Urgent offer help needed
I received a superday for FT IB and I accepted a return offer from another bank in a different division. The superday bank sent me a form to fill out and it asks if I have a contract of employment which I think I technically do. I don't want this to backfire on me and then end up with 0 offers. So I want to be honest and fill out yes. However, ideally if I get a job offer from this bank I would take it in a heartbeat but I want to know if I'd be an automatic no if I tell the truth? I'm just worried if I get the offer and take it my former bank might contact them and let them know that I lied.
Simple solution: don’t renege. Your word is your bond
I wish it was that easy but staying with the place will pigeon hole me so that's not an option. I'm just wondering the best way to do it.
Don't underestimate how small the world of IB is and the importance of business relationships, even early in your career. Let's game this out:
1) You interview for this new shop after accepting your current role and don't get the offer at the new bank. If the bank you already accepted found out, this could ruin your reputation at your bank, put you in "the hole" from a fit / culture perspective, and in the worst case scenario they pull the offer. Then, you have zero offers and run the risk of getting "balled" - if you agitate the wrong person, they only need to send one email to ~10 of their friends at other banks and your IB career is over before it began.
2) You interview for the new shop and get the offer, then have to renege on the firm you have already made a personal commitment to. If they want, they can call up your new shop and tell them what happened, and explain that you are unethical - then the new firm pulls the offer. Same cycle as above...
3) Get in contact with a few people at the firm you want to interview with and explain the situation and express your interest, but let them know you have made a personal commitment to another firm that you have to honor. Then, grind it out at the firm you already accepted the offer with for a year then potentially lateral over to the new firm with some experience under your belt. During the year you can continue to have calls with folks at the shop you are interested in to learn more. Then, if you still want to join later, you are doing so after de-risking your employment by moving up the learning curve.
Hope this helps. Good luck!
To play devil's advocate, it's not always an option to lateral over to a different company, especially if it's a different role. School is the one time when almost any company is at least somewhat open to hiring you. Some firms like MBB very rarely take laterals at the junior levels and Goldman most likely won't let you lateral over unless you're coming from another BB/EB.
Maybe it's some kid's dream to work at Goldman or McKinsey. He gets straight A's, joins the right clubs, networks hard, studies the material, and he gets the interview. However, his other offer for a less prestigious job in a different role expires before he'll know whether or not he got his dream job. He can take the offer that he has and stop the recruitment process at his dream job, not knowing if he will ever have another chance. Or the other option, is to decline the current offer that he has, betting his odds on his dream firm, with the large chance of striking out and having to take some random-ass job in some random city. Recruiting and getting interviews, especially at the undergrad level, is more of a crapshoot that most people realize unless you're a stud with a 4.0 or have connections.
This is totally understandable (and I went through a similar dilemma when I was recruiting where I 'settled' for not my first choice job because I didn't know if I'd get an interview from my top choice) but that doesn't make it worth the risk to actually renege. I ended up accepting my first offer, and I had to (very regretfully) decline an interview offer from my dream bank. Are banks evil for doing this? Sure. I would 100% change the system if I could or make exploding interviews illegal, but me having issues with the system doesn't mean its worth gambling my entire career over reneging. While my dream job would have been slightly better for my career, my current job was about 10,000x better than not having a job, which would have been pretty likely if I tried reneging.
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