Women In Finance - Don't Be Scared of the Math!
A few months back, I had the pleasure of presenting a scholarship in my late father’s name, to a deserving high school graduate preferably going into teaching. It was a great (although long) experience to attend a convocation but not be anxious about when my turn is. Prior to going on stage to present the scholarship, I ran into my math teacher from high school!
He looked, more or less, exactly the same as when I left him almost five (ok fine, almost 25) years ago. I recognized him immediately. I gathered my wits together and tried to forget about all the times in his Grade 12 math class that I didn’t know the answer or didn’t understand the concept. He greeted me warmly and asked what I did for a living now. With baited breath, I told him…half-expecting him to laugh because I wasn’t his best math student, that now I work in a career with numbers on the daily.
“Hey, that’s great! I’m glad you’re doing well,” he said, walking off. For a moment, I thought he didn’t remember me or what I perceived to be my terrible math skills. Then, I realized that, for the most part, the math I require in my day-to-day work is far surpassed by the advanced Grade 12 math I was trying to wrap my head around! This led me to another thought, of how many people assume I’m a math genius, based on the work that I do. While this couldn’t be further from the truth, I’d love to clear up a few misconceptions about the industry, as a whole, and I’ll address math, in particular!
Misconception #1 – Most Financial Advisors Are Men
OK fine, this one isn’t a misconception. According to Investment Executive magazine, men hold close to 80-85% of advisory roles in Canada. A report published by Sun Life Global Investments forecasts that, by 2028, women in Canada will control $4 trillion in assets! That is a staggering number! With women controlling money, it’s easy to understand why they may prefer a female advisor.
Misconception #2 – I Must Be Good at Math
Good at math? Did you read my intro about how much anxiety Grade 12 math gave me? Of course, I’m not good at the advanced calculus that my caring teacher tried to teach me. What I am good at is catching on to a financial concept quickly, and operating software that helps me with projections, calculations, and the like, when I’m serving our clients. The math you need to serve clients is basic, and a lot of the math gets done for you in software programs that are designed to take the calculus out of financial advisory.
Misconception #3 – You Must Know Everything
I think we call that imposter syndrome? Of course, you don’t have to know everything. What you SHOULD be able to identify is what you do not know and be able to fill in the gaps with a specialist, or know where to go, so your client isn’t ill-advised.
Misconception #4 – You Can’t Have A Family if You Work in Finance
Well, don’t look at me, I’m not a kid person. I’m a fun aunt, who comes by sporadically for photo opps and refuses to discipline people’s children. For those who do want a family, with proper planning and care (much like everything else), it is definitely doable, and the work tends to be flexible, making it a wonderful career choice.
All in all, my takeaway for young women who may be reading this is to not get intimidated by the numbers, the men, or anything else. This is a wonderful industry with a lot of opportunity for on-the-job learning. There is an ever-increasing need to close the gap between male and female advisors, and I welcome you to reach out with any questions you may have. To a good financial future!
