A report out of the UK made headlines recently for suggesting that banks discriminate in their recruiting efforts on the basis of class.
The study examined the “unwritten expectations” of investment banks and concluded that recruiters often discriminate on the basis of “arcane culture rules” like what color the candidate’s shoes are, how they tie their tie, or God forbid, if they received a private school education.
A class ceiling on Wall Street? How is this even newsworthy? My analyst class was mostly white guys from privileged backgrounds. While other kids were being grilled in interviews about convexity, duration, or how many golf balls would fit in a school bus, I was talking about boarding school pranks, restaurants in Nantucket, and SCUBA diving in Zanzibar. Of course, I got the job.
And then when I made it to the other side of the table, we wouldn’t even consider a candidate who couldn’t tie a decent tie knot or wore square-toed shoes. Like I’m supposed to work twelve-hour days and take business trips with a kid who tries to order Chateaubriand from the wine list? I don’t think so.
Now that it’s September and Wall Street’s latest crop of analysts and associates are leaving training and heading off to their desks, I thought I’d lay out some guidelines on a question that is too important to too many bankers – what watch are you wearing?
Interns
It doesn’t really matter; people don’t even know your name. But if you show up wearing a Hublot Big Bang Chronograph ($17,000) or a yellow gold Rolex GMT ($28,000), people are going to assume that merit wasn’t the primary consideration for your employment (and also that you have no taste). But, it’s a balance. Your senior colleagues want to be able to relate to you – we live in a world that rewards intelligence and achievement, so they want the comfort of knowing that your parents aren’t total bums. So, opt for a stainless steel Rolex Oyster DateJust ($6,000) or an Omega Seamaster ($4,000).
Analysts
You made it! You got a job on Wall Street. But it doesn’t really feel like it. You still live paycheck to paycheck. You probably still have a roommate. And you spend all your time doing monkey work that is unglamorous and mostly irrelevant. But you still need a watch, well, because you want to fit in. So give that Omega to your little brother, and upgrade to the investment banker starter watch – the Rolex Submariner ($7,200). It’s versatile, and easy enough for girls to recognize in bars.
Associate
Congratulations, you’re meeting clients now. They want to know that you’re well regarded, and therefore well compensated, within the bank that they are trusting with their business. But at the same time, they don’t want to see a 25-year-old kid wearing a watch they couldn’t afford at age forty. Keep it safe with a Rolex Seadweller ($13,700). Or better yet, go low key with Vladimir Putin’s favorite watch, a Blancpain Aqua Lung ($13,000).
See the rest of the story at Business Insider