New scholarship to tackle gender gap in finance, economics and actuarial sciences
3 December 2024
When it comes to gender equality in the financial sector, the numbers simply don’t add up. Women comprise just one-third of economists and about a quarter of the roles in investment management.
While women represent 54.3 per cent of the total financial services workforce, only 13 per cent hold CEO positions. The sector consequently has one of the country’s largest gender pay gaps, with a total remuneration gap of 26.1 per cent favouring men - the third-highest in Australia, behind only construction and professional services.
Our new scholarship aims to reduce the gender gap
in financial services.
This alarming gender disparity is mirrored in the education system. Just one-third of high school economics students, 37 per cent of university economics students, and one-fifth of university economic department staff across the country are women.
Globally, only 22 per cent of financial researchers at leading universities are women.
“These figures are indicative of deeper systemic and structural barriers to gender equality, spanning from education to workforce participation,” said Dr Lucie Joschko, Monash University's Director Staff Equity, Diversity and Inclusion.
“Addressing these challenges requires targeted efforts to dismantle structural roadblocks, accompanied by policy changes that level the playing field and create opportunities for women to enter and advance in careers where they have been historically underrepresented.”
New scholarship an investment in the future
Monash Business School has responded with a targeted initiative to make finance and economics more accessible to women.
The new Women in Finance, Economics, and Actuarial Science Scholarship will provide support to talented women from disadvantaged backgrounds to undertake approved undergraduate degrees each year.
Professor Nick McGuigan, Director of Equity, Diversity and Social Inclusion at Monash Business School, said the scholarship was part of Monash’s commitment to meaningful social change.
“We cannot ignore the fact that women are consistently underrepresented at senior levels in finance and economics, both in academia and in industry,” he said.
“This scholarship is about recognising potential beyond financial barriers and empowering women to become the leaders our industry urgently needs. It is an investment in the future of economic industries.”
Building on a legacy of change
Dr Joschko said the scholarship builds on the profound legacy of Monash University’s Emeritus Professor Maureen Brunt AO, a trailblazer in Australian economics and the first person in her family to go to university.
Appointed to the Chair of Economics in 1966, Professor Brunt was one of Australia’s first women professors, who made groundbreaking contributions to competition law and paved the way for women pursuing the field of economics.
“Professor Brunt’s contributions underscore the vital role of women in economics, where they shape policy, drive innovation, and inspire meaningful change,” she said.
“We must continue advocating for gender equality and breaking down barriers to women’s advancement. This scholarship is another step toward creating a future where women not only participate but lead, excel, and make a lasting impact in the field.”
Addressing barriers and fostering potential
Beyond financial support, the scholarship is designed to challenge the limitations of traditional academic merit criteria that can disadvantage students facing socio-economic hardships.
The scholarships are for women who have experienced financial hardship, emphasising potential over academic achievement.
“We recognise that traditional merit-based criteria can overlook potential, especially for students facing socio-economic challenges,” Prof McGuigan said.
He said the scholarship was established to help to remove those barriers.
“This scholarship will enable us to create a more inclusive academic environment that reflects the diversity we wish to see in all sectors,” he said.
“We want scholarship recipients to feel empowered in their fields and to know that their contributions will shape the future of finance, economics and actuarial sciences.”