Motivated by evidence that the largest gender differences in career outcomes arise
within occupations, we examine a single occupation. With the support of the
American Finance Association (AFA), we surveyed AFA members on the professional
culture within finance. Individual experiences vary substantially, especially
across men and women. Contrary to conventional narratives, differences in preferences
play little role in explaining why women experience worse outcomes. Bias and
discrimination have the largest effect. The consequences of noninclusiveness extend
beyond the personal to the entire field. Our findings suggest that institutions potentially
could do more than they recognize to improve both diversity and science.