The study, undertaken by King’s College London and the Economic & Social Research Council, compared the career trajectories of men and women in finance and accounting.

The research found that, while the careers of men and women in the sector initially progress in near-parallel, the careers of women decelerated in middle management, due primarily to limited peer sponsorship and a lack of high-profile projects or opportunities in comparison to men.
It is at this stage of their career that women will take an average of seven years’ longer to progress up to the next tier – executive level – than their male counterparts, who are frequently placed on a fast-track route.

Maggie McGhee, director of professional insights at ACCA, said: ‘While it is broadly acknowledged that the financial services sector has a long way to go to reach gender parity, with women occupying less than 20% of senior roles, this report is particularly interesting as it looks at the factors behind the seven-year lag that women are most likely to encounter when they reach middle management.

‘In particular, the research takes a closer look at the “confidence myth”, whereby the hindered progression of female employees is attributed to a lack of confidence or appetite to “lean in”, which then rationalises or hides the inequalities or unfair dynamics in the workplace which are actually at fault.’

The research concluded that for many women, this deceleration of career progression comes about as they are given fewer strategic, stretch assignments and opportunities than their male colleagues, and they lack the protection from workplace politics or exposure to higher level executives that male employees are more likely to receive from a more senior “sponsor” or mentor. 

It also suggested that when it comes to the experiences of men and women advancing in their careers overtime in the sector, women tended to blame themselves and others for external organisational impediments to their career progression. ACCA says this raises pertinent questions regarding the individualising thrust of prevalent organisational logics, and the role of equality and corporate social responsibility within this.

McGhee said: ‘The finance and accounting profession is committed to improving the workplace experience and progression prospects for women. We need to work together on a true, concerted effort to acknowledge long-standing embedded issues, rectify them, and bring about change.’

The slow path to the top: the careers of women in finance and accounting is here.

Report by Pat Sweet