Accept offer one week ago but very regret
I was pushed to accept one MM IB offer one week ago. This whole week I keep regret to accept it. I don't have any other offer yet, but I think I should keep looking instead of accepting. I don't have any other IB interview but has some random interviews in asset management, private equity, private fund group in BB/IB.
If I send MM shop and say I don't want go their place any more, what will happen? There are so many horror story about reneging. I am very scared if they mad at me and ruin my career. Should I talk to school career service center about this situation. Can I withdrew my acceptance? It is for next year 2023 SA. I think they have more than 1 year to find new person.
Any suggestion is appreciated! I keep worrying and regretting this all the time after accepting.
One bird in hand is worth more than 2 in the bush
Your school is always going to tell you not to renege PERIOD, for obvious reasons(reputation, bad future pipeline outlook etc.) . But if you rlly have solid reasons and know that you will NEVER work at that MM, then go ahead
It is low tier middle market bank I don't have plan to work there in future. But I am scared they mad at me and do bad thing on me: 1. tell school and school doesn't allow me campus recruiting any more. 2. Find the future new company and tell me revoke my offer. Although I don't have any type of other offer in hand yet. But I feel myself very against to go this company.
Is this case even counted as reneging if I don't go there?
Lmao you're going to renege without another offer in hand? Good luck striking out this cycle unless you're Tier 1 Hypertarget Diversity (think Black Transgender, Hispanic Disabled Veteran, etc).
Obvious I am not falling into any of these categories. I am in target school with good GPA.
Yeah backing out on an offer when you don’t have another is stupid as shit
What country are you based out of?
US
Isn't recruitment almost done anyway? Then maybe check out out the other interviews if you do not want to do MM IB
The real thing bothering me is that no matter what type of job I take next, if I turn down the MM IB roles, I am still counted as reneging and have big risk in my career, correct?
It really doesn’t matter that much. At the end of the day if you end up with a BB/EB offer take that and don’t look back
Way too much hysteria around reneging IMHO. OP- if you don’t want to work at that firm, send an email saying you are pursuing another opportunity that better aligns with your future goals. You might also call your close connections at the firm to let them know, if you’d prefer that. I do not think you’ll be blacklisted from the industry or reneging would ruin you career as you mentioned, but do not expect to ever work for that firm if you do decide to renege.
Prioritize yourself first and do what you think is best for you.
I am very appreciated your advice. Reading too many threads in WSO, there are 99% chance nothing happened when reneging, but there were really some cases (1%) went very bad in the end. I am keeping worry about this small chance things and feel burden on it.
Troll post? Apologies if not but reads as if Borat narrated it.
Very Nice!
Not sure what bank it is, but once you hit a certain level, a role in IB is a role in IB. If you really don't want to be there long term, just do the job, learn it, and then see if you can lateral out to a competitor on your 2nd or 3rd year. Where you start doesn't dictate where you'll end
Yes, this is true. Also this is just intern not full time job yet. In general IB role >> asset management role. If I don't like it, I always have chance back to asset management role in capital market, debt market roles.... The IB role is still prestige and harder to get than other bank's roles, right?
I wouldn't get so hung up on the "prestige" part so much as the experience. The internship is chance to build your resume and develop relationships with people who are in the industry. So yes, this is a positive outcome for you
If you don’t want to work there then sooner you pull the plug the better is my view. Tell them you’re out and keep moving forward.
Horrible advice from some people that tell you to just pull the plug. You should at least line up a new gig before anything. Honestly, unless this is a 3 man shop in long island, then it doesn't matter if it's LMM. I'm sure a lot of people will get looks at BB / EB with LMM / MM summer internship on resume.
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