Just under a third of students 5  6  studying economics to A-level and undergraduate level in British Universities are female. Women account for 25% of all academic staff in UK economics departments, and only one in seven are professors (compared to one in three men). 7  And while ethnic minorities are over-represented among economics undergraduates (30% of students 8  identify as black or Asian compared to 10% of the whole UK population) they are still under-represented at senior management level in business and finance. At the Bank, our BAME senior representation is 6%. At undergraduate level in university, over a fifth of economics students are from privately funded schools, even though privately educated young people account for only 7% of the population. 9  This is a problem – above all, of missed opportunities for the students but also of missed opportunities for the profession. The Bank of England values diversity in our ranks for three reasons. First, it is the right thing to do; a public institution should reflect the people it serves. Second, it can build trust by reducing misperceptions that we are experts making esoteric decisions in ivory towers for the benefit of others. Third, it is well established that diversity leads to more creative thinking and reduces the risks of groupthink and bias. This last point is critical.
Almost all decisions in finance are taken under uncertainty, making it especially important that decision makers are exposed to a range of views, with open debates and perspectives that challenge the prevailing wisdom. That is one reason why our education outreach efforts are focused on improving diversity in the field, with the aim of attracting state school, BAME and female students into the subject. To reinforce this message and to complement the impact of econoME and the Bank Ambassadors, senior Bank officials and policy committee members, myself included, will visit 50 schools this year. We aim to give young people a glimpse into a life in economics and the enormous opportunities in financial services and businesses for people just like them. Perhaps a few will even be inspired to be the central bankers of the future. When I visit a school, my message is pretty simple: if someone like me, born in the Arctic and educated at state schools, can be Governor of the Bank of England, why not you? 5  Joint Council for Qualifications, 2017 GCSE and A-Level results, available at: https://www.jcq.org.uk/examinationresults/gcses/2017/gcse-full-course-results-summer-2017/gcse-full-course-results-summer-2017 6 HE student enrolments by subject of study 2016/17 available at: https://www.hesa.ac.uk/data-and-analysis/students/table-9 7 Tenreyro, S, Royal Economic Society’s Report on The Gender Balance in UK Economics Departments and Research Institutes in 2016 (published 2017). 8 HESA, Who's studying in HE? Personal characteristics available at: https://www.hesa.ac.uk/data-and-analysis/students/whos-inhe/characteristics 9 Data shared with the Bank of England from HESA. 12,675 economics students, of which 1895 were privately funded and 6850 were state funded.