While women may have made incredible strides in the labour market in some industries in the past few decades, the finance industry remains one area that is still heavily male-dominated today. According to a Deloitte report, women hold just 21% of board seats and 19% of C-suite roles within global financial service institutions - marking a distinct inequality between genders.
What’s more, the disparity between genders can vary wildly depending on location, with factors such as education opportunities, salaries, cost of living, and more all coming into play. Here, MoneyZine.co.uk has rounded up five of the top cities for the finance sector in the world, ranking them specifically with a view to finding the best locations for women in finance.
Key findings:
The average salary for women in finance correlates with the average cost of living score in every city analysed except New York, where salaries are lower than in London, but the city has a higher overall cost of living.
The highest average salary out of the cities reviewed for women in finance can be found in Switzerland, with the lowest in Singapore.
In Hong Kong and Zurich, separate studies have shown that just 32% of workers in the financial services sector are women
In London, just 23% of senior roles in financial services are occupied by women
Jonathan Merry, CEO of Moneyzine, comments:
“It’s perhaps no surprise that there is a significant gender gap between men and women when it comes to the financial services sector, with much improvement needed from the number of women being promoted into senior roles to the wage gap being closed.
The review of these cities, known for their prominence in the financial sector, demonstrates the opportunities - or lack thereof - for any women looking to grow their careers in this industry.”
London
London is considered one of the most prominent cities for finance and trade in the world, providing a global centre for international businesses. London is home to the Bank of England, the second oldest central bank in the world, and is considered a central location for the foreign exchange.
Average Salary
According to data from Glassdoor, the average salary for a finance professional in London is £64,000 per year for men and £53,000 per year for women.
Cost of living
The cost of living is high in London - so salaries are naturally higher than in other parts of the world. According to Numbeo, the average cost of living index score for London is 84.23.
Women in Finance
According to a report by the UK government's Women in Finance Charter, women make up 23% of executive committees in financial services companies in the UK, as of 2021. The report does not provide specific data for London, however.
A separate report from Catalyst reported that 43% of the workforce in financial services were women in 2019 (the latest data available).
Education
Latest data from the Higher Education Statistics Agency (HESA) showed that in the 2021/22 academic year, 54% of students enrolled in finance-related programs in the UK were male, and 46% were female.
Singapore
Singapore is considered a major city for the financial sector for a number of reasons; the country is considered to have one of the best regulatory environments that is business-friendly and provides stability and transparency to financial institutions. Additionally, Singapore’s strategic location in the heart of Southeast Asia positions it as a gateway to the region's growing markets, while the city-state has developed a modern and efficient infrastructure that supports financial transactions and provides access to a wide range of financial services.
Average salary
According to data from Hays, the average salary for a finance professional in Singapore is SGD 130,000 per year for men and SGD 115,000 per year for women.
Cost of living
Singapore is another city in which the cost of living is high (scoring 81.21 on the cost of living index), so salaries are also higher in line with this.
Women in Finance
According to Deloitte, the share of women in senior leadership roles in Singapore's financial institutions is 20.8% (as of 2021). The same report revealed that Singapore has 24.5% of women in senior leadership roles, compared with 18.5% in Asia.
Zurich
Zurich is another city considered to be a major financial hub, largely due to the high number of financial institutions and banks within the vicinity, establishing the city as a global hub for international banking. Zurich is also home to the SIX Swiss Exchange, which is one of the largest stock exchanges in the world. Zurich is also a central location for the insurance sector, which has also contributed to its standing within the financial industry both within Europe and globally.
Average salary
According to data from Payscale, the average salary for a finance professional in Zurich is CHF 107,000 per year for men and CHF 92,000 per year for women.
Cost of living
Switzerland is one of the most expensive countries in the world, so the cost of living is extremely high. Zurich scores 133.24 on the cost of living index, higher than any other city featured on this list. While salaries in Zurich are considered high for both men and women, anyone living here is also paying considerably more for rent/mortgage, and general day-to-day living expenses.
Women in Finance
Data suggests that there is still much work to be done regarding the number of women holding senior positions within the financial sector in Switzerland. According to SwissInfo, just 10% of top mandates (partners, members of general management) are held by women in 11 Geneve private banks.
Education
Data from the UNESCO Institute for Statistics shows that Switzerland has one of the lowest proportions of female STEM (science, technology, engineering, and maths) graduates than many other OECD countries at just 22% (As of 2017, when the data was last released).
New York
New York City is considered a major city for the finance industry due to its concentration of financial institutions, including Wall Street, which is home to the New York Stock Exchange, the largest stock exchange in the world. The city is also a hub for banking, investment management, and insurance, and is home to many of the world's largest financial institutions. The city's role as a global centre for finance has been solidified by its reputation for innovation, and the presence of a highly skilled and diverse workforce.
Average Salary
According to data from Glassdoor, the average salary for a finance professional in New York City is $89,000 per year for men and $77,000 per year for women.
Cost of living
New York has the second highest cost of living (with a score of 100 on the index) out of the cities listed here - with only Switzerland scoring higher.
Women in Finance
According to a large-scale study into women in financial services in the US as a whole by McKinsey in 2021, just 23% of C-Suite positions are held by women - even though women make up approximately 52% of the entry-level workforce.
Hong Kong
Hong Kong is considered a leading financial centre due to its strategic location in the heart of Asia, business-friendly environment, and highly developed financial market that attracts international investors. The city's highly skilled workforce and government initiatives to support the sector further solidify its position as a hub for finance in Asia and globally.
Average Salary
According to data from Robert Walters, the average salary for a finance professional in Hong Kong is HKD 745,000 per year for men and HKD 601,000 per year for women.
Cost of living
Hong Kong scores 81.96 on the cost of living index, only a fraction higher than Singapore. On other cost of living surveys, however, Hong Kong consistently ranks as the most expensive city for expats in the world - scoring as the most expensive city on the Mercer city ranking in 2022, for example.
Women in Finance
A previous large-scale survey from PwC found that women account for 52% of entry-level positions and 29% of management roles in Hong Kong.
A report from Deloitte showed that in Hong Kong, only 17% of C-suite roles are held by women.
Top Cities for Women in Finance
City | Average Salary (Women) | Cost of Living Index |
Singapore | SGD 85,000 ($63,442) | 63.61 |
Hong Kong | HKD 532,000 ($68,718) | 77.67 |
New York | $88,000 | 100 |
London | £78,474 ($108,611) | 84.56 |
Zurich | CHF 107,000 ($115,880) | 127.82 |
Methodology
Our experts found the average salaries for men and women in the finance sector, individual studies on the number of women in financial services careers in each city, accompanying data on education, and the cost of living index to find an overview of the landscape for women in finance in each city listed here.
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