Report shows top business women have finance in common

At the seminar, the ACCA released its analysis of a report entitled Women in Finance: A Springboard to Corporate Board Positions, which determined that highly qualified, experienced women are very competitive for board positions of FTSE companies.

The report further states that women with a financial background are more successful in attaining board positions – 45 per cent of female executive directors had financial qualifications and 65 per cent had a background in finance. This compares against 26 and 44 per cent for their mail counterparts.

More than half of new female non-executive director (NED) appointments have a functional background in finance. The report went on to say that finance is a catalyst for women accessing the top positions of corporations.

President of ACCA Global Martin Turner said, “What have sought to understand through this study is why the finance function is such a springboard for women. We are seeing a time of change when it comes to women’s representation in the boardroom – Since the Davies Report from spring 2011 we have seen a five per cent increase, equal to that of the whole last decade. Our report shows that more than half of women appointed in this period have a functional background in finance, and the proportion for female executive directors reached 65 per cent.”

The report said finance is the language of the boardroom and the ability to communicate financial information establishes and builds credibility. It appears to validate the suitability of women in considering them for a board appointment – a view especially expressed by the search consultant segment of respondents.

Combining new findings with existing research int the differences between men and women when it comes to getting access to the boardroom, the report reveals that finance is a streamlined career path for women, especially within professional services firms.

The research also reveals that while women are successful in reaching senior positions through finance, they correlatively need a good network and to use their social connections to advance their career.

“While there is a clear message from executive search consultants and chairpeople that finance was a facilitator for a path to the boardroom, it is also clear that financial skills alone are not enough – women need to stretch their social connections and make themselves known to the places they want to work,” Turner concluded.