Women in Finance: The Future of Finance is Inclusive

OneStream’s core mission is to Take Finance Further – not only by helping Finance teams modernize, but also by empowering the next generation of finance leaders. In celebration of Women’s History Month, we're taking a closer look at companies who are getting this right and highlighting senior finance women who are focused on modernizing and diversifying their finance teams.

It’s no secret that the Finance industry is facing a significant talent crunch. For example, according to CFO Magazine, 84% of CFOs struggle with significant talent shortages within their departments, as more college graduates choose other areas of study and over three-quarters of CPAs have reached retirement age. Additionally, 83% of senior leaders report a talent shortage this year, up from 70% in 2022.

In other words, the finance industry has a growing demand for skilled professionals outpacing the supply. This shortage presents both a challenge and an opportunity. By fostering a gender-inclusive environment, forward-thinking organizations can dig into a broader talent supply and address this gap effectively.

And tapping into the pool of talented women has been shown to benefit companies who do so. For example, HEC found that of investment managers:

• Buyout teams with at least one woman outperformed all-male teams across PERACS Alpha, total value to paid in, and internal rate of return.
• Committees with at least one female member outperform homogenous male committees by an average 12% of IRR and 52 cents per dollar invested.
• Gender diversity also brought down the average capital loss ratio of a fund by 8% to 12%.

And that’s to say nothing about how hiring and retaining female staff benefits business in general. A 2015 McKinsey study looked at 366 public organizations across a range of industries in Canada, Latin America, the United Kingdom, and the United States. They found, “Companies in the top quartile for gender diversity are 15% more likely to have financial returns above their respective national industry medians.” In other words, maintaining a gender-inclusive workforce is good for business.

That inclusivity must include maternity leave. OneStream’s Women in Finance initiative recently hosted a webinar titled “The Real Talk on Career and Maternity Leave,” where finance professionals shared candid insights on navigating extended leave, returning to work, and balancing career ambitions with family life. Archetype Consulting's Blair Lewis spoke about the emotional challenges of returning to work, including the guilt of being away and the pressure to “do it all,” emphasizing the importance of setting clear boundaries. OneStream's Michelle Petrak highlighted how becoming a parent changed her approach to work, making her more open to asking for help and embracing collaboration. Marina Neto from Alliance Automotive shared her experience of navigating two maternity leaves at the same company, stressing the value of open communication and flexibility in successfully reintegrating into the workplace. The discussion reinforced the importance of support networks and company cultures that empower working parents.

OneStream recognizes that finance is a sector that’s traditionally less inclusive. While gender parity is on the horizon with female professionals making up 46% of the Finance workforce, just 30% occupy senior roles as of 2024.

Women aren’t helpless though, and many senior finance professionals like Marina Neto and Wilna Lindeman-Kunenborg consistently show that the glass ceiling is a thing of the past. We recently spoke with Sarah Youngwood, the CFO of NASDAQ, and asked her about the considerations that rising women in Finance should have while mapping out the future of their careers.

She had three pieces of advice, paraphrased here:

1. Women often place a ceiling on their own potential. There’s no need to do so! “Shoot for the stars,” she says. “You’ve got to look up and look at that star and shoot for it because then you'll have a chance to get it.”
2. Prioritize your relationships; don’t try to do everything yourself.
3. Make sure you actually want what comes with senior Finance positions—are you okay missing doctors’ appointments and recitals? “All of [this] advice [is] totally good for guys, too,” she clarifies. “But I do think that for women in particular, making sure that you do what you do because it's worth it” is important.

We want to help Finance organizations tap into the opportunity to recruit and nurture women in their careers. There are three immediate, easy actions you can take today to do so:

1. Join the OneStream Women in Finance LinkedIn group. Open to all genders and anyone in finance looking to foster a more inclusive work environment, this community is a space to connect, share insights, and drive positive change.
2. Sign up for our April 8th webinar, “Breaking Barriers: Leadership Strategies for Women in Finance.”
3. Attend Reshma Saujani’s keynote and our Women in Finance fireside chat at Splash North America.

Finally, we’re always looking for new voices to share their experiences and expertise. If you're interested in speaking at a future Women in Finance event, fill out our speaker directory form.