Most money management firms have boosted efforts to recruit and retain a diverse workforce, according to P&I's 12th annual Best Places to Work in Money Management survey, which recognized 123 firms this year. However, minorities remain underrepresented among senior leadership.
Better recruiting: The survey found that most money management firms, 103, had formal recruiting and retention programs designed for individuals of varying ethnic and cultural backgrounds. Only 20 firms didn't report a formal program. Five years ago, 48 reported having programs, while 21 had none.
Firms with ethnic/cultural recruiting and retention programs
Better representation: Even with recruiting and retention efforts, the 91 out of 113 firms that broke out race demographics reported 62% or more of their employees identified as white. Based on the 2020 U.S. census, about 62% of the population identified as white.
Number of firms with non-white workforce makeup in each % tier
More training: A little more than half of firms reported they offer specialized training or programs to prepare women and minorities for senior management roles. That was an improvement rom 2008, when 23 firms reported having them, and 40 said they had none.
Firms with management programs for women, minorities
Management roles: Minorities largely haven't risen to the upper ranks of management. For executive management positions (executive vice president and president), 78 out of 99 firms reported 25% or fewer non-whites in those roles.
Number of firms with non-white executive management makeup in each % tier
Sources: Pensions & Investments, Best Companies Group