Australia’s finance sector still has a long way to go on gender diversity. Women now fill roughly half of financial services jobs in Australia, but they remain a small minority in senior roles . For example, the Workplace Gender Equality Agency (WGEA) reports that women make up about 52% of the finance and insurance workforce, yet only 13% of bank and fund CEOs and 28% of Heads of Business are women . This “broken rung” problem shows up at the top of the finance pipeline: as of 2024 only 23 of the ASX 100 companies had a female Chief Financial Officer. (In other words, under one-quarter of CFOs were women .) These numbers indicate that many talented young women who study business or finance are not rising to leadership.
Moreover, the gender pay gap in finance is large. WGEA data shows the finance and insurance sector has a pay gap of about 26% (women earn roughly 74c for every dollar men earn) . This is one of the widest gaps of any industry in Australia. These structural gaps — in pay and promotion — underscore the barriers women face. Even in investment management, women remain under-represented: a recent survey found women made up only about 27% of investment team members at Australian funds . In short, while women comprise half of the graduate talent pool, they drop out at every stage of a finance career in Australia, leading to far fewer women in senior finance roles .
Why Representation Matters
Having more women in finance isn’t just a matter of fairness or optics — it benefits businesses, clients and the economy. A growing body of research shows that gender-diverse teams make better decisions and often achieve stronger resultsthan all-male teams. For example, one study found companies with women in top management were 15% more likely to outperform their industry peers . In Australia, research on superannuation funds found those led by women executives actually outperformed the industry average. Funds with female CEOs and deputy CEOs earned about 0.3 percentage points more per year than typical funds over a three-year period . (That may sound small, but over time it means bigger retirement balances for members.)
Diverse decision-making: Women often bring different perspectives on risk and client needs. Studies show diverse teams make more thoughtful choices and avoid groupthink . In finance, having mixed-gender teams on investment committees or product design can lead to better outcomes for all investors .
Improved performance: Putting women in senior finance roles has a proven upside. Beyond the McKinsey stat above , a recent analysis found Australian funds with more women on their leadership teams tended to deliver higher returns than male-led funds . In other words, increasing women’s representation isn’t just fair — it’s smart business.
Attracting talent: Young finance professionals (men and women alike) often value inclusive cultures. Companies known for gender equality – for example by offering flexible work and clear promotion paths – can recruit from the full talent pool. Since female students earn almost half of all business degrees , firms that encourage women get access to a large supply of capable graduates. In contrast, an industry with few women may signal outdated norms that repel top female talent.
Retaining talent: Women tend to stay at companies that they view as equitable. Workplaces with family-friendly policies and mentorship for women see lower turnover among female staff . This continuity can save firms money and preserve institutional knowledge.
Overall, when finance organizations become more gender-balanced, everyone wins: companies enjoy better performance, women get fair career paths, and the economy benefits from fully leveraging its workforce. As one finance leader put it, “diversity really matters… it creates diverse thinking” .
How You Can Get Started
If you’re a young woman interested in finance – as a student, a new graduate or an early-career professional – there are concrete steps you can take to break into the industry and advance your career. Here are some action ideas tailored to each stage:
For Students
Study finance or related fields: Take courses in finance, accounting, economics or financial technology. Universities often have women-focused initiatives (for example, scholarships or clubs) to encourage women in business majors.
Apply for internships and scholarships: Many banks and firms run programs specifically to attract women. For instance, the RBC Capital Markets Pathways for Women in Finance Award at UTS is a scholarship and paid internship designed to support female finance students . Morgan Stanley’s Women in Banking Scholarship is another example; it offers mentorship, a monetary award and an internship spot to female penultimate-year students . You could also sign up for our F3 work placement programs if you’re a high school student or university student. These programs give you experience and networking that set you apart.
Join student clubs and networks: Look for finance, investment or women-in-business clubs on campus. Many schools have student chapters of industry bodies (CFA Society, CPA Australia, AICD campus) or Women in Finance chapters. Club activities – like case competitions or speaker events – can build skills and confidence, and introduce you to mentors.
Seek mentors and role models: Don’t hesitate to approach women working in finance (e.g. alumni or family friends) and ask questions. Even informal coffee chats can give insight and encouragement. Learning from someone who has navigated the early steps of a finance career can help you avoid pitfalls.
For Recent Graduates
Join a graduate program or entry-level role: Banks, super funds, and consulting firms often have graduate intakes. Apply broadly and highlight your enthusiasm for finance. If possible, target programs that emphasize professional development and diversity.
Pursue professional credentials: Consider earning finance certifications (like CFA, CPA/CA, or financial planning licenses) or a postgraduate degree. These not only boost your résumé, but also put you in networks with other finance professionals – including many other young women.
Network and attend industry events: Sign up for finance seminars, Women in Finance conferences (e.g. Women in Banking & Finance events), or local meetups. Websites like Meetup or LinkedIn often list events where you can meet hiring managers and peers. Building a professional network early opens doors to job opportunities and mentors.
Leverage women’s networks: Industry bodies such as Women in Banking & Finance (WiBF) offer mentoring programs, seminars and leadership courses for women in financial services . Joining WiBF or similar groups (even as a young professional) can give you access to guidance and role models.
Build your personal brand: Create a LinkedIn profile that highlights your finance interests and skills. Share articles or analyses on finance topics to show your engagement. Reach out for informational interviews with finance professionals. Demonstrating your knowledge and passion can attract recruiters and mentors.
For Early-Career Professionals
Look for sponsors and mentors at work: A mentor gives advice, but a sponsor (often a senior leader) actively champions your advancement. If you’re working in a bank, fund or advisory firm, find allies – male or female – who will recommend you for projects and promotions. Don’t be shy about expressing your career goals to your manager.
Volunteer for high-visibility projects: Seek out assignments that showcase your abilities (e.g. leading a client pitch, managing a portfolio segment, or implementing a new system). Excelling in challenging tasks builds your reputation and skills.
Negotiate and advocate: Early career is a good time to negotiate salary and responsibilities. Remember that negotiating is expected; prepare by researching market rates. Also, discuss promotion criteria with your manager regularly so you know what targets to hit.
Develop leadership skills: As you gain experience, take on team leadership or mentoring younger hires. You might also join professional committees (e.g. internal diversity council, CSR initiative) that build your profile. Many companies offer leadership or confidence-building workshops for women; take advantage of these.
Balance and flexibility: If you have caring responsibilities, research firms with flexible work policies or part-time management roles. Australia’s major banks and funds increasingly offer flexible hours, parental leave and returnships – benefits that help retain women’s careers. Choosing employers that support work–life balance can help you stay in finance long-term.
Conclusion
The finance industry in Australia needs you – talented, ambitious women – to help reshape it. By pursuing finance studies, joining internships and networks, and speaking up at work, you can climb the career ladder and change the industry from within. Remember that every female student who chooses accounting or economics, every young analyst who stays with her firm, and every manager who mentors a junior woman, makes the field stronger.
Building a career in finance may feel challenging, but you are not alone. Organisations across Australia are committed to increasing gender diversity , and the evidence is clear: more women in finance leads to better outcomes for everyone . So take that finance class, apply for that scholarship, join that mentoring program – and encourage other women to do the same. With determination and support, you can be one of the women who change finance for the better.