Reneging on Lateral Offer

Just wanted everyone's thoughts/input on my current situation:

Have an offer in Public Finance in a regional office that I accepted last week, but just found out I've made it through the rounds at an EB for a lateral spot that I would take in a heartbeat.


The PF firm has already begun onboarding but haven't started the background check process. Is it a good idea to renege on the PF firm? How should I go about doing that, and when would be a good time? As soon as I get the EB offer vs. now? 

The EB spot is in a completely different city/sector so no worries about a disgruntled MD calling anyone up. 


I really enjoyed speaking to everyone at the PF firm and don't want to do this, but the EB pay is twice as much and in a city I like. 


Any thoughts/advice appreciated!

 

If the difference is that large you should go for it. I actually just accepted a lateral spot at an EB as well - they're a bitch to get so congrats for getting to that point. PF is a pretty dead-end career path for most people, so as soon as you get the EB offer in writing I'd go ahead and tell them. Make something up about geography/family or some shit, don't talk about the prestige or the group itself.

 

Agree with the above. You need to take the EB opp. This is a no brainer. This changes your life's direction. Public finance simply does not open you to opps like this EB offer does. 

Just gracefully back out and don't tell them where you're going. Family is the best excuse to use. 

Congrats on the EB lateral.

 

As a former PubFiner turned IBer - while yes reneging is "wrong", please, I beg of you, reneg ASAP once you get your offer. Unless you get rock hard from structuring east bumfuck Alabame sewer and water revs bonds... you'll be stuck in a boring job, with hours that can get as bad as traditional IB, with a bonus structure that will make you cry for weeks.

 

Similique et voluptas sapiente at. Eos ipsam est possimus voluptatem sit mollitia. Quos porro quia quia repellendus nihil adipisci ut. Nulla accusantium quis adipisci omnis quis blanditiis. Enim velit ea corrupti perferendis aliquam. Consequuntur quaerat eum rerum voluptatem quo praesentium.

Qui itaque eos reprehenderit aut quam eaque. Qui similique aut dolorem quo unde. Repudiandae quia vel magnam. Non eius non a tenetur omnis id. Perferendis illum et non quia.

Career Advancement Opportunities

May 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 04 97.1%

Overall Employee Satisfaction

May 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

May 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

May 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (87) $260
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (67) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
Secyh62's picture
Secyh62
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
GameTheory's picture
GameTheory
98.9
6
kanon's picture
kanon
98.9
7
dosk17's picture
dosk17
98.9
8
CompBanker's picture
CompBanker
98.9
9
Kenny_Powers_CFA's picture
Kenny_Powers_CFA
98.8
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”