Cultural change is needed within the investment dealer industry in order to increase the representation of women, says a recent study conducted for Women in Capital Markets.

The study, which was conducted by Catalyst Canada, found over the last two years the representation of women in the investment dealer industry has not increased with the exception of higher numbers in investment banking and client service roles in the retail private client area.

The study, entitled Benchmarking 2002 updates the results of the first Canadian study conducted in 2000, entitled Women in Canadian Investment Dealers: Growing the Pipeline.

Since 2000 the representation of women at the most senior levels has declined from 11% to 8% in the retail client business, and from 11% to 10% in investment dealer business representation. The representation of women at the professional and vice president level is unchanged since 2000.

Susan Black, vice president of Catalyst Canada says “while many Canadian investment dealers have implemented programs to grow the pipeline of women in their organizations, the results of this study and related research suggest that more is needed.”

According to the study, women in the industry make up the majority of those employed in staff or support and are far more likely to work as middle office or support staff. “In 2002, although women comprise 39% of the overall industry population, the comprise 79% of those in staff positions,” say the study’s authors.

The WCM is a nonprofit organization established in 1995 “to advance the involvement and impact of women in the capital markets and to be a positive force for change in the industry.”

Copies of the study can be found at www.wcm.ca.