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Women make up 35.4% of Brazil’s capital markets workforce
Published September 5, 2025
To share
New data on gender, race, and disabilities offer an unprecedented look at diversity in the sector, Anbima survey shows
Women represent 35.4% of the workforce in Brazil’s capital markets, with management roles showing the greatest progress toward gender balance—55.5% of managers are men and 42.9% are women. The findings come from the second edition of Anbima’s Diversity and Inclusion in Capital Markets survey, which sheds light on gender, racial, and disability profiles across the industry.
“These are new and essential data for advancing the diversity and inclusion agenda. Transparent and reliable information is the foundation for building concrete initiatives. The fact that so many institutions are willing to structure and disclose this data shows real engagement from the industry,” said Marcelo Billi, head of Sustainability, Innovation, and Education at Anbima.
The survey covered 154 participating institutions, including Anbima members, firms adhering to Anbima's self-regulation, and organizations involved in the Anbima Diversity and Inclusion Network. The initiative is part of the Network’s broader agenda and aligns with the Anbima in Action 2025–2026 strategic plan. The results will inform the next wave of efforts to promote diversity across the Brazilian financial industry.
The survey also mapped practical initiatives, maturity levels, and key challenges. One highlight: the sector considers itself more engaged on diversity issues than in 2022, particularly among institutions active in the Network. The Network itself was created in response to calls for formal diversity policies revealed in the first edition of the survey.
👉 [Download the full report] or keep reading to learn more.
Gender balance
The gender ratio in the industry is largely influenced by asset managers, which made up the majority of respondents and reported 31.9% women employees. “The engagement from asset managers has increased significantly in recent years. You can see this in the growing number of survey respondents and participants in the Network. The challenge in this segment is that we’re often talking about small and mid-sized firms with leaner teams and lower turnover,” Billi said.
Among banks, women make up 43.4% of the workforce. In brokerages and securities dealers, the figure is 40.9%. The category labeled “other financial institutions” showed the highest share of women at 52.6%.
Intentional efforts to improve gender equity are becoming more common. Today, 59% of institutions implement hiring strategies that focus on underrepresented groups, with women prioritized by 45% of them. Black Brazilians (31%) and people with disabilities (28%) follow, along with multigenerational talent (24%) and LGBTQIA+ individuals (14%).
“Women are the top priority in inclusion practices, followed by Black and brown Brazilians. This level of intentionality reflects the commitment of firms to increase representation and move closer to the makeup of Brazilian society,” Billi noted.
Race and disability data
As with gender, racial representation is strongest at the management level. While 80.9% of the overall workforce is white, 15.5% are Black or brown, 3.5% are Asian origin, and 0.1% are Indigenous. Among managers, the breakdown shifts: 73.6% white, 23.5% Black or brown, 2.8% Asian origin, and 0.1% Indigenous.
Practical measures gaining ground
The most widely adopted initiatives focus on parental leave, professional development, and hiring from underrepresented groups—each present at over half of the firms surveyed. “Practical actions help move the needle more quickly. At the same time, they serve as entry points for more strategic initiatives and a broader ESG vision,” Billi said.
Still, many institutions have room to grow when it comes to long-term foundations like setting formal commitments, goals, and conducting employee censuses. These elements are currently in place at 34%, 28%, and 27% of institutions, respectively.
“The challenge is aligning long-term strategies—like setting targets—with short-term practical actions. This tends to be the most consistent and sustainable path forward,” he said.
Engagement on the rise
The survey points to a more engaged industry: 92% of institutions say the diversity and inclusion agenda has progressed since 2022, and none reported any backsliding. Over half (55%) see their own engagement as high, up from 37% in 2022. Most (84%) believe their organization has made progress, while only 16% feel efforts have stalled.
The numbers are even more positive among institutions that have participated in the Anbima Diversity and Inclusion Network, a platform for sharing information and best practices. In this group, 93% reported progress, compared to 84% in the full sample, and only 7% saw stagnation (versus 16%).
“The Network was created to meet the industry’s demand for technical knowledge, qualified discussion, and experience-sharing around diversity,” Billi said. “The fact that participants in the Network see their own engagement improve shows that connecting with diversity-driven groups and movements can increase commitment and push the industry forward.”
Key challenges
The biggest challenge, cited by 42% of respondents, is increasing leadership engagement in diversity initiatives.
“Leadership plays a critical role in making diversity stick, as it sets strategic priorities and can reshape organizational structures to make inclusion a shared value,” Billi said.
On the other hand, there is broad support among employees: only 9% of firms see staff engagement as a challenge. “This shows how teams are identifying with the agenda, which makes the cultural shift easier,” he said.
The numbers are similar for asset managers (9%) and brokers/dealers (8%). Among banks, the picture is even more encouraging, none reported resistance from employees as a barrier.
About the survey
This second edition of the Diversity and Inclusion in Capital Markets survey included 154 institutions, all Anbima members or participants in the Anbima Diversity and Inclusion Network. Data were collected between August and September 2024 through an email questionnaire.
Institutions were grouped into four categories based on their business focus:
Asset managers (including fund managers and allocators)
Banks (commercial, investment, and universal banks, as well as financial conglomerates)
Brokerages and dealers
Other financial firms not covered in the above categories
Learn about Anbima in Action
Anbima in Action is a strategic roadmap that outlines the Association’s top priorities for 2025 and 2026. It was developed based on extensive consultation with members, emerging players, regulators, and Anbima leadership. The agenda is built on three main pillars: representation, data intelligence, and reducing compliance costs.
In addition to these pillars, the plan includes initiatives already underway that are considered strategic for the market and Anbima’s future: sustainability, international investment, digital finance, artificial intelligence, and education.
Women make up 35.4% of Brazil’s capital markets workforce
Published September 5, 2025
To share
New data on gender, race, and disabilities offer an unprecedented look at diversity in the sector, Anbima survey shows
Women represent 35.4% of the workforce in Brazil’s capital markets, with management roles showing the greatest progress toward gender balance—55.5% of managers are men and 42.9% are women. The findings come from the second edition of Anbima’s Diversity and Inclusion in Capital Markets survey, which sheds light on gender, racial, and disability profiles across the industry.
“These are new and essential data for advancing the diversity and inclusion agenda. Transparent and reliable information is the foundation for building concrete initiatives. The fact that so many institutions are willing to structure and disclose this data shows real engagement from the industry,” said Marcelo Billi, head of Sustainability, Innovation, and Education at Anbima.
The survey covered 154 participating institutions, including Anbima members, firms adhering to Anbima's self-regulation, and organizations involved in the Anbima Diversity and Inclusion Network. The initiative is part of the Network’s broader agenda and aligns with the Anbima in Action 2025–2026 strategic plan. The results will inform the next wave of efforts to promote diversity across the Brazilian financial industry.
The survey also mapped practical initiatives, maturity levels, and key challenges. One highlight: the sector considers itself more engaged on diversity issues than in 2022, particularly among institutions active in the Network. The Network itself was created in response to calls for formal diversity policies revealed in the first edition of the survey.
👉 [Download the full report] or keep reading to learn more.
Gender balance
The gender ratio in the industry is largely influenced by asset managers, which made up the majority of respondents and reported 31.9% women employees. “The engagement from asset managers has increased significantly in recent years. You can see this in the growing number of survey respondents and participants in the Network. The challenge in this segment is that we’re often talking about small and mid-sized firms with leaner teams and lower turnover,” Billi said.
Among banks, women make up 43.4% of the workforce. In brokerages and securities dealers, the figure is 40.9%. The category labeled “other financial institutions” showed the highest share of women at 52.6%.
Intentional efforts to improve gender equity are becoming more common. Today, 59% of institutions implement hiring strategies that focus on underrepresented groups, with women prioritized by 45% of them. Black Brazilians (31%) and people with disabilities (28%) follow, along with multigenerational talent (24%) and LGBTQIA+ individuals (14%).
“Women are the top priority in inclusion practices, followed by Black and brown Brazilians. This level of intentionality reflects the commitment of firms to increase representation and move closer to the makeup of Brazilian society,” Billi noted.
Race and disability data
As with gender, racial representation is strongest at the management level. While 80.9% of the overall workforce is white, 15.5% are Black or brown, 3.5% are Asian origin, and 0.1% are Indigenous. Among managers, the breakdown shifts: 73.6% white, 23.5% Black or brown, 2.8% Asian origin, and 0.1% Indigenous.
Practical measures gaining ground
The most widely adopted initiatives focus on parental leave, professional development, and hiring from underrepresented groups—each present at over half of the firms surveyed. “Practical actions help move the needle more quickly. At the same time, they serve as entry points for more strategic initiatives and a broader ESG vision,” Billi said.
Still, many institutions have room to grow when it comes to long-term foundations like setting formal commitments, goals, and conducting employee censuses. These elements are currently in place at 34%, 28%, and 27% of institutions, respectively.
“The challenge is aligning long-term strategies—like setting targets—with short-term practical actions. This tends to be the most consistent and sustainable path forward,” he said.
Engagement on the rise
The survey points to a more engaged industry: 92% of institutions say the diversity and inclusion agenda has progressed since 2022, and none reported any backsliding. Over half (55%) see their own engagement as high, up from 37% in 2022. Most (84%) believe their organization has made progress, while only 16% feel efforts have stalled.
The numbers are even more positive among institutions that have participated in the Anbima Diversity and Inclusion Network, a platform for sharing information and best practices. In this group, 93% reported progress, compared to 84% in the full sample, and only 7% saw stagnation (versus 16%).
“The Network was created to meet the industry’s demand for technical knowledge, qualified discussion, and experience-sharing around diversity,” Billi said. “The fact that participants in the Network see their own engagement improve shows that connecting with diversity-driven groups and movements can increase commitment and push the industry forward.”
Key challenges
The biggest challenge, cited by 42% of respondents, is increasing leadership engagement in diversity initiatives.
“Leadership plays a critical role in making diversity stick, as it sets strategic priorities and can reshape organizational structures to make inclusion a shared value,” Billi said.
On the other hand, there is broad support among employees: only 9% of firms see staff engagement as a challenge. “This shows how teams are identifying with the agenda, which makes the cultural shift easier,” he said.
The numbers are similar for asset managers (9%) and brokers/dealers (8%). Among banks, the picture is even more encouraging, none reported resistance from employees as a barrier.
About the survey
This second edition of the Diversity and Inclusion in Capital Markets survey included 154 institutions, all Anbima members or participants in the Anbima Diversity and Inclusion Network. Data were collected between August and September 2024 through an email questionnaire.
Institutions were grouped into four categories based on their business focus:
Asset managers (including fund managers and allocators)
Banks (commercial, investment, and universal banks, as well as financial conglomerates)
Brokerages and dealers
Other financial firms not covered in the above categories
Learn about Anbima in Action
Anbima in Action is a strategic roadmap that outlines the Association’s top priorities for 2025 and 2026. It was developed based on extensive consultation with members, emerging players, regulators, and Anbima leadership. The agenda is built on three main pillars: representation, data intelligence, and reducing compliance costs.
In addition to these pillars, the plan includes initiatives already underway that are considered strategic for the market and Anbima’s future: sustainability, international investment, digital finance, artificial intelligence, and education.
Women make up 35.4% of Brazil’s capital markets workforce
Published September 5, 2025
To share
New data on gender, race, and disabilities offer an unprecedented look at diversity in the sector, Anbima survey shows
Women represent 35.4% of the workforce in Brazil’s capital markets, with management roles showing the greatest progress toward gender balance—55.5% of managers are men and 42.9% are women. The findings come from the second edition of Anbima’s Diversity and Inclusion in Capital Markets survey, which sheds light on gender, racial, and disability profiles across the industry.
“These are new and essential data for advancing the diversity and inclusion agenda. Transparent and reliable information is the foundation for building concrete initiatives. The fact that so many institutions are willing to structure and disclose this data shows real engagement from the industry,” said Marcelo Billi, head of Sustainability, Innovation, and Education at Anbima.
The survey covered 154 participating institutions, including Anbima members, firms adhering to Anbima's self-regulation, and organizations involved in the Anbima Diversity and Inclusion Network. The initiative is part of the Network’s broader agenda and aligns with the Anbima in Action 2025–2026 strategic plan. The results will inform the next wave of efforts to promote diversity across the Brazilian financial industry.
The survey also mapped practical initiatives, maturity levels, and key challenges. One highlight: the sector considers itself more engaged on diversity issues than in 2022, particularly among institutions active in the Network. The Network itself was created in response to calls for formal diversity policies revealed in the first edition of the survey.
👉 [Download the full report] or keep reading to learn more.
Gender balance
The gender ratio in the industry is largely influenced by asset managers, which made up the majority of respondents and reported 31.9% women employees. “The engagement from asset managers has increased significantly in recent years. You can see this in the growing number of survey respondents and participants in the Network. The challenge in this segment is that we’re often talking about small and mid-sized firms with leaner teams and lower turnover,” Billi said.
Among banks, women make up 43.4% of the workforce. In brokerages and securities dealers, the figure is 40.9%. The category labeled “other financial institutions” showed the highest share of women at 52.6%.
Intentional efforts to improve gender equity are becoming more common. Today, 59% of institutions implement hiring strategies that focus on underrepresented groups, with women prioritized by 45% of them. Black Brazilians (31%) and people with disabilities (28%) follow, along with multigenerational talent (24%) and LGBTQIA+ individuals (14%).
“Women are the top priority in inclusion practices, followed by Black and brown Brazilians. This level of intentionality reflects the commitment of firms to increase representation and move closer to the makeup of Brazilian society,” Billi noted.
Race and disability data
As with gender, racial representation is strongest at the management level. While 80.9% of the overall workforce is white, 15.5% are Black or brown, 3.5% are Asian origin, and 0.1% are Indigenous. Among managers, the breakdown shifts: 73.6% white, 23.5% Black or brown, 2.8% Asian origin, and 0.1% Indigenous.
Practical measures gaining ground
The most widely adopted initiatives focus on parental leave, professional development, and hiring from underrepresented groups—each present at over half of the firms surveyed. “Practical actions help move the needle more quickly. At the same time, they serve as entry points for more strategic initiatives and a broader ESG vision,” Billi said.
Still, many institutions have room to grow when it comes to long-term foundations like setting formal commitments, goals, and conducting employee censuses. These elements are currently in place at 34%, 28%, and 27% of institutions, respectively.
“The challenge is aligning long-term strategies—like setting targets—with short-term practical actions. This tends to be the most consistent and sustainable path forward,” he said.
Engagement on the rise
The survey points to a more engaged industry: 92% of institutions say the diversity and inclusion agenda has progressed since 2022, and none reported any backsliding. Over half (55%) see their own engagement as high, up from 37% in 2022. Most (84%) believe their organization has made progress, while only 16% feel efforts have stalled.
The numbers are even more positive among institutions that have participated in the Anbima Diversity and Inclusion Network, a platform for sharing information and best practices. In this group, 93% reported progress, compared to 84% in the full sample, and only 7% saw stagnation (versus 16%).
“The Network was created to meet the industry’s demand for technical knowledge, qualified discussion, and experience-sharing around diversity,” Billi said. “The fact that participants in the Network see their own engagement improve shows that connecting with diversity-driven groups and movements can increase commitment and push the industry forward.”
Key challenges
The biggest challenge, cited by 42% of respondents, is increasing leadership engagement in diversity initiatives.
“Leadership plays a critical role in making diversity stick, as it sets strategic priorities and can reshape organizational structures to make inclusion a shared value,” Billi said.
On the other hand, there is broad support among employees: only 9% of firms see staff engagement as a challenge. “This shows how teams are identifying with the agenda, which makes the cultural shift easier,” he said.
The numbers are similar for asset managers (9%) and brokers/dealers (8%). Among banks, the picture is even more encouraging, none reported resistance from employees as a barrier.
About the survey
This second edition of the Diversity and Inclusion in Capital Markets survey included 154 institutions, all Anbima members or participants in the Anbima Diversity and Inclusion Network. Data were collected between August and September 2024 through an email questionnaire.
Institutions were grouped into four categories based on their business focus:
Asset managers (including fund managers and allocators)
Banks (commercial, investment, and universal banks, as well as financial conglomerates)
Brokerages and dealers
Other financial firms not covered in the above categories
Learn about Anbima in Action
Anbima in Action is a strategic roadmap that outlines the Association’s top priorities for 2025 and 2026. It was developed based on extensive consultation with members, emerging players, regulators, and Anbima leadership. The agenda is built on three main pillars: representation, data intelligence, and reducing compliance costs.
In addition to these pillars, the plan includes initiatives already underway that are considered strategic for the market and Anbima’s future: sustainability, international investment, digital finance, artificial intelligence, and education.
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