(Bloomberg) -- Asian Americans and Pacific Islanders in finance face structural racism that stymies career advancement, a recent survey found.

Nine out of 10 respondents said prejudice excludes them from consideration for senior or executive-level positions -- a challenge some call hitting the “bamboo ceiling,” according to a report by the Association of Asian American Investment Managers. 

Asians often fall victim to the “model minority myth,” the view that they are diligent workers who have overcome discrimination to gain a solid foothold in the workplace, according to the AAAIM. As a result, Asians are often excluded from leadership roles, the group said, adding that almost 70% surveyed believe AAPI professionals aren’t perceived as good leaders.

The results of the report are “disheartening,” Gordon Liao, co-founder of 4C Capital LLC and board vice chair of AAAIM, said in a statement.

“We hope that this provides CEOs, HR leaders and managers in the industry with a reference point for what it will take to create a truly inclusive environment, so that we can continue to strive towards breaking the bamboo ceiling,” Liao said.

AAAIM surveyed 100 investment management professionals and interviewed more than a dozen executives for the report published on Sept. 14.

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