We Chose To Study At Business Schools In Countries With The Smallest Gender Pay Gaps—Here’s Why

As the cost-of-living crisis continues, it’s crucial for students to be intentional about where they choose to study their business degrees—and where they’ll seek work after graduating. This is even more important for women as the gender pay gap still impacts earnings for working women today.

The World Economic Forum recently published the 2024 Global Gender Gap Report, ranking the world’s countries based on four key criteria. Recently, we broke down the key findings of the report, discovering that Europe leads the way when it comes to the gender gap rankings.

Although the gender pay gap is persistent, there’s hope on the horizon with the next generation of the workforce passionate about building a gender equal world. We spoke to four women in business schools studying across a number of European countries to learn their views about gender equality in their country of study and how their university is bolstering gender parity.

Gender pay gap: What do students think? 

Sophie Hohnen, UPF Barcelona School of Management,Spain

Originally from Germany, Sophie completed her MSc in Management at UPF-BSM and she will be studying at TUM School of Management as part of QTEM (Quantitative Techniques for Economics and Management), an international network that brings together outstanding students. 

Why is Spain so successful at closing the gender pay gap?

“Spain introduced progressive legal frameworks promoting gender equality and has strong female representation in leadership. For instance, it extended paternity leave to 16 weeks, matching the length of maternity leave–more progressive than many OECD countries. There is more public activism around gender equality and a growing focus on inclusive workplace cultures.”

Why did you choose to study in Spain?

“The reputation of the university’s reputation was the most important factor. UPF’s strong academic reputation, combined with the opportunity to experience life in both Norway and Spain–two very different countries–were certainly appealing.”

Does UPF Barcelona School of Management have any initiatives aimed at addressing gender disparity?

“UPF’s course ‘Ethics and Sustainability in Leadership’ examines strategic approaches to implement ethics and sustainability in business. Additionally, the school promoted the Global Summit of Women, which aims to share ideas about the future of women in business and economics. 

“Such initiatives are essential for preparing us students as future leaders to create more equitable work environments and I value them specifically, as a woman starting my career in business.”

What should workplaces and management be doing to promote and ensure gender parity?

“Measurable policies for equal pay and zero-tolerance for workplace discrimination should be introduced to create organisation-wide awareness. Mentorship and leadership programmes for women are particularly helpful to tackle gender parity and guide young women as they begin their careers.”

Emma Walsh, Aalto University School of Business, Finland

Hailing from Finland, Emma is an Executive Board Member at KY—the student association at Aalto University School of Business.

Why do you think Finland ranks particularly high in narrowing gender gaps?

“Finland has a strong commitment to equality, supported by laws for fair pay and equal rights including affordable childcare, equitable family leave, and inclusive education. While there’s room for improvement, our societal values and policies make Finland a leader in gender equality.”

Why did you choose to stay in Finland for your studies?

“I chose to stay in Finland because of free education, the impact of COVID-19 and the country’s safety. I feel safe walking on campus even at night, and I believe my gender won’t hold me back from achieving my dreams.”

How does Aalto University School of Business address gender disparity?

“Aalto University School of Business actively addresses gender disparity through an Equality, Diversity, and Inclusion (EDI) committee that implements action plans. Since 2021, Aalto has been part of the National Gender Studies Network offering courses on gender and intersectionality.

“Student-led initiatives like Women’s Career Society and WEDNESDAY empower women in entrepreneurship. As a board member of KY, the Business Students’ Association, we ensure all students understand the importance of gender equality through our code of conduct.”

What do you believe workplaces and management should be doing to ensure gender equality?

“Workplaces should focus on equal pay, equal opportunities for advancement and removing barriers to participation faced by women and gender-diverse individuals, which are essential steps towards creating an inclusive environment.”

Gabriella Pinto, BI Norwegian Business School, Norway

Gabriella is from Italy and is pursuing an MSc in Sustainable Finance at BI Norwegian Business School. 

Ranked third when it comes to gender parity, why do you think Norway is so successful at closing the gender gap?

“Norway stands out as a leader in gender equality thanks to a culture of parity and political actions focused on addressing the gender gap. Norway’s robust social welfare system supports all citizens, with a strong focus on ensuring equal access to education for all, which has led to women being well-represented.” 

Why did you choose Norway for your studies?

“I wanted to live in a place where my gender wouldn’t limit my opportunities. In contrast to Italy, where the cultural and structural barriers are more pronounced, in Norway the societal support for gender equality is more systemic. This was a major factor in my decision to pursue my master’s degree here and eventually settle in Norway.”

How does BI Norwegian Business School tackle the issue of gender disparity?

“BI’s Gender Diversity Action Plan focuses on increasing female representation among faculty and students, particularly in finance and economics. The school also supports the Women in Finance group, which helps female students build confidence and networks in a traditionally male-dominated field.

“Lectures specifically focused on the differences between men and women in leadership roles are designed to prepare us for the realities of the workplace. Beyond the classroom, BI hosts conferences and lectures that highlight successful female leaders.”

What should workplaces be doing to foster gender equality?

“Organisations should set specific, measurable goals and hold management responsible for meeting them. This accountability ensures that efforts to create a more inclusive workplace are taken seriously and progress is achieved.”

Victoria de Souza Pahl, Frankfurt School of Finance and Management, Germany

Victoria has dual German and Brazilian nationality and she studies Computational Business Analytics.

Why do you think Germany ranks particularly high in the Global Gender Gap Report 2024?

“Germany has strong laws supporting gender equality, such as the Entgelttransparenzgesetz for pay transparency and FüPoG II to increase women in leadership roles. Quotas for women in board positions have also played a significant role in reducing the gender gap and combatting affinity bias. Parental leave policies and making childcare affordable in Germany also contributes to reducing the burden on women.”

Why did you decide to stay in Germany for your studies?

“As a German, staying here for my studies felt natural. The high-quality, low-cost public education was also a key factor. While gender parity wasn’t initially a consideration, many German companies recognise the business benefits of having more women in leadership.”

How does Frankfurt School address gender disparity?

“I’m the head of Women in Business at Frankfurt School of Finance and Management, one of the largest and fastest-growing initiatives at the university. Our initiative addresses the gender disparity in fields like finance and consulting, where women are traditionally underrepresented. By connecting female students with leading firms, we help create opportunities for them to enter and succeed in these male-dominated industries.”

What should workplaces do to promote gender parity?

“Employers should set clear diversity goals and implement policies like mentorship and training programmes to promote diversity. These efforts help combat microaggressions and harassment against marginalised groups, including women.”