Offer in Hand, Possibly Three Coming: What do to?
Greetings all,
I'll cut right to the chase. I am a complete non-target graduating soon who just landed an IB analyst offer at a decent but up-and-coming MM bank on the west coast with decent comp (60 base 20-30 bonus), in an industry group I absolutely love. The offer explodes at the end of Friday.
I just had 3 2nd round rounds at other, bigger banks (one is in PubFin, one is IB for a TMT-centric boutique, one is a MM/boutique for a healthcare IB analyst position). I would rather take the boutique (if offered) since it higher comp, in a more desirable area.
I contacted the banks involved informing them I have the offer, and they all said they're pushing me through to the next rounds but can't make any offers just yet.
My questions are:
Should I take the offer, kick ass, network my ass off and try to lateral to another bank in a more desirable area? (Leaning towards this)
Should I accept the offer and continue to interview, with the possibility of reneging if I get a better offer? (Not my ideal choice)
What do you guys recommend?
Thanks!
frankly speaking, i would take the initial offer and reneg if you received another desirable offer. the exception being, however, if these are offers stemming from OCR. if they are through your own networking, id go with the reneg if something better shows up. thats just me though, i take high risks
If it is OCR, then they shouldn't be giving exploding offers in the first place. I would ask for an extension and if they say no then just take the offer. Then you can proceed to final rounds and if you get an offer then make the decision if the offer is good enough to possibly renege. Try asking for an extension first.
I think reneging should be reserved for situations when the difference is more dramatic. For instance, if you have a MM in Charlotte paying you 55k and you get a BB NY offer that youve always wanted. Going from a MM in an industry you love to a MM/boutique in healthcare in a better location probably isnt worth the trouble.
a bird in the bush is better than two in the hand
Here's the criticism of your approach - lose the entitlement mentality.
Here's the advice - “If you're offered a seat on a rocket ship, don't ask what seat! Just get on.” ― Sheryl Sandberg
Definitely take the offer, worry about the other bank later.
Just curious, did you complete an IB internship before you received your current offer, and if you did, was your experience in the same city?
Thanks guys! I appreciate all of the comments, and I am definitely going to accept the offer.
The offer was not from OCR, and it wasn't through networking. I submitted an app online, and got lucky. No extension is available, as an analyst is leaving and they need immediate coverage. (Immediate as in 6 weeks from now) redrocksy: No, I have not interned in IB ever, my most relevant internship was in equity sales.
Thanks everyone. If anyone has any more advice, I am more than happy to hear it.
I would not accept an offer to renege down the road, especially for something in the same ballpark (MM for MM/boutique rather than for a BB or EB).
I would take the offer and just network to a more desirable firm as a 2nd year.
Also it is not friday yet, I would wait it out and possibly give another call to the healthcare boutique, be frank with them and tell them about the position you are in, that they are your first choice but you have been given another IB offer which expires this friday and given the climate you do not want to pass up on a sure thing and risk ending up with nothing and see if there is anything they can do for you, again reiterate that they are your first choice and you will accept with them if they make you an offer.
Another suggestion: Have you told the MM firm about your OCR policy and ask for more time, that approach has an small to medium chance of working. End of the day they need to make headcount and don't care about school policy and your school will do nothing about it so they have all the leverage.
Also are there any other reasons you would want to work at the HC boutique other than pay/location, as these are both short sighted reasons for making the choice long term? What are your goals? If you want a shot at PE you are better off going with the MM firm if it has more name recognition/deal flow. How is the placement across both shops? Deal flow? Etc. Lots of factors to be weighing in making such a decision other than pay/location.
I never understood the concept of reneging and how often it happens while I was in undergrad (pre-WSO). After a couple years on the site and reading through all of these similar threads, definitely take the offer and reneg if a better choice works out. There isn't a ton of downside and if its in a different city, all the better.
Agreed 100%.
My biggest professional regret to date is that I stopped recruiting after I signed my first offer. I had some strange idea that it was a terrible thing to do and that I should be loyal to the company since I interned there before.
After reading WSO and seeing the amount of layoffs that occur and the way firms rescind offers I learned that as an analyst you're truly fungible. They could put up a job posting on linkedin/wso/indeed/onewire and get a hundred applications in a day.
Good job getting ft offers from a nontarget dude
Take the offer. If you were a shoo in for an offer at any of the other 3 places, they would get you an offer before this one explodes. The fact that they didn't means they're ok losing you, i.e., if you turn this one down you'll be a maybe at best... so you don't quite have "3 more in hand".
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