The (White) Male-Dominated World of Finance?

CFO Magazine’s June 2007 edition includes a story on workplace diversity that shows there’s been little growth of minorities in the financial world. The article shares the experience of Oscar Munoz, the CFO for CSX Corp, who was on vacation at a resort hotel and was asked by a white couple, also guests at the resort, to take care of their dirty towels. Although Munoz laughs about the story, it’s probably not so funny to the Hispanics, Asians, or African-Americans who haven’t been as successful trying to get a leg up (or even a foot on) the corporate ladder.

According to the magazine, the number of minority CFOs at Fortune 500 companies has remained at 14 since 2001. As small as that number is, the magazine says the prospects are even worse for minorities in lower level finance positions. Women have had an easier time of it, however, with an increase of 38 female CFOs in 2007 compared to 24 in 2001. Even so, white males dominate the CFO position. According to CFO’s 2007 Diversity Survey, only 8% of CFOs in Fortune 500 companies are women and 3% are minorities.