Although women made up 55 per cent of the workforce in the financial and insurances sector last year, according to the government’s Workplace Gender Equality Agency, there was a clear gender gap across senior positions and the sector’s pay gap remained the largest of any industry.
Only 7.4 per cent of CEO positions in the sector were occupied by women, along with 26.4 per cent of key management personnel roles, 26.2 per cent of other executives/general managers and 34.7 per cent of senior managers.
Plato Managing Director Dr Don Hamson said change was needed and he sees the partnership as an important step towards empowering students to join the profession and creating a more sustainable and equitable future for the industry.
“Investment management is a global industry, and the diversity of our people, ideas and experiences is just as important for success as the diversity of our funds,” Dr Hamson said.
“This starts with building the pipeline at the university level and doing what we can to improve the number of women applying for jobs and holding leadership positions,” he said.
Pinnacle Managing Director Ian Macoun said he hoped the combination of financial and practical support would help students to fast-track their careers.
“We hope our scholarships will encourage young women to consider investment management as a career path, and our internships will help them get a foot in the door and gain the experience and connections they need to get started,” he said.
“I hope, in time, we can grow the reach and impact of this program, and encourage others in our industry to follow our lead and help change the gender balance for the better.”
UQ faculty of business, economics and law executive dean Professor Andrew Griffiths said that the University shared the firms’ commitment to building a more diverse and inclusive future for the financial management sector.
“These generous scholarship and internship opportunities will change the way our students learn from and connect with global leaders in their field,” Professor Griffiths said.
“Don and Ian are true champions of change, and I congratulate and thank them, together with their respective firms, for partnering with UQ and supporting our future women in finance to build meaningful careers and networks.”
Mr Macoun added people make major career decisions during university and support can make a lifetime of difference.
“I received a scholarship to study at UQ many years ago, and it was the combination of both financial and professional support in my early days that enabled me to make the most of my career,” he said.
Eligible students can apply for one of nine $5,000 Women in Finance scholarships until 1 March 2019.
Mr Macoun added people make major career decisions during university and support can make a lifetime of difference.
“I received a scholarship to study at UQ many years ago, and it was the combination of both financial and professional support in my early days that enabled me to make the most of my career,” he said.
Eligible students can apply for one of nine $5,000 Women in Finance scholarships until 1 March 2019.
Explore careers in finance with Finni.
Sarah Simpkins
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
