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Why we need more women in economics and finance

17/07/2023 |

If you’re a female considering a career in economics or finance, you could be pursuing more than your dream career. Research shows that these industries are still underrepresented by women. Choosing to study in economics or finance could mean you’re supporting a worldwide issue and representing other women facing challenges. So, why is it important that people like you join the field and make a difference? Here’s just a few reasons why. 

1. Economics and Finance impact all members of society

It is crucial to recognise that economic and financial challenges do not discriminate based on gender; they impact all members of society. So, why should the experts in the industry be predominantly male? More women in the field will lead to a more balanced view of how the challenges impact society in different ways. 

According to a 2022 article by Deloitte Insights, the representation of women in global financial services institutions remains disproportionate. The report revealed that in 2021, women held only 21% of board seats, 19% of C-suite roles, and a mere 5% of CEO positions. These figures, when coupled with historical university enrolment data and low graduation rates in economics as well as finance degrees, suggest a persistent gender imbalance in the industry.

2. We need women to bring their perspective to business

Recognising the invaluable contributions that women bring to business, including fresh ideas, unique perspectives, and alternative leadership approaches, is essential. Women have the power to disrupt the status quo, challenge stereotypes, and drive positive change. Therefore, it is critical to have more women championing the needs of other women worldwide in the Economics and Finance sectors—and you could be one of them.  

In today's ever-changing business landscape, it is essential to prioritise gender diversity and inclusion in the workplace. It's not just a matter of doing what's right; it's about ensuring the long-term success and sustainability of any business.

Embracing gender diversity isn't just a trend; it's a fundamental ingredient for thriving in the present and future business world.  
We had the opportunity to speak with a group of accomplished women, shaking things up in the business world and who all have a background in economics or finance. From students and academics at UWA to influential industry leaders, each of them shared their perspectives on diverse leadership and emphasised the need to continue the transformative culture shift in today's business environment.

A study led by McKinsey & Company, a leading global management consulting firm, suggests that the greater representation of gender diversity, the higher the likelihood that a company will outperform another, “companies where more than 30 per cent of the executives are women were more likely to outperform companies where this percentage ranged from only 10 to 30. The most gender-diverse companies see a substantial differential likelihood of outperformance—48 per cent—over the least gender-diverse companies” (McKinsey & Company 2022).

Close the gender gap with a degree from UWA 

At UWA, we offer a range of courses in Economics, and Finance which can empower you with essential business skills to be a champion of diversity and progressive business change in the Economics and Finance sectors.

If you're interested to apply, here are a few courses to get you started: 

You can also view our full list of Business and Commerce undergraduate and postgraduate courses

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