Reneging 2022/23
With recruiting having kicked off for 2023 SA/FT positions and having read recently about some firms pulling offers a couple of days before starting (Ik this is a rare case), I was wondering what the best approach would be to manage offers.
I saw on another thread that someone recommended that you accept all offers and then renege all except one a couple days before starting to be safe. Say I receive an offer right now which is possible - I certainly can't ask HR to wait many months before giving them a response but what if I wanted to recruit for other positions later into the year?
Do I just accept and renege later?
bump
Generally speaking, avoid reneging as much as possible.
If your offer tomorrow is with a good firm (say Citi/BofA/CS for example), then I would stick with it and stop interviewing unless you’re interviewing with a Goldman/CVP/Evercore type firm. I would NOT renege an offer from one of the first 3 firms for something at a similar firm, or even a slightly better one by this forum’s standards.
This all is somewhat moot if you accept a MM offer and then in 2 months get a BB one - in that case I think it makes sense to renege. To your question on timing, it just comes down to the first firm finding out about the second. To avoid this, don’t tell them where you’re going (just say you are going into another industry entirely), don’t update your Linkedin until after the internship, and don’t tell anyone that you reneged. Another risk is if you got the first offer through OCR, you could be blacklisted from your school’s resources for reneging.
You’ll need to weigh the pros/cons of your specific situation, but this is how I’d think about it. GL!
You should not feel bad about reneging. You have to do what is best for yourself. I don't think you should feel loyalty to any one firm, especially when they are forcing you within one week to make decisions a year before you start working there. However, I would definitely not wait till a few days before starting to renege. That will certainly piss a few people off and just overall would be a trashy thing to do. Also do not accept an offer from every bank you get knowing that you will be reneging them all since you never know when you might need to recruit for a FT or lateral position.You should just accept the first offer from a bank that you would be happy working at and can get you where you want to go, and only recruit for banks that are significantly better. Don't sign with DB and then go to an interview with UBS.And when it comes to actually reneging just be straight forward, don't beat around the bush, and say, "you are very grateful for the opportunity and we're fully planning on joining for the summer, but something came along that you could not pass up". No more information is need then that. Realize that this is the place that you are going to be working 80 hours a week for the next 2 years, so if you are unhappy with the team or can't get the exits you want out of your current offer then backing out is the best thing you can do for yourself.
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