Got a return offer but considering FT recruiting for other banks
I recently finished a commercial banking internship in Chicago for a MM bank and got a return offer. I honestly wasn't expecting it and was planning on recruiting for corporate banking or a more high paying field. I only have a week to accept and am worrying about 1. continuing my full time recruiting and admitting I already accepted an offer or 2. reneging on the FT offer for another one. Any advice? I feel confident I can get another role but don't want to be kicking myself if post grad I have nothing.
Based on the most helpful WSO content, here’s what you need to know:
Reneging on an Offer: Reneging on a full-time offer is generally frowned upon in the industry and can damage your reputation. It’s a small world in finance, and word can travel quickly. If you decide to accept the offer but later renege, be prepared for potential consequences, including burning bridges with the firm and possibly impacting your future opportunities.
Continuing Full-Time Recruiting: If you’re confident in your ability to secure another role, you can continue recruiting while being transparent about your current situation. Many candidates have successfully recruited for other roles after accepting an offer, but honesty is key. When networking or interviewing, you can mention that you’ve received an offer but are exploring opportunities that align better with your long-term goals.
Decision Timeline: Since you only have a week to accept, use this time wisely. Reach out to your network, schedule informational calls, and gauge the market for full-time roles in corporate banking or other high-paying fields. If you’re serious about pursuing other opportunities, start the process immediately.
Risk Assessment: Consider the risks of not having a secured role post-graduation. If the market is tight or you’re unsure about your ability to land another offer, it might be safer to accept the current offer and continue exploring options discreetly.
Negotiation: If you’re leaning toward accepting the offer but still want to explore other opportunities, you could try negotiating for more time to decide. Some firms may grant an extension, giving you additional breathing room to assess your options.
Ultimately, weigh the pros and cons carefully. If you’re confident in your ability to secure a better role and are willing to navigate the risks, pursuing full-time recruiting could be worth it. However, if stability and a guaranteed position are priorities, accepting the current offer might be the safer route.
Sources: 7 Tips on Reneging, How to Navigate FT Recruiting: Learn from My Successes/Failures, Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?, Will recruiting ever stop accelerating?, Early IB Offer with exploding deadline - months before normal recruiting
Accept and reneg if you get something better - no one in commercial banking is going to sink their fangs into your legs and drag you back into the depths of hell by the balls.
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