Internship advice: Accept Big 4 Advisory, or wait for IB?
I'm going to try to keep this as consise as possible, for the benefit of everyone reading.
I'm a Junior at a Ivy target, studying business. I have a 3.53/4.0 GPA, but not a lot of extracurricular activities, outside of TA'ing two classes (one being financial accounting). I have work experience interning at a financial services IT/ops consulting company last summer, and have a couple of interesting entrepreneurial activities on my resume (substantial, not a lemonade stand).
I have received an offer from E&Y for financial services advisory (BAP program) for the summer. My ultimate goal post-graduation is strategy consulting or IB. S&T sounds interesting, but doesn't appeal to me as much as the other two.
The E&Y offer needs be accepted/rejected by December 3rd. As everyone knows, banks won't interview until late-January. So I need to decide if I want to risk it and decline EY, or play the safe route. I know there isn't a right/wrong answer to this.
So my question is more about how much my "connections" can help me with IB internship recruiting. I have a associate, recently promoted to the next job level (MD?) at a BB who is a close family friend and has been very active in getting me an interview. I have applied via career services and the company website, and he has forwarded my resume along.
I also have a family friend who is a Director at another BB, which does not recruit on my campus. He works in PWM, and one of his clients is a close family member. He has also expressed his dedication in getting me at least an interview. I'm assuming a Director has some significant pull when it comes to this. Correct?
Just looking for any guidance on if I should reject my offer and play my cards, or play it safe.
Thanks!
It's ........Associate -> VP -> Director -> MD
not .........Associate -> MD
Why don't you accept the offer, and apply to the IB positions anyway? If you get a better offer than what you have at EY, then you can consider reneging then.
Thanks for the clarification.
Are there any unforeseen consequences to rejecting an offer after accepting? I don't want to be blacklisted, etc. from other places.
You might be blacklisted from EY, but if you get an IB offer, who cares?!
With your credentials you can def. find something better than EY.
I go to a non target got an offer for the BAP program (internship) the interviewer was a jerk, i didn't even get his business card or send a thank you letter. the partner of the group i interviewed for was a close family friend. i straight up told her that he was a douche bag. got a 2nd round and then an offer. I rejected it as soon as I got it.
I'd rather work at a boutique or middle market IB.
You won't get blacklisted from EY....ever
Regardless of whether or not you accept the EY offer, go for the IB job. The only time you shouldn't renege is from a financial firm for another financial firm (take a look around the website). There are other posts regarding these things, and just get a feel for what other people have done as well.
You will probably end up with a job in finance. I can't guarantee a BB IBD from what you've told us, but you'll probably end up at a BB doing something or MM IBD for sure. I would be very surprised if you didn't end up working in finance by the end of next semester.
Accept the offer and use it as leverage for IB interviews. Then renege and go with the IB.
Done.
My Career Services office is telling me that if I renege, and they somehow find out where I choose my summer to be, E&Y may call and tell him, thus rescinding my offer at the bank. Sounds like a bunch of BS, but she said it has happened before. Any reason to be worried?
Called the EY recruiter and asked for an extension - no go.
Back to my original question, does a Director at a BB have enough leeway to get me an interview? What about a VP at another BB?
You're kidding right? A VP at a bank not being able to give you an interview, let alone a job?
Best path to take would be to accept E&Y and renege if you get an IB offer. That way, even if you don't get the IB offer at least you're at E&Y. If you don't get IB offer and you have already rejected E&Y that's a loss-loss. Easy as that.
I want to accept E&Y and then renege later if the situation arises, but I'm scared of them alerting my career services, which will then ban me from applying to any positions on campus. My career counselor told me not to do it (obviously) as well.
bump
If you don't have any ethical qualms about this, maybe you can give a different reason for reneging.
"I'm going to spend the summer taking care of my sick grandma instead...I really wish I could continue with the summer internship as originally planned. I would like to be considered next year...blah blah...."
What did you end up doing ?
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