WSJ(4/2) UPDATE: Cracking The Hedge-Fund Dress Code For Women

(From THE WALL STREET JOURNAL) By Christina Binkley

Like Hollywood executives, hedge-fund chieftains are often the most casually dressed guys in the room (though their Seven jeans and untucked Lacostes cost as much as some suits).

But those dress codes don't apply to their female colleagues. It's a measure of the tremendous scrutiny that hedge-fund women face that they can't confidentlyimitate the men's 'power casual' style.

'You're neither here nor there,' says Kay Garkusha, who worked at a small Connecticut hedge fund until December. 'You can't dress like the guys and you can't dress like the other women who are in support roles.'

The intense pressure on women executives these days came into focus last week at a meeting of the 100 Women in Hedge Funds group. Double standards show up in many fields all over the country, but none more than the testosterone-charged world of Wall Street. There, women are still fighting for access to executive levels in an atmosphere where men also dissect each others' wardrobes for minute suggestions of power or weakness.

At this moment, the risks of missteps seem higher to many people, with thousands of financiers interviewing for a shrinking number of jobs. Indeed, Amanda Cain, head of institutional sales at Newedge USA in New York and an organizer of the women's event, noted that 'a sizable percentage of the women here are 'in transition,'' -- the new euphemism for 'downsized.' Some of the women who have lost their jobs find themselves second-guessing any sartorial liberties they did take.

Ms. Garkusha sums up the hedge-fund dress code for men as the attitude that 'we can dress like this because we make a lot of money.' Yet, looking back on her six years at the hedge fund, which she declines to name, she wishes she'd worn more jackets to work. She now works as head of client relations at Synergy Graphix, a former client, where she says she accepted a salary cut. While she is too busy to spend much time pondering her clothes, she has wondered if a sharper wardrobe could have made a difference. 'I've thought a lot about that,' she says.

Of course, in the hard-driving, norm-busting world of hedge funds, there have been few rules to bank on. Yet power can shift based on subtle messages. That was the topic many women reiterated last week.

Some people, upon hearing of 100 Women In Hedge Funds, suggest that they didn't know there were 100 women employed in hedge funds. But on a Tuesday evening at the Thomas Pink store on Madison Avenue in New York, 150 women -- each of whom knows her way around a spreadsheet -- discussed concerns they probably wouldn't raise in other settings. Are stockings necessary? What about out-dressing the managing partner?

It's trickier than ever to look sharp without relying on obvious symbols of wealth. An Hermes scarf -- to some the equivalent of a power tie -- could seem to be a metaphor for excess in the current environment.

One young woman described an unmarriedcolleague who wears a wedding ring to seem more mature and less available to the men she works with. Later, another attendee said that her diamond engagement ring -- from a real fiance -- has improved her professional relationships with male colleagues. Clearly, clothes and accessories are powerful symbols in the workplace. They are seen before our words are heard in a board meeting, and they are remembered long after, like perfume that hangs in a room.

Clothes signal our position at the table. For instance, buy-side executives, as Wall Street's consumers, can afford to under-dress the sell-siders, who are more often expected to suit up to help close a sale.

For women, who have more clothing choices than men, the risk of a mistake is magnified. Just ask Michelle Obama about the peril of bare arms. There's a steady debate about whether former Lehman executive Erin Callan's heels were too sexy.

Still, it's possible to reduce such risks by considering what clothes mean to the people around us. Our clothes at work needn't express our true inner selves. Instead, they can express our ability to contribute or take charge. Collars on a shirt or jacket convey authority. Flat shoes can suggest a girlish lack of authority; if you wear them, choose flats with some hardware and avoid the ballet look. As for stockings, the debate rages on, but if your primary audience is over 50, they may feel more comfortable with them.

One experienced hedge-fund executive, sharply dressed in a Brioni suit the other night, related her experience interviewing for jobs in a suit paired with boots rather than pumps. She didn't get a single call back to a second interview when she wore the boots. If you consider clothes as symbols, a possible explanation emerges: Boots with heels are sexy, with a hint of dominatrix. While that message might be subtle enough for everyday work, our antennae are more sensitive in job interviews, where there's no room for risk.

In an era when most women prefer to focus on their skills, it's a sobering idea. 'We focus so much on gaining that elusive information edge on our jobs that we tend to forget that our appearance can help put us over the edge of that promotion, job offer, etc.,' says Diana Sonis, who worked until recently at a New York hedge fund.

像好莱坞管理人士一样，对冲基金业的老板们经常是办公室里穿着最随意的（虽然他们穿的Seven牛仔裤和鳄鱼(Lacostes)休闲装并不比某些套装便宜）。

不过，这些着装法则并不适用于他们的女同事。这是衡量对冲基金业从业女性所面临的大量审视的一个指标，她们不能自信地模仿男同事的那种"有实力的休闲"风格。

曾在康涅狄格一家小型基金公司工作的加库沙(Kay Garkusha)说，你会感觉这样也不合适、那样也不合适。在穿着上，你既不能像男士们那样，也不能像后勤支持部门的女士那样。加库沙已于去年12月离开公司。

上周，在"对冲基金界女性100强"大会上，女性企业管理人士近来在这方面的巨大压力凸显出来。目前在整个美国，很多领域都存在双重标准的现象，但没有哪个领域比好像服了激素一般的华尔街更明显。在这里，女性仍在为进入管理层而打拚，而连男性也暗中研究别人的行头，以便从细微处判断对方处于怎样的实力状态。

眼下，许多金融界人士都在参加面试、争夺越来越少的工作职位，对许多人来说，一着不慎就可能带来较高的风险。上述"女性100强"活动的组织者、Newedge USA驻纽约的机构销售部门负责人凯恩(Amanda Cain)指出，这里有相当比例的女性处于"过渡"状态。这是"被裁员"的一种新的委婉说法。一些失去工作的女性对自己过去在穿着打扮方面的随意颇为追悔。

加库沙对对冲基金行业男性着装法则的总结是，他们的态度是"我们可以这么穿，因为我们挣钱很多。"不过，回想自己在一家对冲基金工作的6年时间，她觉得自己当时应该多穿夹克上班。她不愿透露这家基金的名字。现在她在Synergy Graphix担任客户关系部负责人，这家公司是她以前的客户。她说，她在这里的薪水比以前下降了。尽管她很忙，没法花很多时间考虑着装的事，不过她很想知道，如果她的行头更眩目，会不会有什么不同。她说，我经常想这个问题。

当然，在猛冲猛打、勇于打破常规的对冲基金业，一向没有多少可供遵循的一定之规。不过，微妙的信息也会导权力发生转移。这也是许多女性上周多次谈到的话题。

一些人在听说"对冲基金界女性100强"会议之后表示，他们过去都不知道对冲基金界有这么多女性从业者。但是，一个周二的晚上，在时装品牌Thomas Pink位于纽约麦迪逊大道的店里，150位女士──她们个个都是善于处理那些电子表格的高手──讨论了可能在其他场合不会提出的问题。穿长袜有必要吗？穿着上盖过执行合伙人会如何？

现在要做到引人注目比以往任何时候都要难，因为不能依靠明显的财富标志。在当前环境下，一条爱马仕围巾──对一些人来说它就是权力的象征──看上去可能会显得不够节制。

一位年轻女士形容一位未婚却带着婚戒同事看上去会比较成熟，她的男性同事也不那么打她的"主意"。稍后，另一位与会者说，她的钻石订婚戒指（真的是未婚夫送的）让她改善了与男同事的工作关系。显然，在工作场合，着装和配饰是很有力的象征符号。在董事会议上，我们还没说话，穿着打扮就已经被人看在眼里。而且，以后它们会长久地留在人们记忆里，就像房间里久久弥漫的香水味。

着装能表明我们在谈判桌上的位置。比如，买方人士（如华尔街的客户）可以比卖方人士穿得差些。人们经常认为，卖方穿戴体面有助于促成买卖。

女性在着装上比男性选择更多，出错的风险也更大。可以问问奥巴马夫人(Michelle Obama)穿无袖装的危险。坊间一直在谈论，原雷曼兄弟(Lehman)高管卡兰(Erin Callan)的鞋后跟是不是过于性感了。

不过，考虑一下着装对我们周围的人意味着什么，这方面的风险还是有可能降低的。我们在工作场合的着装不需要能表达我们真正的内在自我。相反，它们能显示我们为工作做出贡献和承担责任的能力。衬衫或夹克的领子给人以权威感。平底鞋会透露出缺乏权威的小女孩的感觉，如果你要穿平底鞋，也要选择材质较硬的，不能是类似芭蕾舞鞋的那种。至于长袜，人们一直存在争论，但如果你的接触对象在50岁以上，他们对穿长袜的人可能会感觉更好。

一位资深的对冲基金业人士（前天晚上她穿的是布莱奥尼套装，非常抢眼）讲述了她穿套装配靴子而不是船鞋求职面试的经历。在穿靴子参加面试的情况下，她没有接到一个通知她复试的电话。如果你认为服装具有象征意味，那么，一个可能的解释是：高跟女靴是性感的，有一种支配欲很强的暗示。尽管这一信息在日常工作中难以觉察，但在进行面试时我们的"信号天线"会更敏感，那个场合容不得半点闪失。

在这样一个大多数女性更关注工作才能的时候，这是一种难得的清醒想法。桑尼斯(Diana Sonis)说，我们过于关注在工作中获得难得的信息优势，以至于忘了我们的外表形像可以帮助我们在诸如晋升、求职等方面处于有利位置。桑尼斯原在纽约一家对冲基金工作，不久前已离职。
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