A Yale professor says that the 'gender pay gap' contributes to the wealth disparity between men and women.

• Professor Kelly Shue stated at CNBC's Women & Wealth event Wednesday that approximately 70% of the gender wage gap can be attributed to women holding different positions than men.
• Despite women usually excelling in their jobs, men are more likely to receive promotions, according to Shue's study.

The progress toward closing the gender pay gap has largely come to a standstill, partly because of what researchers call the "gender promotion gap."

At CNBC's Women & Wealth event on Wednesday, Kelly Shue, a professor of finance at Yale School of Management, stated that women have lower promotion rates compared to men in the same firm and position.

According to Shue's research, men are about 13% more likely to be promoted than women.

The persistent income inequality between men and women is largely due to that imbalance, she stated.

According to Shue, while about 70% of the gender wage gap can be attributed to women holding different positions than men, there is still a pay disparity even when men and women occupy the same job.

The National Women's Law Center analyzed U.S. Census Bureau data and found that women earn only 84 cents for every dollar earned by men.

Women are 'underrepresented from the start'

Despite progress, women in corporate America still face barriers due to systemic bias, according to the annual Women in the Workplace study from Lean In and McKinsey.

According to Lean In's report, women are less likely to be hired into entry-level roles, which results in their underrepresentation from the beginning.

The report found that only 81 women are promoted for every 100 men at the manager and director levels, with advancements being slower.

The report by Lean In states that the lack of women in managerial positions is due to a "broken rung" in the corporate ladder, making it challenging for companies to achieve progress at higher levels.

Unconscious bias can lead to the promotion of managers who possess stereotypically male qualities, such as optimism, courage, aggressive leadership style, and embracing competition, according to Shue.

Shue stated that a lot of advice has been centered on how female workers can modify their behavior, self-advocate, and engage in self-promotion to reduce bias.

"She added, "I believe that could be affective, but I also believe that instead of placing all the responsibility on women to behave differently and advocate for themselves, it would be beneficial if firms and the managers in charge of these decisions also stopped rewarding aggressive behavior to the same extent and instead recognized that many female workers have high potential.""