By Taylor Paton
According to the nonprofit, Women in Public Finance,
“The mission of Women in Public Finance is to advance women's
leadership opportunities and potential by fostering relationships and
networking, and providing
educational and learning activities and forums.” That is,
essentially, the aim of SPEA’s Public Finance Association’s Women in
Public Finance Committee: to connect women who are interested in public
finance. For some, that is all the explanation needed.
Women thrive in with the support and presence of other women; however, I
may be biased having attended an all women’s college for my
undergraduate education. For others, the question may still remain, why
have a public finance committee for women?
The financial sector is
seeing a slow in the number of interested women. In the 1970s and 1980s
women were breaking into the financial industry in droves; however,
today less young women are entering or even
interested in the finance fields. In his article “Lost Generation: Young
Women Flee Finance,” Kyle Stock states,
“Between 2001 and 2010, the
number of women over the age of 55 in finance fields…rose by 296,000 or
45.2%. This reflects the waves of women who joined the industry 30 years
ago and stayed.”
Thus, in the same
period the number of women between the ages of 20 and 24 decreased. So
why did these women leave? Why aren’t more women entering into the
industry like their mothers’ generation? According to
Stock, “women hitting the workforce in the 21st-century aren’t driven by the same sense of purpose that their generation had—the mission of breaking into the boys club.”
Stock concludes that women are avoiding
financial industries to maintain a work-life balance. Personally, I
believe that is nonsense, yet I will not disagree that there is a stigma
that financial industries tip the balance in favor of work over life
(See my plug below for PFA event coming in January).
I agree more with Stock’s notion of the sense of purpose. Women are
driven by a purpose, men too. As women, we need a cause, a reason to do
what we do. Where is Mitt Romney’s “Binder of Women” when you need it?
Well, Mittens, your
binder decided to go to D.C. without you. Today’s headlines are filled
with titles such as Newsday’s “Elizabeth Warren, Deb Fischer help set
record number of women In U.S. Senate” and CNN’s
“Women gain in the Senate” and “Women are no longer outsiders” and my
favorite, The Daily Beast’s “Estrogen Feast: Key Women in the Race for Congress.” If
you haven’t already concluded, today was an important day in politics
for women. Hannah Rosin’s
Opinion article for CNN earlier this evening explained that it wasn’t
long ago that women were newcomers in Washington D.C. Rosin said,
“Workplace studies from the 1970’s showed
that when women reached a third of an office population, their presence
no longer seemed unusual. The Senate will be one-fifth female. We’re not there yet, but we’re
getting close.”
Today is a great day to
be a woman. Today is a great day to be in the public sector. Today is a
great day to get interested in public finance. Public finance is the
best of both worlds. If you want to know more
about careers in public finance, have questions about work-life balance
in public finance, or just want to hang out with some wonderful,
inspiring women join us in January as SPEA’s Women in Public Finance Committee teams up with the state of Indiana Chapter
of Women in Public Finance to discuss all of this and more. Ask your questions or just come to hang out. Watch your inbox for more info!
Great articles mentioned in this blog:
Abigail Pesta. “Estrogen Fest: Key Women in the Race for Congress.” The Daily Beast. http://www.thedailybeast.com/articles/2012/11/06/estrogen-fest-key-women-to-watch-today-in-the-race-for-congress.html
Hannah Rosin. “Women less likely to be political outsiders now.” Special to CNN. http://www.cnn.com/2012/11/07/opinion/rosin-women-election/index.html?hpt=hp_t1
Kyle Stock. http://www.fins.com/Finance/Articles/SB130280163124105253/Lost-Generation-Young-Women-Flee-Finance
Bloomberg News. “Elizabeth Warren, Deb Fischer help set record number of women in U.S. Senate.” http://newyork.newsday.com/news/nation/elizabeth-warren-deb-fischer-help-set-record-number-of-women-in-u-s-senate-1.4197674
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