Research Reports

Published: January 2003

Download (Free)

In 2002, Women in Capital Markets (WCM) engaged Catalyst to examine the representation levels of women in two lines of business--Investment Dealers (ID) and Retail Private Client (RPC). This study is a follow-up to the benchmarking component of Catalyst's 2000 report to WCM (Women in Canadian Investment Dealers: Growing the Pipeline). Six of Canada’s largest financial institutions--BMO Financial Group, CIBC, National Bank Financial, RBC Financial Group, Scotiabank Group, and TD Securities (subsidiary of TD Bank Financial Group)--sponsored and participated in the study.

Impetus: This study is a follow up to the benchmarking component of Catalyst’s 2002 report to WCM. The ID and RPC lines of business play an essential role in the Canadian economy and as such, it is important that women be well represented across areas and levels.

Methodology:
Catalyst gathered data from six financial institutions-–BMO Financial Group BMO Financial Group, CIBC, National Bank Financial, RBC Financial Group, Scotiabank Group, and TD Securities (subsidiary of TD Bank Financial Group)--on representation levels for the ID and RPC businesses.

• Data was collected across three broad levels, including individuals with the title of Managing Director and Up, Vice President, and Professionals.
• In the ID business, representation data was also collected across four functional areas-–Corporate and Investment Banking, Institutional Equities, Capital Markets and The Middle Office.
• In the RPC business, representation data was also collected by role--National/Regional Management, Branch Management (including Branch Managers, Assistant Branch Managers, and Branch Administrators), Investment Advisors, Sales Associates, Sales Assistants and Trainees.
• Catalyst also had to take into account a number of compositional changes, detailed in the report.

Findings: Overall, there is very little change in the representation of women in the industry. Men continue to outnumber women four to one across the industry. Women continue to be found predominantly in staff positions.

Investment Dealers

• In the Investment Dealers Business, women comprise 29 percent of Professionals in Corporate and Investment Banking (one of the four functional areas), up from 25 percent in 2000, indicating a strengthening of the pipeline in this area.
• The representation of women at the Managing Director level decreased from 11 percent in 2000 to 10 percent in 2002.

Retail Private Client

• In 2002, women gained some clout in client-facing roles in RPC.
• Women continue to dominate in support positions, comprising 79 percent of Sales Associates and Sales Assistants and 92 percent of Branch Administrators in 2002.

Sponsor(s): BMO Financial Group, CIBC, National Bank Financial, RBC Financial Group, Scotiabank Group, and TD Securities (subsidiary of TD Bank Financial Group)