For the men at my school, the dress code is very straightforward - you have to wear a shirt and tie. For the ladies, the rules are a little easier to play with - you just can't wear jeans, and you're supposed to look "professional". This leaves a ton up to interpretation, so you'll see anything from yoga pants to sundresses to the more conservative pants suit.
I felt this outfit was like the female equivalent to the mens rule - button up, black bottom, shoes and a belt that match. The feminine shape of the skirt and the gold jewelry make it all girl though ;)
Blouse: J.Crew [cute similar]
Skirt: J.Crew [exact on sale]
Belt: Gap [very similar]
Shoes: Frye [exact on sale]
Earrings: eBay [exact]
Bracelet: c/o Rocksbox [use code franishxoxo for 1st month free]
P.S. If you are reading this before 10 AM, check out the current Loft flash sale - 70% off sale items means my favorite pocket blouse is less than $14!