Women working in the investment management industry in the U.S. are underrepresented and underpaid, according to survey results released Wednesday by headhunter Odyssey Search Partners.
Odyssey surveyed about 1,000 people who work in U.S.-based public market investment units in December and January and found that while women represent 26% of total head count, just 11% of investment team members are women.
Annual average base salaries reported by women surveyed were consistently lower than those reported by men with similar investment experience, Odyssey's data showed.
Base salaries for women averaged $127,000 for junior analysts and $200,000 for senior analysts/portfolio managers. Men, on the other hand, received average base salaries of $131,000 as junior analysts and $215,000 for senior analysts/PMs.
Average bonus pay for female and male junior analysts was about the same at $160,000, but bonuses for female senior analysts/PMs averaged $430,000 per year compared with $610,000 for their male counterparts.
Gender disparity in pay was most evident in average annual total compensation for senior analysts/PMs, with women taking home nearly $200,000 less — $630,000 — or 31% lower than the $825,000 men in the same positions earned.
Odyssey hoped to collect data about ethnic diversity among U.S. public market money management firms, but only 3% of respondents identified themselves as black or Latino, resulting in a sample size too small from which to draw conclusions, said Anthony Keizner, co-managing partner of Odyssey.
Mr. Keizner said gathering accurate data about ethnic diversity within the money management industry will require a "separate, specific effort."
The majority of employees working in public market investment units surveyed — 67% — said they support efforts to increase gender and ethnic diversity at their firm, although only 37% of those surveyed by Odyssey said their firms are being proactive about doing so.