4 ways women can break the glass ceiling in Fintech

While 30% of the fintech workforce is female, only 17% of senior fintech roles are female. Women in fintech face a unique set of challenges when it comes to career advancement and achieving parity with their male counterparts.

I first started my fintech career as a junior FX broker in London. I was one of the only women in the company, so I often felt outnumbered and outgunned by my male colleagues. At one point in my career, I remember being told outright that I didn’t belong in the industry.

Moments like these made me question my place in fintech and I struggled with impostor syndrome, but I was determined to prove the doubters wrong. I quickly realized that if I wanted to succeed in fintech, I needed to find ways to stand out and make my voice heard.

Here are four pieces of advice for other women who want to break the glass ceiling in fintech that I’ve learned through my own career journey.

Related: Women in Fintech: How Shepreneurs Can Overcome Roadblocks in This Domain

The development of the glass ceiling

The term “glass ceiling” was first used by Marilyn Loden in 1978. It described the invisible barrier to success many women faced in business.

Although the term is now common in business, the glass ceiling is not just a problem for women. It can also refer to any discrimination that limits people’s career progression based on their gender, race, sexuality or other factors.

Some of the main issues women face in fintech include:

• The wage differences between the sexes: As listed on the FTSE 100 and 250 stock indices, female executives at Britain’s biggest financial services firms are paid on average two-thirds less than their male counterparts.
• The motherhood penalty: Women are more likely to be judged negatively at work if they have children, while men are more likely to be seen as “dedicated” and “committed”.
• The lack of role models: Only 6% of fintech CEOs are women, which can make it harder for female employees to envision themselves in senior positions

How to break the glass ceiling

Despite the challenges, there are a number of things women can do to break through the glass ceiling in fintech.

1. Strengthen your network

One of the best ways to advance your career is to develop a strong network of contacts. Get involved in fintech meetups and conferences, and connect with other women in the industry on social media. Not only will this help you develop valuable relationships, but it will also give you a better understanding of the latest industry trends.

Women are often left out of the “old boy’s network”, so it is important to create your own. I attended several women in fintech events and even co-founded a community for female entrepreneurs to support each other.

Related: Meet one of the world’s few self-made female billionaires. She will teach you how to play the game — literally.

2. Advocate for yourself and others

To advance in your career, you need to be your own biggest advocate. Women are often reluctant to “blow their own trumpet” and may be passed over for promotions because they do not speak up about their achievements.

Start by keeping a log of all your successes, no matter how small. When it’s time for your annual review or to apply for a new role, you’ll want an overview of everything you’ve achieved to back up your case. Some other ways you can advocate for yourself include asking for stretch assignments, taking on leadership roles, and being assertive in meetings.

It is also important to advocate for other women in fintech. We must lift each other up and create opportunities for advancement. This includes things like mentoring younger women, sponsoring female colleagues for promotions and speaking out against discrimination or bias.

3. Praise and celebrate your achievements

To advance in your career, you need to be confident in your abilities and believe that you deserve success. We often downplay our successes and achievements, but it’s important to celebrate them – no matter how small.

Start by taking the time to recognize your achievements, both professional and personal. Write them down or keep a visual record so you can look back and reflect on how far you’ve come. Share your successes with friends and family and let them be a source of motivation and inspiration.

4. Invest in yourself

One of the best ways to advance your career is to invest in your own professional development. This may include taking on additional work duties, undertaking further education or obtaining industry-recognised qualifications.

When you invest in yourself, it shows that you are committed to your career and takes some of the pressure off your employer to offer development opportunities. It also shows that you are willing to take risks and go above and beyond to achieve your goals.

Related: 3 traits women who break the glass ceiling have in common

Final thoughts

Breaking the glass ceiling can be challenging, but it is especially difficult for women in male-dominated industries such as fintech. But following these four pieces of advice can give you the best chance of success.

Remember to advocate for yourself, build a strong network, celebrate your achievements and invest in your professional development. It is also extremely important that men become allies and advocates for women in fintech. Diversity benefits everyone, and men can play an important role in creating a level playing field.

So let’s all work together to break down the barriers and create an inclusive environment where everyone can thrive.