But there is still a long way to go before the so-called glass ceiling can be said to have truly come down.

BBC Employment Correspondent Stephen Evans: Higher the job - the harder it is for women to get it

There are still fewer than one in five female managers, according to the report, and women's pay continues to lag behind that of their male counterparts.

Most women managers work in the services sector, with men still dominating in the better-paid fields of manufacturing, research and development.

Although female managers' salaries increased by 7.7% this year compared with 6.8% for men, the average female manager earns £31,000 whereas the average male manager is paid £37,000.

BBC's John Moylan: "Women are still absent from the highest levels of management"

And as the career ladder goes up, the discrepancies become larger.

Average female directors earn £66,000 compared to £94,000 for men.

Still, when compared to the situation 25 years ago, progress has been made.

• The proportion of women managers has increased ten-fold since 1973

• Half of today's total workforce are women - up from 37% in 1973

The Institute of Managers Director-General - herself a woman - said the figures were encouraging.

"Throughout the 1990s women have made steady headway into management level positions," said Mary Chapman.

But she warned that the fight is not over yet.

"The trend in the boardroom is moving in the right direction, but there is still some way to go before women really break through the glass ceiling and reach the boardroom in any significant numbers."