When it comes to financial success, the importance of representation cannot be understated. With the financial industry being largely male-dominated, predominantly by white males, the stories of black women in finance offer a breath of fresh air and a much-needed source of inspiration. The reality is that women of color make up only 20% of the workforce in the finance industry and this is largely in entry and mid-level roles. We will introduce you to five inspiring and powerful women paving the way for change in one of the most exclusive and intimidating spaces. Read on to learn more about these admirable figures and their trailblazing contributions to the finance world.
Black women who are flipping finance on its head
There are several black women in finance who are making waves and breaking glass ceilings. It was really tough to narrow down our selection to just five, but here are just a few of the many inspiring women you should know about:
1. Tiffany Aliche “The Budgetnista”
Tiffany “The Budgetnista” Aliche is a financial educator, media personality, and author who is on a mission to help women achieve financial freedom through understanding economics topics such as what causes inflation, how to invest money, and more. She has been featured on NBC’s TODAY Show, Good Morning America, The New York Times, and Forbes. Aliche has authored several best-selling books including The Live Richer Challenge, The One Week Budget and Get Good with Money to help women take control of their finances. In 2022, her Netflix documentary Get Smart with Money premiered and followed four people paired up with financial experts for a year to get their finances in shape.
2. Mellody Hobson: President at Ariel Investments
Mellody Hobson is the President of Ariel Investments, a leading black-owned investment firm. She is also a chairwoman of Starbucks and a former board member of Dreamworks Animation. Her appointment at Starbucks made history as the first-ever black woman to chair an S&P500 company. Hobson has been recognized as one of the most influential black women in finance by Forbes, landing at 94th in the top 100 list in 2020.
In 2009, Hobson hosted a TV series on the ABC network called Unbroke: What You Need to Know About Money, which featured a number of famous faces to help get the message across. Hobson is a strong advocate for financial literacy and has been working to improve access to quality education and financial services for underserved communities throughout her career.
3. Racquel Oden
Racquel Oden is the managing director of JPMorgan Chase and is a proud advocate of the bank’s diversity and inclusion initiatives, such as the Advancing Black Pathways program. Not only is Oden responsible for a sales department that is 40,000 employees strong with a team that spans 48 states, but she also oversees the implementation of financial literacy initiatives such as Chase Chats, where consumers can have virtual conversations with a banker about their finances. Oden also sits on the board of the Thurgood Marshall College Fund and the renowned Apollo Theatre.
4. Carla Harris: Vice chairman and managing director of Morgan Stanley
Carla Harris is a vice chairman and senior advisor at Morgan Stanley. She is responsible for providing strategic counsel to clients on a wide range of topics including capital markets, corporate finance, and mergers and acquisitions.
Harris has been named one of the 50 Most Powerful Black Executives in Corporate America by Fortune magazine and one of Ebony magazine’s Power 100. In 2013, Harris was appointed as chair of the National Women’s Business Council by President Obama. She is a regular guest on CNBC, MSNBC’s Your Business, and Fox Business News.
5. Marsha Barnes: The Finance Bar
Marsha Barnes is the founder and CEO of The Finance Bar, a financial education and coaching company that helps people make smarter decisions with their money.
Barnes is a certified financial social worker and has been teaching financial literacy for over 10 years. She is also a contributing writer for Forbes and has been featured in Black Enterprise, Essence, and Ebony magazines. In 2018, she was named as GOBankingRates’ Best Money Expert in the Net Worth category.
The Finance Bar provides free resources on topics such as credit repair, homeownership and investing, while also offering personal finance classes. Barnes is passionate about helping women and families build wealth and achieve financial freedom, regardless of past financial traumas or upbringing.
It is inspiring to learn about the achievements of prominent black women in finance. These five women have proven that hard work, dedication, and resilience are key components to success no matter your background. The example they have set can be a source of inspiration to generations of women and men alike pursuing a career in finance or any other industry where they may feel outnumbered or undervalued by their peers. Together, we can continue breaking boundaries and giving talented individuals the opportunity to shine regardless of gender, race, culture, or past experiences.
