Women are carving out their space, challenging stereotypes and driving positive change in an industry long dominated by men.
From pioneering innovative financial instruments to fostering inclusive ecosystems, women in finance are not only challenging traditional norms but are also driving transformative change toward a more sustainable and equitable future for the city and beyond.
Diane Allison is president of the Accounting and Financial Women’s Alliance New Orleans (AFWA), which enables women in accounting and finance fields to achieve their full personal, professional and economic potential, and to contribute to the future development of their profession. She said one of the challenges facing women in finance is the gender pay gap, when women are paid less than their male counterparts. Women are also underrepresented in leadership roles in banking and finance, although significant strides have been made in recent years, thanks in part to women who push back against the status quo and help others along the way.
The AFWA helps women overcome challenges by hosting events where members and guests can attend, deepen their professional knowledge, and, importantly, meet other women who work in a variety of fields and are at all different stages of their careers. Allison said lifelong, deep friendships develop.
“We support each other in achieving our career goals,” Allison said. She said when she first joined AFWA back in 1993, she was early in her career and through AFWA, she learned the value of becoming a certified public accountant. Her job didn’t require it, but she decided to go for it anyway — based on the guidance she received from the AFWA. What she remembers most is the support.
“I’ll never forget the monthly membership meeting in the spring of 1997 when it was announced who had passed the CPA exam and my name was called, among others,” she said. “We received a standing ovation! That’s the kind of support that AFWA offers, because the women in that room knew the extreme hard work and sacrifice it took to successfully pass all four parts of the CPA exam.”
Through networking, Allison said many AFWA members have connected and recruited clients and employees.
“We are also asked to mentor and be mentored, which is a very rewarding experience,” she said. “Women understand women: the stress of growing in our careers, managing family responsibilities and developing personally, in a way that men may not fully appreciate or express.”
Allison pointed out that women in all fields also face the challenge that child rearing brings, as many may start their careers, then stay home to care for young children for a few years before re-entering the workforce.
“In some workplaces there’s a shortage of women role models in high places, women available to serve as mentors, and even networking opportunities,” she said. That’s where organizations like the AFWA can step in and be a helpful resource.
There’s also sector-specific support for women in finance. Chloe Capital is a movement-driven venture capital firm with a mission of inclusive ecosystem building at scale. Elisa Miller-Out, founder and managing partner at Chloe Capital, said the firm focuses on diverse women tech leaders who are solving the world’s biggest problems.
“Our primary industry is climate,” Miller-Out said. “We operate funds and accelerator programs across the U.S. with global reach. Our funds offer capital for underestimated founders while providing impact and financial returns to investors and our accelerator programs allow access to unique deal flow and provide networks and opportunities for our founders across the #InvestInWomen Tour.”
Chloe Capital currently operates 35 ecosystem builders across the U.S. Miller-Out said that women in finance and tech innovation continue to excel — women-led startups are capital efficient, exit earlier and deliver better returns on investment. Even with a strong track record of success, however, access to capital remains a key challenge and many of these innovative women leaders are overlooked, under-resourced and underestimated.
Groups like Chloe Capital help diverse women leaders connect with capital, resources and networks to help them grow and scale their companies while learning about investment.
“Once our founders have successful exits, they become mentors, role models and funders for the next generation,” said Miller-Out.
Drew Hawkins is a writer and journalist in New Orleans. He’s the health equity reporter in the Gulf States Newsroom, a collaboration among public radio stations in Louisiana (WWNO and WRKF), Alabama (WBHM) and Mississippi (MPB-Mississippi Public Broadcasting) and NPR. He’s also the producer and host of Micro, a LitHub podcast for short but powerful writing.
