Women in Capital Markets today released the first ever report comparing and contrasting the work environment for women and men in the financial services industry on Bay Street and Wall Street.

The report, Women and Men in Canadian Investment Dealers and U.S. Financial Services: A Comparison of Their Job Attitudes and Work Experiences, offers insights into the similarities and differences in the workplace for women and men in Canada and the United States.

The report was developed for WCM by Catalyst, a nonprofit research and advisory organization that works to advance women in business and the professions. Overall, 1,500 participants in Canada and over 800 participants in the U.S. were involved in the study.

“This report shows that working in the investment industry is an exciting and rewarding career for women in both Canada and the U.S.,” said Marlene Puffer, past president of WCM. “However unique challenges still exist for women on both Bay Street and Wall Street. These include lack of mentoring opportunities and women role models, stereotyping and exclusion from informal networks. With the strong support of Canada’s seven largest investment dealers, Women in Capital Markets will continue to work to overcome these challenges and, in the process, improve the work environment for both men and women.”

The comparison study found similarities in the work environment at investment dealers in Canada and the U.S. including:

  • High job satisfaction levels for men and women
  • Women in both countries feel there has been at least a slight improvement in the work environment for women in the investment industry in the last five years; and
  • Women in both countries agree on both the barriers to career advancement and what it takes to be successful in their careers.

The differences include:

  • Canadian women are less likely to perceive barriers to women’s advancement than American women;
  • Canadian women are less likely to believe that women have to perform better than men to get the same rewards; and
  • Men and women in Canada find it easier to achieve work-life balance than Americans.

According to Catalyst, there are several possible explanations for these differences. It may be a result of sampling as the U.S. study has a much higher proportion of senior women, whose longer career duration may result in more pessimistic perceptions of the work environment. It may be a result of the longer history of affirmative action in the U.S., resulting in differing levels of awareness of these issues. Or it may stem from culture differences which foster a kinder, gentler workplace in Canada.

“We are excited about the new perspective this comparative report offers women and men in the Canadian investment industry,” said Puffer. “This is a dynamic industry that offers challenging and satisfying career opportunities for women. WCM, with the support of Canada’s investment dealers, continues to work as a positive force for change in the evolving business environment.”

Copies of the report are available through WCM.