The Influence of Mentorship and Sponsorship on Women in the Financial Services Industry

Abstract

The financial services industry still lacks equal representation of women in upper-level and senior management positions. There are a variety of reasons for this, whether it be that women are promoted less than men or the culture of the industry creates barriers that discourage women from staying in finance. Traditionally, access to mentorship and sponsorship are more limited for women than men especially in male-dominated industries like the financial services industry. Mentorship and sponsorship play an important role in facilitating career advancement through personal and professional development. Mentors at places of employment can encourage firm loyalty and act as sponsors to help their mentees reach new career trajectories by advocating on their behalf. Despite these positive benefits, many firms in the financial services industry fail to devote time and resources to promoting mentorship and sponsorship. What effect can mentorship and sponsorship have on women in the financial services industry? What can firms in the financial services industry do to more effectively cultivate a supportive culture for women? This thesis analyzed these questions through industry interviews and survey questionnaire methodologies targeted at both women and men in a variety of finance fields and roles. Both interview and survey responses were used to analyze the career benefits and accessibility of mentorship and sponsorship for women in finance. Additional insights determined the role a firm plays in establishing a culture of mentorship and sponsorship.