For Recruiters
The real problem here is that middle aged male bankers can't handle the influx of bright young women.

The art of being a woman in banking: Not too pretty, not too nice

If you work in banking, you will know that the industry is not short of women. In the bottom ranks, we're everywhere. Research last year showed that women now make up 58% of the junior staff in finance firms. It's the career of choice for plenty of ambitious intelligent girls. However, that same research found that only 26% of the senior ranks are female.

Finance is an industry where middle aged male bankers manage bright young women.

This in itself is one reason why women drop out of the middle-ranks. Male bosses in their mid-40s or 50s can't handle them. Place an older man in a room with a beautiful, bright 24 year-old woman and he's incredibly awkward. His instinct is to avoid these situations altogether.

I had a boss, for example, who seemed to find it almost impossible to talk to me. He couldn't seem to communicate in my presence. It was easier for him to ignore me, so he wouldn't invite me to events. On team social occasions, it was him and the guys.

The higher you go on Wall Street, the more this is a problem. When you're junior - an analyst or an associate - you are promoted automatically. Beyond that, it's all about how much your boss rates you and how much visibility you've got. When your male bosses avoid you, this is a problem. You don't get much mentoring as an a young woman in banking.

For this reason, young women don't get promoted. Their input gets ignored. Their male bosses listen to the male juniors who they can more easily hang out with and relate to. It doesn't help that most of them are dating or married to women who are working or have worked in PR and fashion. Most male bankers like their women uncomplicated.

The higher you climb as a woman in finance, the more that the women around you are the secretaries and admins. Yes, there are some senior women in banking (the 26%), but they're such a small minority that you don't always come across them. I never had a female boss and although there were some great women who always went to bat for their juniors, some of the harshest feedback I ever received was from a female MD who said I needed to be more graceful and feminine.

If you want to get ahead in finance, therefore, you need to think about how present yourself.  You need to be "nice," but not so nice so you get railroaded. You need to be, "pretty," but not so pretty that it's threatening. You don't want to be sassy, bold or masculine. The sweet spot is nice and pretty without being challenging. If you can master that, you'll get ahead.  Men, meanwhile, get to be themselves.

And so, brilliant young women passed over for mediocre men. And eventually they get sick of it. These bright, beautiful, bold young women realize there are better things to do. This leaves all the non-threatening mediocre men for the MDs to invite out for drinks and take home to meet their uncomplicated stay-at-home wives. It's a vicious circle.

Amy Smith is a pseudonym 

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

Contact: sbutcher@efinancialcareers.com

 

author-card-avatar
AUTHORAmy Smith Insider Comment
Cancel
  • Yu
    Yung Mula
    6 October 2018

    This whole statement is completely ludacris. "Male bosses in their mid-40s or 50s can't handle them. Place an older man in a room with a beautiful, bright 24 year-old woman and he's incredibly awkward". Like what does he do just drop his mouth, salivate and walk away embarrassed lol. You talk to girls and guys the same way in the work place like what office/bank was the author working at.

  • d
    d
    5 October 2018

    Agree with everything in this article 100%. Women might get ahead more easily in retail banking, but it's not the case in the more challenging areas of banking. I would say this applies more for the women who get ahead solely on their intelligence/hard work, as opposed to their ability to schmooze with seniors. It's the women who can't/don't rely on their looks/charm that hit roadblocks more and notices that a lot of mediocre people get ahead because it's simply easier/less intimidating to deal with them. I've often noticed a lot of senior male bankers have partners that are in marketing, teachers, homemakers etc. - and thought the same as the author.

  • An
    Anonymous
    4 October 2018

    This doesn't tie in with my experience and seems to reinforce gender stereotypes. There are a lot of senior female managers in banking and in my experience older male bankers prefer the company of beautiful female staff to male staff. Its quite rare that brilliant young women get passed over in favour of mediocre men.

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Latest Jobs
State Street Corporation
Business Strategy & Planning, Assistant Vice-President
State Street Corporation
New York, USA
State Street Corporation
Cloud Platform Engineer - Entry Level
State Street Corporation
Boston, USA
Selby Jennings QRF
Quant Risk Analyst - Global Macro
Selby Jennings QRF
Manhattan, USA
Capgemini Financial Services USA, Inc.
Public Relations Manager
Capgemini Financial Services USA, Inc.
New York, USA
Selby Jennings Strategy
Head of ECM Analytics
Selby Jennings Strategy
Wilmington, USA