Offer rescinded what can I do now?
Hi everyone,
I signed my summer offer with this bank earlier this year and recently I realized that a friend that I was going to find housing with, backed out. And since it was an unpaid internship to begin with, I would have had to pay around 1200-1300/month for housing if I went solo. I decided to reach out to the bank and tell them that I have no problem with the internship being unpaid but I would appreciate if I could get help with housing.
I was scheduled to talk to the founder early in the morning but my phone drained overnight and I couldn't wake up on time for the call.
I emailed and apologized to the founder and asked to reschedule and around 15 mins later, I get an email from him saying that they'll miss having me intern with them.
I called them, begged and asked for a second chance and that I had nowhere else to go but they said they were forced to move on.
I am now a Junior, who wants to do banking full time, going into summer with nothing at all.
What do you guys think? I would truly appreciate any advice going forward in prepping for full time.
Heres a tip, try charging your phone before taking a SCHEDULED CALL WITH A COMPANY CEO
..... Set an alarm and wake up, you think that would be a priority??
He probably wouldn't pay for housing and was going to mention it on the phone to you.
for this summer? try to get a tech internship...anything really. if you can't get that...go teach english abroad for the summer somewhere exotic...better to have a good story for fall recruiting.
lol, if I were a CEO and an intern missed a call with me because he was passed out, I'd rescind it too. don't get me wrong, I've done stupid things - these are life lessons. best thing you can do going forward is to keep hustling and try not to let these few chances slip away.
Dude, really bad look. What if you did this and missed a client call?
As an intern you were insanely lucky to even have the opportunity to talk to the founder. The fact that you didn't think to charge your phone or have more than one alarm set was a massive misstep on your part and I would take this as a big lesson on how important timing is.
At this point it's pretty difficult since I believe most bank's hiring cycles for interns is over. If I were you I would reach out to anyone and everyone in your network and talk to them about getting an internship. There are a lot of smaller groups that would be happy to have an intern come in and help work, especially if it's free. It may not be your first choice of places to work, but it is better than nothing and as a Junior you definitely need to get something on your resume this summer.
I’d get the stars out of your eyes. Any firm that can’t afford to pay interns anything is a bucket shop and/or circling the drain. Probably not much of a “CEO”
Appreciate the comments guys. Definitely, a lesson learned the hard way. The grind will continue and I hope to post good news in the near future.
Kind of relevant I guess, but I’ve been using an app called Sleep Cycle for over a year. You set the alarm and it wakes you up within a time range (that you set), e.g 8-8:30am, but picks the best moment to wake you up so you’re not groggy. It tracks your sleeping throughout the night and shows stats over weeks/months (if you care about that). Regardless, it also has a feature where if your alarm is set, but your phone isn’t charging for some reason and hits 10% battery, the alarm will go off so you can wake up and realize it’s not charging.
Downlod Sleep Cycle and you’ll never miss a call from a CEO :)
I use sleep cycle too... :|
It's what ate up the battery while the phone wasn't charging :(
Oh and BTW, these four rules will serve you well going forward:
People who don't do these four things can't be (and aren't) taken seriously.
Maybe i’m old fashioned, but you’re ‘losing out’ on an unpaid internship? If they aren’t paying you, why wouldn’t they just take you anyway? Also, how is that even legal? Minimum wage is a federal mandate, as far as I know.
Go find a real internship that actually pays real money. Why even bother wasting time on an unpaid internship in this day and age when every semi-reputable company pays their interns?
You dodged a bullet.
You should have woken up, but the founder sounds like a fucking dick and you dont want to subject yourself to that bullshit, even for the summer. Somehow its always the unpaid internship CEOs that are the biggest assholes and expect the most for fucking slave labor.
The bar is low for unpaid internships, dime a dozen. Keep up the hustle.
And fuck all these guys on WSO saying I would have fired you too, bunch of keyboard warrior princess bitches.
Live and learn.
EDIT: heres some life knowledge - the mistake was saying you overslept.
next time make up a lie: family emergency, emergency room visit, etc. meetings get canceled all the time, dont raise your hand and expose a dumb ass mistake. Lie, lie, lie.
You're better off without the internship. Anyone who works a finance internship for no pay is a loser. Anybody who offers a finance internship for no pay is breaking the law.
I agree with other posters; going "sudden death" on anyone for missing a call is a major dick move. My standard for getting pissed off at someone is three missed calls.
Curious why you think anyone who works a finance internship for no pay is a loser. I had a couple of unpaid internships, and am now going to a solid IB which I would've had no chance of doing had I not done the other internships.
I love all the advice about setting another alarm. No shit - pretty sure that’s obvious now. It is a life lesson, one that I’ve unfortunately had to learn several times and had multiple meetings with senior folks that I’d rather not have. I go to sleep late and getting up is hard, that’s not going to change so you just have to do whatever you need to correct for yourself. You’ll figure that out on your own.
1) don’t dwell. It’s over and unpaid internships are bullshit anyway. I’ve never taken one. That shouldn’t be a thing and you’re no worse off for it. Who the hell can afford to live in NY with no cash coming in.
2) LinkedIn is a magical place. Get on. Leverage any network you have and apply like crazy. Any (paid) internship is better than none at all. Don’t let people make you think they aren’t available. Perhaps not as prestigious but I guarantee places are still looking.
3) If you don’t get an internship for some reason, get a professional summer job - bank teller, corporate assistant, etc.. and use your final year of school to get involved to beef up the resume. Everyone has a story and if you can tell yours in the right way it won’t matter.
4) DONT DWELL AGAIN. You have no idea how many opportunities will come and go between today and when you turn 25. If you are good, and intelligent, and can convey that in a meaningful way it will all work out in the end.
At this point what's done is done, I'd learn from it and move on. My thoughts on your situation and the general commentary are below.
For all those people bashing you, telling you you're an idiot etc, I wouldn't take those too seriously. You know you messed up, I'm sure you're upset and frustrated, and hopefully you learn your lesson. Life is about the little things, sometimes a few min can make a huge difference the same way a few words can make a huge difference the same way a few small actions can make a huge difference. It's a good lesson to be careful and mindful of your actions.
I also wouldn't be quick to blame the CEO of the business for being ruthless nor would I go back and try to beg for a job from him. Could he have overlooked you missing the meeting as a silly rookie mistake and still hired you? Sure. At the same time, needing to train and hire an intern, even an unpaid one, is a drain on the company, and after he gave you a chance to learn(at the expense of his time and effort) you first ask for a housing stipend and then have the gall to blow off a call with him because you aren't able to wake up in time?
I'm not sure what your money situation is, but if the opportunity was really that great, I would have fought to find a way to fund the ~$1500/month for 3 months. Could you have asked family/friends? Gotten a job on the side? Seems like that was the first mistake, but obviously hindsight is 20-20.
Anyways, learn from the mistake, it could have been worse, and hopefully it'll be the last time you ever oversleep for something important.
Why is your housing their problem?
When you called them to say you would "like some help" you effectively rejected their offer. You applied and interviewed for an unpaid internship, they gave it to you, and you called back asking for pay. Kind of an amazing story really.
For everyone bashing unpaid internships: they're probably the most upwardly mobile thing around. Vast majority of those getting paid internships are the target school kids who were going to break in one way or another. It's the unpaid roles at the less well-known shops that give the non-target kid a chance to build credibility and differentiate.
This is OP. I did end up making a new account, that's not to say I didn't deserve the stick, was definitely sloppy on my end. But just to bring you up to speed, the following summer I did a search fund internship, used that to get a fall IB internship during my senior year of undergrad. Then, of course, we had COVID so that screwed me over again from a recruiting front and I graduated without anything locked down for FT. Did another IB internship during fall 2020 but learned a lot more this time because I was able to fully commit to the internship without having to worry about school. I consistently recruited while I was doing the internship and thankfully was able to secure IB FT at a MM bank late 2020 which is where I am right now, happy and grateful :)! In retrospect,I only lost a month of FT compared to my peers since the 2020 FT start dates got delayed b/c of covid.