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Tie or no tie for lunch with MD (final interview)

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Hey WSO community, you've been helpful so many times, would you mind helping me with another little questions?

I am in PE recruiting stage now, and advanced a lot with one upper MM fund. Passed two analysts, four associates, three VPs, financial modelling homework, and now final stage - lunch with MD on Monday.

Should I wear a tie? Is it stupid to take the tie off when taking food?
VPs told me it would be "less formal" but I have no idea what it means... Of course lunch is less formal than panel interview in the office!
What do you think?

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