Women in Finance

Women in Finance

Renée Adams, Tom Kirchmaier

Series number :

Serial Number: 

Date posted :

September 01 2016

Last revised :

September 05 2016
SSRN Share


  • mathematics • 
  • gender gaps • 
  • Finance • 
  • Banks • 
  • STEM • 
  • board • 
  • diversity • 
  • growth • 
  • PISA • 
  • NAEP

Across countries, banks have less gender diverse boards than other firms. Bank board diversity is particularly low in countries with greater gender gaps in PISA math scores and lower average math scores. We find similar results using state-level NAEP math scores in the United States. The influence of math scores appears to transcend standard cultural explanations.

Female directors are more likely to have an MBA in banks, especially in countries with greater gender gaps in math scores. Our evidence suggests that differences in educational outcomes for boys and girls may have long-lasting implications for their career development.

Published in

Published in: 
Publication Title: 
SWIFT Institute
21 September 2016


Real name:
Tom Kirchmaier