Emma Murphy is an advisor to the Financial Policy Committee (FPC) at the Bank of England. She began her career as a financial consultant at Deloitte & Touche before working as an underwriter for an insurance syndicate at Lloyds of London. Since 2002, Emma has worked at the Bank of England.  Her current role entails advising and supporting members of the FPC on a broad range of systemic financial stability issues.

She talks to us about how the financial sector is still perceived as a man's world, but – provided you navigate the bumps on the way – it's a good career bet.

What attracted you to a career in financial services?

To be honest in the mid-1990s, just coming out of the previous recession, if you didn’t want to go into a vocational area like teaching or medicine, finance rather jumped out as one of the only viable career options available.  Reinforcing that, I always preferred the more analytical and numerical subjects at school so finance seemed a relatively natural step after completing my economics degree.  Plus, the sector felt dynamic and meritocratic – dare I say somewhat glamorous – which definitely appealed to me.  I have a tendency to get bored so the pace of change, the challenges and complexity of those challenges were all very attractive.

Why do you think there's a perception that financial services is a career that's more appropriate for men than women?

The world of finance is definitely male-dominated, so I think it is unsurprising to find that perception has taken hold.  The poster children of finance – the people speaking on TV or at conferences like Davos – are nearly all male.  Personally, I’ve found that at more junior levels, the mix between men and women is actually quite even.  But as you progress up the career ladder the number of successful women thins out, often quite dramatically.

Of course a big part of this is due to the decision to have children; let’s not forget, this is something that we continue to need the population to do. But there are other reasons as well.  I think it's perhaps human nature to prefer people who look and think like ourselves. But it's not a positive thing for diversity of thought and it means that women can get crowded out in the important mentoring aspect that is used in firms to develop senior management. As a result there are few cheerleaders that women can relate to, which means the perception of a glass ceiling or limited progression reinforces itself.

With a more ‘micro’ perspective during my own career, and especially at the Bank of England, I’ve been lucky enough to work for, and with, some amazing female managers.  I’ve learnt many things from each one of them, and they’ve shown me it is possible to succeed even if you are going to face a few bumps along the way.

Is the situation improving?

There are more women on boards today than a generation ago, but the proportion of female chief executives, CFOs and the like is still tiny.  I remain surprised by the paucity of women in many meetings or at conferences I attend.  And you can’t argue with the fact that women continue to earn substantially less than men in the financial sector.

As an economist, I find it strange as it is such an obvious waste of important resources.  And as an economy that isn’t something we can afford to do. Why an industry that is so concerned with efficiency and outputs does not embrace the potential power and economic potential of greater diversity is beyond me.

I co-chair the Diversity and Inclusion Forum at the Bank of England and we very much focus on pushing the business case for not losing or fully taking advantage of a wide group of different people and skill sets, including women.  There is an obvious need for businesses to continually adapt and change if they are to grow.  Such changes should be driven by a diverse group of people at senior levels, because only with that can we expect to see a successful, holistic outcome.  And it particularly helps to avoid group think and dogma.

What made you choose to work at the Bank of England?

I’d worked in finance for around seven years before I came to the Bank and it was quite a career change for me. I’d figured by my late-20s that I was keen to use my intellect and economics more than I was doing in my previous role. The Bank is pretty unique in encouraging you to develop and utilise your analytical skills within a policy context.

Working as an academic would be too narrow as I think research for research’s sake often falls into the ‘so what’ camp.  However, being able to play a role in shaping the policy agenda within the current conjuncture provides a very powerful reason for me to come into work every day.

Do you have any female role models in the financial sector? Who are they, and why?

I’m not someone who really has many role models as such, either male or female. To me people don’t really serve as an example by what they have achieved, or how they have done it, as it would be impossible to emulate that.  I think the ‘super woman’ concept is overused and can ultimately act as a deterrent – if you can’t have eight children, a loving husband and an amazing career have you somehow failed?

In my experience a lot of women don’t want all of that – they would be happier if they have a fulfilling job where their insights and achievements are valued whilst achieving a modicum of work-life balance to pursue other interests as well.  And I think a lot of men would be happier with that combination too.

But I do admire a number of people who are very good at what they do.  Gillian Tett is a true renaissance woman – anyone who can speak Russian, write a best-selling book and truly understand what a power reverse dual currency bond is remains impressive to me.  I think she understands finance brilliantly and yet can still explain it in an intuitive and relevant way.  Seeing her on Newsnight completely owning a discussion on some complex element of the financial debate is a very powerful thing to behold.

What advice would you offer other women interested in financial services careers?

Commitment and dedication are not gender specific but really successful women do stand out in finance so it’s perhaps relatively easier to shine. That said, it can be a hard slog facing constant pressure and the need to shine more than your male counterparts to succeed.  And you will face special and different challenges from your male colleagues so it might be best to accept that up front.

But overall, I think financial services does provide a good long-term career opportunity for women as it is ultimately one of the most meritocratic industries out there.  So although you may need to take some detours along the way, and perhaps even some sideways steps, particularly if you want to have children, by playing the long game you can be very successful.

Women in Finance:

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Avoiding the mummy track: How to juggle a family with a high-powered financial career