Signing Return Offer and Reneging
Hello All,
I recently received a return offer from my summer analyst position at a MM bank. However; I don't think I would like to work there full time given that I haven't been placed into my top choice group. I have started the process of reaching out to contacts to move elsewhere but it seems I may not have a superday for a FT job elsewhere before my offer explodes. What are the possible consequences I need to keep in mind should I sign and later renege on the return offer. The first one I can think of is that I obviously would never be able to get a recommendation from my SA bank. Thanks.
Do it. Worst thing that happens is you wont be able to work at that same bank again.
Tough situation. It really depends on your level of confidence. If you are 90-100% confident you will secure another offer from a bank that suits you, I think you could respectfully decline (But mention it is because you didn't get the group you wanted... they might offer it to you, you never know). However, if you are at all uncertain about securing another offer I would take this offer and then be the asshole who reneges it later. You might burn a bridge or two, but you won't need them anymore if you got a better job without them. Also, if you do that, be upfront and tell them it was just a logistical thing, but you loved the people, culture, etc. They might be frustrated, but they won't be offended.
Makes sense. So is the lack of a recommendation from this bank in the future not an issue - I was under the impression that banks would want to talk to people from past employers before hiring someone for FT? Also what would I tell those banks that I interviewed with in the fall when they asked if I was given a return offer?
Obviously, a good reference will help you with any job search. However, if you tell the recruiters your situation upfront (meaning tell them you got an offer and are not sure about it) they will put two and two together. If you got an offer, you were up to par for that bank, and they can assume the bank would say good things. And if you are currently recruiting with an offer in hand, they understand that calling for a reference will result in a terrible situation for you, and for them (that's awkward phone call...).
If you absolutely 100% HAVE to get some sort of reference, my advice is to privately reach out to someone at the bank you interned who was more senior than you, but is an understanding person. Tell them the situation and ask if they would field a reference. You are obviously taking a gamble, but it is the only option you really have if you need a reference before you dump the offer. Is this the only place you have interned, or just the most recent?
There are 1,000 posts on this and every single time the answer is to sign the offer and renege. You're not that special and they'll forget about you within a week. Loyalty in any sort of corporation or bank is severely over-valued. The second you screw up or become a liability to the bank, they'd drop you without flinching. Why shouldn't you do the same?
Should I accept the return offer? (Originally Posted: 02/02/2014)
I'm an incoming summer analyst in a top consulting firm (not MBB), I'm wondering if I had the chance to accept the return offer this summer, should I accept it if I want to apply for MBB? I don't know if the deadline of return offer would be earlier or later than the MMB's interviews, and if I could ask for an long-enough extension. And I'm also unsure if I can get into MBB if I turn the offer down. What's your opinion? Thanks!
Does your summer firm do OCR at your school? In many cases, if a firm wants to do OCR, they have to abide by certain rules of the college. One of the most common is a set date for student acceptances of early offers. If this is the case, the firm would have to let you wait until your school's date for your acceptance. This should give you ample time to recruit at other firms.
Who knows, though? You may end up loving your summer firm and not want to recruit elsewhere! Don't write off a company just because it isn't MBB.
Often MBB will do accelerated recruiting in August or so with strong candidates who have other offers that would conflict with the timetable of standard full-time recruiting. Could be worth reaching out to any contacts you have about that later in the summer if it comes to that.
Thank you so much!
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