The employment of women and minorities in the securities industry continues to grow, suggests a new study released by the U.S. Securities Industry Association.

The report says that since 2003, women have climbed 7%, to comprise 44% of employees in SIA member-firms. This still lags the overall workforce however. By comparison, across all job categories in the US, women average 46.4% of the workforce.

The employment of “people of color” has also increased to 21% of the workforce, up from 18% in 2003. Nearly one-quarter of senior-level positions and over one-third of mid-level positions and analysts and associates are held by people of color, the SIA adds.

Firms report that increased competitiveness in attracting key talent is the number one reason to continue advocating for a diverse and inclusive workplace. Over 70% of participating firms report having diversity initiatives.

“The industry has made significant strides in a number of key areas since we conducted our last diversity study in 2003,” said Michele Holton, the chair of SIA’s Diversity Committee and manager of inclusion for Edward Jones. “Women and people of color today make up an increasingly large segment of our workforce, suggesting the industry’s pro-active efforts are paying dividends.”

The survey was conducted by Catalyst, a non-profit research organization. 48 SIA member-firms participated in the survey, representing 57% of total employment by SIA member companies. The survey was conducted in the summer of 2005.

The 2005 Report on Diversity Strategy, Development and Demographics: Executive Summary is available on the SIA Web site.