Females in Finance: Two Cambridge students tackling gender inequality in the industry

Danielle Wright and Beth Kearsley are the founders of Females in Finance, an organisation set up to tackle gender inequality in the finance industry. They are both second year undergraduates at St Catherine’s College.

The finance industry is still very male-dominated, and the Females in Finance website was set up to advise and support women and non-binary students pursuing a career in finance. It has free resources to help students decide if they are interested in the industry, as well as a breakdown of the application process. The website also has a range of helpful tips to help candidates succeed.

They are hoping to encourage more women and non-binary students to join the industry because, as pointed out on the Females in Finance website, several studies have shown that women are better investors than men.

The Tab Cambridge had a chance to talk to both Beth and Danielle about their organisation. Here’s what we were able to find out:

‘Everyone around us seemed to know what they were doing’

Beth recalls the difficulties she and Danielle faced when they first tried to apply for finance internships: “A year ago, I was making very weak spring week applications and seeing little success. I didn’t know how to write a good CV, I wasn’t reading the news and I didn’t know anything about the application process.”

They both felt intimidated and didn’t think they had all the information they needed. “I know that Danielle hadn’t even applied to Spring Weeks because she didn’t find out they existed until it was too late,” Beth explained. “Everyone around us seemed to know what they were doing and this, along with the lack of female role models in Finance, made it seem like an incredibly intimidating industry to enter.”

Women only represent 12 per cent of CFOs in large-cap firms

As of 2018, women only represent 12 per cent of CFOs in large-cap firms. This clearly shows male dominance in the finance industry, which may discourage women to apply for roles. Beth and Danielle have both secured summer internships at JP Morgan and Goldman Sachs, which are two of the major banks in the industry. They want to help other female and non-binary students to secure finance internships at global banks using some of the connections they have made during their time at Cambridge: “We believe that we can make an impact amongst students who are in a similar position to where we were a year ago by sharing our knowledge and utilising the connections we have built during our time at Cambridge.”

(Image Credit: Females in Finance via Instagram)

A graduate analyst working at a major bank can expect to earn £72,000

Beth told The Tab Cambridge: “Working in finance is an attractive career prospect for many students due to the potential earnings.” She also mentions the stigma around women who prioritise earnings when choosing a career path: “I think sometimes women feel it’s not okay for them to admit that”. On average, a graduate analyst working at a major bank can expect to earn £72,000. This compares to graduate salaries of around £20,000 in other industries.

‘Investors are starting to demand more ethical behaviour from firms’

Beth explains that the finance industry is not known to be the most ethical, but there have recently been changes in the industry so environmental impacts of companies are taken into account before investing: “Investors are starting to demand more ethical behaviour from firms, and I believe that this can trickle though into tangible positive impact across geographies and sectors. A lot of banks are beginning to make sustainability a core part of their strategy, and for this reason I think now is a really exciting time to be entering the industry.”

The financial market may seem complex for many students, but according to Beth, everything you read in the news impacts the market, so an interest in what is going on in the world may set you up well for a career in finance: “For example, the recent US election, a natural disaster in the Philippines and even tweets (from influential people such as Trump and Elon Musk) can have significant effects on markets.”

(Image Credit: Females in Finance via Instagram)

‘It easier for young females and non-binary students to assume that this is not a place where they belong’

Danielle speaks on the difficulties women face when trying to enter the industry, as seen by the lack of women as entry-level associates, all the way up to the low female representation on executive boards: “We would say that there is a continuous cycle, with a lack of female and non-binary role models in the industry, it easier for young females and non-binary students to assume that this is not a place where they belong.”

She is keen to encourage women and non-binary students wanting to enter the finance industry and help stop the continuous cycle of gender inequality: “Another way to try to encourage people to join the industry is by demystifying the application process and providing free exclusive resources to our members for the interview stages. For the application process, we believe that accumulating knowledge is key.”

Get involved with Females in Finance:

Danielle adds: “If you have experience either through a spring week, summer/off cycle internship, grad role or you’re a current professional in the industry, we would love for you to get in touch! We are constantly looking for more inspirational women and NB people to share their experiences and advice to our growing Females in Finance community. Feel free to contact us at any time via our social media handles.”

(Image Credit: Females in Finance via Instagram)

Clearly, there is still a lot of work to be done with regard to gender equality in the finance industry. Barclays reported a gender pay gap of 48 per cent in 2018, whereas across the UK the pay gap is 8.9 per cent. Many banks are now running academies targeting women in the hope of increasing the number of females applicants to their internship and graduate schemes. Beth and Danielle hope to contribute to the effort to tackling gender inequality and bringing much needed change in the finance industry.

To find out more about Females in Finance, visit their website, Instagram page, and Linkedin (Females in Finance UK). Becoming a member is free, all you have to do is answer a few short questions, and once you do this, you’ll have exclusive access to their best interview resources and their weekly mailing list with their top insights.

Feature Image Credit:  Females in Finance via Instagram