Should I renege this late?
So basically my question is: should I renege my offer at a MM for a JA position at JPM?
Background: I signed a mid tier MM offer back in Dec when they gave me one and I continued recruiting. I recently got an offer at JPM as a Junior analyst (basically one year below 1st yr analyst) in a mid-tier group that is not super sought after, I kept recruiting cause I applied for it before I got the offer at the MM and I never thought I would actually be able to get it somehow.
The position at the MM is a FT first year analyst position and the MM is a very well respected one on the street and the compensation is higher.. If I renege, especially this late... I am sure they will be pissed off and I don't know if both offers will fall through, realistically speaking. I know it's bad and has consequences and I normally wouldn't do it if it's for some other BBs cause the risk is high, but I was tempted and wanted to give this a thought cause it's JP and it's really hard to get into, I worked very hard to get to this point and jumped many hoops.
MM: M&A analyst (I like M&A) JPM: Coverage group (I don't like the industry very much but I was hoping to switch to other groups after a year.) Future: Hopefully stay in banking? But not sure, won't go back to b school.
I normally wouldn't want to do this but I saw some of my friends reneging, it was bad but they got out fine and now working at shops they want to work for. So my question is should I renege? I am currently leaning towards that and hope to get some objective advice.
Pls don't come ask why did I get the offer at JPM and other kids haven't heard back, I am very lucky and that group moved fast, that's all.
Thanks!
I would take the MM offer, seems like its everything you want except the "prestige" of a top BB, which is kind of overrated anyway. It's about the experience, and M&A with decent deal flow is better than a "meh" coverage group.
OP, it sounds like you're graduating from college this year (hence the reference to getting an offer an December)? If that's the case, then here's how I'm seeing it: the JA program is like a "second chance" for people who didn't make it into IB the first time around (out of undergrad) and then went to TAS, accounting, or whatever upon graduation. By doing the JA program, they can restart in IB at the entry-level, get an extra year to get up to speed relative to their peers, and get an impressive IB pedigree.
In your case, you were able to get into IB right off the bat, so you don't need an extra year for the JA. You're already starting on third base and don't need to play catch up. The JP Morgan name is nice and I can see how it would be hard to give up, but if you got an offer this time around, I have no doubt that you'll get one as a lateral hire for the group of your choice if you want to. Just one person's opinion, though.