Article written by Tracey Bryant
Women are less likely than men to choose finance as a major in business schools. Nationally, only about one third of the students pursuing the major are female, according to recent studies.
When fewer women start in finance, fewer will advance into well-paying careers such as financial analysts, financial managers, research analysts and beyond to the C-suite, where key decisions about markets, investments and policies are made. This underrepresentation in leadership roles means firms may miss out on the strengths that women bring to executive positions. A 2019 study by S&P Global found that women CEOs or CFOs give firms a financial boost through increased profitability and stock performance. Additionally, women in leadership often bring unique strengths to the table, including enhanced creativity, empathy and collaborative skills.
For her undergraduate research project, UD finance major Antonia Vázquez, a McNair Scholar from León, Guanajuato, Mexico, is exploring the self-efficacy (confidence in one’s ability to succeed academically) and sense of belonging of female business students. Her project adviser is Laura Ahlstrom, postdoctoral researcher in the Lerner College of Business and Economics.
After being accepted to UD in 2022 at the age of 14, Vázquez began her studies with a number of academic credits already acquired through online courses. She is on track to graduate with her bachelor of science degree in finance, with a minor in computer science, in spring 2026, and from UD’s 4+1 master of science in finance program in spring 2027.
Q: Why did you want to pursue this topic?
Vázquez: As a female student in a male-dominated major, I’ve often felt underrepresented in my business courses, where a clear gender imbalance exists in the classroom. This experience made me curious about whether other students, especially those from traditionally minoritized groups, feel similarly. I’m particularly interested in the intersection of self-efficacy and sense of belonging, and how these perceptions influence female students’ academic experiences.
Q: Why does research like this matter?
Vázquez: Research like this is important because it can be used to guide policy in education. Exploring the variation in student experiences in academic settings can reveal areas where policy changes may help support female students in the future.
Q: What does your daily research entail?
Vázquez: This summer, my research has included both quantitative and qualitative work. I’ve been analyzing survey data from more than 400 undergraduates in an introductory macroeconomics course at the University of Delaware to explore how gender influences students’ sense of self-efficacy, belonging and academic confidence. I’m also conducting semi-structured interviews with female students in business, asking them about their experiences, challenges and sources of support.
Q: What’s the coolest thing about being involved in this project? Have you had any surprising or especially memorable experiences?
Vázquez: The most exciting thing for me about being involved in this project is being able to conduct my own research independently and find significant results. After exploring relationships between variables by running regressions using a statistical software package called STATA, I found it interesting that female students are statistically significantly more likely to report higher prospects of success, importance of success, and sense of community and support. However, they report lower academic confidence and understanding of course material than male students. Numerous studies show that women often underestimate their abilities, even when they perform equally well or better than men. Lower-reported academic confidence might not reflect actual skill or performance but instead reflect a confidence gap, common in male-dominated fields like business, STEM and economics.
Q: Is there anything you’ve discovered about yourself and your career goals as you’ve worked on the project?
Vázquez: Working on this project has sparked more interest on my part in pursuing research relating to gender equity. As of fall 2024, only 25% of finance majors at the University of Delaware are female students, so I’d be interested in studying why so few women choose finance and what universities can do to increase female enrollment. I’m currently designing a research study to be conducted in Seoul, South Korea this winter, related to the country’s economy that centers on women’s experiences, and I plan to continue this line of inquiry in my graduate studies.
Q: What do you enjoy doing in your spare time?
Vázquez: In my spare time, I enjoy reading and drawing.