A line of volunteers posed for a memorable photo Thursday just before the registration desk opened at the 29th annual Women of Color (WOC) STEM DTX Conference at Huntington Place.
During the "Where Are All the Women? Exploring Gender Disparity in Finance" seminar, the panelists discussed the challenges and opportunities in increasing female representation in finance.
According to McKinsey's research, women outnumber men in the finance and banking industry, accounting for about 52% of the industry at the beginning of 2021.
However, their representation declines as they move up the corporate ladder. In the C-suite, only 23% of executives are white women, and women of color represent another 4%.
Liz Marie Báez, who earned a bachelor's degree in mechanical engineering from the University of Puerto Rico-Mayaguez and a master's degree in industrial management, is currently deputy ship design manager at the Naval Sea Systems Command.
Báez noted that although progress is being made, there were fewer women in director roles when she started her full-time job as a systems engineer.
She emphasized the importance of mentorship and coaching from supervisors and middle managers. Baez also highlighted the need for employers to foster mentoring and listen to new hires and college graduates.
According to one study on emerging hubs for finance graduates, while major financial centers may offer high salaries, growing financial sectors offer increasing access to career-building resources, such as professional networks, mentorship programs, and continuing education opportunities, making them great choices for finance graduates.
Exhibitors at the WOC STEM DTX Conference Technology Expo include prominent companies such as Abbott, Apple, Booz Allen Hamilton, Google, HII, HP, Infosys, and many others.
Carol Majanga, a Kenyan-American who got her professional education from the University of Nairobi and Texas A&M University, is currently an assistant controller at Abbott Laboratories.
She mentioned the various roles available in finance, from auditor to risk manager to investment banker. Majanga also acknowledged that women often exhibit risk aversion and may not apply for leadership positions.
Majanga stressed the need for women to invest in training, such as attending professional conferences, subscribing to industry podcasts, and obtaining certifications to overcome structural and cultural barriers.
The panelists for the "Empowering Women: Addressing Financial Inequality" seminar discussed inequality and impactful initiatives that break down financial obstacles and promote economic equity for women.
The session delved into the systemic factors contributing to financial inequality, including wage gaps, occupational segregation, and barriers to advancement. Discussions highlighted the intersectional nature of these challenges, considering how race, ethnicity, age, and other factors compound financial disparities for women.
The second seminar addressed the issue of pay equity, referencing Latina Equal Pay Day (which falls on October 3 in 2024), Black Women’s Equal Pay Day, and the upcoming Native American Women's Equal Pay Day.
These points highlighted the wage disparities faced by women of different ethnicities and the ongoing need to address pay equity in the workforce.
