Women's Career Success in the Financial Services Industry: Systematic Literature Review and Future Research Directions

ABSTRACT Notorious for its homogeneous hierarchies, the financial services industry needs, yet haemorrhages, talented women. This, in combination with severe underrepresentation of women in senior leadership roles and an unproportionally large gender pay gap, warrants scholarly attention. To summarize existing work and propose future impactful research directions, this paper provides a systematic review of the literature about women's careers in financial services. Our analysis of 150 articles published between 2000 and 2023 demonstrates the presence of persistent gender stereotyping and pervasive career disadvantages for women and mothers. We illustrate this within an input–process–output–solutions framework that can inform future research and policy formation. Governments have an important role in ensuring equal policies for all genders, regardless of parenting status. Firms need to establish fair policies that support the careers of all employees and embed these values throughout their organizations. Consistent attention to these can challenge the systemic gender inequality in the financial services industry and improve business performance.