Ladies earn nearly half of their male counterparts when it comes to this one job
Women might be closing in on the gender pay gap overall, but when it comes to personal financial advisers, they’ve got a longer way to go.
24/7 Wall St. says there is no wider pay gap between the sexes than in personal financial advisers. In this job, women earn nearly $1,000 less a week than their male peers.
Pay isn’t the only hold-up when it comes to personal financial advisers. The 24/7 Wall St. report says women financial advisers face harsher disciplines at work and higher rates of discrimination, according to a recent paper from the National Bureau of Economic Research.
“The discrimination was found to be greater at firms with greater shares of male workers compared to female workers,” the report says. “Researchers also found evidence that despite the harsher punishments, incidents involving women were on average less costly, and women were less likely than men to repeat offenses.”
Nationwide, 35.6 percent of personal financial advisers are women.
More very bad jobs for women
While personal financial advisers don’t seem to fare well for women, it’s not the only job where ladies have it bad. Rounding out the top 5 worst jobs for women: insurance sales agents, physicians and surgeons, real estate brokers and sales agents, and financial service sales agents.
When it comes to insurance sales agents, women earn 58 percent of what men do — only 2.4 percent better than their personal financial adviser lady friends.
“Many jobs with the largest gender pay gaps are in sales — but nowhere is the gap greater than among insurance sales agents,” 24/7 Wall St. says. “Median earnings for women in insurance sales has decreased by 9.5 percent in the last decade. Men in the same job have benefited from a 4.8 percent earnings increase over that period.”
What about doctors? One of the most strenuous and stressful professions in the world, doctors rightfully earn quite a bit of money. But in a given week, a male doctor will earn roughly $2,343. A female doctor will earn $1,476 in the same timeframe. That’s an $867 difference.
The good news: the wage gap is getting better. Over the last decade, men are earning about 12.5 percent more than they were in 2007. For women, they’re earning nearly 20 percent more in the same time frame.
The majority of real estate brokers in the United States are women (58 percent nationwide), but that doesn’t mean they make the majority of money. Women make less than 64 cents for every dollar a man does for the same real estate job. Unfortunately, it doesn’t seem as though it’s getting any better.
“While men’s earnings are up by 2.6 percent in the past decade, women’s earnings decreased by 4.1 percent,” the report says.
Women have some of the lowest representation in the financial services sales sector. Less than one-third of these jobs are occupied by women full-time, and ladies get 65 percent of what men do for the same job. Sadly, growth seems to be stagnant.
“Female weekly wages are 21 percent lower than in 2007, versus a slight increase for male wages over that period,” the report says.
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Article last modified on April 3, 2017. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Ironically, The Worst-Paying Job for Women Is in Finance - AMP.