Focus on increasing female participation in financial services continues with new scholarship

The FPA — as the custodian of the government’s $1.5 million grant to improve gender balance in the finance industry — has awarded $25,000 to F3 to fund 20 work experience places with the aim of fostering a greater number of females pursuing a career in financial services.

“We hope this program will help more female students get their foot in the door,” said Camilla Love, founder of F3.

The program will facilitate a six-week work experience placement within an industry participant organisation for four groups of five female university students.

Recent figures from the Australian Bureau of Statistics revealed that the finance and insurance industry has the highest gender pay gap. Moreover, female students are less likely to pursue a career in financial services.

According to Ms Love, part of the problem is that many young women don’t know enough about the industry or are unsure whether they would fit in, culturally.

“Currently, 54 per cent of students coming through our work experience programs studied finance at university. Seventy per cent are now working in a finance-related role,” Ms Love said.

“This shows the importance of exposure to inspiring projects, developing critical networks and nudging them into the industry through the program.”

Under the government’s gender balance project, the FPA will provide 38 scholarships valued up to $50,000 each over the next two years, which aim to encourage more women to pursue careers in financial planning or to renew, upskill and refresh their skills.