Panel discusses underrepresentation of women in finance

Women are underrepresented in both the financial services industry and in college finance courses, and progress at increasing gender diversity in these areas has been slow, a panel of women working in finance said Wednesday night at the Robins School of Business.

“All across corporate America, you find that gender diversity is really not where it could be and where it needs to be,” said Corynne Arnett, vice president of financial management at Dominion Generation.

The panel was titled “Women on Wall Street,” and it featured six women who work in various positions within the financial services industry. Nancy Bagranoff, dean of the Robins School of Business, led the panel. Much of the discussion focused on why more women are not studying or working in finance and how that can be changed.

“Women in the industry as a whole are underrepresented,” said Chelsea Babcock, a junior associate at Octagon Credit Investors .

One way to encourage more women to work in finance is to educate students about the large variety of jobs available other than the traditional banking jobs that are starter positions for many students, Babcock said. Many students start out in investment banking or sales and trading jobs, but there are other positions available. She also emphasized that you do not necessarily need a finance degree to work in finance.

Mackenzie Berman, partner and co-head of marketing and investor relations at Price Street Capital Management, said that when she used to work at Goldman Sachs, there had not been many women working in upper-level management positions. The company tried to encourage more women to stay and move into more senior positions, but not much progress was made, she said.

While women are underrepresented in the industry as a whole, representation varies from firm to firm, Berman said.

“It comes from the top down,” Berman said. “The founder of the firm has to make the effort to recruit women and create an environment where they can excel and feel comfortable. That was definitely something I paid attention to when I was interviewing.”

The women on the panel also discussed how too few women are applying to finance positions compared with men. Nancy Everett, CEO of Virginia Commonwealth University Investment Management Company, said that not one woman had applied to the internship she had been offering.

Another problem is that it can be intimidating for women to enter a work environment that is predominately male, Lauren Dillard, managing director and partner at The Carlyle Group, said. It is important for women to look around and see other women that they can strive to emulate, she said.

If a student does decide to pursue a job in finance, it will likely be a very competitive process, Everett said. The best thing students can do to improve their chances of being offered an interview or a job is to network and make an effort to learn about the industry, she said.

“It’s really a tough environment to get a job,” Everett said. “Take advantage of all the opportunities you can to learn something.”

Contact reporter Jack Clark at john.s.clark@richmond.edu.