Poor English graduates can't get a job due to their clothes and accent

A new report from the Social Mobility Commission demonstrates that investment banks in England do not recruit people from disadvantaged backgrounds, but prefer to hire graduates from elite universities, especially those who is already a part of a culture which is specific to investment banking industry.

For example, poorer candidates are often rejected because they unaware of traditional dress code in City – like wearing brown shoes, but not black. That is the fact you couldn't learn in the university, even if you are really smart and hard-working. However, richer children just grow up knowing these facts. Successful candidates tend to demonstrate a set of social skills which is typical for middle and upper class and is usually taught in private schools.

One of the poorer candidates said to The Independent, that, while he was told by one of the recruiters that he is smart enough, he was rejected because his tie was “too loud”. Bankers confirm that such discrimination really takes place. If corporate finance, they say, if you have a wrong tie, shoes of suit or just look awkward, you just have no chance to get a job.

Alan Milburn, Chair of the Social Mobility Commission says that even smart kids from less affluent backgrounds are being systematically discriminated in investment banking and some other spheres due to the fact that the have not attended elite universities like Oxford, Cambridge of London School of Economics and do not understand some culture norms. Moreover, those who have personal connections to management in investment banks were being offered jobs shortly after their internships.

These prejudices not only affect lives of working class children, but also have a great impact on the whole situation in British economy: if most talented are ignored in favour of the best-dressed, it certainly decreases potential economic growth in the economy.

Another research from Royal Holloway University of London and the University of Birmingham shows that successful candidates in investment banking should have work experience within the field. However, it is much more likely that this experience would be obtained by the students with family connections in the industry.