I'm supposed to come into a BB in a cap mkts role. At the last minute, space opened at a PE fund that I was previously waitlisted for. I would 110% rather go to the PE role so I'm not asking on advice on whether I should renege. I just want any advice on how to go about it? The recruiter for my school is an alumni and very involved in the process, so I think I'll shoot her and the head of HR for the division an email. Additionally I was supposed to start in the middle of June. Beyond that, how honest should I be and what should I consider when reneging.
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Gotta be honest about what you're doing. You will make it much worse for yourself if you lie. You never know who the people you are contacting know and it probably won't be too hard for them to figure out where you are going. Can't say that I know how to word a last minute renigging email cause honestly that's a pretty rough move to make. Good luck.
Do you think I should say "I accepted an offer from X and won't be joining the firm" or should I say "Another offer came up that I'm taking instead."
To me, it’s unprofessional to talk about other companies’ plans in a professional environment. Just say a PE firm or highly coveted similar industry role on the buy side, something to that effect. They wouldn’t tell you who they went with if it was the other way.
I just went through a (slightly) similar process as you. I sent an email saying that I was grateful for the opportunity but that I had accepted an opportunity elsewhere. I was later contacted by the HR department to discuss why. Probably would be better to call them and tell them you got accepted into another role that you believe fits your career much more? Good luck
Not trying to dissuade you, just offering one more thing to consider: What is the return offer rate at the PE fund vs the BB role.
A lot of these funds end up with one or two interns retained for full time, or even zero if there are no teams that need people. Might be worth asking the PE fund about this and then re-recruiting with them while holding the BB return offer.
If the above works out fine, then I would ask for a phone call with the alum and just tell it to them straight. Be extremely grateful for the opportunity, apologize for the last minute renege, and make the call short and direct. After that it would be prudent to send an official note to the HR person.
I realize that I didn't clarify but this if for FT. So I interned with the BB last summer.
In that case congratulations and good luck with the new role!
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