Reneging a Big 4 Accounting Firm

Hey everyone,

So, I signed with a big 4 accounting firm, but I'm not entirely comfortable with my decision. There are two or three finance firms that I would have said yes to had they given me an extension on my offer.

My questions are the following:

What exactly does at-will employment entail? How can this help me renege the offer and not face any legal repercussions?

Will reneging an accounting firm and going to a finance firm have the same effect as, say, reneging a finance firm and then going to a finance firm?

Thanks in advance for the input!

 
Best Response

legally, nothing can happen to you. Although you will have to return the signing bonus.

Reneging an accounting firm and going to a finance firm is that as bad, because the odds of people in accounting firm knowing people in the finance firm is much smaller.

The problem with reneging a finance offer and going to another finance offer, is that Wall Street is a very small place and everyone knows each other. You can bet that all the FX traders know the other FX traders at the other banks, who in turn have friends in other groups within the bank.

Hopefully, the bank will understand your decision. You will most likely burn bridges, but the odds are the other bank will not be vindictive and try to punish you.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 

Thanks Gekko21. In my case, my offer is from an accounting firm. I used the finance to finance as a benchmark for accounting to finance. Had my offer been at a finance firm, I wouldn't even think of reneging it because, as you said, the world of finance is pretty small.

--Death, lighter than a feather; duty, heavier than a mountain
 

yeah, thats a tough situation - but, if you're still in school, I would talk to the guy in charge of recruiting at your school's office. that person will generally offer good advice, and will know how to handle the situation so the big 4 firm isn't mad at your school.

i heard of a student who reneged their offer to go somewhere else, and got kicked out of school for the PR mess it created with the company he reneged on....

worse comes to worse, just keep interviewing, even as soon as you start at the big 4 firm...

 

I actually knew a kid who received a scholarship (partial) from a Big 4 after high school. He was an accounting major and they obviously planned on him joining the firm after graduation. He originally accepted an offer after interning there the previous summer, but during his senior year he decided he couldn't do accounting his entire life and wanted to back out. He called them up and told them his decision. Needless to say they were furious, but there were no repercussions. He works for a BB now and couldn't be happier.

 

I used to work at a Big 4 firm. Reneg and take the finance job. Big 4 has outrageous employee turnover and they also fire people all the time, they know it's part of the business. The only reprocussions will be that you will have to return your minimal signing bonus and probably not work for that particular firm in the future.

You will have a much more rewarding career in finance. Big 4 is very institutionalized. You have very limited advancement opportunity (becoming a partner takes up to 20 years), you superiors typically do not respect you, you are underpaid, and you work rediculous hours. I was there for about a year and about a third of my group left in that time. There was a reason for that.

I have since worked for a law firm, which I enjoyed much more, and now work for the government and couldn't be happier. I would rather go to pound me in the ass prison than back to Big 4.

 
angrychimp:
I used to work at a Big 4 firm. Reneg and take the finance job. Big 4 has outrageous employee turnover and they also fire people all the time, they know it's part of the business. The only reprocussions will be that you will have to return your minimal signing bonus and probably not work for that particular firm in the future.

You will have a much more rewarding career in finance. Big 4 is very institutionalized. You have very limited advancement opportunity (becoming a partner takes up to 20 years), you superiors typically do not respect you, you are underpaid, and you work rediculous hours. I was there for about a year and about a third of my group left in that time. There was a reason for that.

I have since worked for a law firm, which I enjoyed much more, and now work for the government and couldn't be happier. I would rather go to pound me in the ass prison than back to Big 4.

angry chimp is angry

 

Reneg that shit. Might have problems with your career management if your school has OCR, but this will be worth it. Make sure you know you will be blacklisted with that firm and possibly any big four. Also think about the scenario where you don't get FT return from the better offer.

 

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