The professional services industry, which includes accounting, consulting, law, and finance, has historically been perceived as a field where expertise and merit drive success. However, despite global efforts to achieve pay equity, a significant gender pay gap persists, affecting women’s career progression and financial security. According to the World Economic Forum’s Global Gender Gap Report 2023, women in professional services earn between 20% to 30% less than their male counterparts worldwide. The disparity is even starker in Pakistan, where female finance professionals earn 40% less than men at senior levels (Pakistan Economic Survey 2022-23).
One of the primary reasons for this disparity is unconscious bias in salary negotiations, promotions, and performance evaluations. Research shows that women are less likely to receive pay raises and bonuses, often due to outdated assumptions about their long-term career commitment. This is particularly evident in industries where leadership roles remain male-dominated. In Pakistan, only 6% of leadership positions in finance and accounting firms are held by women (ICAP Diversity Report 2023), creating a glass ceiling that limits opportunities for career advancement.
The financial impact of the gender pay gap extends beyond individual earnings. A study by the International Labour Organization (ILO) estimates that eliminating pay disparities could add $28 trillion to global GDP by 2025. At an organizational level, companies that promote pay equity report higher employee retention, improved workplace morale, and increased productivity. Studies also indicate that diverse teams make better business decisions 87% of the time compared to non-diverse teams.
At Usmani & Co., Chartered Accountants, gender diversity is not just a goal but a core principle. As Pakistan’s first women-led accountancy firm, Usmani & Co. has played a pioneering role in advancing gender inclusion within the finance and accounting sector. Our leadership team, comprising Hina Usmani and Huma Pasha, has actively contributed to initiatives such as IFAC’s Women Leadership Initiative and ICAP’s Women Chartered Accountants Committee to promote fair compensation, mentorship, and leadership development for women in finance.
To address this issue, organizations must take concrete steps, including:
- Conducting regular pay audits to identify and correct disparities
- Implementing transparent salary structures to ensure fairness
- Providing leadership training and mentorship programs for women
- Developing flexible work policies that support work-life balance without penalizing career progression
The gender pay gap is not just a women’s issue—it is a business and economic issue. As more firms recognize the value of pay equity, the accounting and professional services sector must set an example by ensuring salaries reflect skills, experience, and contributions rather than gender.