Introduction: the ICMA Women’s Network – a decade of progress and the next phase of action

The ICMA Women’s Network (IWN) was founded in 2015 to address gender inequality in international capital markets. Over the subsequent decade, it has expanded to 14 regions and engages more than 5,000 members. The network operates on two fronts: supporting organisations to build inclusive environments and encouraging women to take ownership of their own professional development. Its 10th anniversary in 2025 served as a pivotal moment to assess industry progress and identify where the sector still falls short of gender parity.

Executive summary

This research draws on qualitative survey responses to examine the lived experiences of professionals in the industry. It reveals that women continue to encounter significant barriers related to culture, access, and visibility rather than just formal policy. The challenge has evolved from simple representation to ensuring sustained progression through visible leadership pathways and addressing structural barriers such as unequal access to informal networks and sponsorship.

Context and background

Independent research shows that progress in gender equality remains fragile. Female representation in senior leadership stands at 16% across 335 major financial institutions, and just 1% of tracked institutions are assessed as genuinely gender balanced. While the share of women in C-suite positions rose from 26% to 28% recently, women hold approximately 32% of senior staff positions. Research indicates that women are often at parity with men at entry levels but experience a “broken rung” at the first management step, where only 93 women are promoted for every 100 men.

The nature of roles also differs; women disproportionately lead internal functions like HR or compliance, which often lack the profit and loss accountability found in revenue-generating roles. Financial performance is closely linked to diversity; McKinsey research found that companies in the top quartile for board-level gender diversity were 27% more likely to outperform their peers financially. However, at current rates, the HMT Women in Finance Charter suggests gender equality in senior management will not be reached until 2038.

Themes and takeaways

The IWN Survey identified seven core themes. Firstly, visibility and voice remain issues, with women reporting being frequently interrupted or having their ideas attributed to male colleagues. Secondly, unconscious bias is woven into the everyday fabric of work allocation and promotion discussions. Thirdly, female leadership visibility is uneven; women hold only 16% of senior positions, making it difficult for those earlier in their careers to find role models.

The fourth theme highlights the distinction between mentorship and sponsorship. While 31% of entry-level women have a sponsor, 45% of men do. Fifthly, parenthood and caregiving remain persistent drivers of inequality. In the UK, Shared Parental Leave is used in less than 2% of births, reflecting a culture where taking leave may carry a professional cost. Theme six emphasises that male engagement is essential, as men occupy the majority of senior roles. Finally, pay transparency is a major concern; in UK financial services, women earn 78 pence for every pound earned by men, with gaps as high as 41% in investment banking.

What the market can do next

The report suggests several practical measures for organisations. Firms should expect senior leaders to actively sponsor emerging talent and incorporate development into leadership expectations. It is recommended that organisations normalise shared caregiving by promoting a culture where parental leave is utilised by all genders. Regular gender pay gap analyses should be conducted, with key findings and actions shared transparently with employees.

Additional recommendations include introducing structured talent reviews to identify high-performing individuals who may be less visible or likely to self-promote. Firms should also include gender balance as a risk issue, connecting diversity to regulatory, reputational, and operational risks. Reviewing the allocation of strategic projects and client-facing opportunities is also vital to ensure experience-building opportunities are distributed equitably.

Findings and reasons for optimism

Consensus is growing around the challenges and potential solutions across regions and seniority levels. Many respondents reported positive experiences with flexible working arrangements, leadership development programmes, and equal pay reviews. The increasing visibility of female leaders and a stronger organisational commitment to diversity amongst younger generations provide a strong foundation for future progress. The challenge now is to translate this widespread awareness into sustained, concrete action.

Conclusion and call to action

Gender equality is not just a matter of fairness but a question of industry performance, talent sustainability, and credibility. The next decade must be defined by accelerating solutions. Individuals are encouraged to seek out mentors and build networks, while senior women are urged to remain visible as role models. Male leaders are invited to move beyond being supporters to becoming active sponsors and allies, modelling the behaviours required to move the industry culture forward.