Women of Color in U.S. Securities Firms—Women of Color in Professional Services Series
Securities firms are giving increasing levels of attention to workforce diversity and creating inclusive work cultures to attract and retain top talent, impact the bottom line, and court clients across geographies. In fact, white men represent only 17 percent of the global talent pool of people with graduate education. Furthermore, an increasing number of minority women and men are pursuing Bachelor’s and Master’s degrees in business.
Impetus: This report is third in a four-part research series investigating the experiences of women of color in professional services firms, which are characterized by a client-service focus and firmly entrenched “old boys’” networks. For the first time, Catalyst is able to benchmark the experiences of women of color against other demographic groups in the workforce.
Methodology: To collect qualitative data, we interviewed senior executives (managing directors) in a subsample of participating firms. To collect quantitative data, a survey was distributed to a sample of employees at the top ten largest (by revenue) financial services firms in the United States. The survey was sent to 5,300 individuals, and 1,873 responded, for an overall response rate of 35.3 percent.
Findings: Our analyses found that women of color risk experiencing a deceleration in their career trajectories as a result of the combined effects of race/ethnicity, gender, and birth country. Women of color face disadvantages that white women, men of color, and white men do not. These start with an exclusionary workplace, lead to difficulties forging connections with others—including managers, mentors, and in informal relationships—and result in fewer business development opportunities. With fewer connections and chances to shine, women of color advance at a slower rate than others, and, ultimately, many are faced with a “concrete” ceiling.
Lead Sponsor: Morgan Stanley
Contributing Sponsor: Goldman, Sachs & Co.
