My full time offer got rescinded
Today on my second to last day I was told they where rescinding my MBB full time offer. I start my senior year next fall and don’t know what to do from here. How do I damage control
Why are they rescinding the offer? It’s strange for them to do that
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Good. I fucking hate people who sing to themselves in public
if there's a song stuck in your head and you're quietly humming while doing something like pouring a drink, super chill - but if you're just in the corner of a room loud singing wtf man
you gotta elaborate on this lol
don't they guarantee return offers? you must have been a really shitty intern
Hey OP - seems like several other posters are here just to insult / troll, but I get your situation since this happened to a close friend of mine. From what I've heard, MBB is significantly slowing hiring (just like all of tech) - anecdotally, at my school (target, hypsm), we've had several candidates who are textbook qualified who didn't even make it past the RESUME screen at several MBB. Not even a first round.
My guess is that they are really trying to reduce headcount, they realized it was a mistake to give out guaranteed RO's at the beginning of summer now that the macro environment (or rather, the perception of it) has shifted so dramatically, and they are resorting to rescinding RO's for the lower performing interns. In all likelihood, it's not that you did anything egregiously wrong (else they would cite it in their feedback); rather, they are just being extra nitpicky to identify reasons to ding you. They'll probably try to frame things in the most negative light possible to make it seem like sufficient justification for rescinding a RO. Classic shady corporate ethics.
I feel for your situation and what I would do is apply to everything under the sun for FT (don't be picky and limit yourself to top IB's; apply to any decent firm in every field; for now, beggars can't be choosers). It's not too late yet, and with an MBB internship on your resume, things should be more manageable. Best of luck man
Lol what a ridiculous take.
Even if they wanted to reduce headcount (which is emphatically NOT the case at least at my MBB, like business hasn't even slowed down meaningfully), rescinding intern FT offers is just about the last lever they would pull to do so.
Intern offers weren't even rescinded in 2020, when the 'macro environment' and level of uncertainty was much, much worse than today.
Rescinding offers to reduce headcount isn't really a thing at MBB except in pretty extreme circumstances, which we are quite far from today. Unfortunately, OP won't be able to blame this one on the economy and will need to take personal responsibility.
Agreed. MBB firms are in no way trying to cut staff. The only interns that I heard of who got offer revoked were the really really bad cases (bad attitude, laziness, explicitly showing that you don't care, etc…)
Amazing how so many people are upvoting some guy from Goldman who is completely missing the mark
So I'm not going to debate why your offer was rescinded, but I definitely think there is hope for you so don't get too down on yourself. Here is how I would execute my job search strategy if I were you:
1. Apply to the other MBB firms. It's not uncommon for someone to apply to another one of the MBB's, and honestly if they ask "why aren't you going back to ____?" you can just spin it off as a cultural reason. I doubt they'll think your offer got rescinded since the default was for everyone to get a return offer. For example, "I really enjoyed my time at Bain, but I realized that I have a diverse set of interests, and working at BCG would help me explore those areas as opposed to being stuck doing PE work at Bain." Also, other MBB firms may be eager to 'poach' from their competitors, ignorant of the fact that you got let go.
2. Apply to lower-tier consulting firms. This is going to be tough because a firm like LEK is going to be very suspicious when judging/interviewing a former MBB intern. They will probably assume something happened at MBB because why would anyone go from MBB to LEK/PwC/etc... In this case, I would be honest about losing your offer and show maturity/growth, hoping that they will see a bottom-bucket MBBer with a good attitude would make a solid employee at their firm. There's a reason why people who get fired from MBB still get swarmed with emails from recruiters- MBB is a difficult job and their hiring standards are tough, so just having the MBB on your resume shows something. (Here is a good post about a similar question: https://www.wallstreetoasis.com/forum/consulting/need-advice-no-return-…)
3. Apply to unrelated jobs. This may be the more natural way forward. There's a lot out there that you can leverage your skills to get. You can apply to a corp Strat job (Capital One, Linkedin SOAR, etc...) and say "I liked the work of consulting, but I prefer the internal model because I want to be able to see the how my work effects my company." You could apply to IB, tech, or Econ consulting and say "I enjoyed my internship at MBB, but my true interest is in banking/tech/econ research."
Good luck, and show your MBB why they should regret letting you go!