While banks and other credit institutions have the highest rate of minorities employed in management positions, fund managers, insurance companies and securities firms have grown their minority representation at higher rates since 2007. At the end of 2015, about 23% of bank management positions were held by minorities, a slight uptick from prior years. Insurance companies showed the most consistency in the growth of minorities in management, adding an average 0.5 percentage points each year since 2007 with no periods of negative growth. Fund companies also diversified their management teams over the period, with slightly more volatility.
Larger companies have shown to have both more diversified management teams and the highest rate of diversification 2007 to 2015. Companies with more than 5,000 employees increased minority representation by 4.2 percentage points over the eight-year period, while companies with fewer than 250 employees increased representation by 2.6 percentage points.
