Renege BB SA offer for BB full-time offer
Hi all, first time posting
The situation is i just landed a BB IBD SA offer recently.
But now im thinking about applying to BB IBD full-time directly. not many openings now obviously but just wanna give it a try. main reasons being don't want to take the return offer risk, and also for full-time i can start in june or may, for SA even with return you only start earliest in jan 2019.
So just thinking is it actually ok to look for or interview with other BB for full-time jobs after you accepted SA offer?
And in general how bad is it to renege a BB IBD SA offer (contract signed) for a BB IBD full-time offer.
Thanks
Honestly, you already did well getting a SA offer as, what im assuming because you say you're looking for FT, a senior. With how difficult and limited FT recruiting is (especially this late in the game) there is virtually no upside to trying to recruit for FT now (double so bc you probably don't have IB experience ... virtually impossible to land a FT gig). And theres always the off chance the firm you signed a SA offer with finds out and rescinds your offer. I would relax for now and really focus on doing the best job possible this summer so you do get that return offer for January. best of luck!
thanks! agreed the chance of getting FT IBD BB job is low now. but before i signed the 2018 SA offer i was actually in discussion with a few BB firms for FT 2018 IBD positions. but before these FT firms could make a decision i signed the SA offer
so just wonder is it worth it to still give FT recruiting a try now, like reaching out to those firms i talked to before (they know i signed the SA already) or even new firms, hoping for the slim chance of getting a FT role
i read other threads about reneging a SA for another SA is unwise for the small upside. but now it's now full-time vs SA. so a bit got stuck here with how to decide is the best
thanks!
Reneging on an offer (and beginning your career with this step) is the wrong move. You don't know what these bridges you'll burn will mean. Think about it – the firm has given you a coveted spot, and rejected the next-best candidate who would've been elated at the opportunity, for what? If you knew that someone else had taken your spot, only to leave it shortly after, you wouldn't be too happy.
Take the SA and count your losses(?). It sounds like you worked hard for it and it was well-deserved. Extend your undergrad for a semester and speak with HR regarding an early start (Jan), or consider several months off before FT, assuming you land the FT offer. FT recruiting this late in the game is 99% impossible, unless your dad is personal friends with Lloyd Blankfein or the sort. The timetable is nearly over. You can try your hand at giving it a shot if you really want to, but I strongly caution against reneging.
A friend of mine reneged on a BB offer and went to a Big 4. The BB was his group's client, and ~5 years after, he had to visit their office for a client meeting. When he showed up at the front desk, he was led out by security. They had blacklisted him when he reneged, and is now barred from any work on that firm. Just an example of what could possibly happen. I've heard stories of people getting trashed throughout the industry, contacts, etc.. Not the best spot to be in.
Congratulations on the SA offer. Do a good job, work hard, and all will fall into place.
It seems like you're really interested in pursuing FT recruiting now. I hoped that my initial reply would have been adequate for dissuading you from going down this path... apparently not. Just to really hammer home why you should NOT be looking for FT offers right now, lets look at a best case and worst case scenario.
Best Case: You actually land a FT offer (at this point only places probably still looking are no-name MM and boutique firms) and gain a less than 5 months of work experience (September - December) head start than you would have from the SA return offer. Bank you reneged on blacklists you and you forever cannot work there or work with people who found out about what you did. If exit opportunities are your thing, you now need to be careful because you never know who knows who...
Worst Case: Wall street is small and the bank that gave you a SA offer finds out youre interviewing with another firm. Bank is enraged and rescinds your offer. Bank you're interviewing is informed and now doesn't want to waste time with someone who isn't true to his or her word and breaks commitments. It's now less than 6 months to graduation and you are without a job or any post-grad opportunity with 0 prospects of finding a job in finance at all anymore.
Make the right decision.
right seems no matter what i should not renege the SA offer. im actually going to graduate in 2018 june and so if no return it means i would be unemployed then unlike others who have 1 year more in college to look for full-time jobs. thats why im so return offer risk adverse and want to avoid that risk (by getting a full-time directly)
how about reaching out to other BB firms let them know i ll do the SA but available for a full-time in september. sign this full-time job before SA starts, meaning SA firm gives me an offer or not i wont take it?
not sure if its a good strategy to avoid that return offer risk
ofc the best outcome i hope for would be do nothing now, get the SA return, wait 5 months before working full-time.
Seriously dude, I don't think you're understanding what I'm saying AT ALL. First of all, no BB firm is going to let you start in September... all their on boarding procedures and training happens in June/July. Second, if the firm you accepted a SA offer with hears you're looking for other FT opportunities, what motivation do they have to bring you on as a SA? The amount of time and money they spend training you, paying you, and teaching you this summer is not because the amount of work you'll complete in 10 weeks is worth it - it's so that way they have another 10 weeks to see if they want to bring you on for FT. If you already signed another FT offer that eliminates that possibility - literally no better in their eyes than you reneging on your offer acceptance. Honestly, they might even view it less favorably because you'd be taking a slot they could've used for someone who may make it to FT.
Even if you don't get a return offer, you'll still have the SA experience and "investment banking summer analyst" on your resume, without (hopefully) any bridges burned - something you could use to find another related job or use to lateral into another IB gig months in when someone inevitable quits/fired/etc..
you are absolutely right man. im just trying to justify my decision of going for full-time which doesnt make sense. thanks for all the comments!
On another note, are you a senior who landed a SA position?
If so, please PM me. Have some questions.
im a new chimp so need to wait 2 days before i can PM anyone. if urgent feel free to PM me. thanks
Don't trip on your dick 10 feet from the finish line. Take the SA. Perform well. Start in 2019.
The risk return makes zero sense. You're betting your reputation and standing with all BBs HR and the people that liked you to pursue positions that probably don't exist or are only accessible via backchannels.
xxx-ThrowAway-xxx is 100% right about everything. You'd be dumb as fuck to even consider FT at this point.
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