2022上海资管行业女性发展报告

Shanghai,oneofthemostdynamiccitiesintheworld,hasdemonstratedexcellenceinmanyaspects,includingeconomicdiversity,culturalinclusionandbroad-mindedness.In2021,Shanghai’sGDPexceededthefour-trillion-RMBthreshold,an increaseof8.1%comparedtothepreviousyear.Inthesameyear,“TheGlobalTop500Cities”reportmeasuredthebrandvalueofmajorcitiesinvariouscountriesfromdifferentdimensions, includingeconomy,governanceandtalent,etc.Shanghaiwas rankedinthetop10forthefirsttime,andsurpassedHongKong tobecomethemostvaluablecityinGreaterChina.ThefinancialsectorisonepillarofShanghai’seconomicgrowth. In2020,theaddedvalueofShanghai’sfinancialsectorreached716.63billionRMB,accountingfor18.5%ofthecity’sGDPand8.5%oftheaddedvalueofthecountry’sfinancialsector.Theannualturnoverofthefinancialmarketwas2,274.83trillion,17.6%higherthanthepreviousyear.ThetotalmarketvalueofcompanieslistedontheShanghaiStockExchangeexceeded45.53 trillionRMBattheendoftheyear,ranking#1intotalequity financingintheworld.Inaddition,theShanghaiGoldExchange ranked1stamongallcountriesinspotgoldtradingvolume,the InterbankBondMarketranked2ndintheworldinsizeofassetsundercustody,andthetradingvolumeofmorethan10typesof futuresattheShanghaiFuturesExchangeallranked1stglobally.The“GlobalFinancialCentersIndexReport2021”evaluatedmajorfinancialcentersintheworldfromvariedindicators:businessenvironment,developmentofthefinancialsector, infrastructure,humancapitalandotherfactors.Shanghairanked thethirdgloballyinthereport,followingNewYorkandLondon.Accordingtoareportfromagovernmentcommissionedresearch teamonbuildingShanghaiasaninternationalfinancialcenter,effortsshouldbemadeduringthe14thFive-YearPlanperiodtobuildandupgradeShanghaiasanInternationalFinancialCenter. Inthenext15yearsoreven30years,Shanghai’sgeneraltarget istotransitioningfroman“internationalfinancialcenter”toa“globalfinancialcenter”,creatinganewpatternof“tripartiteconfrontation”madeupofNewYork,LondonandShanghai.ShanghaihasthehighestconcentrationofdomesticandforeignfinancialinstitutionsinChina,andthenumberofassetmanagementcompanieslocatedinShanghairanks1stinthenation.Shanghaihasacceptedover1,600licensedfinancialinstitutions,ofwhichforeignfinancialinstitutionsaccountfor1/3.AsofQ42020,amongthe33whollyforeign-ownedandjoint-ventureprivateequityregisteredattheAssetManagementAssociationofChina(AMAC),mostarelocatedinShanghai.ShanghaihasbecomethefirstchoicethatforeignfinancialinstitutionstoopenbusinessinChina.Inaddition,Shanghaiishometo2,295equityinvestmentcompanies.ThesizeofinsuranceassetmanagementandmutualfundsinShanghaiaccountsforover30%ofthecountry’stotal.TilltheendofJune2021,amongthe152mutualfundsinChina,71mutualfundshadtheiraddressregisteredinShanghai,accountingforalmosthalfofthetotal.Amongthesecompanies,24werewhollyforeign-ownedandSino-foreignjointventure,accountingformorethan50%ofalljointventurefundcompaniesinthecountry.Forprivateequity,inthesameperiod,38ofthe86privateequityfirmswith10billionRMBofprivateplacementarelocatedinShanghai,accountingfor44%ofthenationaltotal.Also,ShanghairanksfirstinChinainbothsizeandnumberoffundsundermanagement.2021wasthekeyyearforChinatospeedupfinancialopening-upandimplementnewregulationsonassetmanagement.In2021,theGeneralOfficeofShanghaiMunicipalGovernmentissued“CertainOpinionsonAcceleratingtheConstructionofShanghaiasaGlobalAssetManagementCenter”,whichisthefirstsuchdocumentematicallyindustriessuchasWealthManagement,Trust,Securities,Funds,globalfinancialcenterInrecentyears,Shanghailaunchedthe“3411”FinancialTalentProject,inthepurposeofbuildarobustindustry.Threetypesofleadershavebeenattractedandcultivated,suchasoverseasfinancialprofessionals,leadingfinancialtalentandyoungfinancialtalent.In2021,thenumberoffinancialprofessionalsinShanghaiexceeded470,000.Additionally,Shanghaiisblessedwithabundanthighereducationresources.Bytheendof2020,thecityboasts63universitiesandcolleges,with540,700currentstudentsand135,600graduates.Shanghaialsovigorouslypromotestalentsystemreform,proactivelyprovidesfinancialserviceincentivestoattractinstitutionsandtalentintheindustry.perspectiveinShanghai,menaccountforabout51%,andwomenaccountforabout49%,withthelatternumberslightlyhigherthanthenationalaverageforwomenworkinginthefinancialsector.Despitethegrowingfemalepowerinthefinancialindustry,womenarestillunderrepresentedincapitalmarketseniorpositions,anderpaygapUtilizingbigdatatheReportontheLivingConditionsofWomeninChina’sFinancialSector”analyzedthegenderdistributionofmutualfundmanagers,securitiesanalysts,aswellasdirectors,supervisorsandseniormanagersoflistedcompanies.Resultsshowthattherearefewerwomeninelevatedroles,andtheaverageincomeoffemaleexecutivesisalsolowerthantheirmalecounterparts.Itisobviousthatwomenstillfacechallengesofgenderandpay,iftheywanttoachievedevelopmentequalityinthefinancialsector.IthasbeenapriorityofShanghaimunicipalitytoensurethatwomen’srightstoequaldevelopmentisfullyguaranteed.InJuly2021,theShanghaiMunicipalGovernmentissuedthe“14thFive-YearPlanfortheDevelopmentofWomenandChildren”,setting33indicatorsfortheprioritydevelopmentofwomeninsixareas,includingeconomicparticipation,physicalandmentalhealth,marriageandfamily,andrightsprotection,etc.Thehopeisthatby2025,thedevelopmentlevelofwomenandchildreninShanghaiwillremain“leadingdomesticallyandadvancedinternationally”.andsocialprogression;weshouldtakeintoaccountofShanghai’sindustrialtransformationandstrategies,attractandsupportmorewomentofindemploymentinemergingindustries,andguidewomentobecomepartoftheintegrateddevelopmentoftheYangtzeRiverDelta”.Thefinancialindustrybelongstothecatalogof“StrategicEmergingIndustriesClassification(2018)”issuedbytheNationalBureauofStatistics.Theplan’simplementationprovidespolicysupportandrightsprotectionforfemaleprofessionalsoftheindustry.Asaleadingpublic-interestorganizationforwomen’spersonalandprofessionaldevelopmentinChina,LeanInChinahasbeenexploringleadershipinwomenandiscommittedtobuildinganecosystemthatencouragesmoreChinesewomento“leanin”.Throughdataresearch,talenteducationandtechentrepreneurship,wehaveestablished100+womencommunitiesacrossthecountry.In2022,LeanInChina,togetherwithZhaopin,aleadinghumancapitalplatforminAsia,jointlyreleased“2022Women,WorkandHappiness:ReportontheDevelopmentofWomenintheAssetManagementIndustryinShanghai”,whichhopestoinspirepolicymakers,employers,professionalsandjobseekersinthefinancialsector.ThisreportisalsothefirstgenderresearchprojectdrivenbydataontheassetmanagementindustryinChina.I.AbouttheReport02II.ExecutiveSummary05III.Findings09IndustryOverview09WorkplaceEnvironment14CareerDevelopment25StressandMotivations41 References50 Acknowledgments51Team51 vepeoplemobilitywithinthesampleexistsbutthetotalnumberremainsconstant),anduseditasabasicsamplefor2WomenMen9.7%3.33%3.33%24.55%50above9.39% .42% 38.79% Doctoraldegreessociatesdegreeandbelowegjuniorcollegeandhighschooldiploma,etc.)UnmarriedwithoutchildrenMarriedwithoutchildrenMarriedwithonechildMarriedwithtwochildrenMarriedwiththreechildrenDivorcedwithchildrenDivorcedwithoutchildren Under5,0005,001-10,00010,001-20,00020,001-30,00030,001-40,00040,001-50,00050,001-60,00060,001-80,00080,001-100,000Over100,00030.61%First-lineemployeeFirst-linemanagerMiddlemanagerSeniormanagerCsuiteBoardmember3 RiskmanagementRiskmanagement/complianceResearchTechnologySalesTrading 29.7%Under1year1-2years3-5years6-9years10-15years16-20yearsOver20years PrivatecompaniesState-ownedenterprisesForeigncompanies/jointventuresIndustryassociations/non-profitorganizationsGovernmentagencies/publicinstitutions SecuritiescompaniesPrivateequityfirmsInsurancecompaniesBanksMutualfunds StocksBondsForeignexchangeDerivativesAlternativeInvestments44.85%0.91%10.91%Under1million1-5million-10million10-100millionOver10billionDonotmanageOver10billionDonotmanageassets1-10billion1.Fromthebigdatapoolhoholdalesishigherthanthatofmenxtjobinthesamefor2.Fromthesurvey“Promotionandpayrise”arecloselyrelatedintheIndustry.ThelongertheThebest3payingemployersforwomenaremutualfunds,privateequity,andThebest3paidpositionsareresearch,management,andriskmanagement/n51.Genderratiotyis2.Workplaceenvironment3.Workplacechallenges4.WorkplacesafetyharassmentaftertheimplementationofTheCivilCodeofChinain2021,tomandateemployers5.Genderstereotypesgis61.PaysatisfactionntsaresatisfiedwiththeirpayWomenhavehigherpaymeninCsuitepositionsaremostsatisfiedwiththeirpayandoffemaleSalaryisnolongertheonlycriteria,withrespondentsalsovaluingcultureand2.Promotionlomen3.JobhoppingOver40%ofprivateequityemployeeshavechangedjobsatleasttwicewithinthesector.Respondentsininvestmentpositionaremostlikelytolookfornew4.Industryprospectsn71.StresslevelsyThestresslevelofboardmembersisthehighest,chiefexecutivesandsenior2.Workinghourshigherthesenorityofrespondentsthelongerthedailyhourstheyworkeds3.Sleepstatus4.Careersuccess5.Careermotivationsaredrivenbypassionorinterest,whilemenaremoremotivatedbystatusor8ey1.FromthebigdatapoolInWomenMenSecurities/Futures/rofessionalServices............................201920202021WomenMen9eans14,49519,8299,829WomenMen%MoMgrowthin2020MoMgrowthin2021o Funds/securities/futures/investmentBanksrceConsulting/professionalservicesComputersoftwareEducation/training/universities&collegesRealestate/construction/buildingmaterials/engineeringTrust/guarantee/auction/pawnTradingimport&exportInsuranceFunds/securities/futures/investmentBanksComputersoftwareInternet/e-commerceTrust/guarantee/auction/Realestate/construction/buildingmaterials/engineeringProfessionalservices/consultingInsuranceEducation/training/universities&collegesItservices(systems/data/maintenance)12.Fromthesurvey1cepacing1,854.847,884.6221,187.524,166.6722,764.7135,865.3835,50035,655.7451,315.7995.6544,404.760,00049,062.553,269.2376,666.6781,00078,636.36WomenMenOverallB 34,821.4331,465.5233,114.0424,934.215,00026,285.7125,737.729,605.2624,482.7522,291.679,027.7833,75046,081.0840,992.06WomenMenOveralltcomplianceRMBWomenarepaidmorethanmenintechnologytradingsalesand33,312.537,937.535,62533,541.6733,461.54 33,50027,847.2232,812.530,684.5226,470.592,50024,609.3821,642.8645.4568.421,00017,727.278,958.3320,625WomenMenOverall45,555.544,37544,800 30.3%WomenMenOverallwomens WomenMenOverallThesectionpresentstheworkplaceandgenderequality.Throughtheresearch,readerswillhaveanunderstandingofthegenderratioindifferentAMCs.Itlaterexploresmajorchallengesencounteredbywomenwhentheyseekjobs,andreasonsbehindit.Respondentsarealsogivenachancetoevaluatetheirworkenvironment.TheaimofthesectionistodeliveremployeefeedbacktopolicymakersandemployersintheIndustry,toadvocateforamoreequal,safe,diverseand1.GenderratioOverhalfofAMCshiremoremenand81%oftoppositionsaretakenbymen.ThedatarevealsSimilarproportionofmaleandfemaleemployeesSimilarproportionofmaleandfemaleleadersWithregardtoAMCs,womenworkinginsecuritiesandinsurancecompaniesfacethemostchallengingsituationinbeings10.26%9.52%7.89%iescompaniesAsmentionedabove,althoughthenumberoffemaleemployeesinAMCsislessthanthatofmeninShanghai,ithasbeen sThesurveyfurtherfoundthatAMCswithunevengenderratiosinleadershippositionsleadtomoreenHowever,amonginstitutionswithasimilarproportionofmaleandfemaleleaders,thegenderratioofinequal,with50%achievinggenderbalanceintheleadership,whilethebigdifferenceoccursinforeign38.89%2.WorkplaceenvironmentSupportiveworkplaceenvironmentueseedbacketcAppropriateandregulartrainingpsFacilitiesandservicesforemployeesandbabiesservicesetc22.9%%7.9%%WomenMenOverallentpipelineequalpayforequalworkandgenderpayparityinclusivecultureantisexualharassmentpoliciesandproRespondentswhoareaged50+andwhohavethreechildrenvaluefinancialrewards,whiles1%59.26%48.21%54.55%59.09%50above3.WorkplacechallengesInordertounderstandthereasonsofdiscriminationfacedbywomenduringtheemploymentintheIndustry,thesurveyinginto WomenMenOverallhemtoithVeryseriousSeriousLessseriousNotexisting%7.69%VeryseriousSeriousLessseriousNotexisting 4.WorkplacesafetyMorethan60%ofrespondentssaysexualharassmentexistsintheirworkplace,butyounger ce45.34.39.WomenMenOverallous20ionandsenioritytendtoidentifythat9.09%VeryseriousSeriousLessseriousNotexisting3.23%Intermsofrank,54.6%ofboardmembers,34.6%ofchiefexecutivesand33.3%ofseniormanagersbelievethatsexual43.56%41.58% VeryseriousSeriousLessseriousNotexisting9.09%21eRMBkplacewhere1st,2021,clarifiesthecivilliabilityofsexualharassers,andmandateobligationsofemployerstopreventandstopsexualronicntrolofSexualHarassmentinthe225.GenderstereotypesForthepurposeoftestingwhethertheIndustryhasgenderstereotypes,theresearchteamdesignedanevaluationfor 30.49%perspectiveperspectiveive14.46%19.28%26.51%13.86%28.31%6.63%6.63%3.01%6.63%55.42%23esandC-suitesecuritiesC-suitesecuritiescompaniesseniormanagersIntheworkplace,employersshouldnotconsiderthegenderdivisionoflaborintermsofbiologicalsex,butfocusontheRoleRolemodelingthatDefiningexpectationsclearlyandrewardingInspiringemployeesbytivedecisionmakingbyseekingraching2430,508.0255.67%31,413.046.97%30,508.0255.67%31,413.046.97%ThesectionanalyzescareerdevelopmentofassetmanagementprofessionalsinShanghaifromfourdimensions:income,promotion,job-hopping,andindustryprospects,interpretingtheirrealneedsandchallenges.Italsoprovidesdatato1.PaySatisfactionryepay42,742,756.4191.36nwhat54.88%WomenMen25MBpermonthonaverage 33.33%33.33%33.33%C-suiteWomenMenVerySatisfiedSatisfiedLesssatisfiedNotatallsatisfied26 25,625.0056.25%4.219.0727,500.27,500.0034,269.2334,269.2370.77%26,250.26,250.00164.29%78.57%3363,00.0040,40,000.0077.78%85,000.085,000.00WomenMen27tpaynth 35,785.7133,378.3834,548.6131,201.9231,521.7431,352.0435,785.7133,378.3834,548.61VerysatisfiedSatisfiedWomenMenOverall28Salaryisnolongertheonlycriteria,withrespondentsalsovaluingcultureandenvironmentinyeesvaluethemostintheworkplacetheresult s 292.PromotionrnsyevelFromagenderperspective,nearly93%offemalerespondentswanttobepromoted,almost2%higherthantheirmales39.09%30.49%WomenMenOverall6.59%19.51%WomenMenOverall30 WomenMenOverallt31 35.29%60%42.35%40% ns 1.29%DoctoraldegreeMaster’sdegreeBachelor’sdegreeAssociate’sdegreeandbelow323.JobhoppingyeyZero1time2times3-4times5timesorabovemale1.691.081.540.952.383.52.010.951.921.691.771.25yearsyears1-2yearsunder1year6-9years33Over40%ofprivateequityemployeeshavechangedjobsatleasttwicewithinorRespondentsininvestmentpositionaremostlikelytolookfornewnceatand4timesaveragelybetweenmaleandfemaleemployeesinthenumberofjobchanges,SecuritiescompaniesWomenMenOverallinnumberof1.67,1.58and1.39times,respectively,whileemployeesinriskmanagement/complianceles342.89%2.29%WomenMenOverall43.29%43.29%38.79%35Intermsofage,toemployeesaged18-30,thetopcommonreasonforswitchingjobsis“dissatisfactionwithpayandbenefits”.Inparticular,nearly2/3ofworkplacenewcomers(aged18-25)holdtheopinion.Employeesover50yearsoldabletogetpromotedtothetopveswhenenteringtheIndustry.Theageof31-50isspeculatedastherisingperiodforassetmanagementprofessionalstoss364.IndustryprospectsThechartbelowdepictsthatnearly80%ofrespondentsinShanghaiAMCsdesireforalong-termcareerintheindustry.%y15.38%/3.85%//50%y3730.77%/20.51%/15.38%7.69%7.69%/17.95%5.71%/2.86%34.78%4.35%17.39%24.44%/13.33%/20%/22.86%/18.75%yMutualfundemployeesshowthegreatestoptimismaboutindustryprospects,whileinsurancesSecuritiescompanies54.39%/24.56%/10.53%.75%57.53%/17.81%/10.96%4.11%9.59%50.79%/22.22%/11.11%4.76%3.17%/7.94%44.83%/15.52%/22.41%1.72%8.62%/6.9%38.89%/33.33%.56%.11%9.84%8.2%/19.67%yyforalongtimewithand38 59.52%/21.43%/10.71%46.25%/23.75%/18.75%8%47.37%/10.53%/8.77%09%yThesurveyfurtherinterviewsassetinvestors,whoinvestinforeignexchange(60.5%),bonds(59%),andstocks(51.2%)16%/15.79%2.63%/2.63%59.04%/24.1%/10.84%1.2%1.2%/3.61%14.96%1.57%/10.24%36.84%/21.05%/10.53%5.26%5.26%/21.05%25%/12.5%/8.33%5.13%y39Chineseassetout4038.79%EESG1.StresslevelsghestlevelashighfollowedbythegroupwithastresslevelofmediumaccountingforystresslevelofThereisnosignificantcorrelationbetweenstressandgender.Thenumberofwomenwithastresslevelof4ismorethanthatofmen,at40%34.75%433.64%454321Thestresslevelofboardmembersisthehighest,chiefexecutivesandseniormanagersarelessstressedthanfirst-lineemployees.Themoreassetsrespondentsmanage,themorelikelytheysed4.8243.693.593.3.693.593.463.17415,0005,001-10,00010,001-20,00020,001-30,00030,001-40,00040,001-50,00050,001-60,00060,001-80,00080,001-100,000er100,0005,0005,001-10,00010,001-20,00020,001-30,00030,001-40,00040,001-50,00050,001-60,00060,001-80,00080,001-100,000er100,0002.WorkinghoursThehigherthesenorityofrespondents,thelongerthedailyhourstheyworked.Femaleboardt5.49%5.49%WomenMenOverallelationbetweenmonthlypayandaverageworkinghoursThechartbelowfrequentlyworkhoursadaybutwhentheirdailyworkextentsto.75hoursonanaverage,theirmonthlypayisraised9.49.342IntermsofrankthehigherthelevelofrespondentsthelongerhourstheyworkaveragelyThedailyworktimeofmiddlemanagers,seniormanagersandchiefexecutivesis9.05,9.13and9.31hours,respectively,whileboardmembersworkan9.079.19.088.819.168.998.989.19.059.348.919.319.679.59.269.6WomenMenOverallCs3.463.843.683.693.573.623.293.623.463.513.213.363.673.793.71ecurities9.459.349.269.149.059.138.888.98.769.094344443.SleepstatusofAMCs.Thedatashowsover86%ofrespondentssleeplessthan8hoursperday,while40%have6to7hoursofsleep.Employeeswhosleepunder4hoursandover9hoursaday,accountforonly2.42%and1.82%,respectively.ThereisnoyUnder44-66-77-88-99-10Over105,0005,001-10,00010,001-20,00020,001-30,00030,001-40,00040,001-50,00050,001-60,00060,001-80,00080,001-100,000er100,0005,0005,001-10,00010,001-20,00020,001-30,00030,001-40,00040,001-50,00050,001-60,00060,001-80,00080,001-100,000er100,000 eepfAMCs 6.736.986.957.026.856.896.947.126.896.947.256.456.58454.CareersuccessmIn2019,LeanInChinaconductedanationwidesurveytounderstandhowsuccesswasdefinedbywomenandmenintheworkplace.Theresultshowedthatwomenvalueself-actualizationthemost,whilemenmuchfocusedonmarriageandupportfrompoliciestfrompartnersandotherfamily%5.49%46up 9.09%%18-2526-3031-3536-4041-4546-5050above.69%475.CareermotivationsSelf-lization34.9%%29.9%.7%%WomenMenOverall48y9.09%Inbrief,wewouldliketorestatethemissionofWomen,Wor