What to do - Junior at non-target
Here it goes...
The Background: I am a junior at a non-target with a strong GPA and decent work experience (currently AM/Fund of funds). I have a SA offer with a good BB (think MS,GS) in Credit Derivatives, however it is a middle office position. I am excited about the offer but have wanted to do IB for a while now. I have been doing my own cold-calling/networking and am waiting to hear back from a couple of decent and no-name boutiques and regional banks.
The problem: My offer deadline is fast approaching (I have already received an extension) and I want to hold out for IB. A couple of the IB spots will not have a decision until mid-April, which is after the deadline. My hopes are to get a FT offer in IB and from what I have heard, it would be better to have a boutique/no-name IB internship than a BB middle office spot.
The Solution: This one is up to you guys! My thoughts are in this order: 1) Accept the offer and if I get an IB spot, dinge the BB spot and burn a bridge. I know this is unethical but would the BB think twice about dinging me if it was to better the company? 2) Hold onto the BB position and ride out the summer. 3) Decline the offer and hope for the best.
-Let's hear it. Thanks for the advice!
1
1 - Yeah, you'll burn a bridge, but so what? No one's going to fault you for turning down BO for FO. This way you'll have at least one option for the summer. Option 3 is not an option.
3 is way too risky in this market, especially since you're at a non-target.
1 or 2 is the decision, and the choice just comes down to you. If you do burn the bridge, I would certainly never expect to work at that bank. Will your school punish you if you cancel the BB internship after formally accepting? Some schools don't let you use career services, so that may be something to consider.
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