Reneging IB for Tech
I took a FT banking return offer at a BB just about a month ago because deadlines were tight and my family isn't in the best financial situation, so I didn't want to take risks in this job market unfortunately.
I just received my dream offer from a FAANG in tech. It's something I aspired toward all of college, and I don't think I can turn it down. It would be financially better and it's something I'm genuinely interested in.
I'm willing to accept that my team will be angry at me, but I'm more worried about the FAANG. Could they find out via background check, and if so, would they care at all? I normally would not have reneged but COVID circumstances made things tough. Thanks.
1) FAANG Company doesn’t care, officially accept first thing Monday morning and don’t look back
2) Your bank doesn’t care ~that~ much easier, especially since you won’t be starting for awhile. Write a nice (concise) email saying that your post graduation plans have changed due to personal family reasons and that because of it you will have to respectfully decline your return offer. Mention how great your experience was and how much you learned blah...blah. HR may ask what you plan to do post grad just to be a little nosey (make sure you’re not going to a competing bank) but just note that it’s not finance related and you’re good.
Congratulations! Go do what you love.
thank you! this is really reassuring
Hey again, so I officially accepted the FAANG offer and am planning to renege this week. Should I renege before or after my background check with the FAANG? I know FAANG won't care, but I just want to know if I should wait if the FAANG offer is 100% locked in before reneging. Thanks!
Honestly I’d do it sooner rather than later! It’s really unlikely but the last thing you want to come up in a background check is that you actually offered a position somewhere else and are knowingly holding two offers. I can’t think of a situation where they could ever find that out, but you don’t want to be the one in a million chance that has to explain your way out of it. I’d consider your FAANG offer set in stone unless you have some strange reason to believe you don’t have a good chance of passing it - and if that’s the case you probably would pass the banking one either, so either way, I’d just rip the bandaid off now. Maybe the bank can then give that offer to someone else still up for consideration right now.
What role in tech and what does the total comp comparison look like for the role in banking? What prior experience do you have that allowed you to break into tech?
don't want to give away too much but the total comp should be around 60k higher in tech, at least for the first year. i've had technical internships in this past and study a technical major so not a huge pivot
I’m guessing you’re an engineer judging by those numbers
Go for it
Take the FAANG job.
Your IB team will understand and they 'get it.'
In a few years after you spin out from your FAANG job, you can always hire your old IB team to take your startup public. ;)
I don't see how FAANG can find out you got an offer at JP, and in a worst case scenario if they will ask you about it you'll say that you decided against the opportunity with the bank when your dream role at the FAANG became open for you. Done. Easy. Have fun.
Would you mind pming me? I have a few questions about tech.
While I definitely agree that you should take the FAANG job, I could not more strongly recommend NOT sending an email and calling your IB instead (someone you were tight with, or the hiring guy or whoever).
Why? 1. You don't want to leave a digital footprint. Emails can be forwarded, referred to, saved, etc. Leave as little evidence as you can about the fact that you are reneging on an offer. And 2. I'm assuming you interned with the group you got a return offer for, but even if not, you don't want to end that relationship on a bad note by just sending an email saying see ya. Man up, speak with them on the phone saying how you really appreciate it but an opportunity that is much better suited to your goals has came up that you just couldn't pass up. Nothing beats an actual discussion.
Otherwise, congrats.
Hey, so I officially accepted the FAANG offer and am planning to renege this week. Should I renege before or after my background check with the FAANG? I know FAANG won't care, but I just want to know if I should wait if the FAANG offer is 100% locked in before reneging. Thanks!
Stall for another week
I agree with this. In addition to reasons mentioned, it's very important for young people to learn how to handle difficult situations (and actually handle them). It will be uncomfortable for sure. Truth is they don't really care. You're not leaving them in the lurch as they MANY kids who want your spot and are equally qualified (just like those who could/should have been accepted to the targets). Also, they don't want an employee who isn't really thrilled to be there vs. somewhere else. It's not a big deal to them and happens frequently.
But it needs to be handled. Do it immediately. Don't beat yourself up or stress. Get it off your plate now and you'll feel better about the whole thing.
You have a chance to follow your dreams and you’re worried about what some bank thinks? If you died in the office they’d step right over your body to find someone else to do the work, you are nothing to them. Send an email saying you no longer wish to pursue banking at this time of your life and thank them for the offer....they’ll replace you by sending that offer to someone else before the day is out.
Congrats in getting your dream offer.....that feeling is OH SO SWEET
Lol at anyone choosing ib over faang. Op you are doing the right thing renegging.
Take the FAANG job if that’s what makes you excited. Working for a “brand name” bank out of school was a recipe for success in decades past, not decades future. FAANG has its own problems, but at the end of the day you’ll be most successful and happiest in the job you’re excited to go to instead of the one you hate
In a similar situation right now. Could OP update on how things went?
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