Accept rejected offer in economic consulting
Hi,
I'm a senior who recently accepted an offer for an M&A analyst position at an IB. I received two offers during the recruiting season, the IB analyst position, and an analyst position at a top economic consulting firm, and I'm starting to think that I did not make the right decision. I will be making more money at the IB, but I believe that I fit better at the econ consulting firm, since I have entertained the possibility of getting a PhD in economics, and because I think the job is more quantitative and intellectually interesting (was a math major). In addition, I'm kind of an academic (i.e. nerdy) and would mb have a better personal experience.
My questions are:
1. Since I rejected the econ consulting position, is it at all possible to call them back and get the offer again?
2. Would it be possible to do the IB stint for two years and return to the econ consulting firm?
3. Can I go to a PhD program in econ w/ only IB experience?
I'd also appreciate feedback on whether or not it's a good idea to even make the switch, since M&A is so highly sought after. Thanks.





I was all about M&A until I
I was all about M&A until I realized that I could have a job that would fit me better. A lot of my friends are in M&A, some like it and some do not. Do you really want to be doing something you do not like just for a bit of extra cash? If you were telling me that you are reconsidering M&A to become an actor, I might have some reserve on that; sure following your passion is great, but you need money to a certain extent. Here you will be doing a job that you like with a decent salary, so why not?
I will try to sound smart and pull something from econ 101:
Utility maximazation:
M&A : - Not a big fan of your job + Good money - Unhapiness
Econ consulting : + big fan of your job + Decent money + Happiness
So really the difference between Good money and Decent money needs to be REALLY big for you to take on the M&A job; so how much importance do you really put in money is your answer right there.
Oh, and wether you can take the offer back or not, I have no clue, but if you refused the offer with a lot of grace; it won't cost you anything to try and get it back, and if they want you they will take you.
For a PhD in Econ: Stricly speaking about my school, you can do a masters there (you will have NO problems getting in from IB) and then move on to the PhD in econ. I didn't go to the PhD info session so I wouldn't know how to get straight in it, but your best bet is to contact the University you are interested in and ask them directly the question.
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Remember, you will always be a salesman, no matter how fancy your title is.
- My ex girlfriend
In honest truth, your
In honest truth, your ability to redeem that economic consulting opportunity depends on how you rejected the offer. Did you give a specific reason, e.g. the IB opportunity? In any event, go for it. Call the company and fight for the opportunity, especially considering you're having cold feet about IB.
Since you think you might want to do a PhD program in economics, it's likely that the economic consulting firm would sponsor you into a master's program. So I think from a long-term career perspective, I'd agree with you that it appears to be the better decision. Ofcourse any opportunity becomes what you make of it, perhaps economic consulting WOULD be more intellectually stimulating for you.
I'm saying this from the perspective that very few IB analysts stay in IB long enough to become lifelong career bankers. Most of the time, they do their 1 or 2 years, and bolt, never looking back. The conversation on the forum is nauseatingly about supposed "exit opps". But let me tell you, at such a young age, most kids on the forum don't know any better so they think IB is the "End All, Be All" in life and that PE, VC or HF jobs are all guaranteed. This is a myth.
So good for you that you seem to have done a pretty good self-assessment. It's good that you've realized your long-term career goals don't necessarily align with IB. Much better to get out now vs. stepping into what may be a miserable analyst experience for the next two years.
resident econ consulting
resident econ consulting troll, putting in an appearance.
Re: going to econ consulting after IB, are you sure you'd want to do that? 2 years in IB + 2 years in consulting + 5-6 year PhD? That's a long road ahead.
I went through a similar thing, with choosing between Strat / Econ consulting - I talked to a lot of people, and the consensus was that doing strategy work would cause the math/logic skills to atrophy a little bit and make it a little bit more difficult when I eventually did get back into school. I'm not sure that admissions will be negatively impacted by IB work, so if you want to leave your options open and make some cash, that would still work.
Thanks for the great advice.
Thanks for the great advice. Like many people my age, I'm pretty unsure about what I want to be doing in 10-15 years. At this point, it seems like a PhD in economics is the best fit, but I am not totally against trying out Wall Street. I'd definitely like to keep my options open.
If I did two years of IB and applied for econ consulting, what position would I enter as? Given that I wouldn't have econometrics and programming experience (outside of school experience), what further responsibilities would I have when compared to a first-year analyst? Also, do you know how hard it would be to land the job?
I'm pretty sure you'd enter
I'm pretty sure you'd enter as a first-year analyst.
No idea how hard it is to land the job as a jr. lateral - but I've never seen it happen.
I'm not sure how you feel about this, but the vast majority of econ consulting firms also recruit off-cycle. If you aren't able to get the offer back, then you could consider sending out some apps in the spring to see if you get any bites.