What would you do if you were in this position?
Given that you obtained a FT offer for operations for a BB not in NYC and had a tight deadline for agreement.
But
You were interviewing for these positions
IB Analyst MM firm
Equity Research Analyst MM firm
Equity Research Analyst small HF
(All in NY)
Most of these firms are not even going through formal recruiting anymore. I networked my butt of to get there. I spoke to a bunch of the vps, associates and md at the firms and they all like me (they even interviewed me). They pulled a few strings to get me an interview. I got to speak to those people from other referrals. The thing is I still have a few rounds of interviews left. I feel like if I take the ops position all of that networking went to waste (the ops position was via OCR so no effort on my part).
I did a ER, Cap Markets, and PWM internship before this. I got all of those via networking but the firms were too small to hire FT but were great experiences. I feel like everything I've done might go to waste but if I tank my interviews I just epically screwed myself.
Accept the offer? Takes a month to get a background check anyway. Worst case, none of the other offers work out and you still have a job.
Depends on your ability to go jobless, and the likelihood that that may happen.
Given the circumstances you outlined - ops gig was a softball, 3 FO talks are your effort - I'd shoot for the FO interviews and potentially snub the BO offer. I say potentially because you may be able to put off the decision; see if it's possible to ask for more time to decide. As well, if you can network your way into 3 FO interviews in which the MDs, VPs, and Associates are familiar with you and there is the potential to get a job, I think that even in a catastrophic scenario (ie, everything fails and you wind up jobless) you'd be able to network your way into a decent FT job.
The logic is sound: you've got a BO job locked down in some city, but 3 FO jobs in NYC, so the risk may be worth taking. In your shoes, I'd strap in and make sure I got one of those FO jobs.
Thank you for the response. I will ask for more time but am afraid they will not provide it or worst case they rescind the offer. I grew up in NYC and can't imagine living outside of a city for a position I don't necessarily want. I'm practically failing half of my classes (final semester) due to all the constant networking, interviews and speaking with people.
i was in ur same exact position senior year. i turned down the bb ops offer, kept looking, and got a research offer. big risk but paid off for me. passing on what a bb vp told me, don't take an offer just b/c u have one. if u want to make big in this industry, u have to take risks. things won't always play out in ur favor, but atleast u tried.
If you're from NYC and don't want to move out, the decision become even more clear. Yes you run the risk of being unemployed, but as the guy above said, some risks are necessary. I think that in this case, the risk is justified.
Good luck.
Curious about this scenario.
What if he took the FT offer, then reneged because the MM bank gave him an offer. Then a year or two later, he tries to lateral to the same BB, but an IBD group. Would they reject his application since he reneged on the ops offer?
I have to sign a commitment on the 2 year ops offer. Based on the agreement and my poor understanding of the judicial system I am not allowed to seek employment with "competitors" nor "alternative positions" after signing the offer. Don't want to ponder what would happen if I reneged.
I've never thought of taking the MM and lateraling to BB IBD, but everyone I spoke to at the MM says they love it and people try to stay long-term.
I think you have to whip out some ninja moves here. Best would prolly be to finagle the situation to somehow push back the ops deadline and somehow pull forward the sit downs for your other potentials. Be creative. At the end of the day, you miss all of the chances you don't take, and then someone else scoops them up.
don't worry about the 2 yr commitment thing its just contractual language no one will say anything as long as you put in a years worth. however all bb recruiting including ibd will run thru hr at some point in the process and if u were to take the offer then renege shortly for another mm that will come up in the computer and obviously not favorable. trust me the systems these days keep records.
To echo what the other posters have said, I think it's worth the risk and you certainly seem capable of landing at least one offer. The fact that senior people went out of their way to get you interviews is a good indication of your attractiveness as a candidate (remember that those senior people are the ones ultimately making the decision). However, if you want to lock in an offer I have another, albeit more shady, suggestion:
I would accept the BO offer, then if and when you get one of the FO positions, decline the BO offer but don't mention it's to take another position. Say you had a family emergency, became seriously ill, etc. that way you don't invite any questions and if anything, HR would probably feel sorry for you. Keep a low profile (LinkedIn and the like) for a while until they forget about you, and it should work out fine. Now granted I can't say it's the best option, and certainly the most immoral, but figured I should at least mention it.
Best of luck
I'll take this advice. Thanks.
The 2-year contractual clause is nothing to worry about, correct?
I'm certainly not a lawyer or anything, but I wouldn't worry about it, especially since enforcing the contract would mean them forcing you to work there which doesn't seem like an attractive option for the company given they want workers who are eager to be there. I know it can get you banned from OCR but other than that the consequences don't seem that bad (even that is pretty irrelevant given you already have accepted an offer).
Who cares what HR thinks of you...? You're never going to see these people anyway. Nothing wrong with a verbal commitment. Also, even if it's a written contract they probably have some 90-day evaluation period or something of the sort.
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