Hello,
I had verbally accepted an offer from a MM (one of the top usual suspects) as a senior analyst. I've also met PM of the pod multiple times later. Now I have received a much better offer from a SM in terms of comp and title (although the title doesn't mean anything in the hedge fund world). Base is slightly better at MM while guaranteed bonus is much better at SM. I haven't signed anything yet at any of the places. I'm expecting culture to be better at SM based on my conversations with them. I'm inclined to go with SM due to higher comp, title and culture. Will there be any repurcussions of me reneging on a verbally accepted offer? How do I convey this to the PM of the pod? Will MM blacklist me?
Based on the most helpful WSO content, here are some key points to consider when reneging on a verbally accepted offer:
Potential Repercussions:
How to Convey Your Decision:
Tips for Reneging:
Example Conversation:
"Hi [PM's Name], I wanted to thank you for the opportunity and the time you’ve invested in me. After careful consideration, I have decided to accept another offer that aligns more closely with my career goals and personal circumstances. This was a difficult decision, and I have a lot of respect for your team and the work you do. I hope we can stay in touch and possibly work together in the future."
For more detailed advice, you can refer to the "7 Tips on Reneging" on Wall Street Oasis: https://www.wallstreetoasis.com/forum/job-search/7-tips-on-reneging?cus…</a">7 Tips on Reneging.
Sources: 7 Tips on Reneging, Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?, 7 Tips on Reneging, Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?, Please help! Renegging on an offer and boss threatening to cancel me
Happens all the time the time, until you have either offer signed, they know you are considering your options. I would tell the pod you have another offer, and realistically you will not accept their offer unless XYZ… better comp, title, whatever would make sense to you.
No repercussions, just tell PM directly, never seen anyone getting ‘black listed’ for turning down an offer. On the flip side, if you do it professionally, that door might still be open in the future if the SM role doesn’t work out.
You only *verbally* accepted? Then no problem, just say you have another opportunity but polite thanks anyway. You won't need to look for a job again for several years, so even in the unlikely case they blacklist you, they'll forget your name by then.
Or you already *signed* and now want to back out? Same advice as above.
Or you already *started working there* and now want to back out? Doesn't matter, still the same advice as above. Try not to burn bridges without a good reason; but a higher paying opportunity *is* a good reason.
Thanks for your response. Should I tell them where I’m going? Should I tell them about the second offer if they probe? What if the PM counters with a better offer?
I would tell them what they need to know. (1) you have another offer (2) to consider them you’d need XYZ otherwise your other offer makes more sense to you. Leave the ball in their court.
If XYZ is twice as much comp, say that.
Agree with all the above. At the end of the day you have to do what's best for you and it sounds like you'll be happier at the SM (and paid better). You obviously want to be professional and if the PM is petty enough to blacklist you given this set of facts, you probably dodged a bullet by not working for them. You can certainly try and leverage this to get more money from the MM, but would probably only do this if comp is the real reason you are going to the SM (vs the lifestyle / soft factors). As I'm sure you know, there are a ton of pod seats out there so that opp will likely always be avail down the road (whether its at this MM or one of the others).
In general what’s your opinion on moving from central team to a pod or vice versa. In your experience, which transition is easily available? I’ve heard/read that older candidates aren’t lucrative for MM pods. If I take the SM offer now and work there for a few years, I’ll very well be in my early thirties. Will that be a problem when I decide to move to a pod setup? I’m afraid that I’ll be stuck in the capped ceiling role at SM.
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