Denice R. Preston
Proper attire has always been crucial for those working in finance. Since dress codes are becoming more relaxed and the range of jobs is growing, what should one dress for? From Allbirds and Patagucci to Allbirds, an outfit guide for the financial sector.
Goldman Sachs, that venerable institution of high-end finance, made waves when it announced just a few months ago that it was re-examining the dress code that all its employees must follow. The US bank said its belief that the “changing nature of workplaces generally in favor of a more casual environment” was the reason for adopting the “firm-wide flexible dress code.” “Casual dress is not appropriate every day and for every interaction, and we trust you will consistently exercise good judgment in this regard,” they stated. The result was a flurry of speculation on what employees ought to wear in the end, to the point that the company even went as high as posting an online survey via Twitter (the winner was Mark Zuckerberg’s signature look with a hoodie, sneakers and a sweatshirt).
This led to a lively discussion in our team on the past of finance fashions and the current fashions. This led us to write a short article with some tips for readers looking to secure an employment opportunity within Silicon Valley or Wall Street or even wondering if they’d look like the pros.
Clothes as Signifiers
Human beings are the animals who make and wear clothes, despite forcing them on our dog friends. Beyond their practical use, However, clothing can serve other purposes in our culture. Historically, They’ve been utilized to signal status, signify an occupation, for example, uniforms, or show off one’s personality. In reality, Desmond Morris states, “It is impossible to wear clothes without transmitting social signals.”
This is especially true in finance, where proper attire is always important. You must look professional and convey a message regarding your wealth by wearing your clothes.
In this article, we’ll look at how fashions in finance have changed through the years for women and men, what people are attempting to convey through their attire choices, and how we went away from pinstripe suits and wore ” Patagucci” vests and Apple watches to help guide our readers navigate the confusing world of business casual attire.
Wall Street vs. Silicon Valley: The Current Landscape
In the past, people working in finance wore well-known styles. The first image that springs to the mind and that many people have been raised with and tried to copy is Gordon Gekko: bold, strong, and fashionable. Bankers who were investing have conjured images of males wearing red suspenders, two-toned shirts, hair slicked back, and attractive watches.
While the excesses in the 80s faded, the people looking for employment in the financial services field would be advised to wear conservatively. A highly viewed piece written by the wildly popular Twitter account GSelevator was circulated several years ago. It offered suggestions like “no brown shoes” or “no pleats or cuffs” and was a perfect supplement to the many articles designed to assist candidates in dressing correctly for interviews. Though still relevant and applicable, these guidelines will not help in the current climate where careers in finance are more varied and even the most traditional institutions are removing themselves from their strict dress guidelines.
The job market for finance professionals isn’t as famous as it was. Banks and investment funds compete with tech companies to find the best and brightest students. Banks are adjusting their dress codes like Goldman recently did to appear more contemporary and attractive. In addition, many other career possibilities have emerged in financial services that go beyond banking. Numerous private equity venture capital, hedge, and venture capital funds have slightly different cultures and, consequently, somewhat different fashions. The reshaping of fashion codes does provide more opportunities for confusion.
So How Should One Dress for the Job They Want?
A best practice is to observe your colleagues (or potential colleagues) and gain a sense from your colleagues. It is essential to appear elegant and appropriate for the setting; however, you should not be too trendy. Work environments are becoming more informal and flexible in the sense that how we work is evolving as more meetings are being conducted via virtual and workers’ careers are becoming more diverse. Remember that the message you want to communicate by your attire is that you’re good at what you do, and that will be different depending on the work and the people you are speaking to. Certain styles are different for each segment.
Investment Banking and Private Equity
As mentioned above, clothing is a way to convey a message when it comes to handling money for work; the news is having money. For the men working employed in investment banking or other sales-side positions, This still means clean and well-fitted shirts, gray or blue suits (not patterns or black, never), and ties should be reserved to be worn for client meetings when the client is formal like the majority of pension funds or corporate clients would be. It’s considered fashionable to wear socks with colors. However, it is challenging to wear, especially within the US.
In the case of women working in the banking sector in London or New York, the consensus I have heard from my female colleagues from the financial industry is that suits can make the appearance of “junior.” It is all about the classy outfit, the statement shoe (Gucci loafers are a good choice, and always), and the nicely matched, but not matching, jacket and trousers. Pantsuits are the preferred style of politicians such as Hillary Clinton and Angela Merkel. Theresa May does stray from fashion but is often criticized for her more adventurous type.
Silicon Valley
Silicon Valley comes with its particular set of rules. It’s always been more informal than NYC, and suits are uncommon. It doesn’t mean, however, that there’s no such thing as an established fashion style that people adhere to and makes people aware that they’re working within the Valley. The VC start-up kit is the best guide for anyone considering moving and establishing themselves as a VC. It has everything you need to know about looking at the right way, including Patagonia fleece sweaters, Stagram shoes that include the stunning (and extremely comfortable, it should be noted), and Allbirds. The styles are gender-neutral! However, in this case, this fleece jacket is everywhere in such a way that Fortune published a satirical article about men wearing vests that raise large sums of money without knowing the basics of venture investing.
