Imposter Syndrome: Behind the Mask

Have you ever felt like you are way out of your depth ?

Do you believe that others have overestimated your capabilities, that you’ve somehow deceived those around you?

Is your life one big masquerade ball where you’re mere steps away from being identified as a fraud?

You aren’t alone. Imposter syndrome is a social and psychological phenomenon that’s not fully understood, even by professionals.

Whilst it’s true that imposter syndrome itself does not discriminate on the basis of gender, it is evidently more prevalent amongst women than men, especially in male dominated industries such as finance. Studies show that it affects 60% of women compared to 38% of men, respectively. And according to Forbes (2023), 75% of women in executive positions experience this phenomenon. Despite being equally or even more accomplished than their male counterparts, women often question whether they are qualified for the job. 

Why is this the case? 

Of course the sheer lack of female representation in executive positions leads to added pressure for the minority that do hold those roles, which undoubtedly breeds feelings of inadequacy. However, at the crux of it, imposter syndrome affects a disproportionate amount of women to men because of systemic gender biases. 

When we consider the traditional messages received by young women, it becomes all too obvious that these cultural narratives have perpetuated the most restrictive stereotypes. From Shakespeare to Pop Culture, the cult classics have neglected to identify the intelligence and assertiveness of women in the workforce. Or, depictions underpin callous facades… Think Meryl Streep’s 'Miranda Priestly' in The Devil Wears Prada. Although these representations are more often than not exaggerated to an extreme, the impressions left behind have been pervasive. This cultural female archetype ubiquitously conceptualises imbalanced gender roles, and, when combined with natural human experiences of anxiety, self-doubt and jealousy, the result is a heightened experience of 'impostorism' for women.

Now, let us transpose these notions and statistics onto the self-proclaimed ‘boys club’ that is the finance industry. There is already a biassed titular distinction with a stark quantitative contrast. It then manifests whilst gazing into the Wall Street-esque sea of suits, ties and colourful socks. A visual lack of belonging. Then mix in a drop of overt or covert misogyny. Layer by layer, a glass ceiling materialises and women are othered.  

So if we’ve been wired to experience imposter syndrome to a greater extent, how do we even begin to combat this? The self-help trifecta that is: have confidence, believe in yourself and remind yourself of past achievements are only effective insofar as they are grounded in ‘self’. What about reconciling the subconscious societal battle between one-dimensional ideas of what women ‘should’ be and the truth that is; female individuals are multifaceted? That in fact, we are allowed to have different aspirations.

First we must credit those women who’ve come before us. They have fought relentlessly to even gain a seat at the table. They are our pillars of hope, who remind us that it is possible. Second, don’t be afraid to seek support from women in more senior positions, they’ve walked the path of impostorism too. In a similar fashion, studies show that children who have grown up with supportive older siblings are more likely to be confident, value academic achievement and less likely to have anxiety. So it's essential we educate and encourage those around us too. And, never hesitate to constructively criticise misogynistic behaviour from men or women, overt or not, internalised or not. 

But most importantly, we must stop placing all responsibility to promote change on women and instead start asking men what they can do.

And last but definitely not least, remember that it’s a process. There is no quick fix, systems like these take effort, practice and time to change. When you feel undeserving or a trickle of self doubt slowly bubbling to the surface, stop, breathe and try to understand why these emotions are emerging. Could it be a result of subconscious conformity to cultural expectations?

As the next generation of women entering the finance industry, our mission at WIF is to break down barriers and see more women not only enter the field, but attain and maintain positions of power. Quoting Macquarie CEO Shemara Wikramanayak: “Don’t let boys have all the fun”!!!

Until next time,

The WIF Team 💙

(Doris & Imogen)