The “Lehman Sisters” thought experiment, the idea that a more gender-balanced investment bank might have averted some of the worst excesses of the 2008 financial crisis, is still cited today. It is a reminder that diversity in finance is not only a fairness issue, but a risk and performance issue for women in finance and the businesses they lead.
Since then, the UK financial services sector has made real, if uneven, progress. The Women in Finance Charter now covers more than 400 firms employing over 1.1 million people, and its 2024 annual review found that women hold 44% of senior management roles among signatories, up from 14% in 2016. A target of 50% women in senior management by 2030 has been set. Yet the industry still has one of the widest gender pay gaps in the UK economy. ONS Annual Survey of Hours and Earnings data from 2024 shows a median hourly gap of 22.6% in finance and insurance activities, compared with a national average of 14.3%. Women remain under-represented on executive committees and in CEO roles, and the FTSE Women Leaders Review 2025 found that only 12% of FTSE 100 chief financial officers are women.
So what can ambitious women, and the organisations that employ them, do to keep breaking the glass ceiling? Here are four practical areas to focus on.
1. Build strong foundations for women in finance
Change still starts in schools. Finance is not always promoted as an exciting career option for girls, and external speakers can unintentionally reinforce stereotypes. Parents, teachers and careers advisers can counter this by highlighting the breadth of roles available, from accounting and risk to fintech, sustainable finance and wealth management.
The pipeline into finance has widened. Women are increasingly represented on accounting and finance degree courses and in professional training programmes. The challenge is no longer simply getting women into entry-level roles; it is keeping them on the path to leadership.
Early career choices matter. Seek out employers with clear progression frameworks, women’s networks and transparent pay structures. Ask about retention, promotion and flexible working during recruitment; these are reasonable questions that signal ambition and self-awareness. Professional qualifications such as the ACA from ICAEW, ACCA or CFA remain valuable currency, but so does experience in emerging areas such as ESG reporting, data analytics and digital banking.
2. Find mentors and sponsors
Support from someone more senior can accelerate progress, but the most effective mentoring relationships are rarely allocated by HR. They tend to grow organically from trust, shared interests and clear goals.
Approach people whose careers you admire and ask for a short, focused conversation rather than a formal commitment. Be specific about what you want to learn, whether it is navigating a promotion, building client relationships or moving into a new specialism. A business mentor can offer perspective, challenge your assumptions and introduce you to influential contacts.
Do not stop at mentoring. Sponsorship, having a senior leader actively advocate for you in rooms you are not in, is often what opens doors to board and executive opportunities. You can also learn by reverse mentoring younger colleagues on technology, social media and changing customer expectations. The best relationships are mutual: think about what you can offer as well as what you need.
3. Raise your profile deliberately
Women frequently outperform male colleagues on core leadership indicators, yet research consistently shows they are less likely to promote their own achievements or build the networks that lead to senior appointments. Being good at your job is necessary, but it is not sufficient: you also need to be visible.
Start internally. Volunteer for cross-departmental projects, present at team meetings and make sure your contributions are documented in appraisals. Then build externally: speak at industry events, write articles for trade publications, join professional committees and use LinkedIn to share informed commentary. A strong professional network is not about collecting contacts; it is about being known for a clear area of expertise.
If self-promotion feels uncomfortable, reframe it. You are not boasting; you are helping decision-makers understand the value you bring. This is especially important when pay and promotion discussions arise. Keep a running record of your wins, the revenue or risk you have managed, and the teams you have developed. Evidence makes confidence easier.
4. Keep the pressure on institutions
Individual action matters, but lasting change requires organisations to fix the systems that hold women back. That means transparent promotion criteria, fair pay processes, flexible working as the default at senior levels, and targeted returner programmes after career breaks.
Pressure from the top helps. Initiatives such as the Women in Finance Charter, the 30% Club and the FTSE Women Leaders Review have pushed gender balance up the boardroom agenda. The FTSE Women Leaders Review 2025 reports that women now hold 45% of FTSE 350 board seats and 34% of FTSE 100 executive committee roles. Women at every level can support this by joining employee networks, responding to staff surveys, mentoring junior colleagues and asking leaders how they are meeting their public commitments.
Accountability works. Firms that publish clear targets, report progress and tie executive rewards to outcomes tend to move faster than those that rely on good intentions. If your employer is not moving quickly enough, use your voice and your feet. The market for talented women is competitive, and organisations that fail to progress diversity will find it harder to attract and retain the best people.
Keep the momentum going
Breaking the glass ceiling for women in finance is not a single event. It is the result of thousands of individual decisions, by women to put themselves forward, by leaders to open doors, and by organisations to remove obstacles. The sector has shown it can change. The task now is to make that change stick, from graduate intake to the boardroom.
