Women more likely than men to be offered job in financial services, finds BRUIN Financial
BRUIN Financial has released its Women in Financial Institutions (WiFI) Index Report for July.
The WiFI Index for July has decreased 3 points from June’s results, which represents a negative indicator for women working in financial services over the last 12 months. However, the findings show that the representation, engagement and recruitment of women in the sector continues to follow an upward trend overall.
Robert Thesiger, CEO of The FISER Group, parent company of BRUIN Financial, commented, “Whilst some of the key indicators for the WiFI have decreased over the last 12 months, the results for July show, for the first time since reporting, that women are now more likely to be offered a job than men in financial services.
“The male to female interview ratio has remained largely unchanged over the last 2 years at 3:2. However, women securing a job offer over the same period have been making incremental gains. Now for the first time since March 2014 the proportion of women securing a job offer, by comparison to men, is greater. This is hugely positive result following a very public drive to attract more women to financial services.”
The latest findings also reveal that the gender pay gap has narrowed slightly, but on average women still receive 12.4% less than men in financial services. The average base salary achieved by men is just over £63,000 per annum, whilst the average salary for women is just over £56,0000 with very little increase by comparison YoY. Historically, the WiFI Index has shown that women have benefitted from greater salary increases than men when moving jobs, but the July WiFI shows that on average men are now achieving a similar increase of circa 20% of their base.
The gender pay gap also appears to be disproportionately weighted against women working in asset management, where at almost every level of experience men achieve more than women, and in some cases by as much as 16%. The BRUIN Gender Pay Gap Calculator available on the BRUIN website explores this in more detail, revealing the pay gap for each industry specialism by level.
Thesiger added, “The latest WiFI Index findings show that positive steps have been taken over the last 12 months to redress the gender inequality in their hiring processes. The lack of women in senior leadership positions has been widely publicised and whilst concerns remain regarding parity of pay, the hope is that this reflects genuine institutional change in the financial services sector.”