Need advice about internship offer!
Hi Guys,
I'm in a tough situation.
I have an offer from a BB (think DB/Citi/BarCap) and have signed and returned the contract for a summer internship.
However, I have been speaking with another BB (GS/JPM/MS) and they said if I apply they can fast forward me through the process to an interview.
Now my concern is obviously reneging on my existing offer so I'm asking you guys for advice - is it worth it? Can I go along for an interview and then decide or would my existing bank find out and be mad?
What would you fellow monkeys do?!
I don't think I would renege an SA offer. If this was a full-time offer or maybe SA at some unknown boutique, I would definitely try my luck by interviewing with GS/JPM/MS.
This is probably most applicable to your current situation (from the M&I link posted by Domino):
"The Potential Downside
The worst-case scenario: your would-have-been-employer calls around and finds out where you accepted, then they notify that bank and you instantly lose both your offers.
Oh, and of course you won’t be able to recruit again at the bank you reneged on.
If you relied on on-campus recruiting and the bank you reneged on notifies your school (they will), they may cut off your access to the alumni network, on-campus recruiting, and anything else career-related.
Which is especially bad news if you’re reneging on a summer internship offer and taking another one."
Eh --
Little background on me. I had a "legal" wrinkle last year when applying for SA positions. I was afraid my offer would get rescinded if it showed up on the background check. So I applied to a bunch of places, and accepted multiple offers (bad practice, I know).
I accepted BarCap, JPM, and GS. I reneged on BarCap and JPM.
BarCap ended up getting really pissed about the whole affair. My recruiter at BarCap (her initial are RR -- she's a giant cunt) was very ruffled and called around to her buddies at other BB's and talked shit about me / told them to put me on the black list, as she did with me at BarCap. In fact, she even called my university career services office and bitched about it. I heard from a close friend, who ended up at BarCap last summer, that she used my behavior as an example of burning bridges in front of the entire BarCap SA 2011 class (over 600?). Just very, very unprofessional, especially when it says in the contract that I signed "You may end employment with BarCap at any time without a stated reason; similarly, BarCap can fire you without any reason".
JPM was also angry. I received an angry phone call and was almost certainly put on the black list. This fall I've been searching for full-time opportunities. I found a contact at JPM and followed a lead to interview for full-time at JPM. Ironically, I am in contact with the SAME recruiter, and so far no problems or headwind (although he almost certainly remembers me).
Results? - On-campus career services still welcomes me with open arms. The were taken aback by RR's "vendetta" against me. - I am 100% sure I am not on any other banks black list as a result of RR calling around. - Most banks understand and are chill about reneging. They know a % of the kids will renege, and plan for that (it's really no surprise). - Remember that they are just HR. I'll probably get flamed for saying this, by no one really cares about HR. They can put you in the black list so the computer won't accept your application. But if you get referrred by an MD, HR isn't going to do or say shit.
If it is really better for your career, than renege on the offer. There may be some negative consequences, but for me it was definitely worth it to intern at GS over BarCap.
From the content/tone of his post, I don't think he gives a rat's ass.
OP, personally I would keep the offer from BarCap/DB/etc. Bird in hand is worth two in the bush, namsayin?
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Don't burn bridges, so stay with your current offer. The IB/PE world is small, so it's not worth having people out there who hate you for a silly reason.
Plus, if this other bank likes you enough to fast track the process, it will likely give you an accelerated interview at the end of the summer for FT. Just keep you network warm, work hard this summer, and get a return offer at your firm.
Thanks for the help guys! Made my decision
My opinion:
If you say you are going to do something, and you have committed, then you STICK to it. Yes, you have to look out for yourself, but at the end of the day you are with a BB regardless. Also, you mentioned that they would fast track you through the interview process; so this does not guarantee you a position. I feel that this is too high of a risk for the given reward. Think risk adjusted return! Sharpe ratio FOR THE WIN! =)
Best of luck!
Yeah seriously, Appleseed you're a lucky sob - this could have ended very badly. OP - for SA BB to another BB, it's not worth it. Just do well and get the offer, then shop around (and keep in touch with the GS/MS/JPM contacts so you can get an early interview in the summer)
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