I landed my first job out of college in the investing department of a small,white-shoe real estate investment firm. “White-shoe” is not just my descriptor. At the time, there was an article about our company in a leading real estate trade journal with the headline of, “White-Shoe Firm Invests in Blue Collar Real Estate,” referencing the explosive growth of our firm’s industrial and manufacturing portfolio.
I learned a lot working there, both about finance and about a particular cultural subset of the East Coast. Hailing from the Midwest, I had a rather casual demeanor, and the myriad unspoken ‘signals’ of wealth and status that permeate New York society were unknown to me. Working at this particular firm was a crash course in etiquette, poise, and professionalism.
My colleagues were willing mentors. In the mornings when I walked past my Managing Director’s office and greeted him with, “Hey, Gordon,” he would respond by half-jokingly reminding me that, “hay is for horses, Mack” (my nickname at the time). I once picked up a slice of melon from my plate with my fingers at a casual office lunch and the same MD chided for not using a fork and knife. After that, at business dinners, I carefully observed and followed others’ lead so I knew how to place my napkin on my lap and when I left the table, which utensils to use and for what, and how to signal I was finished with a course.
Not only was I drinking from the fire hose learning how to do my job, I had a large set of additional principles to learn as well.
Professional Dress Code
One of those principles was how to dress at a conservative financial firm. I do not mean conservative in the political sense. I mean conservative in the way that many, if not most, financial firms are, which is focused on preserving (i.e. conserving) their clients’ value and wealth.
A couple senior women from my firm took me under their wings when it came to business dress. The Partner of the law firm that worked closely with our firm clued me in on where I could get $20 cashmere blouses and $10 knock-off Pashminas. Another Managing Director showed me how to tie a scarf.
The analysts with whom I worked had distinct thoughts on professional dress and were all too willing to share. They hailed from towns like Greenwich, Westport and Larchmont. I chuckled at the tongue-in-cheek rules of male dress they had developed. "The Official Preppy Handbook" was their Bible:
“Navy and gray suits are for business people. Brown is for lawyers,” they told me with a wry smile, referring to the unspoken pecking order of corporate hierarchy.
Black shoes are for the city. Brown shoes are for the country,” they said. “Only wear brown shoes in the city if you are leaving straight after work for your country home.”
I replied, “Really? Must be nice, guys," and rolled my eyes.
Finance Company Culture
Fortunately, many things have changed since I worked in the suits-only environment of the early 2000’s. Daily dress codes at even the top finance firms have gone business casual, or even fully casual (jeans allowed!) at some private equity and venture capital firms. There is also a much better understanding among finance employers of the benefits of tapping into a broader talent pool and attracting diverse candidates from varying racial, gender and socioeconomic backgrounds.
While employers are making efforts to make finance jobs more accessible, interviews remain a largely formal affair. I have touched on the unique elements of corporate culture at financial firms in thisblogpost. It is important to keep industry and firm culture in mind when you are deciding how to dress for an interview.
Clients entrust finance professionals with confidential details regarding strategy and finances. You want your interviewers to see you as affable, and human, but also serious, confident and stable. They want you to be someone clients will trust. Likewise, demonstrate that you are client-ready, and appreciative of the gravity of the decisions that you will be a part of helping clients make.
On a budget?
You do not need to buy a bunch of pricey suits. Invest in at least one good suit that will hold up over an interview season and into at least your first year on the desk. If it is a classic cut, then no one will notice you are wearing the same suit again. Create variety by investing in several shirts and tie combinations for men, or shirts and necklace or scarf combinations for women. Make your suit(s) last by not over dry cleaning them. You can wear a suit several times before you need to dry clean it. That is assuming you take your jacket off and carry it when you are walking in hot weather.
What to Wear
For investment banking interviews, err on the side of classic and formal. The dress code for private equity and venture capital is a gray area and depends largely on the firm. In addition to my own thoughts on what to wear below, I have included a couple of links to other sources containing solid advice on interview attire for finance and banking interviews.I especially like the New York Magazine article for addressing private equity and venture capital interviews. When in doubt, you can also reach out to the recruiter at the firm in question.
New York Magazine:How to Dress for a Job Interview in Finance or Banking
AskIvy.net:Investment Banking Interview Dress Code
Interview Dress for Men
- Suit:Medium to dark gray, navy or dark blue. Black is the color of evening wear, so save that for a tuxedo. Avoid light colors like light gray or tan, which come off as more casual or as summer wear. Avoid sheen. The New York Magazine article above provides some good guidance on cut. Tighter cuts with shorter hems are trending, but remember your audience. A fifty-year old Managing Director is not going to “get it,” so look for a classic cut. You can go trendier once you have the job.
- Shirt:White, white with a subtle print or light blue. Avoid loud patterns or loud colors. Avoid sheen.
- Tie:A nice silk tie with a conservative print should do. This is not the time to make a statement with your tie, or socks.
- Socks:dark, covering your ankles and calves.
- Shoes:Black Oxford. Again, keep it classic. Some people like oxblood leather, but there is no upside. Just go with black and they will last you forever.
- Belt:Match your shoes.
Interview Dress for Women
- Suit:Medium to dark gray, navy or dark blue. Although technically black is for evening wear, women have much more leeway to wear a black suit. In fact, it is often all you will find at stores. Personally, I prefer a skirt suit for interviews because it is more formal, but pant-suits are now acceptable. If you do wear a skirt, also wear hose and bring an extra pair in your bag in case you get a run. Skirts should be knee-length and well fitting (i.e. not too tight). Again, opt for a classic cut.
- Shirt:Crisp collared shirt or shell. Classic white looks clean and crisp, though women do have more leeway to introduce a pop of color here.
- Scarf or Necklace:tie your look together with a necklace or scarf, which serve a similar purpose to men’s ties in terms of adding some color and bringing it all together.
- Shoes:black, conservative heel. Avoid stilettos. Wear a heel you can comfortably and confidently walk in from meeting to meeting, up and down stairs, etc. You do not want to be dealing with blisters and tight shoes during an interview, so break them in ahead of time.
Other Tips:
- Unbutton your jacket while you are meeting with someone. This goes for men and women, especially women. Women have a tendency to keep their jackets buttoned, but an open jacket signals affability as well as confidence.
- Bring a portfolio containing a notepad, pen(s) and calculator (you may need it). Also bring several copies of your resume (I print them on nice paper) in case your interviewer has not had time to hit the printer before meeting with you.
- For women, avoid bringing a traditional purse. Rather, find a professional nylon or leather laptop bag or tote where you can store your portfolio or notepad along with your wallet, keys, make-up etc.
- Avoid backpacks. Men, if you want a bag, opt for a laptop bag with shoulder strap.
