More women in entry-level insurance jobs, but far fewer up ladder

Women outnumber men 57% to 43% in entry-level jobs in the insurance industry, but at each career stage the percent of women drops, according to a reported released Thursday by a management consulting firm that examined female roles in the financial services industry.

The percent of women falls to 30% among vice presidents, 20% among senior vice presidents and 18% among C-suite executives, according to the report, Closing the Gap: Leadership Perspectives on Promoting Women in Financial Services, released by New York-based McKinsey & Co.

McKinsey surveyed more than 14,000 employees at 39 financial services companies and interviewed 12 female senior executives at financial services companies in North America, according to the 23-page report that provided a glimpse into staffing in the banking and consumer finance, asset management and wholesale banking, and insurance industries.

Overall, the survey found that women in entry-level roles in financial services seldom envision themselves in a top executive position, as only 26% aim for this goal, compared with 40% of their male peers.

“Entry-level women in financial services cite a lack of interest in such roles, concerns about balancing family and work commitments, the perceived pressure associated with the top jobs, and too much politics as the primary reasons the leadership career path is less appealing,” the report states.