Toronto, Canada (Sept. 26, 2024) – According to a recent VersaFI study, 78 per cent of women feel the Investment Banking sector needs to be doing more to retain women.
The VersaFi study, titled Project Affinity, explores the current state of gender equity in Canadian investment banking, and exposes the systemic barriers women face in entering, staying, and advancing in the sector. It also provides concrete recommendations for change that firms can implement immediately.
Key factors contributing to women’s underrepresentation and lack of advancement in the industry include: unrealistic expectations around parental leave, child care, and caregiving (82 per cent); a lack of women role models in senior leadership (81 per cent); and penalties for taking advantage of flexibility policies (76 per cent).
The study also highlights that 74 per cent of respondents indicated they do not receive the same level of sponsorship as their male colleagues, limiting career advancement opportunities. Furthermore, 70 per cent of women agree that firms must ensure equal access to high-profile projects and pitches to enhance gender equity, with the same percentage of women indicating that unequal access to these opportunities is holding them back.
“These findings underscore the need for immediate and meaningful changes within the investment banking sector; changes that target policy, culture and educational programming simultaneously,” said Tanya van Biesen, president and CEO, VersaFi. “VersaFi has created comprehensive recommendations for change, including tangible approaches to promoting flexible work cultures, improving mentorship and sponsorship for women, building holistic parental leave plans, and ensuring transparent and equitable access to career-defining opportunities. It’s up to all of us to address the issues head-on and establish a sustainable talent pipeline across the industry.”
The industry’s ‘face-time’ culture is also noted as a barrier, with 75 per cent of women reporting penalties for working flexibly, and 64 per cent pointing to an unwelcoming culture as the main barrier to recruiting more women into investment banking.
VersaFi calls on industry leaders to act on these findings to close the gender equity gap in investment banking.
