Bank on Banking

I know it’s been covered many times, by many people, but I wouldn’t feel good about myself if I didn’t include my wardrobe $0.02 into the site. So, without further ado…

Suits: The heart of the investment banker wardrobe. You should have at least two suits of good quality. Good quality does not have to be a $1500 custom suit by any means – think Jos A Bank sale, or preferably, Nordstrom (their half yearly men’s sale begins Friday – June19th ) or Brooks Brothers sale (Brooks Brothers Outlet is even better if you can get to one). Regarding color, no blacks please, this is not a funeral. Stick to Navy blues and mid-to-charcoal gray – use some common sense based on complexion here as well. Regarding pattern, thin subtle pin stripes are always nice, window pane is fine – though definitely more brash – use your best judgment, and remember conservative, yet simple and modesty is key. Solid suits are fine in the aforementioned colors as well, but I would not go with a solid pattern for both suits – one solid, one pattern is definitely a sound idea and adds a bit of fun to your otherwise gray and blue wardrobe (although I realize it will still probably be either blue or gray). Also, unless you are really tall (above probably 6’5), I generally prefer the two-button suit, as opposed to the three-button suit. And finally, make sure, and I can’t stress this enough, that your suits fit well and are tailored – a suit that costs $2,000, but isn’t tailored properly will look like it’s worth $50 on your back. Bottom line – two suits, good quality, gray/navy, solid or subtle patterned, and get it tailored.

Shirts: A good number of button-downs, think around 15 (especially if you can get some on sale) to start with (yes, I like a lot of shirts), and try to stick to the whites and various shades of blue here – greens and other modest colors are sometimes fine, but this is on a case by case basis based on your group, so start with the whites and blues. Regarding patterns, I have always been a fan of the subtle grid pattern, but simple stripes and other patterns, as well as solids are also perfectly fine – as always, simple is best. Shop smart – Brooks Brothers has a nice sale a few times a year where a lot of their button-downs go on sale for 50% off, Jos A Bank is constantly running some sort of blowout sale, and Nordstrom is about to hold its half yearly men’s sale (I particularly like the fit of Nordstrom’s Nordstrom brand shirts and Brooks Brothers wrinkle free shirts always work out well) so just be patient. Bottom line – several shirts to start with, whites and blues, simple patterns are fine, and shop smart by waiting for the sales to do the bulk of your buying.

Ties: Ties are tricky, and depending on the office, they may be required five days-per-week, four, or none in which case they would only be required for client meetings. The important thing to remember about ties is to keep them simple, but not boring as ties add spice and personality to your wardrobe. Regarding patterns, simple stripes, a light-hearted pattern such as those animal characters or sail boats found in Brooks Brothers or Vineyard Vines is fine – stay away from Hermes or Ferragamo ties at first – you don’t want your boss to see you sporting a Hermes tie and Ferragamo loafers pre-bonus. Regarding the colors, I like to stick with reds (not bright red, but like a burgundy color), blues (again, not an electric blue, but a subtle blue) and yellows (again, no neons here). Regarding the number of ties, that’s a judgment call depending on how often you have to wear them – assuming business casual office, and ties are only worn for client meetings, I would slowly accrue at least 5-10 ties to complement different shirts and suits, but you should definitely have at least 3 right off the bat just in case. Bottom line – unless you are wearing a tie daily, accrue them over time, but start with at least 3, stick to reds, yellows and blues, simple patterns, and remember, stay away from the big names at first – some senior team member would not like you wearing a more expensive tie than them as an intern or new 1st year.

Pants: Several pairs will be necessary, assume 4 or 5 pairs to start with (excluding suits). Regarding colors, stick with navy, grays, tans and stone. Regarding patterns, I prefer solids, and subtle pinstripes or other patterns such as herringbone and windowpane – again, it just adds some personality to the outfit. Black pants are alright, but I usually wear black on rainy days – just not a cheery nice day color to me. Bottom line – several pairs in gray and navy of a few different patterns will more than suffice.

Socks: Should match your pants. The exception is when you are wearing tan or stone pants; in this case your socks should match your shoes – don’t ask, just do.

Shoes: Two pairs of shoes (one black and one brown or two black) – I like to have three pairs just to have a pair of black shoes as the really nasty weather pair, but we’re talking about essentials and you can always add to the collection later. Stay away from Ferragamo, Gucci, Prada, etc, until bonuses come around. You don’t want your boss thinking you’ve got plenty of money and don’t need that bonus. Stick with Johnston and Murphy and Cole Haan (I prefer J&M) here – also, shop sales (I know I keep saying it, but I think it’s worth repeating). Regarding shoe style, lace-ups are generally considered the most formal, although loafers are acceptable in most if not all situations as well. I would initially stay away from wing tip shoes (seen as more casual than cap toes), but cap toes are absolutely acceptable, especially as the primary black shoes worn with a suit. A disclaimer about cap toe shoes: be sure to try them on and walk around with them on in the store before making the purchase, as some cap toe shoes bend in an odd way depending on sizing and material, which causes a good deal of pain in the toes, to the point where you are better off not making the purchase at all (both my VP and I had this sort of an experience with a cap toe shoe). Bottom line: Two pairs to start with, at least one black, laced up are usually considered more formal, but loafers are equally acceptable.

Final Note: Regarding the full suit, black shoes are always worn with navy suits and black suits (I know navy pants go very well with brown shoes, but a suit is a different animal entirely). Brown shoes are always worn with brown and tan suits. Gray suits can be worn with black shoes or brown shoes, but I prefer black shoes – it just presents a more professionals appearance in my opinion.

Stay tuned for several upcoming articles on networking, analyst responsibilities and banker interviews! Stay in the loop via RSS, Email, LinkedIn, and Twitter, and, as always, drop me an email with any questions or suggestions!