Here’s which global industries have the biggest executive pay gaps between men and women

Women still earn less than men around the world.

In developed markets, part of the “gender gap” comes from things like women being more likely to take off time when they have children than men, and women choosing to enter different, lower paying professions.

But that doesn’t mean that women who do reach executive positions are always compensated equally as well as their male counterparts.

In a recent research note to clients, a Morgan Stanley team led by Adam S. Parker included a chart showing the average executive pay gap by global sector over the past five years, which they estimated using regression models.

According to the chart, the average executive pay gap was the largest in utilities and materials, at 14.5% and 12.2% respectively. On the flip side, it was the smallest in staples and industrials, at 0.2% and 3.6% respectively.

Gender pay gap

In their analysis, Morgan Stanley used the MSCI World Index, meaning that this data is for large to mid-cap companies in developed markets. The analysis excluded Japan, which has an incredibly low representation of female executives.

Interestingly, in another section of the report, the Morgan Stanley team also reports that female representation in key positions is the highest in telecom, staples, and utilities, and the lowest in energy and industrials — which suggests that higher representation does not necessarily translate to equal compensation.

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