According to a survey of senior-level women in the U.S. financial services industry, female executives feel that the “glass ceiling” still exists.

The survey was conducted by the Financial Women’s Association, the largest professional development organization for women in finance. It found that 70% of the respondents believe that women earn either “somewhat less” or “much less” than men in base salary, and 83% believe that women earn “somewhat less” or “much less” than men in performance/incentive bonuses. While 20% feel that the situation regarding equal pay for women is better than it was three years ago, 56% believe that equal pay will still take a decade longer to fully materialize.

Successful women on Wall Street perceive corporate culture and stereotypes of women’s roles in the industry to be more prominent obstacles to career advancement than lack of professional credentials. “FWA members have the right credentials and they have solid professional achievements. Yet, many feel limited by factors beyond their control,” says Betsy Werley, FWA president.

The women noted increased employer-sponsored initiatives to create more diverse workplaces; 48% believe there have been improvements in offering flexible work schedules in the past three years, and 42% believe that the Wall Street workforce has become more diverse. Respondents are hopeful that these initiatives, and general changes in attitudes, will pay off in the next ten years. Three out of four expect the representation of women in senior management to be “somewhat better” or “much better,” and 72% are optimistic that more seats on corporate boards will be held by women by 2011.

“The FWA survey echoes many of the themes that Catalyst found in our recent study, Women in Financial Services: The Word on the Street,” said Catalyst President Sheila Wellington. “Gender inequality is a theme throughout both studies. Women perceive themselves as working harder for the same rewards and having fewer opportunities than their male colleagues.” Catalyst is a nonprofit research and advisory organization working to advance women in business and the professions.

More than 1,000 members of the FWA were surveyed in November and December of 2001. The majority of the respondents are between 45 and 60 years old, have a post-graduate degree, and have household incomes of US$200,000 or more. Twenty-four percent are at the executive vice president/senior vice president/managing director or CEO/president level.