Level Up: The Success Factors in Advancing African-American Women Into the C-Suite in Corporate America

Abstract

Research shows that African-American women represent a small number of C-Suite positions in US Fortune 500 and Fortune 1000 corporations. It appears that cracks are beginning to form in the glass ceiling. However, for African-American women, a barrier called the “Black Ceiling,” remains in place. Black women, who have made it, often are ending up in support positions, rather than the operational roles leading to CEO positions (McGirt, E. 2017). Research shows that having women on a company’s board of directors is associated with better financial performance, a better gender mix among senior managers and a link to greater financial results. According to Catalyst (2019), women made up 58% of all employees in the financial services industry between the years of 2007 and 2015. During that same period, women represented 48% of first/mid-level managers and 29% of executive/senior-level managers. Women of color, however, represented only 16.8% of first/mid-level managers and 4.8% of executive/senior-level managers. This research will examine how African-American women’s careers, in Mid-level and Senior-level management, have currently advanced in the financial services industry. What factors are helping African-American women experience career advancements/promotions, and, with minimal support, what would position them to be in the succession pipeline leading to the C-Suite level in the banking industry?