<p>people who work in lazard all have custom suits. it's crucial to look extremely good at lazard.</p>
<p>can other i-bankers tell where you got your suit? will they ask? is having an expensive but not $1k suit going to make you ostracized by your co-workers or lose clients?</p>
<p>just wondering; they're real questions (not meant to be rhetorical)</p>
<p>You have to have at least 3 suits and the average suit that would be considered acceptable costs roughly $500-$1,500. So yes, $1,000 is not unusual for a suit worthy of a top IBank. Shoes can also cost anywhere from $200-$400. Shirts and ties also cost money. An IBanker can easily spend $4,000 on work clothes annually.</p>
<p>How can you tell that a suit costs $900 or $1000? How can you tell if a suit costs $500 or $1000? How many suits would you say. that one needs in a year?</p>
<p>its the suits-manufactorys' responsibility that to make sure people see the difference between the 500 one and the 1000 one</p>
<p>"How can you tell that a suit costs $900 or $1000? How can you tell if a suit costs $500 or $1000? How many suits would you say. that one needs in a year?"</p>
<p>the fabric, hand-made or machine made, fit (custom suits fit the best), comfort (other people cant really tell this), buttons, etc.</p>
<p>a lot of the expensive suits (oxxford, brioni...etc) and expensive shoes (alden's, allen edmonds) last for a LIFE TIME. so once you've stocked enough of them, you dont need to buy anymore.</p>
<p>You'll all uunderstand if you're lucky enough to get an ibanking job. Not looking the part will really hurt. Believe me, there's a huge difference between a $300 suit and one that costs over $1000. Most people wouldn't have a clue but everyone at the bank does. And as Alexandre mentioned shoes also matter as do ties and shirts and so on. It's a world unto itself. Fitting in matters. You either want to play the game or you don't.</p>
<p>So, is I Banking a fashion show or is it a job?</p>
<p>Think of it as a Stepford country club where most of the members look, and certainly dress, alike.</p>
<p>if you don't want to dress up for work set your sights on a hedge fund, usually much more casual.</p>
<p>Do i have a realitstic shot at ibanking as a black guy?</p>
<p>lol @ DUDE. Maybe this helps -> <a href="http://www.ml.com/index.asp?id=7695_8134_8302_13747%5B/url%5D">http://www.ml.com/index.asp?id=7695_8134_8302_13747</a></p>
<p>good response, corp. fin.</p>
<p>second!</p>
<p>The deal with the wardrobe: half the kids who start in IBanking don't come from wealthy backgrounds, so there is more pressure to look the part and announce their "arrival". People from wealthier backgrounds will often dress a bit less flashy and be less uptight about their wardrobe.</p>
<p>It's never about flashy. It's about well tailored (hand made as you go up in the ranks) blue and grey suits, Egytian cotton shirts with mother of pearl buttons, Cole Hahn shoes or Gucci loafers on Friday....All very conservative and uniform like. Your fashion statement is your tie. Many love colorful Hermes, some like bow ties, but all pay great attention as the tie is their fashion statement.</p>
<p>Briefcases are also important. Hartmann is probably the most popular. For women the handbag also matters. Expensive but no logo, Hermes Birken very popular. And very expensive shoes kill the women's budgets, they need lots more than us. see the movie the Devil wears Prada for more info</p>
<p>About the same. A little higher on state income taxes and a little lower, I think, on city taxes.</p>
<p>question... isnt it common for some analysts to never touch their bonuses and save that? my friend who works at hlhz says his bonus is going to be about 60?<br>
based on average??</p>
<p>
[quote]
Taxes will take almost 50% of your salary (assume 30ish% federal, plus 8ish% state plus 4.5% NYC taxes plus FICA).
[/quote]
</p>
<p>I don't know about that. The tax in America is progressive. You don't pay income taxes on 30% of your $100,000 income.</p>
<p>If you live outside NYC city limits, you automatically save $4500. I would be more than willing to make the commute. There are ways to also reduce your tax burden...i.e. invest in a nice Toyota Prius (tax credit), sock away money into a 401k account (tax deduction), etc.</p>
<p>The Toyota Prius is not cost effective (even with the tax credit) unless gas prices go up much higher and remain that way.</p>