Have an outstanding offer but am waiting for another.

I received the boutique offer on Friday. I made to sure to emphasize my excitement and said (essentially); "I want to be as candid with you as possible. I am waiting to hear back from one other interview right now, and I want to make as informed a decision as possible."

The analyst calling from the boutique did not sound particularly shocked/angry; I told them that I would be sure to keep them in the loop and that I would be hearing back on the other offer early this week.

Was this the right course of action? Or should I have delayed my decision in some other way?

Juggling job offers with grace

When in the process with two firms simultaneously the most important thing to consider is the decision making timeline. On one side of the negotiations, you should be pushing for an extension on any exploding offers

It's generally acceptable to take some time to evaluate your situation, you can always say something like,

"I'm really glad to hear back from you guys and am really excited about this situation. I just wanted to take some time to think it over and will definitely get back to you by [expiration date]."

Again, no need to mention that you're waiting on something else

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Generally, they will give you an expiration date on the offer; I've never heard of anyone ever actually saying, "You have to decide on the offer right this second." While what you did wasn't wrong, you also have no obligation to disclose that you are waiting to hear back from another firm. Since it's generally acceptable to take some time to evaluate your situation, you can always say something like, "I'm really glad to hear back from you guys and am really excited about this situation. I just wanted to take some time to think it over and will definitely get back to you by [expiration date]." Again, no need to mention that you're waiting on something else; if a kid said to me what you said to the analyst at the boutique bank, I wouldn't be pissed either, and in all likelihood it wouldn't matter, but when it comes time to hand out FT offers (if that's a possibility here), it might be something I'd keep in mind if you were really, really on the fence.

 
Thomas Pynchon:

A bird in the hand is worth two in the bush. Or at least I like to believe that.

What do you not like about the offer you currently have? Why do you inherently value this other opportunity more? If you give us a bit more information, maybe we can work out what you should do. Either way, see the proverb above.

The other opportunity is at a BB.

I will have more exposure to different deal structures, the bank is more well known, and the pay is a bit higher.

 

Did you let the one firm know about the offer form the other? Usually that gets them to move up the timeline. Barring that, like the above posters said: a bird in the hand is worth two in the bush.

"Even if you're on the right track, you'll get run over if you just sit there" - Will Rogers
 
OttoReadmore:

Did you let the one firm know about the offer form the other? Usually that gets them to move up the timeline. Barring that, like the above posters said: a bird in the hand is worth two in the bush.

I emailed the recruiter this afternoon and let them know that I had an offer, but wanted to hear from them first because they were my first choice. Should I email the MD that I interviewed with and let him know? My gut feeling is telling me that I probably didn't get the job though..

 

You might have waited too late. Usually you're supposed to let your first choice know as soon as your second choice makes you an offer. Take as much time as you can, but don't let your offer expire. It's not worth it.

"Even if you're on the right track, you'll get run over if you just sit there" - Will Rogers
 
OttoReadmore:

You might have waited too late. Usually you're supposed to let your first choice know as soon as your second choice makes you an offer. Take as much time as you can, but don't let your offer expire. It's not worth it.

Yeah I just received the offer today, so I emailed my first choice. I have another two weeks to spare between the background check and anticipated start date with the other firm.

 
MobiusOne:

BB's tend to extend an offer within 72 hours of your final interview/ assessment center. If you don't hear back from them in that time frame... it's safe to say you didn't make the cut.

Finally got a call back for a 2nd round interview. I told them I had a couple of offers on the table and a lot of people in their office were on vacation.

Should I expect technicals in this round? The first round was entirely fit. I'm interviewing with 2 senior underwriters.

 

Be very careful you're not over-stretching here, we have pulled offers from candidates that were wishy-washy about joining our firm. Make sure you're comfortable potentially risking your existing offer for a second-round interview with your "first choice"...not sure what's typical in your industry, but a second round is far from a sure-thing.

 

when they want you, they move relatively quickly as they know you are out there interviewing and the longer the keep dicking around the higher the chance you take another offer. If it has been three weeks or more and you haven't heard anything, time to give em some cab money and push em out the door.

Good luck.

"I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. " -GG
 

You're instincts are right. You didn't get it. Delay means they are putting you in the maybe column while they talk to other candidates (let me tell a maybe is the same as a no). They second recruiter calling you is because recruiting is often decentralized (meaning multiple recruiters may be working behind the scenes independently of each other and not realized you have already been turned down -- maybe because officially you are no status in their system or maybe because they didn't look in their system or their hiring status is in individual spreadsheets).

Take your offer... Worst case you get a call back and you really like it, you quit (or don't start) the regional bank and go work for the BB. Don't feel bad either. Banks cut people like they are empty statistics so do what is best for yourself. 0-6 months under your belt isn't much of a loss. While I don't think it is good to burn bridges, strategically working early in your career at a BB is probably worth burning a bridge at a single regional bank.

 
dc10023:

You're instincts are right. You didn't get it. Delay means they are putting you in the maybe column while they talk to other candidates (let me tell a maybe is the same as a no). They second recruiter calling you is because recruiting is often decentralized (meaning multiple recruiters may be working behind the scenes independently of each other and not realized you have already been turned down -- maybe because officially you are no status in their system or maybe because they didn't look in their system or their hiring status is in individual spreadsheets).

Take your offer... Worst case you get a call back and you really like it, you quit (or don't start) the regional bank and go work for the BB. Don't feel bad either. Banks cut people like they are empty statistics so do what is best for yourself. 0-6 months under your belt isn't much of a loss. While I don't think it is good to burn bridges, strategically working early in your career at a BB is probably worth burning a bridge at a single regional bank.

I definitely didn't even think about the recruiting being decentralized.

It turns out I have a second interview early next week with two senior underwriters at the same office. This was setup by the 2nd recruiter.

 

If you don't mind me asking, what exactly are behavioral questions at that point? I get the regular "walk me through your resume" but I've mostly gotten technicals in the couple ibd interviews I've had. I have gotten, "what do you like to do for fun" but I would like to know how in-depth bankers can dig into your behavioral work ethic.

 

So, at the end of 72 hours if you do not hear from them, you take the other offer. As stated above, if you are the top candidate, they will either have you an offer, or contact you and let you know they're still interested and working on it. If you have to contact them, well......(you are not the "top candidate")

You can always get experience at the RB and move to the BB later.

 
manbearpig:
Yeah, just call HR and tell them that you have two offers that you need to respond to within the week, and would appreciate if the decision regarding your candidacy can be expedited.

this--if anything, it will actually just put you into a good light--make you seem more in demand. maybe if they were on the fence about you, it will tilt you onto the offer list if they see there is other interest in you elsewhere.

 

Call HR and if you get a cute sounding girl, flirt with her and take her out to dinner. Promise her if she speeds up the process you will lick chocolate off of her her nipples. I have found that this always makes women speed up their pace.

Really though calling HR and letting them know of your situation is the responsible thing to do and as stated above can help you out if you are on the fence for the BB.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

Why would you bother? There's no shame in expressing to your firm that the job just isn't for you. It happens all the time. Just do it in a way that your employer doesn't hold ill will against you.

 

Depends on your situation. If you think your options for further interviews/applications for other companies are limited, then go with the job offer you have. If you have prospects on the horizon, then you may be taking a more calculated risk by not accepting. Did you try and contact your #1 choice around a week after interviewing, assuming it's been a week since that interview?

 
westsidewolf1989:
Depends on your situation. If you think your options for further interviews/applications for other companies are limited, then go with the job offer you have. If you have prospects on the horizon, then you may be taking a more calculated risk by not accepting. Did you try and contact your #1 choice around a week after interviewing, assuming it's been a week since that interview?
I have spoken to them. The thing is they were on vacation for the holidays, which is why the HR has not been able to get feedback from my interviewers.

I will be contacting them tomorrow and see what happens. I just want to hear their decision, whatever it maybe.

 

If deadline is tomorrow and you already asked for extension, you don't have much choice but to accept, unless you feel the risk of not getting anything is better than potentially burning a bridge (at a firm you don't really care for anyway). Best bet would have been to follow up with #1 choice about a week after interview to tell them you liked them a lot but you are under a time constraint.

 
wso1234:
If deadline is tomorrow and you already asked for extension, you don't have much choice but to accept, unless you feel the risk of not getting anything is better than potentially burning a bridge (at a firm you don't really care for anyway). Best bet would have been to follow up with #1 choice about a week after interview to tell them you liked them a lot but you are under a time constraint.
Really the only reason i'll take the job offer i have in my hand it because i am super scared about the economy. I need to feed myself somehow lol.

As said above, i'll be reaching out to my #1 choice. Any suggestion on what can i say if they tell me they do not have a decision for me yet? I've already told them about time constraint.

 

I would definitly say take it. Same thing happened to me during the summer of my sophomore year. I got an offer to work for a MM ER, however I still had interviews that were pending. I didn't want to lose this opportunity and I accepted. It turned out that boutique M&A also gave me an offer. I told that I had already accepted an offer and that I was interested in coming back in the spring. They respected my decision and allowed me to come back in the spring.

When luck shuts the door you gotta come in through the window - Doyle Brunson
 

i dont understand from your post how anyone can realistically answer the question without just looking at the prestige factor...

more details would be nice. What desks would also be nice as well as offer for what (trading, sales, M&A?)

Seriously...if you mean desk as in trading than that varies. Your friend should know better...

 

Take the friggin job. It always kills me how people come on here and try and rank job offers. At the analyst level things will be pretty much similar unless the bank is totally dead. Don't look a gift horse in the mouth with this economy.

 

if he is a presitge whore, tell him to pass on the euro bank offer and wait for the gs/ms offer. if/when he doesn't get it, he'll learn a good lesson that'll stick with him the rest of his life

looking for that pick-me-up to power through an all-nighter?
 

definitely agree with yanks88

Banking is always super competitive but still, even in this terrible economy why not wait for a more prestigious offer? The entry level grunt work at Goldman is sure to be more fulfilling than the entry level grunt work at XYZ.

Why not risk huge downside for a little upside?

 

If its trading it depends on the desk, GS is not top class at every product. Not to mention in S&T you should put a lot of weight on the people in my opinion.

Jack: They’re all former investment bankers who were laid off from that economic crisis that Nancy Pelosi caused. They have zero real world skills, but God they work hard. -30 Rock
 

Tell the european bank to wait, and then harass the american one for a quick answer, persistently reminding them that he already has a great offer to boot. You really cant go wrong with this strategy.

 

ummm, take the offer and renege if you get the one you view as a better spot.... happens all the time and in all honesty if you were working thru the credit crisis you'd have example after example that justify reneging in any situation

 

Typically I answer this type of post with candor and calm.... but this is utter stupidity...

This is trading.... not investment banking... the prestige factor is significantly LESS critical.

1) There is absolutely NOTHING that says the "work" you do as an S&T analyst at GS is going to be more fulfilling than the S&T work at CS. As a matter of fact you may even be in a position to take on more responsibility sooner.

2) STOP acting like the firm that employs you in an S&T role as an analyst is going to be the same firm you work at 5 years from now. Turnover in this industry is VERY high and people move shops all the time. As a college kid this may be foreign to you because you'd never leave HBS to study at State School XYZ for your MBA, BUT leaving GS to trade over at UBS happens all the time! Stop drawing analogies with your past experiences. It is not nearly the same!

3) Prestige does NOT = $$$$. Do you think that because you trade at GS/MS you are in line to make more than your buddy at CS/DB?...guess again! You are paid according to the profitability of your desk (and loosely by the firm's overall profitability). In other words, if your at GS trading Equity Derivatives and your desk has an off year and your colleague at UBS trading FX blows shit out of the water... do you think anyone cares which bank you were at?... Do you think headhunter's will care that your resume says GS if your PnL doesn't stack up??... the UBS kid will get looked at over you every day of the week.

So please... enough already...

 

You are unlikely going to be able to choose between offers while lateraling. I went through the process myself, and I found it to be very unstructured. I would recommend reaching out to these better banks and asking them if they have an visibility on timing and mention that you have an exploding offer. Worst case scenario, they say no and you just accept the offer that you have.

Ironically, I too ended up at a MM that I just applied to for practice. It was a top choice of mine, but it was ironic because I did no networking for that bank and even forgot that I had applied.

 

That's the issue is that I probably wouldn't accept this offer regardless if a decision was able to be expedited or not, for personal reasons. I suppose given that I have less than a week to decide, it'd be best to keep it to myself as it could only make me look bad to the firm I actually want to be at for potentially turning down an offer, as there's no way they could possibly get me to a super day and decision in less than a couple days

 

My only issue is that the offer expires in ~a week and I've only had an initial interview at the banks I'd like to be at. The fear is that if I told them I had an exploding offer, my initial purpose of trying to seem like I'm "in demand" would backfire when they need to know when I need to make a decision by. Since it's unlikely that they could expedite the process soon enough, I'd come off looking like I just tried to get them to expedite and then eventually turned down the offer without a competing one in the bag yet, which might look bad on me rather than simply waiting and hope the interview went well.

 

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