Hi monkeys,
I live in a major city on the east coast of the US (NYC/Boston) and have accepted an offer with a boutique consulting firm this past Monday. My planned start date is this coming Monday, and I am the only new Associate.
This week I heard from a recruiter from a Tier 2 firm (OW/Parthenon/LEK) about some openings in the same city and have been invited to interview- first rounds tomorrow, and final rounds Friday. I have been told I would have a decision by the end of the day Friday if I make it through.
In the event that I do get an offer, how bad would it be to renege on the boutique? The boutique competes in a similar space (PE due diligence) and it's also in the same city.
I feel very conflicted because I believe the Tier 2 would offer a much better experience and better exit ops (I am interested in PE long term and would want to try to break in pre-MBA if possible), but on the other hand I think this is worse than average renege situation since it would be literally one business day before starting training. I have also signed the offer.
I have read many forum discussions on here about reneging, but could not find any examples of doing it this short notice. I am looking to get perspective on the ethics of this situation as well as the potential risks. Of course I might not even get the offer but I want to ask this question early just in case.
Thanks.
This is entirely a personal decision. However, bear in mind that your reneging may also reflect poorly at the new role if they find out about it. How will you handle interviews, etc? Are you going to start taking time off of work in your first week or two? This sounds like a slippery slope. Does the recruiter know about your start date? Is it possible that the people in the firm you're possibly reneging at have relationships at the firms you will be interviewing at? If you don't think they'll lob a phone call if you piss them off, think again. It's a small industry. And yes people have been let go after switching in these scenarios based on such calls in the past. Not to mention if you're new employer finds out about the interviews you risk getting fired (this also happens, don't you think they'll wonder where the hell you are?). Getting fired is going to seriously diminish your chances of switching in the future.
It sounds like you're risking a whole lot for not a lot of potential gain. If this were an offer from a prior interview or something it may be worth more thought. In your shoes, I'd stick with the boutique for a year or two and then explore your options again.
Thanks for your thoughts. I told the recruiter at the other firm that I would need to interview and have a decision by this Friday, but did not mention the start date. The recruiter told me that I will have a decision by Friday, so I would be able to make the call to the boutique that same day, before I start, if I choose to go that route.
I have no idea if some people at the boutique have connections at this other firm- how much of a risk do you think there is that they would figure out which firm I'm going to, and that the other firm would pull my offer if they heard?
Minimal if you don't say anything to the firm you reneging and just say that you need to withdraw your offer for personal reasons or. You're employed at will. You can quit if you want. Besides the point that you haven't even started working.
Of course you probably shouldn't be plastering on your social media eg LinkedIn where you're headed either for a while.
+1
Thanks for the advice Aura and RealJackRyan. I understand that it would reduce the risk of them trying to find where I signed. However I have read in some other discussions that it's better to be more honest and say that I'm taking another opportunity. If I say "personal reasons" they will might still suspect I took another offer and if they do find out I did, I'd expect they'd be even more pissed since I lied.
I'm looking to hear as many views on the best way to handle reneging as possible, anyone else have thoughts on whether it's better to be honest and say I took another offer vs. say "personal reasons"?
I read your other post. Honestly, this boutique firm seems to be bending over backwards for you. Not too many places will give you an extension for a month while you interview at an MBB. I give them major props for supporting your personal and professional development.
I don't know which firms you are looking at, but seriously wonder if the incremental "gain" you think there might be is worth burning bridges in the industry. You'd be surprised how small the professional world is and how much your personal brand will impact you in the future.
This is a personal decision, but if I was in your shoes I would politely decline and say: while you are very interested, integrity is very important to you and you did make a commitment elsewhere. You'd be open to exploring opportunities in the future. The only thing is - I would have done this BEFORE setting an interview and demanding an answer on a set day. Now you're sort of stuck looking derpy to at least one firm.
The decision is up to you. This is a toughie. Whatever you do, I would apologize to the firm you decline. I guess the easiest solution would be interviewing and not getting an offer - but that sort of sucks.
It sounds like you're risking a whole lot for not a lot of potential gain. If this were an offer from a prior interview or something it may be worth more thought. In your shoes, I'd stick with the boutique for a year or two and then explore your options again.
OP, I was wondering what your decision was? It would be great to hear your thought process
I ended up not getting an offer at the Tier 2, so I never had to make the decision- in a weird way I felt relieved. Based on the comments on here and talking through with others I was leaning towards not reneging. It's obviously easier to say that without actually having to make the decision, but I will explain my thought process. There's two main reasons:
Short term risk: the consulting world is not that big, and given how much the work of the boutique and this particular Tier 2 overlap and that they are in the same city, there is a higher than normal risk of an angry phone call being made on my behalf.
Long term risk: I wouldn't know how long the decision would follow me or to what extent. I am also interested in working in PE long term, and the boutique works with a large portion of MM PE firms all over the country. The person who put me in touch with the boutique is at one of such firms, and I'm sure word would get back to him/her
The experience is likely going to be pretty comparable between the two, and while the Tier 2 has a stronger brand name, it probably isn't going to make that much of a difference in the long run.
At the end of the day, I gave them my word, and I want my word to mean something.
I am now working at the boutique, and already have the sense that it will be a challenging and relevant experience. I'll take it as a sign from not getting an offer at the MBB or the Tier 2 that I have some areas to work on in the mean time. Who knows, I might be able to reapply in a year or two, and if so I would be coming in as a much stronger candidate.
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