If you're a 20-something male and you've successfully navigated the investment banking recruitment process, then well done. However, your journey to banking assimilation is not over yet. If you are to become a true banking chad/hardo you will also need the appropriate footwear.
The appropriate footwear is the black loafer. Loafers in banking are also referred to as "deal sleds."
"The Wall Street dress code has relaxed, but there's still an expectation of conformity," saysPatrickKenger, a personal stylist at Pivot Image Consulting, who works with clients in financial services. "Designer brands are important on Wall Street," he adds; but they need to be the right brands if you're to signal membership of the club: "The uniform that's inherent to Wall Street is the Gucci loafer."
Gucci loafers don't come cheap, though, and like watchesit's possible to overreach by turning up in a pair when you're an intern on the first rung of the ladder. "The brand you choose for your loafer should depend on where you're at in your career," says Kenger. "You're trying to work your way up. You don't want to flaunt it."
Irrespective of brand, Kenger also has advice on styles. You can get a horsebit loafer,a penny loafer,a tassel loaferor a driver loafer, but if you're trying to ingratiate yourself with bankers, there's only one style you really want to go for. "The one we see all the time on Wall Street is the horsebit," Kenger says. Penny loafers can be acceptable too.
Loafers are intended to be worn without socks, but Kenger says ankle-flesh isn't necessarily appropriate in a business setting. Ideally, you should therefore pair your loafers with merino wool socks in a shade that echoes an element in the rest of your look. Loud socks are best avoided. "The more you try to stand out, the more you can rub people up the wrong way," says Kenger. "You want to play the middle ground. For a long time guys were using socks as a crutch – the rest of their outfit wouldn't be put together, and then they would be like, 'I have socks with smiley faces!'"
For the same reason, your loafers should be black, although over time Kenger says you could experiment with dark brown. Tan is not advisable. Ignore the loafers in the photo at the top of this article and see below.
As you progress up the banking hierarchy, Kenger suggests you climb the loafer hierarchy too. Below are his suggested deal sleds by job title. As with watches and handbags, a mismatch can be problematic. You don't want to get ahead of yourself.
The analyst loafer
For your entry-level loafer, you could choose Weejuns by G.H. Bass & Co. Costing around $224, they're a solid starter shoe. "These are the quintessential affordable loafer range, and the starting point for a lot of guys," says Kenger. "If you're just getting started, they're the best way to go."
The associate loafer
One notch up, you could try penny loafers from Grant Stone(cost $288).
The VP loafer
Once you're a VP in an investment bank, Kenger suggests you can trade-up. You might want to go for the Allen Edmond loafer (cost $477).
The MD loafer
Once you've made it to the top of banking there are only two brands of loafer to wear.
The Gucci horsebit loafer (cost $784).
The Ferragamo loafer (cost $1.1k).
"Ferragamo and Gucci loafers are the Wall Street staples," says Kenger. You don't have to wait until you're an MD, but you do need to wait a bit. "Once you get to a place where you feel comfortable wearing these loafers then go ahead. If you're wearing them because you love the product, then that's ok," Kenger advises.
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FAQs
You can get a horsebit loafer, a penny loafer, a tassel loafer or a driver loafer, but if you're trying to ingratiate yourself with bankers, there's only one style you really want to go for. "The one we see all the time on Wall Street is the horsebit," Kenger says. Penny loafers can be acceptable too.
What wardrobe do you need to be an investment banker? ›
Don't ever wear different colored jackets and pants. Long-sleeve dress shirts are a must, with the safest colors being white and light blue. Light pink or lavender shirts might also work, although they are less safe options. Avoid shirts with pockets, collar buttons, and patterns.
Why are they called deal sleds? ›
There are the finance types, who pair the loafers with tailored suits, earning them the nickname “deal sleds” for their mythologized ability to communicate confidence on Wall Street trading floors.
How can I impress an investment banker? ›
So when you're networking and doing coffee chats, you should have the following goals in mind: Impress the person you're speaking to by being charming, respectful, knowing their work experience, and asking thoughtful questions.
What is the best way to get into investment banking? ›
How to become an investment banker
- Earn a bachelor's degree in finance or a related field. ...
- Consider a graduate degree or MBA. ...
- Register with FINRA and obtain certification. ...
- Take part in on-the-job training. ...
- Advance your career.
Sure, anybody can make a good living being a doctor or a lawyer or an investment banker where you can make ~$200-500K per year a few years after you finish with your studies, but you hit a ceiling very quickly unless you start your own practice (aka start your own business).
Do investment bankers make 7 figures? ›
Investment Banking Managing Director Salary + Bonus: Base salaries are in the mid-six-figure range, with total compensation in the high six figures to low seven figures. An MD doing decently should earn between $1 and $3 million per year, and sometimes a low multiple of that (as of 2022).
Why do loafers have horse bits? ›
Inspired by the casual moccasin and taking influences from equestrian lifestyles, the bit loafer was eventually deemed formal enough to wear with suits and in turn, became a fixture in boardrooms and at trading desks across the country.
Who wears horsebit loafers? ›
In today's age, you can see the likes of Paul Mescal, Mark Ronson and Kingsley Ben-Adir (who also stars in the new campaign for the shoe) all donning a pair while on and off the red carpet, further cementing their smart-casual appeal. Rest assured, their reign is set to continue for the foreseeable future.
Who designed the Gucci loafer? ›
Crafting a piece of fashion that remains relevant and cool for decades to come is a sartorial white whale. But in 1953, Mr. Aldo Gucci managed to do so with his creation of the Gucci horsebit loafer.
Is It Even Possible to Date an Investment Banker? The good news is that, while most definitely more difficult, it's still quite possible to both date a banker and date as a banker. Plenty of people do it and plenty of people have found their lifelong partners while working as bankers. There will be rough patches.
Can you be a millionaire as an investment banker? ›
It is fairly common for front-office investment bankers to be earning over US$1m after 8 years in the industry. But it caps out at around US$20m, which is how much a top-performing investment banking CEO gets.
Is it hard to be hired as an investment banker? ›
It will be harder to get into the investment banking field, especially at a top bulge-bracket investment bank, but it's not impossible. If you begin working as a postgrad in a field within finance, such as consulting or perhaps even accounting, you may be able to shift into investment banking.
What is the hardest investment bank to get into? ›
Goldman Sachs is often cited as the hardest investment bank to get into, due to its prestigious reputation, highly competitive hiring process, and rigorous standards for candidates in terms of experience, education, and skills.
What is the most popular major for investment banking? ›
To become an investment banker, you need a minimum of a bachelor's degree. Common majors are finance, business, economics, and accounting.
Which investment bank pays the most? ›
1. Goldman Sachs is the highest paying bank overall - $398k in combined salaries and bonuses, on average. Goldman Sachs, which paid average salaries of $200k and average bonuses of $199k for 2023, was the highest paying bank we polled. It took top position by virtue a leap in bonus payments.
What is the dress code for bankers? ›
Suits are the customary dress for the banking industry. A suit consists of a jacket and pants or a jacket and skirt of the same color and fabric. Dark colors such as black, charcoal and navy blue are most appropriate.
What do you wear to work as a banker? ›
The formal dress code for bank professionals is the most traditional option and generally consists of a suit. Accessories, such as neckties and pocket squares, are not typically allowed, but people have started to incorporate those in their outfits to give them a personal touch.
What is the dress code for investment management? ›
Investment Banking and Private Equity
For men in investment banking or in other sell-side roles, this still means crisp, well-fitted shirts, blue or gray suits (not black or patterned, ever) and ties really only for client meetings if the client is more formal, such as most corporates or pension funds would be.
What should I wear to an investment banking info session? ›
So, all you can do is general preparation, such as: Dress Code – If in doubt, you can never go wrong with business formal. If you're attending multiple sessions in a short time frame, you need to make sure your clothes are clean and ready to use for each one.
For your entry-level loafer, you could choose Weejuns by G.H. Bass & Co. Costing around $224, they're a solid starter shoe. "These are the quintessential affordable loafer range, and the starting point for a lot of guys," says Kenger. "If you're just getting started, they're the best way to go."
One notch up, you could try penny loafers from Grant Stone(cost $288).
Once you're a VP in an investment bank, Kenger suggests you can trade-up. You might want to go for the Allen Edmond loafer (cost $477).
The Gucci horsebit loafer (cost $784).
The Ferragamo loafer (cost $1.1k).