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Based on previous WSO threads, it's generally advisable for analysts to maintain a more conservative and professional appearance. While some MDs and associates might feel comfortable with two buttons undone, as an analyst, it's better to err on the side of formality. Keeping just one button undone is typically more appropriate and aligns with the expectation of not drawing attention to your outfit.

Sources: IB Women’s Dress Code, Best Place to buy suits for IBD Analysts?, Female Attire for IB Summer Analyst, Day-to-day Wardrobe for Analysts, How can you rationalize spending $100+ on a shirt as an IB Analyst?

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