So I received an email this afternoon saying that an unpaid offer at a small MM firm's IBD office would expire at 5pm. I am currently waiting on a decision from a different MM firm's NYC office, for a paid ibd position. I emailed on Saturday but didn't hear back so I was forced to call this afternoon. Did I hurt my chances of getting the NYC job by sounding too pesky?
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nope
what'd you end up doing?
I ended up calling the firm in NYC which said I'd most likely hear back in the nex couple days. I emailed the other firm requesting to postpone my decision a few days
Since it was unpaid, I probably would have just accepted the offer, then wait to hear from the other place and renege if offered a job.
Finished superday, but have another exploding offer. (Originally Posted: 12/06/2014)
I had a superday with a MM bank earlier this week. The process seemed pretty unstructured since they mentioned they already had given offers to 4 people prior to my interview and that there was only 1 planned offer left. They told me they would let me know the decision by next week since they have some other candidates to interview.
I have a preexisiting offer that I was able to get the deadline to respond pushed to next Wednesday. Should I tell them that the other company gave me til Wed? If so, when should I email them? Also, this MM bank is my first choice, should I mention that somewhere in the email as well?
yes
Yes, preferably to the person in the interview process that appeared to have the strongest influence in the decision-making process (staffer, VP, etc.)
"....writing to inform you that I received an offer from another bank exploding this Wednesday. Given my strong preference for bank, I wanted to reach out and see to what extent your team may be willing to expedite a decision regarding my candidacy...."
Something along those lines.
Is there any case in which this could hurt your chance at the place that has not given you an offer yet?
bump
you already got your answer. follow advice above
Exploding Offer - How does it usually work? (Originally Posted: 03/12/2010)
Hi, was just wondering if the date in my SA exploding offer referred to a verbal commitment or if you the letter had to be postmarked or received by that date. HR person tells me that a verbal by said date should be fine.
So how's it usually work?
Thanks, -S
You just have to let them know one way or another. If you're accepting, just call/send an email and just say that you are also putting the acceptance letter in the mail and that they should expect it next week.
It sounds like you got your answer from HR. If that's what they told you you should have nothing to worry about.
Exploding offer help (Originally Posted: 01/09/2008)
Hey all. I have a few offers from various firms (non-BB). I actually heard back from one of the regional firms in my area about a phone interview for an analyst position, though it is late. My question is, would it be at all feasible to ask them to speed up the process because of my other offers so that I may make a sufficient decision? Or would they be offended/ding me? Thanks guys.
Definitely OK. Have had to do it several times last year with regional banks and a hedge fund and then again this year with a BB. Its something that people do all the time. Definitely wont ding you, probably make you look more attractive.
Ok awesome. I definitely wasn't expecting a response from them so late in the recruiting season, but it is a pleasant event. You mind if I PM you a question? I noticed your background/profile is similar to mine.
Has anyone worked at a small/lesser known boutique, only to switch after one year?
of course feel free
Help with exploding offer VS nothing.. (Originally Posted: 02/21/2013)
I got an offer recently from the Investment team from Permal (a large fund-of-funds). Unfortunately, the offer expires on Monday and I am still waiting to get into superdays for JPM investments and a few other possibilities which would be better experience (more interesting work/better name/pay, I think), but are only possibilities and not guaranteed.
Should I risk turning down the offer if I could end up with nothing else??
Any help or info about Permal or FoHF work would be much appreciated.. Thanks
what year are you and where do you go to a school? sophomore/junior vs target/nontarget
I'm a lower senior at a non-target top 50
Also I worked unpaid in ER at a MM last yr and worried that this could be a step down in terms of experience
Fuck no you shouldn't turn down an offer without anything else in the bag.
I've never turned an offer down.. its tempting though b/c this would be my last SA and i've heard that fund of fund is not too interesting or as competitive for full time recruiting
worst comes to worst renege dude
Ask for extension. Say you're still discussing "situation" with family. If they say no, then i'd just take it...better to have something than nothing. If you land an offer there just try to leverage it later for something better...
Have exploding offer and need decision from another bank (Originally Posted: 03/31/2012)
I have an offer that explodes this Thursday for SA. I would prefer another bank, but they have not had their superday, and I need a decision. Would it be acceptable to call the second bank and explain the situation? If so, what should I say?
Call the second bank and tell them. I have done this too. Chances are there won't be anything they can do before super day but they will prob still let you interview and then renege. At the very least it will set you up well for full-time.
Exploding Offer - HELP (Originally Posted: 02/23/2011)
I have an exploding offer from GE Capital, but I'm also waiting to hear back from BarCap S&T which I really want.
If GE explodes on Tuesday, is it too early to call HR today and notify them?
Thanks!
Call BarCap and let them know you have an exploding and you have to let GE know by X date. That is 100% ok to do. If it's for full time, don't pass on the GE capital. BarCap's S&T finished recruiting a while ago officially. If they are bringing in a few more people it's going to be very tough. Congrats on the offer!
Damn man, GE Cap is impressive, either way you're going to have a great experience! Best of luck!
Yeah let BarCap know, they'll know you're not gonna risk it and maybe indicate early.
Just because you said exploding:
Dream Deferred
What happens to a dream deferred? Does it dry up Like a raisin in the sun? Or fester like a sore-- And then run? Does it stink like rotten meat? Or crust and sugar over-- like a syrupy sweet? Maybe it just sags like a heavy load. Or does it explode?
Poem by: Langston Hughes
Brilliant poem, one of my favorites.
Good stuff. Yes, I called and left a message saying just what the first response said. For some reason, some of the other guys I was interviewing with at BarCap had gotten calls saying we were on hold.
The GE Capital internship is within Energy Financial Services. I went with the parent subsidiary so more people would be familiar with it.
Thanks all. Yes, I enjoyed the poem. We read that in high school.
Energy Financial Services falls under GE Commercial Finance it turns out.
Advice needed - exploding offer - Out of school since May (Originally Posted: 11/16/2009)
Need some advice, it'd be much appreciated.
I've been out of school since May and like most from a non target it has been quite difficult to land a job. I've been volunteering, networking, networking some more and was able to get into this predicament.....
Long story short, I have an exploding offer with a Real Estate investment firm (tomorrow), but am also in the interview process with a Fund of Funds as an entry level analyst. The pay for the RE job is a lot lower than I expected, hence why I'm hesitant to take it, but can I really afford to be picky when nothing is certain with the F of F role?
Any thoughts?
If the RE firm is small enough it might not be that bad if you have to burn them in like a month or so.
I think the skill set you will get in RE investment will be stronger than in the FoF. If I were you, I would take the RE, do it for a year and see if comp looks like it will accelerate. If not, contact a headhunter and move to a different RE firm that pays more.
Just accept it for now, reject it later if you absolutely have to
Listen to monkeyface. Accept it now and continue interviewing. You really have no other choice esp. if the RE Investment firm comp is like $40K or so.
Thanks for the input, quick follow up...
For RE, would the CAIA be more appropriate than the CFA?
Also, I know several MBA programs (Wharton, Kellogg) have RE concentrations that can lead to RE IB, REITs, and RE PE....Other than the obvious names in the top 5 or so, are there noteworthy programs say in the top 25?
Ross MBA is pretty good for RE.
exploding offer, help (Originally Posted: 04/09/2010)
Has anyone ever asked for a quickened decision? How would I go about doing this? I have an offer I need to mail an acceptance for by monday but am still waiting to hear from a different superday.
Call the bank you are waiting for and tell them that you have an exploding offer so you need a decision. You may have to wait until Monday to hear back, but hopefully they will respond by tonight. If you do not hear back by late afternoon Monday, call up the HR department of the bank that you have the offer with and verbally accept. Tell them that you had two offers and just recently made your final decision and that you would love to work for them. Provided you verbally accept and mail out the confirmation that afternoon or Tuesday morning with one day shipping you should be ok.
Thanks for the advice. I will do this
Exploading huh? I'm not usually one to go after spelling or grammar mistakes, but that one made me chuckle.
I don't know what you're talking about :)
Nice.
Exploding Offer Scenario - Advice Appreciated (Originally Posted: 11/22/2011)
Here's the scenario:
You have a buyside offer with a firm (a far inferior opportunity and through a very reputable headhunter) and are waiting to hear back on a decision from another firm (your top choice and through a different headhunter). You have already tried to get the process with your top choice expedited but to no avail. Obvious choice - I think - is to take the current offer. But what if a week later your top choice comes back with an offer? If you reneg, not only do you burn the relationship with the firm, but you also burn the relationship with the headhunter.
Thoughts?
I say take the offer and reneg if the other comes through. Getting the job you want is a lot more important than a headhunter contact. There are a lot of reputable head hunters out there.
this is something i learned the hard way through experience.
give the finger to any firm or HH who puts an exploding offer in front of you. there is a reason this practice has been banned by most career centers.
i can summarize it by saying that there is something deeply fucked in the ass about any firm that has to use this chintzy tactic on their junior hires.
While burning the relationship with the firm isn't the best outcome, I certainly wouldn't worry about burning a bridge with the headhunter. Reneging after a week is FAR better than reneging after a few months.
I'm living this scenario right now. Instead my of PE my inferior current offer is Equity Research with an Asset Manager and I'm waiting to hear back for a few IBs. So the consensus is reneging is OK if done appropriately?
ask for as much time as you will need to get your other decisions in. if they don't like it, tell them you cannot accept the offer.
^^^ I'm in no position to play hardball as a non-target in this market. I'd rather just accept and renege.
Fair game then if they are going to hardabll you.
Don't play hardball, but try your best to get an extension. I have had some success with the following: "You know, this a very big life decision for me and I just need some more time to think about it. It means moving to an entirely new city (if applicable) and while I'm excited about the opportunity I was just hoping to have another week to think about it/discuss with my family."
24 hour exploding offer (Originally Posted: 05/29/2014)
I just received an exploding offer with a 24 hour deadline for a non-ib global financial services firm, however am still waiting to hear back from a few ib interviews (my preferred choice), what is the best way to approach this scenario?
Have you told them about your ongoing interviews at IB's? If not, then given the different industry and everything, you might as well accept the offer to cover your ass and then if one of your ib interviews yields an offer then renege and go to IB.
Yes I have told them I am interviewing with other ib's, however I was wondering whether there are any repercussions that will hinder my career progression if I reneg my offer later down the line (except being blacklisted from the firm), apart from the fact that the firm works with a similar client base with the ib's, they have limited commonalities.
1.) Take the offer immediately, and sound happy 2.) Continue interviewing with IB's 3.) Kick ass and obtain IB offer.. Accept that one immediately 4.) Don't update your LinkedIn while you harness all of the testosterone in your body 5.) Call HR and/or direct contact and explain that a better opportunity came up... Sound really regretful and like you just lost your best friend 6.) Do not, under any circumstances, give up the name of your new firm 7.) Do not update your LinkedIn for a couple weeks
Yes, this. Good point on not updating LinkedIn.
Thanks for the suggestions guys, accepted the offer for now
A little late for your situation, but maybe this will help others down the road. If this offer came through on-campus recruiting, reach out to your school's career services office immediately. Any decent career advisor will go to bat for you on the exploding offer issue. Many schools expressly prohibit exploding offers, or at least limit the dates when they can be employed.
Urgent Advice Needed (Exploding Offer) (Originally Posted: 02/11/2010)
I envy the many that come on here and ask for advice as to which bulge bracket offer they should select. Unfortunately, I don't have that problem and in this market I realize that beggars can't be choosers so I have a difficult choice concerning the only SA offer I've received so far.
Let me set the stage: just the other day I received and accepted a part-time spring internship with a London boutique. I was told that depending on how this went that it could lead to a full time offer (I'm a final year student). Soon after, I received an exploding offer for an SA stint in sales at a financial information services company (think Morningstar, Markit, etc.). The offer explodes very soon, and this opportunity also has the potential to lead to a full time offer.
Now I don't know if I should accept the summer offer (not knowing whether or not my current boutique internship will extend me a return offer) or if I should decline the offer and just hope for the best from my current internship (IB is my first choice). The SA offer wanted me to sign a contract which makes me a little hesitant to think I'd be able to renege on it provided something better came along.
To be honest, in this market I feel fortunate just to have any offers at all, that being said, I do want to do what is best for me, so any advice would be greatly appreciated.
Also, provided I do take the SA offer, what kind of exit opportunities to sales people at information companies have? Is there a history of these kinds of people going into hedge funds?
Thanks in advance!
Are you from London?
If you have no problems living and getting to London and the boutique is reputable and you can get good experience (not just getting coffee), then I would go for that. Stick with your passion and bust your chops while you're over there.
Yeah I'm actually already in London. Both offers are for the London office. I'm already with the boutique, but there's no guarantee they will hold on to me (believe me I'm going to work as hard as I can to try and ensure that they do). That being said, if they don't and I don't take the other offer as well, then I'll be stuck with nothing; if they do and I have already taken the other offer...then I probably have a problem...so I don't know how to go about this.
Funny I'm stressing over this, it sure beats the stress I had last month where I was just praying I'd get any kind of offer.
I'd definitely sign both.
I'd sign both.
Thanks for the advice!
Exploding Offer - Investment management firm (Originally Posted: 03/04/2010)
Hey all,
I got an offer from an investment management firm ($2 B AUM) yesterday for a summer internship and was told to call Monday with my decision. Problem is, I interviewed with another place I'd rather intern at, but haven't heard back yet. I really dont want to turn down the first one and end up with nothing, but I also don't want to agree to it and then find out I got the other offer. Question is, should I email the place I'm waiting to hear back from first thing tomorow morning saying that I have an exploding offer from X and that I just wanted to see what the status of applcation was? Im not even sure if i'm going to have to do a second round or if they have enough to decide. I know its risky, but I dont see any other options...
Yes you should definitely let the place you are still interviewing at know that you have an exploding offer ASAP. You should also ask the firm that gave you an offer to extend the deadline for accepting for a few days, which is usually not a problem.
I would accept the offer at the investment management firm and if you receive an offer from the more desirable firm, renege on the first one. If you don't receive an offer, then at least you are still set for the summer.
Nothing wrong with reneging other than burning a few bridges, but since it sounds like a private fund, you really don't have that much to worry about.
Agree.
Exploding offer - Offer expires tomorrow (Originally Posted: 05/16/2011)
Hey guys, got an exploding offer from a MM but in their Risk group - not my ideal position, my plan is to go IB. But can I still leverage this and contact the firms i've spoken to or are still interviewing with that are IB firms?
2) Should I just mention the MM bank and NOT the position?
3) If I interviewed with 3 ppl from the same firm, do I contact all 3 people? or just 1, usually the decision maker?
Also, is it better to call or email?
Lastly, having this offer, would other IB firms disregard me if they found out this offer was NOT for an IB position?
Thanks
Is this for full time or summer internship?
summer internship -
1) For a summer internship, this is not the end of the world. You can still recruit for IB full-time in your senior year, though you might be judged for not doing an IB internship, so you would need a story for that. I don't see this as a deal breaker though. I was able to leverage a capital markets internship into an IB coverage offer - and capital markets is as relevant to banking as risk is, if not worse. Plus it's always difficult to turn down a sure thing and hold out for something else - if you told that straight in an interview, people would understand.
2) While I don't generally advise it, in this case, you could accept the offer here and then turn them down later if you did manage to score that banking internship. I don't see how an MM Risk department would be able to blackmail you at a BB IB. Certainly not the honorable thing to do, but it's an option. Plus in my opinion, that's what places that give overnight exploding offers deserve.
Thanks Hireup for the advice. When asking for extensions though, can you ask on the day of that it expires?
Also for a BG, I did a bus development internship before at another company (not bank but industry specific), so... i'm not sure if taking this Risk internship would be a downgrade from my previous one and be questionable in my interviews. what are your thoughts?
This isn't really what you were asking for, but I'll say it anyway. Don't overlook the opportunities and knowledge that come out of working in risk management. There was a thread on here a few days ago talking about where notable hedge fund managers started. Included the likes of PWM, research, and risk management. IB was not that well represented.
urgent exploding offer (Originally Posted: 12/06/2012)
.
.
Are you from a non-target? Are you studying abroad next semester?
If your answer is yes to any of those questions, take the offer. If not, I'd reject and just leverage the accelerated offer in future SA interviews. Why settle for MM IBD when you can crush it harder?
Typical douche comment about MM IBD.
I would say it is worth sending them an email- say you have another offer that you need to make a decision by next week. The worst that can happen (which has happened to me) is that they say "sorry we are unable to give you an answer by then" in which case you are probably wait listed anyways.
Edit: To the above post- if it is really a top 5 MM firm (Blair, Houlihan, Jefferies? I can't even think what the list would be comprised of), I would go for it and not risk ending up with nothing.
Email your HR contact, explain that you have an exploding offer in hand, but want to wait to hear from their firm before accepting. Ask politely if they have any idea when final decisions will be made given your circumstances. Shouldn't be a problem, and if you are a candidate they are seriously considering, they may be able to speed up the process.
Also, no need to mention the other firm. Just say you have an offer from another bank.
I do not have an HR contact (the person that scheduled my flight is in the NY office), would it be appropriate to contact the alumnus that I have been reaching out to? Thank you for the advice and all your help.
I am guessing Baird
Reach out to your alumni contact and let them know the situation. See if they can get you a solid phone number or email address for HR so you can get in touch with them.
Depending on how that unfolds, I would not walk away from an offer from a solid MM firm to gamble on the regional BB.
Smart bet is to reach out, let the BB HR know that you have an exploding offer and that you would like to know whether or not they have an idea of when the offers will be made (as someone said above). However, don't tell them with who and don't be pushy.
Ending up with no SA experience is far worse than settling for a decent MM shop. If anything, rock the MM IB SA gig and get a return offer. Leverage that offer next year during FT recruiting and see what happens.
Worst case scenario, accept the MM offer and then back out if the other offer comes through and is too good to pass up. Keep in mind there could be legit consequences for doing that, so I probably wouldn't, but I don't have a huge appetite for risk and prefer to keep my integrity intact. Also, I've heard stories (I don't personally know anyone though) that backed out of an offer in order to go to another bank, only to have someone at the first bank call the second bank and tell them the person reneged on their offer, so the new bank withdrew their offer as well and they were reportedly left with nothing.
A bird in the hand is worth two in the bush, my friend.
Regards
Yes, that is fine to do if you've been speaking with them throughout the process.
Advice needed - exploding offer - Graduated from a non target (Originally Posted: 02/18/2010)
I just graduated from a non target but top engineering school. 3.8GPA, no name boutique IB experience before. I received an offer to work for a no name boutique in NYC for a few months no pay that will most likely lead to full time.
What should I do here? I have nothing else now. They want me to respond ASAP. The problem is the work itself is not very IB (i.e. not much financial modeling, excel) but more sourcing work (compiling companies list, writing companies' summaries). If I take this, I would most likely look to lateral to somewhere else months down the road. But I am afraid that I won't learn that much and be able to speak about it because of the nature of the work. I believe I still have a couple opportunities to interview with other firms, but of course I am not sure.
I am confused here...please help!! Thanks in advance.
bump
Take it and keep interviewing. You will slowly learn the other skills, but you have no background or internship experience. They want to break you in first. Sucks, but it is the road you have to take sometimes. A couple months of life sucking will be worth it once you get hired and start acquiring real IB skills that you can eventually take to a MM or BB firm.
Thanks for the advice. I actually do have IB experience before. I do think I have good credentials (many in the industry have reviewed my resume)...if I have no exp before I would definitely take this. In this market...many told me just to take whatever...
Also, even if I start full time, I don't think I would be doing that much financial modeling either. So that's one of my big concerns.
Any advice is welcome thanks!
I really need to limit my multitasking ha. Sorry I missed that point in your thread. If anything I would just take the position to keep in the industry and work on going to something else. The market is really tough although getting better. Sucks that this is non paid, but it is better than taking something non related and getting stuck doing what you don't want to do.
Keep networking, keep interviewing, something better will come up soon. Good luck!
Yea...that's what I am thinking as well. My other concern is that I don't know how I can always get out the office and speak to people and interview, without looking suspicious and being disrespectful. Any advice on this?
Thanks again!.
bump
I would just do a lot of emails, phone conversations, lunch time meetings, etc. I mean while it is free they should understand, if not then just don't tell them. Once you start working then you might have to be a little more stealth, but ultimately, if they are not going to utilize you then they should expect you to leave.
tbcthk - I was in your position, no name boutiqe, lots of sourcing, cold-calling, pitching, sometimes putting together quick comps. But then I got lucky and there was a little valuation project no one could really do, so I was on it myself. I put together a decent model, managed the client and the target - all in all great experience, sth very solid to talk about in interviews.
So Id say go for it - better to take your chances and aim for what you want than to shy away to some crap job you dont want.
And also - I had absolutely zipp problems with going out to interviews - they didnt really care, cause I was so expendable.
Even if it's a no name boutique, it will give you a better leverage than nothing.
> My first internships were in the crapiest offices in Retail Banking and I ended in IB few years after.
What to do about exploding offer? (Originally Posted: 12/15/2013)
.
take the gamble, let wells go, and continue interviewing.
Under the impression that IB offers are pretty standard, regardless of the location, across BB's and semi-BB's like Wells. Not the case?
I'm sure there is some difference in BB SA programs
JPM is pretty good about internal mobility as well. If you are interested in research just let Wells go and keep looking . However, I'd probably take wells IBD over Capital Markets though.
>wells not even once
in all seriousness, the JPM brand is better than the IBD stamp
So is GS HR better than Barclays IBD?
This doesn't always work. Plenty of kids in SLC GS wish this was the case.
Well, what do you want to do? IBD, ER, or Cap Mkts? If you know for sure that JPM and the other BB are good about internal mobility, I'd probably let Wells go. However, if you're not sure, then take Wells if you want to do IBD. You can always lateral after a year or two.
Throw out WF- seriously though, if you can get an offer there and at JPM ER this early you can get another offer as well. Even in the chance that you turn down the offer with Wells and end up in ER for the summer I think you are better off than working in Charlotte for Wells.
Wells is becoming more and more respectable, no? I fail to see what is so bad about it. It's a borderline BB no? Especially in LevFin? I have been impressed with every person I've talked to at Wells.
Let WF expire. Worst case scenario, you don't get another offer and you do ER at a top bank for the summer. If you decide you want IB during the summer you will definitely have an opportunity to make the switch for FT (probably internally or externally.) I did S&T this past summer at a top BB and easily made the switch to IB for FT.
Take Wells. ER IBD.
Are you serious? If it's JPM ER I'd definitely do it.
All depends on what you want to do though - would just say NOT to do cap markets.
Just out of curiosity, what's wrong with capital markets? I'd take Wells, assuming you want IBD more than ER. The JPM brand is strong, but I'd imagine you might have a better shot at moving from IBD at one firm to another for FT even if JPM does let you move around internally. Just my thought process. You're in a good position though. Good luck!
Pretty simple: take Wells, keep interviewing, renege if necessary. Don't take the ER job. Who cares if it's JPM? Would you take GS Wealth Management, too? For the "brand?"
If you want to do IBD, do IBD. The relevant experience is what matters.
Wells IBD is solid.
Take it, kick ass, network, then lateral to NYC.
help - exploding offer (Originally Posted: 12/24/2010)
situation: got a sales & trading full time offer from a lower-tier BB (bank A) that explodes by the end of this month. the graduate program is non-rotational and starts at an earlier date (which I prefer). i am offered the asset class i refer.
bank B: completed all interviews currently waiting to hear back. really liked the bank and its culture. 18-months rotional program, asset class undetermined. i think i performed quite well during the assessment center. one of the interviewers (MD) even told me he thought i am a really good fit for the role and if i just be myself for the rest of the day i should have no problem at all. problem is, the bank is in the process of finalizing headcount and can't speed up the hiring process. results will be out in the 3rd week of Jan earliest.
bank C: a bigger BB. probably pays a bit higher than A & B too. 2 year rotional program, asset class undetermined. liked the culture liked the people (pretty much same situation as B). think i performed relatively well during final rounds but had no indication from interviewers. HR said they still have another round of AC in early Jan and decision won't be made until then!
so what can i do here?:( seems like bank B and C won't be able to expedite the process at all.. should I just sign with bank A? but then if I do get offer from B & C... they ARE bigger and better names. downside would be uncertainty of future desk.
advice please!!
merry x'mas!!!
sounds like UBS.
I was in a very similar position when it was my time to sign last cycle. In a nutshell: grab some job security and sign with the lower-tier BB.
The potential upside of signing with the higher-tier BBs is totally OUTweighed by the potential downside of losing your current offer and potentially being left with nothing at the end. There's also large downside, even in the event of securing the higher-tier BB's offer (i.e. being pigeonholed into a retail desk or something you'd hate). The fact we aren't living in 2006/2007 doesn't help.
Within S&T, if you know what asset class you want to be in AND you're able to get that assignment (i.e. guarantee, no rotation)...then you're gold. It's very rare that new grads are able to know exactly what they want, let alone be given the luxury of choosing that desk.
EIther way, congrats on your offer and best of luck in your decision, man. There's definitely a million other guys out there that would kill to be in your position.
I think in this case you go with option A. Knowing your desk is huge - I know several kids that hate the desks they were placed on or rotated to and got stuck on. To know you will be where you want to be with a solid name shop is definitely a big perk in S&T.
At the end of the day, if you get an offer with option C for example in your group of choice, you can always renege on the smaller bank and burn a bridge - it's not ideal and probably not necessary, but you can do it, and be in decent shape especially with S&T where direct promotions are more common in the field ( here's an article on the topic: http://www.bankonbanking.com/2010/10/04/career-services-following-up-re… ).
Good luck and remember, having a good shop and making a move later is much better than not having a job and scrambling before graduation to scrape something together.
I presume you've already told Bank B and Bank C about your exploding offer? Or did you just vaguely ask them on the timing of their process and this is how they got back to you?
If you haven't already mentioned the exploding offer, you should. It sounds like Bank B's a good shot - talk to the MD you had great rapport with, see what he can do about it
Yes, I did tell them. I was thinking to shoot the MD an email... what do you think is the best way to phrase this?
The HR from bank B said they are finalizing headcounts with the headquarter. Since its almost year end they don't expect a decision until mid-Jan. I dunno how much of a chance I stand because I heard if a bank is interested they would move faster and the HR did say there will be headcount for sure, just unsure of the actual number. I also got under the impression that until they know the final number of headcounts, they aren't willing to commit anything yet. :(
Yes, I did tell them. I was thinking to shoot the MD an email... what do you think is the best way to phrase this?
The HR from bank B said they are finalizing headcounts with the headquarter. Since its almost year end they don't expect a decision until mid-Jan. I dunno how much of a chance I stand because I heard if a bank is interested they would move faster and the HR did say there will be headcount for sure, just unsure of the actual number. I also got under the impression that until they know the final number of headcounts, they aren't willing to commit anything yet. :(
JCI, thank you so much! Like you said, it is impossible for me to let this opportunity go:)
I am in HK and equity is in strong demand for the foreseeable future here in Asia so I am very happy to have the asset class confirmed. But I don't know which desk I will be placed on... During assessment center, I did meet seniors sales covering hedge funds, corporates, retail, etc... I guess the possibility to be placed on a sub-optimal desk is still there.
Could you elaborate on the pros and cons of sales covering different types of clients? From interviews, I know some banks devide them into two big categories, institutional vs corporate. Do retail and private banks fall into the institutional side? What is the downside of being placed on a retail or private desk as opposed to corporate & hedge fund/asset management/etc?
I personally found corporate sales quite interesting in that you will be meeting corporate treasurers from various industries. I do have the thought of starting my own business in the future and I guess being able to interact with people from a wide range of industrial backgrounds may help a bit more.
Last but not least, covering hedge funds, etc probably carries the most prestige and is also the most demanding and fast paced because you are dealing with clients who are highly specialized in certain product areas.
Let me know if any of this is wrong.
For the most part, there's completely separate groups for corporate, retail and institutional clients.
The pros/cons between the three groups essentially boils down to the exit opportunities (if/when you decide to leave your group/area): - A lot of people go into S&T with the goal of eventually working at a hedge fund or another asset manager (e.g. pension fund, mutual fund, etc). Working on an institutional desk makes this possible since you're either covering (i.e. sales) or executing (i.e. trading) for those very hedge funds - But if you're quite adamant on hopping over to a Fortune 100/500 firm's treasury dept, then a corporate desk might be where you want to be
The major con I've frequently heard about working on a retail desk (even stated by the very people from those desks) is the clients you cover. The clients on a retail desk tend to be much less sophisticated (e.g. investment advisors at the local bank branches), so there's much more hand-holding required. A lot of people don't have the patience for that.
Anyone, please feel free to add on, correct, disagree, etc.
I would be honest, if that's where you would like to work, tell them that, but you're not sure if you can turn down another offer with the job market the way it is. Reiterate its where you want to work and you hope you hear back before the other offer explodes.
Honestly though, you might be in a tough spot, everyone is out for the holidays. Have you asked bank A for an extension?
Perfect. That's how you should phrase your email.
Chances are, like Revsly said, you won't hear back from them too soon given it's the holidays. But send out your email, and then follow up with a call. Or, even just skip the email and just call...
Thanks Revsly! The MD may still be around. I will give it a shot anyway. What concerns me more is the decision making process at the headquarter that can't be expedited because it is in Europe and is highly likely people are away on holiday now.
What do you think an MD can do in this kinda situation? Do you think they can push the HR to give me some kinda hint as to where I stand on their list?
It's been already repeated, but reach out to someone who recruited you outside of HR as well for exploding offers. I was really dissatisfied with the HR person who dealt with my school's recruiting this year. Few people I was helping along the process had exploding offers didn't hear back in time, while HR was 'busy' figuring out regional demand and way past the expected 'getting back' time. Once a very qualified candidate accepted another offer, they just took the person out of contention since they didn't want a 'renege' situation. If someone really wants you, they can prod HR till they give in.
@ abacab, thank you for confirming my thought. When I was on a follow-up call with the HR I thought she sounded least interested in my situation even after I expressed strong interest if I am given the opportunity. Not to mention she didn't get back to me when she supposedly should.
@ JCI, pm-ed you.
For me personally, value of knowing you get the desk you want outweighs some broader reputational differences.
Offer expiring while waiting for another offer what should I do? (Originally Posted: 11/30/2012)
I received an offer from a large financial services firm that will be expiring in a week and a half but I am waiting to hear back from my first choice which is a large investment bank.
The investment bank has sent me emails keeping me updated on the process but they have not made a decision yet and they say they will let me know soon.
I called the investment bank and let them know about the other offer I received and when it will expire. Do firms usually make sure to get back to you before the expiration date of another offer?
In your opinion if they keep me waiting should I just accept my second choice job offer?
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