, and the number of women entering senior positions continues to rise.
Despite these advances towards gender equality, the different attitudes about women and men studying finance continue to be shaped by cultural assumptions about who “belongs” in the field.
The stereotype of a man who studies finance is that of an overly confident, competitive person, who obsesses over money and status. On the contrary, women in the field can be viewed as empowering and resilient, as they continually fight to be recognized in a historically male dominated industry.
Part of this contrast is induced by a deeper cultural belief of what entering finance looks like. In the past, finance has been a male-dominated industry, which allowed generations of men to see themselves in the field and to find male mentors. This historical influence has had a domino effect on the present day industry’s culture, with the male presence influencing the norms, behaviors, and expectations of workers in the industry.
Popular culture often reinforces misogynistic stereotypes in finance. For example, movies like The Wolf of Wall Street portray men — most of whom are overly confident, assertive, and obsessed with money and prestige — for over 75% of the screen time. Without substantive representation in the media, women who want to enter finance may feel a weaker sense of belonging. This creates a negative feedback loop, as the cultural zeitgeist continues to associate finance with a male dominated culture, which in turn influences the demographic that feels validated in pursuing the field.
As a result, entering the finance world as a man is often framed as a conventional path with opportunities they can easily see themselves in. On the other hand, women have to work harder to find a sense of belonging in corporate environments that are not made for them.
Women in finance work hard everyday to fight a glass ceiling, or the systemic barriers that prevent women and minority groups from advancing into leadership roles. To navigate the industry, many women feel pressure to code-switch, or alter their natural behavior and self expression, at work. According to Amanda J Felkley and Dimitra Papadovasilaki of Lake Forest College, people who code-switch at work are more likely to burn-out and leave the industry, further limiting the representation of women in senior level positions.
While it can feel like men are playing into a system that benefits them, and women are fighting to break into it, the stereotypes and culture of the finance world hurt men and women alike. The stereotypes contribute to an environment that puts women down and weakens their sense of belonging. However, it can do the same for men. Men who don’t identify with the “finance bro” stereotype may feel a similar pressure to conform to the image to fit in.
Ultimately, neither women nor men should have to fit a stereotype to find a place in finance. The expectation that finance professionals must be aggressive, status-driven, or overly confident limits how everyone can express themselves. Gender equality does not mean increasing the number of women in the industry, but rather making the culture of the industry more welcoming for everyone. The finance industry has made progress in who gets a seat at the table, but now it is time to reconsider what is expected when people sit there.
