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!
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.
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.
And what signing bonus?
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.
If you want a normal ordinary safe life that can't go that badly, do accounting.
If you want more, then don't.
Simple
(said as an accountant trying to leave the profession - my dad is an accountant of 35 years so I see both sides of the coin here)
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
Spot-on observation. JD/MST here.
Reneging on Big four acceptance (Originally Posted: 01/29/2015)
I accepted an offer in mid November at a big four in advisory knowing that if I eventually got something better (i.e.IB, AM) I would renege. I now have to offers that I would much prefer. I was wondering if anyone has advice on what to say if and when I do renege and how I should say it. Also, I was wondering about possible backlash. This has caused a lot of stress for me and I do feel bad about it. The moral aspect is something I've considered, however, I know at the end of the day that I would just be one cog in a large firm. Furthermore, the big four strategy is to lock you in with little time to consider your other options and I don't think that is exactly morally correct either. Any advice on what to say or anyone with a similar experience that would share would be much appreciated. My stress levels are at an all time high.
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.
Just do it. I reneged an offer at PwC with no backlash outside of PwC. Ultimately, you have to do you
Just do what you have to do and tell them someone made you a better offer with significantly more pay.
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