Accepted a job I don't want.. now what?

Hi All,

I recently graduated from a top undergrad business school in Canada and was recruited for a middle office trading risk role with one of the major Canadian banks. I accepted the offer given the tight job market and security of landing a role a year before graduating, although to be honest I now know I don’t want to start my career in middle office. I plan to begin networking/cold calling firms in the hopes of landing an interview for an analyst role in IBD or P.E or a research associate for an investment management firm. (I should add I summered in Private Equity and have experience). Is it worth starting my role in middle office in a few months and admitting the position was not for me or rather not mention it at all as I begin networking/reaching out to contacts.

Any advice would be great, thanks.

 

Start networking/cold-calling, I would mention your MO role as it's better than saying you are jobless. Just present it in the context of saying you are really interested in IB/PE, know it's a tough industry to break into, but had to take the offer for MO. Ask for advice on how to break into IBD/PE and keep in contact and pounding the pavement.

 
Best Response

Let me see if I understand:

You have been offered paying, full-time employment in a difficult job market; during which time, it would be perfectly legal and legitimate to network/seek out other options and leave once you've secured alternate employment. But instead you are considering being unemployed so that, at some point, you "plan to begin" to network/seek out other options? In all good conscience, you should rescind you application so they can give the job to someone who would consider this more thoughtfully and carefully.

You can't be serious.

Bene qui latuit, bene vixit- Ovid
 

I am with rls.

Don't you know its MUCH easier getting a job when you have a job / history of employment. Get your head out your ass, bro.

- Bulls make money. Bears make money. Pigs get slaughtered. - The harder you work, the luckier you become. - I believe in the "Golden Rule": the man with the gold rules.
 
Ske7ch:
I am with rls.

Don't you know its MUCH easier getting a job when you have a job / history of employment. Get your head out your ass, bro.

I am with rls but more diplomatically and more on the "I would have had OP's mentality at 22, too" level.

Your first job is not your last job.

Save money, be thrifty, retire early and/or start a business.

 

Sorry I don't mean to come off as arrogant. The reason I was seeking advice is because over the last 8 months I discovered what area of finance I would ideally like to get into and analyzing trades is not it. I am fearful that by starting off in a middle office role it will become difficult to transition into front office or buy side all together. Reality is it is difficult to make the switch and I would think even more a few years out of university. In regards to Ske7ch's comment I feel I have relevant history intenring with a P.E firm to move into a full time role.

Regardless thanks for your view, open to other people's comments.

 
amateur101:
Sorry I don't mean to come off as arrogant. The reason I was seeking advice is because over the last 8 months I discovered what area of finance I would ideally like to get into and analyzing trades is not it. I am fearful that by starting off in a middle office role it will become difficult to transition into front office or buy side all together. Reality is it is difficult to make the switch and I would think even more a few years out of university. In regards to Ske7ch's comment I feel I have relevant history intenring with a P.E firm to move into a full time role.

Regardless thanks for your view, open to other people's comments.

I didn't mean anything personal by it. I am just saying its easier networking with a job than without one. I understand that you were gunning for FO role and are disappointed.

- Bulls make money. Bears make money. Pigs get slaughtered. - The harder you work, the luckier you become. - I believe in the "Golden Rule": the man with the gold rules.
 
amateur101:
Hi All,

I recently graduated from a top undergrad business schools in Canada and was recruited for a middle office trading risk role with one of the major Canadian banks. I accepted the offer given the tight job market and security of landing a role a year before graduating, although to be honest I now know I don’t want to start my career in middle office. I plan to begin networking/cold calling firms in the hopes of landing an interview for an analyst role in IBD or P.E or a research associate for an investment management firm. (I should add I summered in Private Equity and have experience). Is it worth starting my role in middle office in a few months and admitting the position was not for me or rather not mention it at all as I begin networking/reaching out to contacts.

Any advice would be great, thanks.

Which school is top under grad business school of canada.......? curious

 
amateur101:
Hi All,

I recently graduated from a top undergrad business schools in Canada and was recruited for a middle office trading risk role with one of the major Canadian banks. I accepted the offer given the tight job market and security of landing a role a year before graduating, although to be honest I now know I don’t want to start my career in middle office. I plan to begin networking/cold calling firms in the hopes of landing an interview for an analyst role in IBD or P.E or a research associate for an investment management firm. (I should add I summered in Private Equity and have experience). Is it worth starting my role in middle office in a few months and admitting the position was not for me or rather not mention it at all as I begin networking/reaching out to contacts.

Any advice would be great, thanks.

Also, I know dozen of business under grads from various canadian universities,,,,,queen, victoria...they are looking for job in calgary from last 6 month.....so...I advice you to take that offer, and switch if you get better offer.....you are business student., I dont have to tell you this

 

Definitely keep the offer. You might not be excited about it but at least you'll be putting something on your resume and making some money. I know a guy who kept waiting for the right gig after graduating and the longer you wait unemployed the harder it is to explain that gap, and the more skeptical people will be of why no one has picked you up yet. 1.5 years later with no offer he's now taking the MSF route.

Also, you can do plenty of networking while employed. Your MO job should give you access to your banks directory which can be a great resource in identifying people you may want to talk to.

 

boo hoo you have PE internship experience. Guess what - PE associates have 2-3 years of FULL TIME IB experience. What makes you better than them? I'm sorry, but "over the last 8 months I discovered what area of finance I would ideally like to get into and analyzing trades is not it" does not really sound like you come from a "top business undergrad program"

 

Wow, no need to be extremely insulting.

Mentioning my prior experience was only to explain that I am not an undergrad who has no experience at all. In fact, some P.E firms do hire new grads at the analyst level. Further, I didn't realize looking at other opportunities and discovering what I would enjoy doing was an unintelligent thing to do.

In regards to the other's comments thanks for your insights.

 

I would keep doing what your doing, but given the markets the chance for you (and others) to get a front office FT offer by graduation is slim.

HOWEVER, a junior (at least on a trading floor) is well respected if he/she has had some MO experience. years back, I'm being told from senior people that the only way to start in the industry is to 'work your way up' as the clerk/ops kid on the floor before you even become a trading assistant. so moving after 1-2 years of MO actually helps in many ways... having a good understanding from MO (so you understand FO to settlements) puts you in an advantage vs other candidates.

So keep that in mind and keep us updated!

 

While I'm new to banking, common sense would say you're burning a bridge. All they have to do is look at your linkedin profile and see you took a consulting offer and they'll know what's up. It's not like you changed your mind and decided to go back to school or something. I would take the job in London for 2 years, you can always go back and get into consulting later.

 

Ignore above.

Take it, look around. Take a consulting job if you get one. They have loads of other candidates, you're not that special, they would do it to you, and it's not like you're mugging them off for a competitor, you've had a change of career direction.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
Oreos:

Ignore above.

Take it, look around. Take a consulting job if you get one. They have loads of other candidates, you're not that special, they would do it to you, and it's not like you're mugging them off for a competitor, you've had a change of career direction.

^you are way more replaceable than you think. don't worry, b/c they would do the same to you in an instant.
If the glove don't fit, you must acquit!
 
Monkey Safari:

Interested in this as well.

However, I'm considering doing a Master's degree instead of taking the gig..

You're silly.
"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 

Do you have to accept on the spot? If not, tell them you have to think it over. They (BB) will have no issues cutting you if they need to. Don't burn bridges but never put their interest ahead of yours.

 

Friend did the same.

Accepted offer at a London IB, got offered different job, told the IB he'd changed his mind, no harm done. It's not like they'd struggle to fill the spot with another talented candidate.

Also, the IB would rather you weren't there if you don't want to do the job anymore.

 

Accept the offer. Of course you don't want to burn bridges, but as long as you don't tell the BB the week before you start or something like that, you'll be totally fine. That offer will provide great leverage as well.

 

The only correct answer is that you take the BB IBD offer ON THE SPOT and thank God for it! (Don't you dare tell them you need time to think about it!) Then--and only then--do you start looking at consulting jobs (if that's what you want to do). If you get a really good consulting offer that you want to take, simply renege on the IBD offer. They'll be pissed off for about 5 minutes, then they'll call their #2 and #3 candidates and offer them, who will, in turn, renege on their other offers as well. Your name will fade into history within a week, and unless you apply sometime in the future with the exact same hiring manager you will be 100% fine. But when would you ever apply for IB again? It would be post-MBA at that point, which would be something like 5 years into the future, at least. Hell, your hiring manager at the BB IBD probably wouldn't even remember you at that point.

 

Yup, agree with DC. Key thing in the process is try to show some professionalism, meaning accept your current offer right away, don't leave them wondering what the hell you're up to. If you do land that consulting gig, be frank on your departure about your career change. After being initally pissed off, they will offer to the next guy, you will fade into history & have your dream job. Everyone's gonna have a Merry Christmas.

All the world's indeed a stage, And we are merely players, Performers and portrayers, Each another's audience, Outside the gilded cage - Limelight (1981)
 

Sorry but do you actually burn bridges by reneging if it's not a huge headache after all? Say you renege, go elsewhere, get tempted later again - can you re-interview if your rationale for reneging earlier but wanting to join now is sound? After all you'd still be the same guy they wanted to hire...

 
m2:

Sorry but do you actually burn bridges by reneging if it's not a huge headache after all? Say you renege, go elsewhere, get tempted later again - can you re-interview if your rationale for reneging earlier but wanting to join now is sound? After all you'd still be the same guy they wanted to hire...

I really doubt they'd take you back.

This is why you renege for something better.

 

I think this burns down a bridge.

I think the people involved, even if they decide it's worth working with you later, will never trust you as much.

I don't think most firms would renege. They have these things called reputations. You have one, too.

That said, honoring your commitments is important, but it's not worth working in an industry that's making you unhappy. If it's not making you as happy as it could, but it's making you somewhat happy, I say don't renege and stick it out 18 months.

Also, I'm the same guy who says you should keep paying your mortgage if your home is underwater and paying isn't a serious financial burden. (It's fine to default if it's causing you a serious hardship.)

 

Take the offer if it comes. It's a good job and there's no guarantee you'll get something in consulting even if you go through the interview process. And something you could consider is going into consulting after getting some 1-2yrs in banking, or after an MBA.

If you take the offer, your worst case scenario is you work in banking and get some marketable experience for 1-2+ years on your resume before trying again (assuming you don't get a consulting offer before then).

If you don't take the offer and look for consulting jobs without something secured, the worst case scenario is not landing anything and have no job.

There are definitely consequences with reneging. But the degree really depends. You'll burn bridges - but generally only with the particular team you interviewed with at the bank. And even then, I'm not sure if anyone very senior will remember it if it's a very large group at a BB. In your case, since the team you interned with is going out on a limb for you to recommend you to other teams, then more people (your old group and the new group you could join) would know. But what do you care if you want to be elsewhere - in a different industry - anyway? And I suppose you won't be able to ask your old team for references or rec letters for MBA, but in this reneging scenario, you wouldn't need it because the BB would have just been a short-term internship vs. the consulting job you end up taking and working at.

Other consequences with reneging - particularly at the student level - is if it's a target school with great OCR, they could bar you from their services if the firm chooses to make a big stink about it. But again, it looks like you're graduating so that doesn't seem applicable.

 

Why would you go to consulting if you got a genuine BB offer though? I almost did the same mistake a few years ago because i was quite naive but now I would struggle to find a few good reasons to choose consulting over BB IBD (except if it's McK (and it pains me to say that because i dont like them) vs. ECM at barcap or if you have no interest for finance in general)

 

To everyone who said "They would do it to you so it's fine to do it to them" - are you really claiming that if a better candidate applied later, the bank would say "We found someone better" and withdraw your offer? I don't think this would really ever happen, and it is precisely what you would be doing to them.

Not to say don't do it - you make your own choices - but be honest - that they would not do same to you if they found a better alternative.

 
Dr Joe:

To everyone who said "They would do it to you so it's fine to do it to them" - are you really claiming that if a better candidate applied later, the bank would say "We found someone better" and withdraw your offer? I don't think this would really ever happen, and it is precisely what you would be doing to them.

Not to say don't do it - you make your own choices - but be honest - that they would not do same to you if they found a better alternative.

How are you employed but don't understand what we're talking about? We're saying the company would lay you off before you could say "unfair" if it serves their purposes. I've been laid off by a company--the moment their business turned sour they got rid of me. I was at another company that laid off some of my friends when their business turned sour. Very few companies have any loyalty to their people--they'll hack them the moment it is convenient.

The point is, employment isn't a charitable service--the relationship between employer and employee is entirely quid pro quo. There's nothing "moral" or "immoral" about an employment decision. The state of employment is basically an uneasy peace between parties, with temporary detente while you are employed providing adequate services and while they have enough business to justify the relationship. You cannot go into an employment decision thinking about the employer's feelings or their perspective because they certainly won't consider your mortgage, your health insurance, or your career profile when they are giving you a pink slip.

 
Abhi7:
I have been offered an internship and have a week to accept it. The thing is that I had applied to this internship as a back up and am still waiting on others. So let's say if I accept this internship do I have to do it?

Unless they are planning on kidnapping you and forcing you into slavery, obviously you do not have to do it.

Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."
 
Abhi7:
@mr. b yes I was offered a corporate finance internship, but I am waiting on investment banking offers.

@yeahright but is it going to have any negative repercussions?

If it didn't have any negative repurcussions, wouldn't everyone just accept every offer they were given?

You'll burn some bridges for sure, but naturally you can choose to do whatever you want.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."

Take the offer so you have something to fall back on. If another opportunity comes up take that. It’s just an internship and if you're already hesitant now I’m sure it's not your dream job.

"Because it's not worth winning if you can't win big!" - Coach Reilly
 

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