Thoughts/Advice on whether or not to renege on an offer. Received an offer from a BB in NYC. I want to explore my options at EB but offer expires before other bank's even start interviews
-accept offer and continue recruiting/exploring opportunities -decline offer and continue recruiting but no guarantee of receiving a better offer
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welcome to what’s known as an exploding offer. what I would first do is contact people I know in firms that interest me and tell them about this offer and kindly explain how you want to work at their bank and if there’s a possibility for an accelerated recruiting. if that doesn’t work then I’ll look at this banks history of what happens if the you renege. I’ll then make a decision based on these factors.
I've reached out but haven't heard back yet. I'm assuming HR is extremely busy given whats going on right now. Would you decline the offer? or would you accept and continue recruiting (keeping in mind thatfirms are probably downsizing their SA and FT classes)
Compare the size, I mean if its a very small boutique in a tier-II city then definitely decline. But what my mentors told me was you can decline and still tell others that see I got an offer but I declined that because I really want to intern at your bank. So, weigh your options. For example, don't decline Citi because you want to go to Goldman Sachs.
congrats man -- that's super early. Mind if I ask what firm?
.
This seems like a bad time not to take an available offer, especially if it's already at a BB.
There’s several other posts here asking this. General consensus is to first ask to accelerate the processes you’re in elsewhere and leverage however this is becoming increasingly useless as firms are less prone to accelerating for individuals especially this early. It is not a good idea to continue to recruiting after accepting an offer especially if you’re throwing your name out there in cold emails to a bunch of people across firms.
There are several stories of interns you can find here and that I have heard of personally of banks who learn that a kid reneged someplace else for their bank (easy to find out at targets where once kids accept an offer the school’s career office knows for placement statistics) and that bank no longer wants to have a candidate that did so or if found out later on in the year it may come to bit them during the summer.
Couldn’t you play it off, citing coronavirus fears? I’d be hard pressed to stop networking entirely this early in the process, even if I had an offer personally in hand right now. @OP I’d accept the offer if it’s a place you’d like to work, then continue networking with banks you’re interested in. I personally wouldn’t renege, and I’d say you shouldn’t send emails that make it sound like you would. If you could spin each email to basically sound like you’re interested in learning more about the banks or interested just in meeting people for the sake of networking, rather than looking to get a “better” offer, that would be totally fine. I just think it wouldn’t be fair if you were to, say, accept your offer right now and then get screwed next summer if the bank decides to pull offers because the economy sucks. You wouldn’t have friends at other banks who knew you were legit - you’d have to basically start over from scratch.
The only people that should have a ‘fear’ of offers being pulled are incoming SA’s this year some FT offers, not sure what SA 2021 has to do with any of that. You do realize it means you guys do not start work work until more than a year from now? It’s the same ‘risk’ as any year of a bank collapsing which is very low unless you think the current situation will go on for another 18 months?
Any thoughts about how FT recruiting works for BB SA looking to lateral to a better group on the street?
How did you get the offer? You are extremely stupid to ask this question given the economic times. Take what you can get and move on.
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