Financial Women’s Association

Survey ResultsJanuary 2002

Padilla Speer Beardsley

Objectives To profile the membership of the FWA for

both recruitment and public relations purposes

To measure member satisfaction with the organization and its programs, events and services

To identify needs and issues that the FWA could or should address

Compare results to 1998-99 survey

Methodologies Online survey distributed December

2001 to about 1,000 member e-mail addresses

About 75 surveys were mailed to members without e-mails, 6 were returned and included

Closed survey January 4; 288 surveys completed (28%)

Overview Data collected on the survey fell into

four areas:- Career & Employment- Issues- FWA Membership and Information

Sources- Demographics

Findings Little change in demographics or issues

since 1998 Majority of members (58%) work in

Organizations with less than 10 employees; OR

Organizations with more than 10,000 Less optimism among members for

improvements in past three years Compensation gender gap is strong

Findings (cont.) Like past survey, members …

Support affirmative action Believe women are paid less than men for

comparable work Believe gender has held back their career Believe other women would say gender has

held them back Networking and professional development

are primary reasons to belong; “role model for women” moved up

Findings (cont.) Reasons to belong to FWA are “more

important” than three years ago

Career and Employment

Employment status

Full-time58%

Part-time2%

Partnership/practice12%

Self-employed14%

Other14%

Seeking employment

Seeking full-time17%

Seeking part-time9%

Not seeking/Not applicable

72%

Retired2%

Industry

Financial services29%

Consulting11%

Investment banking8%

Marketing/Advertising/PR6%

HR/Executive recruiting6%

Government/Non-profit5%

IT4%

Other31%

Years in finance industryLess than five years

2%5-9 years

6%10-14 years

13%

15-19 years23%

20-24 years29%

25-29 years17%

30 or more years10%

Job title

Vice President19%

CEO/President14%

Director13%EVP/SVP/Managing

Director13%

Consultant12%

Owner6%

Manager6%

Partner6%

Other8%

CFO/Controller3%

Size of organizations

Less than 10 employees31%

10-254%

26-495%50-100

4%101-500

13%

501-1,0004%

1,001-2,5004%

More than 10,000 employees

27%

2,501-5,0004%

5,001-10,0004%

Career advancement Members say they would…

Assume more responsibility (85%) Take line management job (70%) Obtain more schooling (58%) Relocate (24%)

Gender balance Less access to venture capital to start a

business (88%) No gender equality in determining

workforce reductions (61%) Represented on corporate and non-

profit boards (38% serve on at least one board)

Issues

Are things better in past three years?

19%

24%

23%

25%

29%

28%

29%

33%

37%

41%

4%

7%

7%

5%

2%

1%

1%

1%

3%

1%

0% 20% 40% 60% 80% 100%

Equal pay for men and women

Breaking through the glass ceiling

Firms providing on-site childcare

Corporate/govt programs addressing women's issues

Number of women on boards at Fortune 500

Preparing women to succeed in business

Finding mentors to advance women's careers

Work programs to balance work and family

Workforce diversity

Enabling employees to work flexible schedules

Somewhat better Much better

Do you expect the situation to get better in next ten years?

49%

51%

65%

65%

8%

6%

8%

10%

0% 20% 40% 60% 80% 100%

Access to venture capital

Pay equity

Representation on corporateboards

Representation in seniormanagement roles

Somewhat better Much better

Compared to men, women earn…

63%

51%

53%

7%

30%

30%

0% 20% 40% 60% 80% 100%

Base salary

Stock options

Performance/incentive bonus

Somewhat less Much less

Factors holding women back in their careers…

53%

54%

51%

58%

58%

61%

0%

3%

16%

17%

20%

16%

17%

26%

7%

23%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Lack of education credentials

Work experience in general

Family obligations

Perceived less of commitment to career

No line mgmt experience

Conflict with male counterparts

Stereotypes

Corporate culture

Somewhat Agree Strongly Agree

Considerations for employment opportunities…

36%

41%

45%

47%

24%

19%

18%

24%

28%

74%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Family-friendly policies

Diversity initiative

High variable compensation

History of internal promotions

Intellectual challenge

Somewhat Important Very Important

What age retirement for full-time employees…

Before age 504%

50-60 years23%

61-65 years31%

66-70 years23%

70+ years11%

Not applicable8%

Do you plan to continue working after retirement?

No6% Volunteer 10 hours or less

7%

Volunteer 10+19%

Part-time-non-profit30%

Part-time-corporate31%

Not applicable7%

Benefits

Big disparities in flexible benefits and telecommuting

Those with access to these benefits don’t always use them

Findings Overall the members

Support affirmative action Believe women are paid less than men

for comparable work Believe gender has held back their

career Believe other women would say gender

has held them back

Financial Women’s Association and

Information Sources

Rate level of satisfaction w/following aspects of FWA…

47%

49%

45%

47%

36%

49%

40%

50%

23%

28%

33%

32%

42%

35%

28%

37%

9%

7%

9%

10%

13%

8%

25%

8%

0% 20% 40% 60% 80% 100%

Cost/value for membership dues

Annual dinner

Cost/value of programs/events

Web site

Quality of programs/events

Newsletter

Support from office/staff

Overall

Satisfied Very SatisfiedExtremely satisfied

Reasons for belonging to the FWA…

36%

54%

50%

41%

52%

37%

51%

33%

21%

23%

29%

40%

34%

53%

41%

62%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Business development/sales leads

Social networking

Career planning/employmentopportunities

Advocacy for women in business

Personal development

Mentor/role model for highschool/college age women

Professional development/education

Networking

Somewhat important Very important

Member of the FWA for how long?

Less than one year7%

1-3 years26%

4-5 years17%

6-10 years20%

10+ years30%

Which FWA chapter are you affiliated with?

New York95%

Chicago3%

Washington, D.C.2%

Rate importance in attending event or program…

37%

42%

51%

41%

15%

9%

38%

32%

52%

84%

0% 20% 40% 60% 80% 100%

Cost

Location

Advance notice

Time of day

Topic

Somewhat important Very important

Interest in what types of programs/events…

7%

9%

9%

22%

22%

19%

20%

14%

21%

25%

21%

29%

30%

35%

43%

49%

27%

37%

39%

35%

35%

39%

40%

47%

43%

41%

49%

42%

42%

39%

40%

42%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Workplace diversity/minority issues

Family/lifestyle issues

Community volunteering

Job switching tactics

Career guidance

Entrepreneurship

Government/political briefing

Women's health

Technology

Small, targeted networking events

Personal finance

Global economic policy/int'l. finance

Survival in a changing work environment

CEO briefing

Financial services industry issues

Women executives/business leaders

Very interested Somewhat interested

What aspects of Web site do you use?

6%

21%

30%

38%

53%

85%

0% 20% 40% 60% 80% 100%

Others

Bulletin board

Registration form

Career connections

Member directory

Calendar

Respondents

Membership Findings 48% consider themselves active 50% have done business with other

FWA members 82% think the program frequency is

right 41% attend 3-5 programs a year 71% prefer events in Upper mid-town 86% aren’t interested in programs in NJ

Membership Findings (cont.)

70% prefer after work events 84% never participated in activities at

affiliated chapters 43% interested in international 89% prefer the newsletter for

communication with FWA 77% prefer e-mail for communication

with FWA

Membership Findings (cont.)

30% have participated with FWA international affiliates

16% have participated in activities with other FWA chapters

16% have never visited the Web site– down from 53% in 1998

Demographics

Age

45-4922%

50-5421%

55-5920%

Under 30 years3%65+ years

1%

40-4414%

60-645%

30 -345%

35-399%

EducationSome college or less

2%Undergraduate degree

24%

Post graduate degree(s)74%

Degree(s)JD5%

BA42%

Ph.D.2%

BS11%

MBA40%

Marital StatusWidowed

1%Married/living with

partner54%

Single31%

Divorced/separated14%

Ethnic background

Caucasian94%

Indian subcontinent0%

Latina/Hispanic0%

African American4%

Asian/Pacific Islander2%

2001 income before taxesLess than $50,000

8%$500,000 plus

8%

$200,000-299,99916%

$300,000-499,9997%

$100,000-149,00026%

$150,000-199,99916%

$50,000-74,9997%

$75,000-99,99912%

2001 household income before taxes

Less than $50,0003%

$200,000-299,99920%

$500,000 plus13%

$300,000-499,99920%

$100,000-149,00017%

$150,000-199,99912%

$50,000-74,9997%

$75,000-99,9998%

Number of wage earners in household…

248% 1

49%

None3%

Household’s total net worth…

Less than $50,0002%

$5 million plus8%

$1 million-$4,999,99939%

$750,000-999,99911%

$250,000-499,99917%

$500,000-749,99912%

$50,000-99,9993%

$100,000-249,9998%

Conclusions Members overall satisfied with FWA Little has changed since 1998

Compensation is still a gender issue Members still belong for networking and

professional development Demographic profiles match

FWA needs to recruit 35-45 year old women to replace those ready to retire

Recommendations Cultivate the value of membership

Emphasize networking and professional development in your programs, since they are the primary reasons for membership

Keep it all businessFor programming topics, members really look to the FWA for highlighting finance industry and work issues, less for community or personal issues

Recommendations (cont.) Focus communication efforts on

newsletter and e-mailMembers prefer these methods; also use the Web site since this is growing in value and importance.

One size does not fit allProvide variety of programming on business issues that reflects diverse member demographics (company size, age, income, industry)

Recommendations (cont.) Opportunity for the media

The opinions of your members as leaders in the community may be of interest to the media.

• Identify spokespersons• Define 3-5 topics – compensation, women-owned

businesses and access to capital, workplace equality• Update fact sheet/issue press releases or media contact• Media contact/response – provide FWA point of view on

business news

Questions and answers