People have strong assumptions about those working in finance. Bankers, traders and investors are frequently portrayed in popular culture as aggressive, hyper-competitive alpha males having charged conversations about money on the trading floor. Just look at Jordan Belfort in the 2013 film Wolf of Wall Street or Gordon Gekko in the 1987 movie Wall Street.
Stereotypes like these are difficult to shake. In a survey of 1,000 UK workers conducted by Raconteur in partnership with Attest, the majority (67%) still see finance as a highly male-dominated profession.
When asked who a typical finance worker is, most respondents described a University-educated, middle-aged man in a suit and tie.
“These depictions are damaging. They don’t just misrepresent reality, they discourage women from seeing themselves as investors, bankers or finance professionals,” says Dr Ylva Baeckström, a former banker and senior lecturer in finance at King’s Business School. According to data compiled by Women in Banking and Finance (WIBF), women actually make up 46% of employees in the UK finance sector – yet only a third occupy the most senior positions.
A man’s world: Hollywood’s misrepresentation of finance
Baeckström believes on-screen depictions of finance play a key role in reinforcing negative stereotypes about the profession. In a recently published study, she analysed 15 film and TV shows, all of which are set in the world of finance, and discovered an overwhelming male narrative.
Male financiers took up three-quarters of the screen time and accounted for almost two-thirds (64%) of the expert roles. Women – when present at all – tended to be lower-ranking deputies or assistants, wives, girlfriends or love interests. Over 85% of parenting duties were handled by women, while no female financial expert character had children.
The few women who are portrayed as successful, strong and capable professionals display ‘alpha male’ traits 90% of the time, according to the research. One example of this was celebrating successes in a strip club.
While these portrayals are designed to entertain, there are real-life repercussions if they are not challenged, stresses Baeckström. “These portrayals are reinforcing misconceptions that women are unfit for high-stakes jobs requiring decision-making and strategic thinking,” she says. “An absence of realistic role models means women are being discouraged from pursuing finance careers or feel like they have to behave in a certain way to succeed.”
Although the gender-stereotypical portrayals of women as finance leads have improved somewhat over the last 15 years, according to the report, there is substantial room for improvement.
This misrepresentation of finance in the media extends beyond gender. An analysis of seven decades of financial advertisements by Mannheim Business School found almost three-quarters (74%) of central figures in the ads were white. Those of minority-ethnic backgrounds were more frequently displayed in low-status and low-expertise positions.
The ‘alpha male’ stereotype is dangerous
Raconteur’s survey reveals that most finance professionals are pictured as confident, analytical, money-driven and ambitious. Just 34% of people see those who work in these roles as trustworthy – and only 18% as ethical.
“There is this belief that, to make it in finance, you have to be an alpha male – assertive, confident, maybe even a bit of an asshole,” says Baeckström. “This is dangerous because these are not the traits the industry needs to attract.”
The behaviour of finance professionals has direct consequences for society. Over-confidence and risk-taking are the root cause of financial crises, Baeckström points out. There are even studies that suggest high-testosterone traders earn lower returns, invest in riskier securities and hold onto losing bets longer. Christine Lagarde, president of the European Central Bank, put it bluntly: “As I have said many times, if it had been Lehman Sisters rather than Lehman Brothers, the world might well look a lot different today.”
Andrew Gosselin is a former PwC employee and founder of Business Tutoring, a finance coaching firm. “People assume I’m a number-crunching robot obsessed with money,” he says. “A banker or trader pops into people’s heads as someone in a fancy suit who only cares about profits, bonuses and weekend yacht parties. The stereotype is that they’re laser-focused on making deals and don’t mind stepping on toes to do it.”
This blanket perception misses the mark and can create real problems, Gosselin says: “If clients assume we’re just in it for the money, it makes it tough to build trust. Honest conversations about budgets, risk tolerance or financial goals can become more difficult.”
Many finance roles involve helping people, whether that is managing retirement funds, guiding businesses through growth phases or teaching someone how to build credit. If people do not trust finance professionals, they might be less open to essential advice.
Young financiers can internalise these stereotypes, Gosselin adds. “They think they have to act overly aggressive or hyper-competitive to fit into the finance mould. That can lead to stress and burnout.”
This can, in turn, become a self-fulfilling prophecy. “If a young banker believes everyone around them is only in it for the money, they might start bending the rules or feel pressured to do whatever it takes to hit quarterly targets,” Gosselin says. “That’s where ethics can slip, and reputations get tarnished – both personally and for the entire profession.”
Time for a makeover
The finance sector is facing a talent crisis. Almost three-quarters (71%) of financial professionals in the UK are looking for a new job outside of the sector, according to findings from software firm Medius. At the same time, the number of young people entering the profession is dwindling.
“This is a challenge that threatens not only the long-term viability of the industry, but the sustainability of businesses and the health of the wider economy,” says Sarah Beale, CEO of the Association of Accounting Technicians (AAT). For this reason, she adds, it is even more important to break down the negative stereotype that finance professionals are “stuffy individuals in pin-striped suits”.
Almost half (41%) of the 1,000 survey respondents believe finance professionals must wear ‘business formal’ attire to work everyday (e.g. suits, ties and formal dresses), while 21% said ‘business casual’ was required dress code (e.g. dress pants, blazers, collared shirt). Only 5% said ‘casual’ clothes would be acceptable.
The industry has, in fact, relaxed standards regarding staff fashion choices. JP Morgan Chase, Goldman Sachs and PwC are among those that have moved to a more casual dress code, even allowing employees to wear jeans provided there are no client meetings scheduled.
Deservedly or not, however, this perception of finance as an exclusive profession that is stuck in the past is discouraging people who feel they don’t look or act the part, Beale argues. “We must show that finance professionals can and should come from all walks of life and champion the diverse pathways that apprenticeships offer,” she says.
The industry has an opportunity to attract a pool of talent who may have previously felt a career in finance wasn’t for them. Rebranding the entire profession, however, may require more than loosening dress codes.
People have strong assumptions about those working in finance. Bankers, traders and investors are frequently portrayed in popular culture as aggressive, hyper-competitive alpha males having charged conversations about money on the trading floor. Just look at Jordan Belfort in the 2013 film Wolf of Wall Street or Gordon Gekko in the 1987 movie Wall Street.
Stereotypes like these are difficult to shake. In a survey of 1,000 UK workers conducted by Raconteur in partnership with Attest, the majority (67%) still see finance as a highly male-dominated profession.
When asked who a typical finance worker is, most respondents described a University-educated, middle-aged man in a suit and tie.
