The proportion of women reaching top level management positions in the City has doubled in the last year, according to new research from financial services recruitment firm Astbury Marsden.
The proportion of women reaching top level management positions in the City has doubled in the last year, but many are in non-client facing roles, according to new research from financial services recruitment firm Astbury Marsden.
According to their research 12% of Managing Directors (the level just below the board) are now women, up from 6% in the previous year, whilst 19% of all Directors/Vice Presidents are women up from 14% in 2012.
Astbury Marsden’s research also found that the percentage of women working in the City grew in 2013, with women now accounting for 20% of all professional level City employees, up from 18% in 2012.
However, although there has been a substantial increase in women taking up senior roles in investment banks, fund managers and insurers there is still a preponderance of women in non-client facing, non-fee earning jobs, the research found. For example, women continued to make up the majority of HR professionals employed in the City. Women represented 60% of all City HR professionals, and 40% of Internal Auditors, but only 19% of Corporate Brokers / Stockbrokers and 25% in Private Equity.
Astbury Marsden’s research also found that women employed in the City worked fewer hours than the majority of men. Approximately 43% of women worked more than 45 hours a week compared to 56% of men.
Mark Cameron, Chief Operating Officer at Astbury Marsden, says: “Our research demonstrates the fact that a higher proportion of women working in the City are now breaking through the glass-ceiling and reaching senior management positions.
“However, there is also the question as to why the women have a much lower overall representation in some of the higher paid areas of financial services such as positions in corporate broking and stockbroking or positions in private equity.
“The rise in women working in the City suggests that gender diversity programmes continue to make progress towards the target of 25% female directors set by Lord Davies in the ‘Women on Boards’ initiative.”
Astbury Marsden’s research also found that 70% of City workers are white compared to 86% of the UK’s overall population.
The proportion of workers that are of Asian descent stands at 19% compared to just 7.5% of the UK population, while 11% of the City’s workforce is Indian compared to the national population of 2.5%.