Feeling extremely conflicted and unsatisfied
This is probably a first-world problem but I signed a SA23 offer at a bank that I genuinely enjoyed learning about and the people there were extremely nice and supportive. However I am aware that it does not have much of a presence as other firms (BBs, etc.) I signed pretty early on because I was truly hooked on by the culture and I found myself wanting to be a career banker so my train of thought was— why should exit opps and name matter when I am working with people I genuinely like? I’ve had interview and superday invites come in my inbox for way more reputable firms such as PJT, JPM, etc. but I ultimately declined because I did not want to put myself in a bad light by reneging after building such strong relationships in the firm and it was ultimately a battle of culture vs prestige. I realized I can re-recruit for full time but I know that it is substantially harder. I’ve been battling this for a while after signing my offer and not sure how to mentally approach this.
Sounds like you should consider BB or larger opportunities. You don’t want to look back and wish you didn’t reach for the best platform you can get. Bet on yourself and go for it. IB is IB. Exit and platform matters. A lot.
Even MM intern will work til midnight and the Blair Baird Piper analysts work until 2-3 am most week nights.
I did the opposite – I passed on an early offer in hopes of securing one at a top BB (GS/MS/JPM). Thankfully, it worked out for me... but if it hadn't, I would be fucked up right now. I think there's three ways to process this mentally —
You have no clue if it would have worked out. This is especially applicable if you are a non-diversity candidate. We are in a market downturn and banks have received a record number of applications. While receiving interview requests from JPM and PJT is certainly an accomplishment, conversion rates from first rounds are low—I often see 10-20% quoted here on WSO—and Superdays are the same. Given the caliber of both the firms and their applicants, there is zero guarantee that you would have received an offer, regardless of your talent. Sure, it's easy to imagine sitting pretty with a JPM offer, but how would you feel if you turned down this exceptional culture and then struck out?
A strong cultural fit is crucial. I talked with several seniors at my school who transitioned downwards (think GS/MS/JPM to Citi/Barclays/CS) because they lacked alumni support or mentorship at their respective banks. Reading between the lines, your bank clearly likes and values you, and that should make for a more enjoyable summer experience than at another institution. As you said, the people are "extremely nice and supportive" — why would you risk that against the abject hell that some JPM groups would put you through?
You have positioned yourself extremely well for long-term IB. You already have connections at the bank and, beyond the recruiting process itself, those relationships matter for securing a full-time role. Alums have told me that such connections also matter for promotions and mobility within the firm. Besides, the only two practical benefits of prestige are broader exit opportunities and slaying puss—and the latter doesn't matter if you're in a long-term, monogamous relationship.
So, I wouldn't worry about it. You're beyond good with your current situation.
Hey man glad it worked out for you. I remember seeing you panic on the BAML Launchpad thread lol
Right? All works out in the end haha
Met a top GS partner who said not to work at GS lol. I think his reasons were not applicable to us though
Great advice -- about being grateful and focusing on what you've got, as opposed to obsessing about what you don't. And especially meaningful since it comes from someone who's at one of those "upper tier" firms that you're sometimes wishing you were at.
It's all extremely relative. I signed with a mid BB/EB from a non-target - and I know some people would die to get that offer. I'm sure it goes downwards - kids with no offer would kill for a MM, kids with a MM would kill for a BB/EB, kids with a lower BB would kill for JPM/GS/MS.
It's partly because of how competitive and how over-shared or over-gloated SA offers have become. Even personally, just weeks ago, I was saying that I'd sign immediately if I got the offer I now have. Then I got the offer, and it ended the allure of chasing something, and I got external push over if I was leveraging into "something better," which made me insecure. I'm by no means ungrateful and I'm extremely lucky, but I can't stop feeling off because the waitlists I didn't get pulled off or didn't feel safe reneging for, the firms I couldn't expedite, and all the things I could've done differently.
It's also a trap with comparison - if you're watching your peers sign with BB/EB, I'm sure that's adding to the stress. Focus on yourself and try to tune out other ongoing recruiting processes, and also try to get involved in other non IB activities and enjoy being done with recruiting. You don't want to leave a void in your life just because banking used to take up a huge chunk of it. Congrats on the offer and I'm sure you'll do insanely well wherever you're going.
Wellllll if you're feeling this way then you could still continue recruiting if you have time and renege if you get something better.
I was in a similar situation and chose to continue and then reneged when I got an offer from a BB. Then I made good use of the block function on LinkedIn haha. To me prestige was important because having a prestigious brand on your resume is powerful for a young person with limited work experience (not so much an older worker). Also regarding cultural fit - yeah sure you talked with nice people but they might be gone when you're interning/other people in the firm may not be as nice so you never know.
Obviously this is a tough decision ethically and will definitely burn some bridges, so if you think it's ethically wrong then don't do it. But you shouldn't regret or feel conflicted in that case because you made the choice to limit your options.
Very interesting situation, do you think that reneging might bite you in the ass later on? I'm in a similar position (have an offer from EB, PJT/PWP/MOE) but received a late offer after my superday with JPM. Considering reneging on my offer to go to JPM for the "prestige" for exit opps.
Your name is Analyst but I'm assuming you're asking about SA because reneging a lateral offer could have different considerations.
But no, I don't think reneging would bite you in the ass unless you're an idiot and tell the EB "Oh sorry I can't come I'm going with XYZ BB" or you put "Incoming SA at XYZ BB" on LinkedIn before you actually start next summer. Sure you will burn bridges with people who interviewed/networked with/congratulated you but then you just block/avoid all those people (unless they're your friend that really pulled for you... then you might want to prioritize that friendship and not renege to save face for them.).
Also in the long term, even 2-3 years down the line there's a low probability someone will actually give a shit to remember some incoming intern reneged. Especially since it's likely most junior people you networked with will not be at the firm anyway.
And for the JPM side, if you want them then just sign your offer and keep your mouth closed. JPM HR doesn't need to know anything else. Will they seriously spend the time effort and money to call every other HR department to find out and pull your offer?
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