I turned down a renege opportunity and I kick myself for it
I’m a junior right now and all the sophomores are going thru recruiting. I’m a semi-target and our placement this year has been ridiculous. Leaps and bounds better than years before.
That said, some kids have been reneging without question and placing incredibly well, buyside and top IB placements.
Last year when I was recruiting I signed a pretty good offer (Jeff / Citi / BofA / Gugg). I had two more SPDs that wouldn’t accelerate with MS & EVR which I turned down bc my integrity meant a lot to me. I’ll never know if I would have gotten the offers, but live with a lot of regret.
I’d like to say I feel good because I maintained my morals, but I really question if any of that matters in this world nowadays.
At least you learnt this now and not later in your career when it’s perhaps higher stakes.
In my soph spring, I too valued integrity after taking a very late boutique ER offer for junior summer. Turned down SDs for an interesting markets group in BlackRock and a top fundamental LO AM. Summer at the boutique was alright but they didn’t return a single intern from my class that year due to internal administrative BS, despite myself and a few others showing we were more than capable over the 10 weeks. HR told us summer ended that they’d reach out over senior year, but then just ghosted all of us whenever we emailed. Only reply I got in the end was when I needed info for my tax returns. Everyone is now at a different shop and has an ultra negative view of the prev place’s culture
Ain’t no loyalty in this biz, it’s every man for himself -my mantra nowev
Ur good bro. J join a good group at any of these firms and ur outcome will be no different
I'm not a fan of reneging but I also come from a time when it was a massive black mark.
That said, you gotta look out for you. You should think of it as a business decision, not a moral one. Weigh the pros and cons of where you're reneging, how salty the team will be etc. and make your call.
Curious, how was it a massive black mark back then? What's changed?
Congrats on Jeff/Gugg!
sheesh dude. banks do NOT care about you. Do what is best for you.
Was in the same position. Funnily enough I called up one of my contacts at the bank and they told me to reneg and it’ll be fine lol. Banks will fire you the day before your bonus to screw you over. Business is business.
Congrats on Citi!
Yea the thought of not reneging is crazy to me. The company has no loyalty to you and it’s 100% okay to reneg an offer if things change.
I accepted an offer my senior year of college at a MM in a T3 city and continued interviewing and somehow got a super day with a BB for NYC the week before graduation. Landed the offer and reneged on my old offer - there were 2 alums at the MM and the younger one was more pissed off but the older one said congrats you should do what’s best for your career.
After my 2 years at the BB I spent 2 years getting paid $400k+ in a MF PE associate program. Would have had 0 chance landing a decent PE offer if I had stuck with my original offer and it would have taken years to try to lateral and land in NYC. My life would have been completely different (and I think I would have been really unhappy that I didn’t end up in NYC and achieve what I had set out to do).
Almost exact same story to a Tee for me except first offer was no name in NYC.
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