Best way to buy time on exploding offer
I am in a bit of a dilemma and need some urgent advice. I have received a full-time offer from a top Tier 3 bank (front office, pay is good) but am still waiting to hear back from another BB (Tier 1) bank. My first choice by far (reputation, people, culture) is the Tier 1 bank. However, I have an exploding offer (less than a week) and am not entirely sure whether I will be able to get an offer from my first choice in that time period, as I might still have to interview with different teams. I know the other bank likes me, but it's more of a question whether there is still a team out there that is looking for an analyst.
I read a lot about accepting and reneging offers. I am not the biggest fan of this as I personally am not comfortable with it, but more so because I am afraid it will catch up with me at some point later (High Finance is a small world).
So my questions are:
+What would be the best way to buy time/extend the deadline without bank 1 getting suspicious about my motivation to actually work there. After receiving the contract, I basically only had a week vs the usual 2 weeks to accept.
+I haven't met everyone in the team yet, can I use that to say I would like to still meet everyone and then make my decision?
+The other bank knows about my exploding offer, although I haven't given them the deadline yet. If they can't arrange something before then, should I take it as a sign that they aren't really that interested in me?
ANY HELP would really be much appreciated. I know a lot of people in this market environment would kill for the offer I already have, but I just want to make sure that I go to the right place (best fit, better exit opps, better pay down the line).
tell the other bank about your deadline. you are right that it will show you how interested they are in you; if they are seriously considering you they WILL expedite the process for you. id say its more likely that tier 1 expedites the process than the other bank pushing back the deadline.
Agree with leverage. If you tell them about the deadline it makes you seem like you are in demand and you will be able to tell where you stand with them (if they expedite or not).
Concur with the first responses, if you inform them of the deadline it makes you look like a hotter commodity, and the only thing that can come of it is that they'll give you a decision sooner rather than later. The other bank will not extend their initial deadline, it makes it look like you don't want it and it just won't happen.
yeah an exploding offer is an exploding offer if you try to delay it outside of the parameters they set forth itll prolly become very suspicious
Give the T1 a call and explain that you have a deadline coming up to accept a offer at another bank. You would really like to work at T1 due to all the people you've met there and you think it would be a good fit. Say you were wondering if there has been any new news about your interviews, blah blah blah.
Thanks for the advice. I will definitely keep that mind. However, does nobody here have any tips on ways to actually win some time without it seeming suspicious? Like wanting to go over the contract in detail (although this probably won't really buy time) etc. etc. Any tips would really be appreciated.
No, there's very few ways to get around the exploding offer thing. The reason they give you an exploding offer a lot of the time is so they can ensure they get you before you're able to finish the interview process somewhere else. Your only option is going to the Tier 1 and telling them the situation. They will likely accommodate if possible
How to delay an offer? (Originally Posted: 02/24/2016)
What is the best way to delay an offer while waiting to hear back on others?
Be candid with them. Some will wait and some won't. Some will pretend they won't and once you say "ok" to that... They will. The only time I'd ever rush a "yes" is if it was my #1 choice. You don't want a company that is so impatient (or the fit isn't good enough) they just can't wait.
This happened to me just this week when I received an offer. I told them I was still interviewing, they said they couldn't wait and got all huffy. I said ok, I understood and would need to decline. They said "ok, we can extend the deadline until Friday".
Whatever you do, don't make up an elaborate story. I once had someone tell us he was in South America and would need to get back to us in a week and a half. That's a little suspect when you interviewed 3 days earlier and the trip never came up during scheduling or casual conversation. He declined and took another job - making it extra weird because he could have just said he was still interviewing from the start and we would have waited. You can bet that his resume will go right to the bin if any of us ever see it come through again.
Asking for more time on an offer? (Originally Posted: 12/06/2012)
I got an offer on Tuesday, they gave me until this Friday (4 days). Would it be alright to e-mail the HR person and ask for a week longer?
Absolutely.
yes
also rather sketchy to be forced into a 4 day decision
i thought even 2 weeks was too short at time
Thanks guys. Any advice on the best way to go about it?
i said it's a huge decision for me and i want to take the time to talk to my parents/family and make an informed decision. it worked for me!
How much of an extension did you ask for static?
I only needed 3 more days so that's what i asked for. But I know my friend asked for and got a month.. now that's probably not likely seeing that they only gave you 4 days to begin with. I think asking for a week - to get back to them next friday - is acceptable. They may come back to you with 3 days, instead of 7 though. but still better than 1 day that you have right now..
One thing a friend of mine said that stayed with me and hope it'll put you at more ease: Would you really want to work at a company that can't even give you a bit more time to decide on the biggest decision of your life?
oh I also told them I had other offers that I wanted to compare with. I don't know if you are in that position, but if you are, you could say that too. They may be a bit nicer? :)
Extension or Accept Then Renege Offer? (Originally Posted: 11/27/2011)
I currently have two exploding offers, but am waiting to hear back about final round interviews for two jobs that i would rather take. The offers I currently have will explode before I have final round interviews for the other postions--if I have them at all. I am wondering if it's better to request extensions for my current offers or to accept the one that I like better, and then rescind my acceptance in the future, if need be.
What happens when you renege on an accepted offer and how will it affect future opportunities?
First questions: 1) Is this for SA or FT position? 2) Are the two exploding offers and other possible final round interviews all the same job just different firms (aka are they all in IBD)
If the two exploding offer you have are for investment banking positions and the possible final round is as well, you should use your offers at leverage and let the firm you really want to work for that you have an exploding offer; however you are most interested in their group and was hoping you could have a chance to interview before your other opportunity elapses. No bank or firm is going to be upset that you are requesting that because they understand you are looking for employment. They will for one most likely look at you more favorably if you have an offer from one of their competitors or a similar group in their industry.
If you have more questions PM me, but you can use this for your advantage...its all about how you play it out.
Hi Pike i have a somewhat similar question for summer internships, can I ask you if dont mind. (few offers spring+summer not sure to wait or do what he wants do, accept then say no)
If I was you, I would ask for an extension on the decision first. If they don't bite for that, then I would accept the exploding offer you favor most and rescind it if you get an offer after your upcoming interviews.
Really the only downside to rescinding an accepted offer is returning whatever signing bonuses you might have already received and trouble being rehired at that specific company down the road.
I've always wondered what is entailed with reneging on an offer - what do you do, just call and say that you don't want it anymore, or is there more involved (paperwork, etc.)?
Yes, anybody have any insight into what to say (specifically) when I call to ask for an extension? Should I ask for an extension a couple of days before the actual "deadline?"
Buy some time (Originally Posted: 08/27/2011)
Hi all,
I received an FT offer from a BB in HK office and need to make a decision in two days, but i desire a FT position in NYC office and would like to at least explore it. What should I say in the email to buy myself some time? that is long enough for me to apply, interview and get an offer?
how's the recruiting scene from the external pool though? kinda in a desperate position now and any input will help...thank you all very much
if you don't have a full time offer from a NYC bank by now, I wouldn't count on it. headcount restrictions across most BBs in NYC and most accelerated processes for NY banks have already passed. also given the economy, more summers will accept return offers than previous years
Sign with the HK office, and in a little while ask about possibilities in NY, in the most appropriate way possible.
How to Delay Acceptance (Originally Posted: 12/12/2015)
Hey everyone. Is it acceptable to ask for more time to accept an internship offer? How should I go about doing it? Will a firm rescind an offer simply because I asked them to delay? Any other things that I should know about but forgot to ask? Thanks
Definitely acceptable, I've done it a few times. You have to be careful about the reason though. Firms don't like it if you want an extension because you have other interviews or that you're weighing other options. Position your request because you want the chance to talk to more people at the firm before making your decision, you still need some time to talk it over with your mentors, etc.
That's great advice. Thanks
How to Stall (Originally Posted: 08/05/2008)
This may be a high class problem but I' m just curious to get people's thoughts on stalling an offer, i.e., ways to buy time once an offer is made in order to pursue other (better) opportunities that are close to a decision but not quite there yet. Also, do you tell the other firms that you have an offer? thanks!
I wouldn't recommend doing this unless you are relatively far along in another process. You can tell the place that you have an offer with that you just want a week or two to think it through and do your research to make sure you are 100% ready to go.
After a few weeks most places will start to put pressure if you haven't felt it already.
In my opinion, I would tell other places you have an offer and would appreciate an expedited process if they can accommodate you -- that way you can evaluate both offers should you be so lucky to receive 2 or 3...
good luck, Patrick
Accepting/Delaying an Offer? (Originally Posted: 03/07/2007)
Hypothetical: Let's say you are a sophomore and got a summer analyst offer at a BB in IBD. When you interviewed your age/grad year never really came up so the BB might have assumed you were a junior although you were told by someone else in the firm they don't discriminate for age. If you accept the offer and work the summer and are offered a job can you defer something like that so you can graduate on time or do you have to graduate early or give up the offer. If you wanted to graduate on time, would they let you return most likely to intern again your Junior summer? If you were to graduate early, would this be an issue in long-term career goals (i.e. MBA, PE, VC etc.)? Thank you for your advice.
It depends on how you presented yourself in the recruiting process. If you applied as a sophomore, i.e. had your graduation year as 09, then it shouldn't be an issue.
If you applied with your graduation year being 2008, then there might be problems, as that could be seen by the bank as misinterpretation or unethical behavior. I'm not really sure how a bank would see this behavior, but it would be best to talk to HR if you are really set on not graduating early.
Honestly, I don't think anybody really cares if you graduated early. You have the same degree, took you a year less, no big deal.
Finally, age discrimination isn't an issue here. More to do with which year in school you are in...
what if you put down 2008 as graduation year because you "wanted" to graduate early however after doing internship you find out that you cannot make it in 3 years?
the year was 2008, intended as Dec. 2008. Would it make more sense to prove yourself the whole summer then address the issue after the division/people in the bank begin to form a relationship with you?
Or if you had something to the effect of, "I intended to graduate early but after finishing off the semester I've been thinking more about staying the extra year" or something of that nature?
I'm not sure about this particular situation, but I say it's best to be upfront about everything. Most likely if you're a sophomore you'll get an offer to come back next summer. I know one sophomore who actually got a the full-time offer and was told to have fun his junior year summer and to come back after he graduated. Instead he chose to work again his junior year summer.
My career center is pretty weak but that is not a bad idea.
I definitely don't intend to lie/appear as someone not trustworthy i just don't want to make an issue out of something which may not be.
I think I'm going to wait until I actually get to NY to handle this. Might be something easier to explain face to face than through e-mail/over the phone.
Job offer - Respond quickly? (Originally Posted: 12/15/2010)
Hi,
What to do when you get a job offer which the employer wants you to respond to quickly but you have still two rounds of interview for another job which you would privilege but are not sure about getting?
Thanks for your advice.
What would I do?
I would learn how to properly articulate my thoughts into writing.
EDIT: Just looked at this and realized I'm a dick.
Take the r^2 approach bro....respond then renege if you have to
Yes nouveau richie... english is not my mother tongue, sorry if my writing does not reach your standards.
Any real advice welcome.
You should definitely seek accelerated interviews at the other firms. Just be honest with them about your situation and explain that you have a great interest in working with their firm but given the competitiveness of the job market you are hesitant to pass up a solid offer for a potential offer.
You should also do this with the firm that has made the offer. Let them know that you would like an additional week or two because you have several options and need the time to make sure you are making the correct decision. Be sure to stress that you want to make sure you choose the opportunity that is the best fit for both you and the hiring firm. Stay away from language that makes it sound like you think one firm is just a better firm.
For the most part HR professionals understand that these situations arise. And because pay/benefits are very similar from firm to firm they understand you aren't holding out for the best paying job. "Fit" is very important in this industry and firms realize it works both ways.
in this economy i would accept the offer, and if i had to i would renege on it
plain and simple.
I would highly recommend not reneging. It's a small world, and sometimes if a firm finds out you reneged another, they may cut you off.
Just to reiterate what everyone has said: ask for accelerated interviews, they usually accommodate, but otherwise take the job.
Don't turn down a sure job, unless you feel like gambling.
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