Is it time to talk about quotas in financial services?

For example, in its 2023 diversity survey of 16 global and country fund management members, the Financial Services Council (FSC) found that female representation on investment teams averaged 29%, a slight increase from 25% in 2021 and 27% in 2022.

According to the survey, the representation of the entire organization was over 37 percent.

Stylianou therefore stressed the need for in-depth discussions on quotas, including whether they are appropriate, what form they should take, in which part of the industry they should be implemented and how long they should apply.

“Perhaps it is time to start this conversation within the financial services industry as this topic has been around for a long time in many jurisdictions,” she told SMSF Adviser.

Her comments preceded a panel session at peakwhere she will share leadership insights for women in finance, including how to overcome gender bias in leadership positions while seizing opportunities in male-dominated industries.

February data from the Workplace Gender Equality Agency (WGEA) painted a grim picture of the gender pay gap, with financial and insurance services showing the worst results.

Indeed, the industry had a median total pay gap of 26.1 percent, the second-largest gap among all industries included in the report.

It will take another 26 years to complete Australia’s national gender pay system, according to government projections released last year.

Stylianou said the issue of quotas was complex and required the industry to consider many factors.

“Quotas are a double-edged sword. I don’t particularly like them because I think they can encourage tokenism. But increasing women’s representation and closing the gender pay gap without them will take too long,” she said.

She suggested that the industry should clearly define its goals for women’s representation in financial services, investment management, boards and leadership positions before determining whether quotas are an appropriate tool to increase participation.

“Some may argue that the current level of representation is adequate and that it will be difficult to meet quotas if we do not attract more women to the sector,” Stylianou said.

“The other issue is how much longer are we willing to wait for the gender gap to close before we have mandatory quotas? How long will that take? What is a reasonable level? When you start to analyze and dissect the overall numbers, what is appropriate and what can we expect?”

Stylianou suggested that if the finance and insurance industry were to introduce quotas, organizations would need to be transparent about why a candidate was selected for a position, and hold them accountable to avoid pitfalls such as being accused of acting as a token.

“It’s also about career development,” she added.

“If someone is plucked out of the blue, it can raise questions. But if it’s clear that someone is being developed for a specific role or there’s a group of people who have the ability, it becomes more obvious and wouldn’t be a surprise to anyone.

“There has to be accountability for that. Transparency and accountability have to be embedded in the culture of the organization.”

Stylianou also encouraged women to be “brave and persevere” and strive to take on different roles within their organizations.

“Women are often hesitant to apply, but they are probably more qualified for the position than they think,” Stylianou said.

“It’s okay to raise your hand and let people know you’re eligible for consideration.”

She also encouraged women to ask their organizations about their diversity policies and practices, and how effective those efforts are in achieving diversity goals.

Stylianou said: “It’s all part of transparency and accountability. Asking questions on an ongoing basis raises awareness.”

For more leadership tips from Vicki Stylianou and to learn how to encourage more women to join the financial services industry, come to the Women in Finance Summit 2024.

It will take place on Friday, November 15, at the Hyatt Regency in Sydney.

Click here to buy tickets and don’t miss this opportunity!

For more information, including the meeting agenda and list of speakers, click here.

This summit is organized by Captivate Events. If you need help planning your next event, please email Director Jim Hall at This email address is being protected from spambots. You need JavaScript enabled to view it.