The Allstate Challenge required students from Queen’s University, Ulster University, and the University of Wisconsin Madison to come together to form an international team and address one of two current conundrums within the world of finance, specifically: how to make a career in finance attractive to women and how to create an environment for women to succeed in finance. Teams were required to present the results of their research, as well as their proposed solutions, to senior leaders within Allstate.
Renee Prendergast, Athena Swan Champion at Queen's Business School, said: "We were delighted to see not one but two of our students achieve first prize in the Allstate Challenge. The Challenge not only draws attention to the important issue of female under representation in finance, it also allows young people to work together to develop creative interventions that will hopefully help to bring about fairer and more inclusive workplaces for all".
Hongyi and Qingyun offer first-hand insight into their experiences below:
Hongyi Chen (BSc Finance):
I have been interested in the topic of gender diversity in the workplace since I was in high school. I recall reading a book called “Lean In”, written by the CFO of Facebook, Sheryl Sandberg. I was shocked by the fact that women hold fewer than a quarter of senior executive titles, and the problem is particularly pronounced in the finance industry. Even today, when women occupy more than half of entry level positions in the industry as the result of efforts on the part of both companies and governments, they are still locked out of many top jobs. This really aroused my interest and, as a female finance student, I wanted to engage in deeper research and attempt to develop some useful solutions to the problem. The Allstate University Challenge provided me with an exciting opportunity to do just that!
During the Allstate Challenge, I worked with two other female students based at the University of Wisconsin-Madison. We undertook a large amount of research on the challenges women are currently facing when it comes to seeking and securing promotion. We gathered a wealth of data which indicated that both internal and external factors negatively impact career progression for many women. External factors include unconscious biases held by interviewers when making a promotion decision, networking events that potentially exclude females, and a lack of mentors. In addition, we identified several internal barriers, including the fact many women are accustomed to holding themselves back when it comes to promotion opportunities because of a lack of confidence. After identifying these barriers, we worked as a team to develop some potential solutions for finance companies to increase gender diversity. These included established approaches, as well as some new, creative ideas.
Overall, this was a great experience for me. I have become great friends with the two American students and have developed a much deeper understanding of gender diversity in the workplace. By realising the fact that women are often holding themselves back, I started to remind myself that I should always be confident and believe in myself. This is invaluable to my future studies and career.
Qingyun (Candice) Zhang (MSc Management):
The first time I heard about the Allstate Challenge was in a graduate class. It was interesting to learn more about the difficulties faced by women within the financial industry. Prior to coming to Queen’s University, I gained two years' experience in management in insurance companies. It turned out that Allstate was an insurance-related company, which reinforced my desire to compete.
Allstate NI is located on a very beautiful riverfront in Belfast, and I was fascinated by its good working environment and relaxed atmosphere when I first visited it. My teammates are an Indian student at the University of Wisconsin-Madison in America and a British student at Ulster University. We are from very different backgrounds but share a strong interest in this topic. We regularly discussed the project online, while also conducting our own independent research. Over a two-month period we refined our ideas through a series of meetings. The Challenge culminated with a 15-minute presentation and intensive 40-minute Q&A session. We were lucky enough to win the competition!
I think the Allstate Challenge is a great experience. As an international student, it not only provided me with the opportunity to experience the diversity of international teams, but also gave me a better understanding of UKs companies. In this competition, I reaped the benefits of friendship, knowledge, teamwork, and won a prize of Amazon vouchers. I always thought the best part of a competition was the process, not the result. Thank you very much for the information that the School has given me to participate in this competition.
