Although male and female analysts on Wall Street succeed at about the same rate, men are apparently reaping more benefits from their connections than women are, a new report shows.
The report, Does Gender Matter on Wall Street?, found that while connections in the industry improve both men’s and women’s job prospects, the effect connections had on men’s prospects was two or three times larger than the impact they had on women’s jobs in the industry.
This can impact anything from an analyst’s ability to predict stock market outcomes to their ranking on major trade publications’ yearly reports. Many analysts’ jobs hinge on those reports, so it matters that they succeed at making these connections.
Despite women making up only 12% of the analyst workforce, the same percentage of men and women were elected to be “star analysts.”
Interestingly, “female analysts appear to have stronger educational backgrounds than male analysts.” But, the report noted, they are given a slightly lower workload than men.
While women and men are succeeding at the same rate, men appear to be using their connections at a greater rate than women.
This, unfortunately makes sense. Have you ever tried to connect with a man in the office who just wanted to discuss the latest sports game? Or worse, have you actually been interested in that conversation, only to be brushed off because “women don’t know sports.”
As the report notes: “If men benefit more from connections on both fronts, their advantages can persist and even widen as their careers progress.”
- Alicia McElhaney / She Spends Issue #21