Around half of industry professionals believe that gender equality could be achieved in the investment management industry within a decade, according to a CFA survey.
Just above half (51 percent) of respondents in CFA's «Gender Bias in the Investment Profession in Asia Pacific» survey expressed confidence about gender equally in the industry. But within the region, sub-regions express varying levels of optimism.
The leading outlooks were from investment professionals in India (72 percent) and mainland China (60 percent). On the other end, just 44 percent of respondents in Singapore and 37 percent in South Korea saw the goal being met in a decade.
Business Returns
The survey demonstrated the growing belief about various effects that women have on business including strong soft skills, relative to men, for those in leadership positions especially from professionals in mainland China (63 percent) Hong Kong (55 percent) and Singapore (50 percent).
And acknowledgment extends beyond just direct workplace returns. 74 percent of respondents said gender balance not only improves team performance, but «sends a strong message to employees, customers, investors, and the public».
Still High Hurdles
Despite 95 percent of respondents claiming to have gender diversity advocacy at their workplaces, 66 percent of female respondents still felt uncomfortable to speak out about gender discrimination. 70 percent of all respondents also believed that women in the industry still face pressure to «dress and look the part».
Survey respondents also cited relatively lower assertiveness in pursuing career opportunities as a reason for limited women in senior positions. And this served as a feedback loop as 18 percent saw the small number of female role models in senior positions as a contributing factor for slow progress.
CFA’s Advice
In order to accelerate progress, CFA recommended that performance and salary evaluation systems consider: merit and data-driven decision making; addressing gender imbalance at the hiring stage; growing a pipeline of female talent to reach leadership positions via specific mentorships; learning and development commitment by senior leaders; and factor in the ability to create and run diverse teams when making promotions.
«Diversity in the workplace enables the industry to tap into a much larger talent pool and gives voice to a wider range of perspectives and insights,» said Karyn McLean, APAC head of marketing and communications at CFA Institute. «A more inclusive work environment facilitates better team performance, allows for more effective decision making, including robust internal debates, and deliver better business outcomes.»
The survey involved responses from over 3,000 investment professionals across Asia Pacific, including Australia, mainland China, Hong Kong, India, South Korea, and Singapore, at all levels. 60 percent and 40 percent of respondents were male and female, respectively.
