Could white male privilege be the golden ticket to a successful career in finance? According to a recent article by the BBC, ‘white men from higher socio-economic backgrounds are thirty times more likely to succeed in the financial services than working-class ethnic minority women’. A study of 150,000 people conducted by the Bridge Group observed how socio-economic background affected the recruitment and professional advancement of individuals in the major finance companies in the UK.
The research was authorised by the body, Progress Together, a group aimed at raising senior-level opportunities for people of all socioeconomic backgrounds. According to the Bridge Group, some of the other key findings of the study reported that career progression into senior roles was twenty-one percent slower for working-class women than women from high socioeconomic backgrounds. In addition, white people from high socioeconomic backgrounds occupied half of all senior roles in the financial services industry and twenty percent of those in senior roles went to a private school despite the national average being 6.4 percent.
Grace Houghton, a politics and economics student, spoke about her experience during a spring week she had undertaken in her first year at university. The spring week was dedicated to female students seeking to enter the industry and included all female speakers. Addressing her experience, she said ‘[the organisation] demonstrated a real motivation to increase the number of women being hired for internships.
They also had spring weeks dedicated to black students from disadvantaged backgrounds [...] I definitely found the diversity I saw inspiring. The mere fact that they had opportunities just for women and ethnic minorities meant that the company was pushing for better equality on their internship programmes.’ Although it is encouraging that efforts are happening at the grassroots level, there is an importance for these efforts to translate to senior levels in organisations in the finance sector as the Bridge Group study highlights. Nik Miller, CEO of the Bridge Group, stated on their website that ‘this research also highlights important relationships between socio-economic background and gender.
Women typically experience the negative effects of being from a lower socio-economic background more significantly than men.’ It is encouraging that there are opportunities out there for training programmes that address gender biases and encourage diversity; however, there needs to be ample opportunities for all demographics further up in leadership roles. Increased diversity and opportunities for women of all socioeconomic backgrounds are important for having a range of perspectives included in decision-making roles. Not only does this support the value of creating equal opportunities but also allows underrepresented groups to showcase diverse strengths and contribute innovative ideas.