Renege Advice
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.





from a career standpoint,
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.
u didn't sign anything, so
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.
You accepted verbally, it's
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)
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"The surest way not to fail is to determine to succeed."
Can somebody explain to me
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)
Did you interview with the IB
Did you interview with the IB after you verbally accepted the offer?
FM
I had already interviewed
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.
AsianMonky: Can somebody
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.
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.
I guess worse comes to worse,
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.
Bender999: I guess worse
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.
You're best off acting in
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.
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Yea, for example, the school
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.
Bender999: Hey everyone. I
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.
I plan on being everything
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.
Also, what do you all think;
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?
Bender999: Also, what do you
I have to say I have never
Higheck123: I have to say I
Husky32: Higheck123: I have
Higheck123: Husky32: High
no sign. no promise. take the
Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."
These general rules go for
This. Forget what everyone
TedWahlberg: This. Forget
Well, after being a nervous
To the OP - if there is no
Ivan: To the OP - if there is
I wouldn't give your OCR a
This to all my hatin' folks seeing me getting guac right now..
Seriously man this is an easy
I'd still renege on the offer
Friend did something similar