Diversity efforts falling short in accounting and finance

The accounting and finance profession is having trouble retaining employees from different racial, ethnic and gender backgrounds, but there are some strategies organizations can use to hold onto diverse employees.

A study released in February by the Institute of Management Accountants and the California Society of CPAs found that 43 to 55% of female, nonwhite, Hispanic, Latino and LGBTQIA respondents have left a company due to a perceived lack of equitable treatment (see story). At least 30% of the respondents from each of these groups have left companies due to a lack of inclusion.

The accounting profession has long been trying to make strides in demonstrating greater diversity at accounting firms and corporate accounting departments, but despite various initiatives at the IMA, CalCPA, the American Institute of CPAs and other groups, the proportion of minority accountants in high-level positions at firms and companies remains relatively low. Nearly one

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Finance and accounting fall short on diversity

The corporate finance and accounting area underperforms compared to other job functions when it comes to diversity, equity and inclusion, according to a new study.

People of color comprise only 11 percent of the total workforce in corporate finance, and just 6 percent of senior finance roles, according to data from the research firm Gartner. Finance and accounting rank among the lowest of any corporate function and underperform the departmental average for employing people of color by 6 percentage points. In comparison, other job functions like communications, research and development, and quality control and quality assurance rank high, at 44 percent, 42 percent, and 29 percent, respectively. The average is 17 percent, so representation for people of color in accounting and finance is below average.

The study comes at a time when more companies have announced plans to increase diversity in their ranks, in response to the wave of protests

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As Citi taps Fraser, Wall Street’s poor record on diversity is put in focus

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Billionaire David Shaw Pours Money Into 3 “Strong Buy” Stocks

Are the tides turning on Wall Street? Stocks fell in the past three trading sessions, as investors abandoned the tech heavyweights that have been at the forefront of the market’s remarkable charge forward. What’s behind the sell-off? Sky-high valuations reminiscent of the dot-com era have sparked fears of a tech bubble. To this end, investors are wondering if this pullback is just a correction, or if it is the start of a larger drawdown.In times like these, the legends can offer some guidance. We are referring to the people that transformed the way we play the investing game, namely David Shaw.A former Columbia University computer-science professor, Shaw founded the D. E. Shaw group at a small bookstore in New York City in 1988. Starting out with six employees and $28 million in capital, he pioneered a new investing approach,

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