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Hey everyone. I made an ID specifically for this question, and even though I read a lot of good threads about it I am hoping to get some input on my specific situation. I am a junior and recently got an offer from a fortune 500 firm for a finance internship. I thought it was pretty good and even though I was set on getting into a BB or MM IBank, I did not have anything else lined up so I verbally accepted over the phone. I did not get specifics on start/end dates pay, or even the specific area I would be working in.Fast forward about a week later I get an offer from a quality MM IBank through my school's OCR, offer expires in a few days.

Basically I am worried about the ramifications of reneging on my verbal acceptance, first from my university. Although I did not get the offer through ocr, the company does get a good amount of interns from our school. I dont really think they can ban me from the career center but definitely has crossed my mind. Secondly, I have read that through the grapevine the MM firm may here I reneged and take away my offer. I know one is a bank and the other a f500 company so, again, I am not sure if I should worry about this.

I really think this is better for my future and I am pretty set on reneging I just wanted to get some heads up from people who have been there before. Thanks.

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Comments (31)

  • golden999's picture

    from a career standpoint, yes. but if you are set on BB / MM, you should never accept the f500 offer in the first place. at the end, i think this decision also speaks a lot about your personal values. i have been in a similar situation before and i took the "less sexier" offer. people though this was probably a stupid decision, but till now i am happy with this call.

  • OMS's picture

    u didn't sign anything, so its not exactly reneging. They might get pissed but it is nothing to get worried about. I doubt you will get banned from OCR, if you do you didn't sign shit so you have a good argument.

  • TheBlueCheese's picture

    You accepted verbally, it's not even a binding agreement. Do what's best for you - accept the MM IB offer, kill it this summer, and get a FT offer. You'll probably lose OCR but I think it's worth the risk (maybe unless you're at a target)

    Float like a butterfly, sting like the bee.

  • AsianMonky's picture

    Can somebody explain to me how this person can possibly be banned from OCR if the F500 offer wasn't through the career center? (Even if he signed a contract for the offer)

  • frank562's picture

    Did you interview with the IB after you verbally accepted the offer?

    FM

  • Bender999's picture

    I had already interviewed before accepting the offer. Also, although I am not sure, I think I had to renege on a firm that I was connected to through OCR in order to be banned. Has anyone heard anything to the contrary? Also, what do I say when I call the f500 to renege, I imagine it could get awkward.

  • In reply to AsianMonky
    Karembeu5163's picture

    AsianMonky:
    Can somebody explain to me how this person can possibly be banned from OCR if the F500 offer wasn't through the career center? (Even if he signed a contract for the offer)

    I think the crux of this issue is due to the fact that the OP mentioned that the company has a fair representation of alums. Even though it wasn't through OCR, the company still gets a lot of interns through that school, which means they have a relationship to uphold. Granted, it's not as bad as reneging on an OCR offer, it is still a sensitive issue based on the fact that the school may be seen as some sort of feeder into that company.

    There was a thread about a similar situation recently where someone got a job by himself/herself, but OCR had lined up a job for him/her as well. The person was forced to take the OCR offer or be banned from it since it'd essentially sour the relationship between the school and the company.

    Bender999:
    I had already interviewed before accepting the offer. Also, although I am not sure, I think I had to renege on a firm that I was connected to through OCR in order to be banned. Has anyone heard anything to the contrary? Also, what do I say when I call the f500 to renege, I imagine it could get awkward.

    It really is up to your school's OCR and how they handle these things. Some may not take action, some may.

    Just tell the F500 that you appreciate them giving you this opportunity but you have decided to go another route. You should really just be honest as it's quite obvious that you're making some bullshit excuse if you're turning it down.

  • Bender999's picture

    I guess worse comes to worse, since I have not signed anything, I can always say there was a miscommunication between myself and the company.

  • In reply to Bender999
    OMS's picture

    Bender999:
    I guess worse comes to worse, since I have not signed anything, I can always say there was a miscommunication between myself and the company.

    exactly no witnesses right? you can always tell there was probably a misunderstanding between u and the person you spoke with over the phone.

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  • guyfromct's picture

    You're best off acting in your own best interests and reneging. After all they will treat you as disposable if it is time to bring the ax, be a mercenary.

  • atomic's picture
  • TeddyTheBear's picture

    Yea, for example, the school that I went to, they had a strict policy that if you reneged, you were no longer allowed to use OCR for a year. I would find out a few things:

    1. Chance of getting full-time at the MM.
    2. OCR not allowing access on verbal offers.

    If you renege and OCR bans you, it wont mean much if you get FT offer. However, if you renege and dont get FT, your screwed when your a senior looking for a job.

  • Husky32's picture

    Bender999:
    Hey everyone. I made an ID specifically for this question, and even though I read a lot of good threads about it I am hoping to get some input on my specific situation. I am a junior and recently got an offer from a fortune 500 firm for a finance internship. I thought it was pretty good and even though I was set on getting into a BB or MM IBank, I did not have anything else lined up so I verbally accepted over the phone. I did not get specifics on start/end dates pay, or even the specific area I would be working in.Fast forward about a week later I get an offer from a quality MM IBank through my school's OCR, offer expires in a few days.

    Basically I am worried about the ramifications of reneging on my verbal acceptance, first from my university. Although I did not get the offer through ocr, the company does get a good amount of interns from our school. I dont really think they can ban me from the career center but definitely has crossed my mind. Secondly, I have read that through the grapevine the MM firm may here I reneged and take away my offer. I know one is a bank and the other a f500 company so, again, I am not sure if I should worry about this.

    I really think this is better for my future and I am pretty set on reneging I just wanted to get some heads up from people who have been there before. Thanks.

    I'm pretty sure it's not considered "reneging" if you didn't sign anything. However it depends on whether they said something like "call us if you want the job" and after considering you did. If it was an off the cusp type affair, pretty sure if you tell them early enough (where they may be able to offer the position to another candidate) that they wouldn't really care.

  • Bender999's picture

    I plan on being everything short of profusely apologetic when I call and, hopefully, they will understand and just not call my school in the first place. I understand they may be a little ticked off, but it is not even December and this is for the summer, so its not like I ditched last minute and left them without a fair amount of notice.

    Also, from what I understand, the MM is doing well and does extend a fair amount of ft offers to interns, so thats a plus.

  • Bender999's picture

    Also, what do you all think; should I approach OCR and tell them my situation ahead of time or should I renege and hope that they don't make a big deal of it?

  • In reply to Bender999
    Karembeu5163's picture

    Bender999:
    Also, what do you all think; should I approach OCR and tell them my situation ahead of time or should I renege and hope that they don't make a big deal of it?

    I think it's safer if you do give OCR a heads up and you will be covered, or at the very least know what to expect. With that said, if you do go that route, you have to be okay with following their advice, even if it means turning down your IB offer. If they tell you that you have to turn it down and you end up doing the opposite, it'll be worse than if you never told them in the first place.

  • Higheck123's picture

    I have to say I have never heard of anyone being banned from ocr, although I am sure it happens, or having a recruiter blast a candidate to the firm they reneged for (I would recommend not telling the firm where you are planning on going).

    Since you have not signed anything I think it is best not to tell your ocr center about your decision; that way you can always tailor your response after the fact, and may even avoid having them know all together.

  • In reply to Higheck123
    Husky32's picture

    Higheck123:
    I have to say I have never heard of anyone being banned from ocr, although I am sure it happens, or having a recruiter blast a candidate to the firm they reneged for (I would recommend not telling the firm where you are planning on going).

    Since you have not signed anything I think it is best not to tell your ocr center about your decision; that way you can always tailor your response after the fact, and may even avoid having them know all together.

    If OP goes to a large school, I doubt that the OC recruiters will go after him post renege. This happens too frequently not to mention kids quitting in april/may with a boutique offer, quitting during the middle of the internship, etc.

  • In reply to Husky32
    Higheck123's picture

    Husky32:
    Higheck123:
    I have to say I have never heard of anyone being banned from ocr, although I am sure it happens, or having a recruiter blast a candidate to the firm they reneged for (I would recommend not telling the firm where you are planning on going).

    Since you have not signed anything I think it is best not to tell your ocr center about your decision; that way you can always tailor your response after the fact, and may even avoid having them know all together.

    If OP goes to a large school, I doubt that the OC recruiters will go after him post renege. This happens too frequently not to mention kids quitting in april/may with a boutique offer, quitting during the middle of the internship, etc.

    I think you may be right, but he didnt get the interview/job through ocr. Shouldn't that mean they have no authority or business in what he chooses to do? I can understand if ocr was used to make the relationship but that does not seem to be the case here.

  • In reply to Higheck123
    Husky32's picture

    Higheck123:
    Husky32:
    Higheck123:
    I have to say I have never heard of anyone being banned from ocr, although I am sure it happens, or having a recruiter blast a candidate to the firm they reneged for (I would recommend not telling the firm where you are planning on going).

    Since you have not signed anything I think it is best not to tell your ocr center about your decision; that way you can always tailor your response after the fact, and may even avoid having them know all together.

    If OP goes to a large school, I doubt that the OC recruiters will go after him post renege. This happens too frequently not to mention kids quitting in april/may with a boutique offer, quitting during the middle of the internship, etc.

    I think you may be right, but he didnt get the interview/job through ocr. Shouldn't that mean they have no authority or business in what he chooses to do? I can understand if ocr was used to make the relationship but that does not seem to be the case here.

    I actually do know of 1 person who got banned from Ocr (not at my school, at nyu) and I'm 95% sure that bans come from reneging on a hf/pe type firm where it's small and selective or for IBD where recruiters have a tight relationship with career services. I've never heard of any trouble whatsoever reneging on large companies with lots of options such as insurance, corp finance, etc usually the ban is just by the company you renege on. It is still considered ocr, even if you don't actually apply through them since the online app gives you a big preference vs applying from a non targeted school. If OP got the job via networking then he would only have to worry about burned bridges with those specific people, not his career services dept.

  • yeahright's picture

    no sign. no promise. take the MM offer

    Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."

  • Cash4Gold's picture

    These general rules go for all grads regardless of what they are doing or want to be doing.

    1. If a better offer comes along do not hesitate to renege on one that you accepted simply for the sake of taking a job. You are far better off pissing off 1 HR manager and one campus career center employee than wasting an opportunity doing something you want to do over your commitment to a verbal agreement. Chances are said HR or career services worker will not be employed in the same place in 2-3 year time at the latest and at the very least you will not even be remembered three months from when you renege or some other arbitrary time period like that. I wouldn't re-apply if things don't work out, but definitely don't think twice about a verbal agreement. You know what you want to do, and you need to make a slight change to get there. Make the necessary changes and get it over with.

    2. If/when times get tough, anywhere from IBs to F500 companies will renege on you without even batting an eyelash. I really can't emphasize this enough as they are making business decisions and you need to do the same thing. If someone takes it personally, that is their problem, not yours, and you need to treat it with that type of attitude. One of the big, brand name investment banks didn't extend any offers as part of their summer program last year and did it with one single announcement while the interns were still working! As Eric Cartman would say, Holy shit balls man, holy shit balls. You are just a number (your salary) to these people when it comes time to hire someone, and if the marginal benefit really isn't there and business is falling, they won't care how many offers you turned down to get there, regardless of prestige.

    That should sum up the two biggest reasons why reneging is not that big of a deal.

  • In reply to Karembeu5163
    TeddyTheBear's picture

    This. Forget what everyone else is saying. You are young, you don't want to burn bridges this early, it will hurt you going forward. And yes people get banned from OCR, my school and many others are now instituting strict policies to curb this kind of behavior. One of my friends actually had a situation with KPMG, he was trying to work in IBD. He got an offer from KPMG, he accepted because he was desperate, and then a few weeks later, he got an IBD intern offer from a BB. Turns out the BB only took a handful of the interns for FT and he wasn't one of them. When FT recruiting came around senior year, he applied around, KPMG recruiters told PwC, Deloitte, and EY recruiters that this kid bailed. He didn't get passed 1st round.

  • In reply to TeddyTheBear
    Karembeu5163's picture

    TedWahlberg:
    This. Forget what everyone else is saying. You are young, you don't want to burn bridges this early, it will hurt you going forward. And yes people get banned from OCR, my school and many others are now instituting strict policies to curb this kind of behavior. One of my friends actually had a situation with KPMG, he was trying to work in IBD. He got an offer from KPMG, he accepted because he was desperate, and then a few weeks later, he got an IBD intern offer from a BB. Turns out the BB only took a handful of the interns for FT and he wasn't one of them. When FT recruiting came around senior year, he applied around, KPMG recruiters told PwC, Deloitte, and EY recruiters that this kid bailed. He didn't get passed 1st round.

    I'd definitely avoid doing that to a firm that has a tight knit relationship with others, such as the Big 4. Chances are, the word will get out and you'll be screwed with all of them. I think if you want to back out, be prepared to lose out on any other firms that may be, in some way, connected to them.

    For the future, don't jump at the first offer that you get if you aren't absolutely sure that's something you would want to do for at least an year or two. Otherwise, you'll find yourself in this position a lot and end up burning lots of bridges.

  • Bender999's picture

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  • Cruncharoo's picture

    This to all my hatin' folks seeing me getting guac right now..

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