The conventional explanation for why there are so few women in high tech has hinged on a simple statistic: Only about 18 percent of computer science and engineering degrees go to women every year. Yet tech companies have experts in finance, marketing, sales—not just programming. And women account for nearly 40 percent of all MBA graduates. Moreover, many financial services companies hire equal numbers of men and women at the entry level. So Catalyst, a nonprofit research organization focused on the advancement of women, wanted to figure out if women are faring better on the business side of the fast-growing tech world. They aren’t.