The Securities Industry Association has just released the results of its 2003 diversity survey. Here are the highlights:
In large firms (8,000 staff or more), the report highlights significant increases in the representation of women and minorities in key management and line positions.
27% of employees in 'executive management' are either women or minorities, up from 20% in 2001.
33% of investment bankers in large firms are now either women or minorities, a 9% increase over 2001.
27% of the traders at large firms who participated in the survey are woman or from minority groups, up 4% on 2001.
All large firms in the Institute now have diversity initiatives in place and diversity training included in their employee orientation programs.
Women and minorities now account for 24% of all the managing directors at all the firms participating in the survey.
Overall representation of racial minorities in the industry remains fairly constant. 18.3% of the industry workforce identify themselves as African American, Hispanic/Latino, Asian/Pacific Islander, or from another minority group.
The percentage of women employed by participating firms dropped from 41% in 2001 to 37% in 2003.
White males currently make up 53% of the industry workforce, up 3% from 2001.
Although the percentage of 'women of color' employed in the industry fell 1% to 8% over the two years, this was offset by a 1% gain to 10% for 'men of color'.