5 Misconceptions about the South African Financial Industry according to Women in Finance

While the number of women working in the South African financial industry has increased over the last twenty years, it has now largely stagnated. In part, this can be attributed to a range of misconceptions that prevent young women from feeling as though they have a place within the sector. At a recent panel discussion hosted by the UCT InvestSoc and the African Institute of Financial Markets and Risk Management (AIFMRM) at the University of Cape Town, five women working in the finance industry dispelled some of the most common concerns.

This is what they had to say.

1. There Are No Spaces for Women

Preconceptions about the financial industry being male-dominated abound – but these statistics can be applied throughout almost every sector of the economy. Across the board, men hold more than sixty percent of middle/senior/executive management positions, while women hold only thirty percent of such roles.

Therefore, as with any other industry, it’s necessary to find the pockets where you as a woman can flourish – whether that means seeking a position in a women-owned business or one of the rare companies with a female CEO, or one that boasts a range of diverse teams. While being interviewed, don’t hesitate to question your employer on their gender representation statistics. Driving change is incredibly difficult if you’re the only woman in a company – so it helps to find a place where women are embedded in the workforce. Once you’re plugged in, you can promote gender transformation and participate in creating a space that you and the women of the future will benefit from.

2. You Have to Know Everything (And Work All the Time)

At different times in your life, you may suffer from imposter syndrome. You might feel that if you encounter something that you cannot solve at work, you are a fraud, that you have misled your employers, and that everybody will soon find out how inept you are. This syndrome is only amplified by the systemic bias and exclusion that women – and women of colour in particular – experience and internalise. However, at every turn, you need to be confident that your qualifications – whether your degree, experience, or both – has set you up to deal with any challenge. Your desire for opportunity will also push you into places where there is no way you could have known precisely what to do. Get comfortable telling people you might not have the answer – but demonstrate that you want to learn and grow.

3. You Have to Be Subservient

The opposite is true. In fact, you have to be hungry. This doesn’t mean hunger for money but for possibilities, self-growth, and experience. A qualification will get you the interview – but ambition will be what gets you the job. Once you’re employed, don’t be constrained by your role, either. Be prepared to expand yourself; for example, take the chance to participate on internal committees if the opportunity arises. Management will see that you want and are willing to go further – and they’ll help you get there.

4. You Don’t Make a Difference

There is a notion that people only join the financial industry because they’re in it for the money – it’s the name of the sector itself. People often fear that what they are doing does not make a positive difference, for they are often far removed from the end product of their effort.

To alleviate this fear, you’ll need to change your mindset. Ideally, you’d like to be aware that your work does have an impact. But that means finding out what that impact is, discovering meaning-making opportunities in the workplace itself, and connecting with your colleagues to get an idea of what they feel their contribution to the greater good might be, too.

5. It’s a Career Trap

People often think the financial industry has only one or two careers: chartered accountant or banker. However, this is not the case! In fact, it is an already-diverse industry that is only becoming more varied as the world changes, especially due to the advent of data and AI. There are more options than ever, and your skill set will be a fit – whether in a role such as an asset manager, data analyst, or financial writer, to name a few. Soft skills such as empathy, foresight, patience, and communication are more critical than ever. The things that you have learned and know will give you the skills to experience the fluidity of a financial organisation – and you will find that you do, indeed, have a place.

AIFMRM Adjunct Associate Professor Tanja Tippett and the UCT student society, InvestSoc, hosted the event. The industry panellists were Sector Head of Asset Management and Funds at Rand Merchant Bank Isabella Mnisi, CEO at Prescient Investment Management Cheree Dyers, Portfolio Manager at Ninety One Ann-Maree Tippoo, Chief Risk Officer at Old Mutual Investments Zulfa Abdurahman, and Head of Structured Trading at Absa Corporate and Investment Banking Zine Zethu Zethemba Misani.