Hong Kong’s financial industry: Ensuring minority women have a seat at the table

The global financial industry has long been characterized by inequalities — for instance, as of 2021, just 21% of women hold board seats, 19% hold C-suite roles and only 5% of CEO positions globally. The picture is no different in Hong Kong where only 17% of C-suite roles are held by women and where local Cantonese-speaking job applicants are more likely to receive callbacks compared with other candidates. Indeed, minority women from non-Chinese or low-income communities seeking to join Hong Kong’s banking sector might feel like the odds are stacked against them, even though they might have plenty to bring to the table.

At Bloomberg, we seek to make the professional world of finance more accessible to everyone. To this end, we recently launched “Your Future In Finance: Banking & Beyond” in Hong Kong, an initiative aimed at increasing career exposure and support to female students from historically underrepresented groups with limited access to the industry. We launched this program in partnership with seven  financial institutions with operations in Hong Kong (BlackRock, Credit Suisse, HSBC, Macquarie Group, Morgan Stanley, Nomura and Royal Bank of Canada) and six non-profits (EmpowerU, Hong Kong Unison, Hong Kong Youth Association, JA Hong Kong, The Amber Foundation and The Zubin Foundation), making it one of the biggest collaborations across corporates and NGOs to date.

 “In order to tackle society’s most pressing challenges, collaboration between businesses and the non-profit sector is crucial. We recognize that through our collective efforts, we’re able to maximize the social impact created through our shared goal of ensuring a more level playing field for students in Hong Kong,” says Vandna Ramchandani, APAC Head of Corporate Philanthropy.

“Diversity of representation, thought and identity are core to our values,” adds Alisha Fernando, APAC Head of Diversity & Inclusion at Bloomberg. “In collaboration with partners that also recognize the importance of supporting diverse talent, the ‘Your Future In Finance: Banking & Beyond’ initiative was born out of the need to create inclusive pathways for underrepresented female students.” 

50 students from various ethnic and socioeconomic backgrounds participated in this year’s pilot program. Over the course of two months, they gained valuable industry knowledge and expanded their professional network via panel discussions, weekly mentoring sessions, soft-skills training and company visits. In addition, they were tasked with presenting solutions to key challenges that underrepresented females in Hong Kong face when seeking to enter the financial industry.

“When I first heard about this program, I knew I had to join. I’ve always wanted to learn more about the finance industry but never got the chance to,” says participant Sakshi Vasudev. “After getting rejections from multiple institutions, I thought I’m not meant for a career in finance, but this program changed my perspective.” 

Crucially, the program underscored the importance of connecting students with the tools they need to embark on a career in financial services, and of opening doors to the opportunities that may already exist in the industry.

“I believe the main challenge that minority female students face is a lack of resources, such as learning materials and job-seeking platforms,” says student Tik Chau Lo. “I think the most exciting part of the program was meeting the mentors, as they gave us many practical suggestions on how to enter the financial industry even without a finance-related degree, such as by taking the CFA exam or applying for summer internships.”

Fellow participant Wendy Zhuang felt that the company visits were especially valuable. “I got the chance to tour around a prominent bank in Hong Kong. We were able to see behind the scenes of retail services and learn more about the different functions and divisions,” she shares. 

Overall, most participants felt that the program was successful in equipping them with new knowledge they could put to use during their job search.

“I think my determination to join the financial industry is strengthened after participating in this unique, brilliant initiative,” says Chau Lo. 

In the same vein, mentors agreed that it gave them new perspectives on hiring diverse talent in Hong Kong.

“The presentations certainly had some great takeaways on how we can provide these students with equal opportunities in the world of finance, such as through early mentorship programs and career fairs,” says Nick Chan, Managing Director and Head of Sales (Wealth Management, Asia) at Royal Bank of Canada. “I also learned strategies that can be applied to the real world — for instance, using the acronym ‘NCHK’ for Non-Chinese Hong Kongers instead of the term ‘ethnic minority’ to remove stigma.” 

There is still a long way to go before parity is achieved in Hong Kong’s financial services industry, and companies can do much more to foster a more equitable hiring and working environment.

“For instance, ensure that unconscious bias training is carried out, and promote inclusive language so that people from all backgrounds can thrive,” suggests a mentor from Macquarie. “We can also look at broadening the program to other local banks and financial institutions, which will help raise awareness [and evolve hiring practices] across the industry.” 

As participant Xiaobai Tan sums up, “discrimination occurs everywhere, and that’s the hard door to go through. But financial institutions in Hong Kong are trying their best to provide opportunities to young female students. With time, the challenges [women face] will [hopefully] become less and less.”

This initiative forms part of Bloomberg’s global Corporate Philanthropy program, which works with a network of non-profit partners to ensure more individuals from underserved communities have the relevant skills and experience for employment and entrepreneurship. Find out more about how we support global efforts to make the world’s economy fairer and more inclusive for all.