Bridging the Gender Gap: How Educational Programs for Young Women Can Launch More Careers in Finance

As a woman who has been in the finance sector for over 20 years, I am heartened by the strides made towards gender equity in our industry. However, there is still much more work to be done. A critical aspect of increasing representation is encouraging young women to enter the field of finance through their post-secondary educational pursuits and seek careers in the industry. Equipping young women with technical skills in asset management is crucial for fostering gender equity in finance. 

Despite significant progress, women remain underrepresented in asset management and wealth management. Recent studies show only 15% of financial advisors in Canada were women, women held 14% of senior roles in mutual funds, and 12% of asset managers were women. This lack of representation highlights gender inequality and suggests a missed opportunity for diverse perspectives that can drive better decision-making and innovation in the industry. 

Pennie George is a UBC alumna who graduated with a Bachelor of Commerce degree with Honours. She is a CFA charter holder and a Leslie Wong Fellow of the UBC Portfolio Management Foundation (PMF). During her time as a student at UBC, she was accepted into the prestigious PMF Program, which provides hands-on training and experience in actively managing a $12 million portfolio of stocks and bonds. 

After a successful career on the sell-side of the business at high-profile firms in Toronto and New York City, she took a break from Wall Street to raise her two boys and settled back in Vancouver. In a full-circle moment, she is now the Managing Director of the PMF Program and serves as an adjunct professor at UBC. 

Drawing on her lived experiences and understanding the critical need to provide women with opportunities to build careers in the financial sector, she created and launched the UBC SWIFT (Sauder Women+ in Finance Training) Program in the Fall of 2022. The program saw its first cohort of 10 students out of 70 applicants begin in January 2023, with a 1-year rolling commitment. By leading this program, Pennie has been instrumental in this transformative initiative, doing her part to close the gender gap in Canada’s financial sector by providing young women with work readiness experience to pursue careers in the industry. 

The UBC SWIFT Program is designed to equip young women, two-spirit, and non-binary students with essential technical skills in asset management and other areas of finance. It offers a blend of academic theory and practical portfolio management, mentorship from industry leaders, and a supportive community aimed at fostering success in finance careers. 

Mentorship plays a key role, offering participants the opportunity to learn directly from women who have successfully built their careers. This reinforces the significance of supportive networks and shows other young women what is possible. The program’s mission is to bring excellence, equity, diversity, and inclusion to students and employers seeking gender equality in finance. 

Fundamental to the SWIFT Program is an empowering sense of community. By fostering a supportive environment, UBC SWIFT empowers participants to explore and succeed in finance careers, creating a pipeline of talent that can help close the gender gap in the industry. After a semester of intense hands-on training and learning, these ambitious young women ascend to prestigious internships in asset management and capital market firms across the country and in New York City. 

Impressions and observations start to form at an early age, and sparking interest in young women to explore potential careers in finance often begins at the university level. Exposure to industry practices, role models, and hands-on experience can inspire and empower students. Programs like UBC SWIFT play a pivotal role in this early-stage development. They not only provide technical knowledge but also build confidence and a sense of belonging in a traditionally male-dominated field. Students often highlight that the SWIFT program offers a community for learning and connecting with like-minded female students who want to pursue a career in finance. 

The importance of these programs extends beyond individual career success; they contribute to creating a more balanced and representative industry and society. Increasing the number of women in asset management and wealth management can lead to diverse perspectives, fostering innovative and effective financial solutions. A diverse workforce is not just a matter of equity but also a strategic advantage, as it brings different viewpoints and approaches to problem-solving. 

Moreover, research has shown that gender diversity in investment management teams can lead to better performance. A study by Morningstar found that funds managed by gender-diverse teams often outperform those managed by all-male teams. This performance boost is attributed to the different perspectives and approaches that diverse teams bring to investment decision-making. Therefore, initiatives like UBC SWIFT are not only addressing gender equity but also enhancing the overall effectiveness and competitiveness of the finance industry. 

With dedicated leaders like Pennie George at the helm as program director and founder of UBC SWIFT, these programs are making significant strides in creating a more inclusive and diverse financial sector and showing women the limitless opportunities of what the future of this industry can look like and what they can aspire to. Her leadership and dedication have created an environment where students can thrive, receive valuable mentorship, and build the skills necessary for successful careers in finance. By guiding students through a blend of academic theory and practical application, Pennie has helped create a community that supports and empowers women, two-spirit, and non-binary students. I had the honor of meeting this cohort of ambitious young women with big dreams earlier this year, and it was truly inspiring to witness their enthusiasm, curiosity, and determination to change the narrative for women’s representation in finance. 

A call to action for companies in the finance sector to support programs like SWIFT is essential to breaking down barriers and creating a more inclusive and equitable industry. By investing in the development of young women in this field, we are actively changing the course for future generations. Companies can play an active role in this and help cultivate a diverse talent pool committed to closing the gender gap and fueling excitement for a future where we can collectively impact meaningful change and foster a more diverse and dynamic financial sector.