A new report from The Inclusion Initiative (TII) at LSE reveals that in Capital Markets in Canada some women are thriving in inclusive and empowering environments. However, others are only surviving—or leaving the sector altogether.
The research, sponsored by TMX Group and supported by KPMG, The Prosperity Project, VersaFi, and Women in Governance, underscores a critical finding: inclusive cultures that support and promote women in Capital Markets are prevalent but not the norm. Based on in-depth interviews with 26 women in income-generating roles across 11 Capital Markets organisations in Canada, the study highlights both the tailwinds helping women advance—and the headwinds that hold them back.
Among the positive shifts the researchers found that blatant sexism is less tolerated, sponsorship opportunities have expanded, many firms and managers are actively dismantling male-dominated norms and return from maternity leave is better supported.
However, persistent challenges remain. For example, career progression through flexible work is inconsistent and gendered expectations still influence perceptions of competence. In addition, women’s leadership roles don’t always come with real decision-making power. For many women, motherhood and caregiving also continue to hinder career advancement.
One research participant said: "For women to get ahead, we have to prove ourselves absolutely worthy of the position they are putting us into. In other words, there’s never an opportunity to move someone up and let them grow into the position. Now, the opposite is true for the men."
Another said: "Especially for a woman, if you do decide to have kids and then take maternity leave, there is definitely a setback. So it’s just whether or not you want to accept that. Men, they don’t have a setback."
The report finds that while women have developed adaptive strategies—navigating visibility, leveraging sponsors, and picking battles—outcomes vary depending on the culture of their specific workplace.
To create real change in Capital Markets, the report presents a framework for action that addresses actions at the individual, managerial and firm level. It tackles gender inequality in four ways: 1) changing notions of competence, 2) inspiring accountable leadership, 3) stop fixing and starting to include women, and 4) embracing a new vision of the ideal worker.
Dr Grace Lordan, Director of TII and Associate Professor of Behavioural Science at LSE, said: "Our report makes one thing clear: we cannot continue to place the burden of success on women’s ability to adapt to outdated, male-dominated norms. True progress demands that firms do the work—by reshaping the systems, cultures, and definitions of success that hold women back."
Dr Anne Theunissen, Research Officer at TII, said: "While some women we spoke to were positive about their personal experiences with upward career mobility in Capital Markets in Canada, various research participants were visibly frustrated with the barriers they encounter at work and in their career. To promote gender equality as a responsibility for all, our framework for action allows everyone, irrespective of their gender identity and position in the organisation, to better promote inclusion today."
Read the report here: RISE-REPORT.pdf