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The gender pay gap in the financial services industry is comparably wider than most other industries. A report from the Institute for Women’s Policy Research, released April 4, revealed that the gender wage gap among the 20 most common occupations is largest for financial managers, which include financial directors or comptrollers, where women earn 69.3% of what men earn. That amounts to about $513 less per week for women.
In 2006, women in financial management positions earned 63% of what men made, according to the institute.
The report also showed that female personal financial advisers make little more than half, or 56.4%, of what their male counterparts make — a 44.4% wage gap that is the widest across all occupations.
“I’m glad it’s getting some attention,” said Ariane Hegewisch, program director, employment and earnings, at the Institute for Women’s Policy Research, Washington.
“There’s a wage gap straight out of college. It’s not large — it’s about 5%. But then it grows, partly because every time you change jobs or get promoted, your current salary is taken as the base for your next salary,” Ms. Hegewisch said.