Best excuse to Renege
Hey guys,
I had an offer from a very small long/short equity fund, but just received an offer to one of the bigger AM firms around. The opps are much better, along with the pay and job scope and basically FT. I'm a junior btw.
I actually accepted the offer through my school's Office of Career Services. I'm really afraid they'll do what you guys say and cut me off from any future recruiting or just deny the new offer leaving me with none. Should I just be honest with the counsellor? I understand that each person is different really. How much do you guys think the person in charge of the account I previously accepted an offer from would actually be understanding of my situation and allow me to renege?
Thanks
Just go in and talk to your career services, they're there to help not screw you.
But make sure you have your story straight and embellish on the fact you were applying to other AM firms with an offer already in hand. Say you applied before receiving offer and heard back months later and it was your "dream job" so of course you pursued. Usually they will give you an excuse to tell the employer and that'll be it.
If they react poorly to your situation just f*** em and do it anyway
You can PM me for more detail but briefly, I think it is too risky to renege as a junior, as the school will likely, at least threaten, to cut you off from OCR, which is a nightmare for a junior. And if it is OCR, the company will tell the school that you reneged.
Don't renege. Not worth it unless the summer internship has a high conversation rate to FT and you know you want to do AM FT
i would take what your ocr says with a grain of salt. they have their own interests in mind and dont want to burn bridges with the firms when students renege. did the second place know you had accepted an offer already? if they did, i doubt you would lose both offers.
If it's Bank of America vs. Morgan Stanley or Deutsche or something silly like that, probably not worth it.
If it's accounting at Dunder Mifflin vs. IBD at Credit Suisse, ok, probably worth reneging.
Reneging between two banks in the same city is pretty darned dangerous. I wouldn't recommend doing it; the HR lady who currently works at BofA probably used to work at JP Morgan.
Agreed. Don't bother with OCR. Their interests and your interests do not really line up. If you renege, it may be good for you but will probably not be as good for the school.Despite the uncertainty around the change in management.. Dunder Mifflin is a great firm.. awesome culture and even better colleagues.. I hear they have a great minority executive program too..
Just reneg.. Come July-Aug/FT BB Recruiting OCR won't do jack shit for you anyway.
just realize that the school WILL find out if you renege. whatever firm you got an offer from will almost definitely call the school and tell them that you reneged on your offer, which could potentially really hurt you in terms of getting access to OCR in the future
Sure, but if it's a difference like no-name firm accounting vs. working on Wall Street and Wall Street is what you really want to do, this should be a no-brainer. The sooner you renege the better. If you get the full-time offer from a Wall Street firm, full-time recruiting won't matter and Wall Street doesn't care that you backed out on some 200-person paper company in Scranton- especially if you let them know six weeks in advance?
When does Wall Street (err, HR) care? When you screw over their old coworkers at another Wall Street firm. If you dump Credit Suisse for JPM in the same continent, that's pretty darned risky.
Paper Cup Sales in Mequon, WI vs. Deutsche Bank M&A is worth it; Deutsche Bank M&A vs Goldman Sachs probably isn't worth it.
Reneging on the Dixie Paper Cup Company may not be 100% honorable, but for a 21-year-old kid, it's pretty darned understandable- if you let them know ASAP.
I was in a similar situation to that four years ago. I called my recruiter, made up some sad excuse because I was afraid to tell the truth, but I did it early and he was nice about it. If I had to do it all over again, I would have told the truth, but not enough to make it easy for them to get me into trouble if they're in that 1% of HR staff who have a vindictive streak.
Suggestions:
1.) Don't tell them which firm you're going to. 2.) Call them. Otherwise you will be worried if they got your email if they do not get back to you. 3.) Otherwise, tell them the truth. You got an offer in banking where you've always wanted to work. You're sorry, but you won't be able to work for them this summer. Thank you for your time... let's not make this awkward or memorable by dragging out the phone call... goodbye. DONE.
4.) Put down the phone, grab a beer. Doesn't it feel good to put an awkward conversation and situation in the rear-view mirror? Tonight will be the best sleep you've gotten in days.
Say you won Mega Millions
fail the drug test with the first firm on purpose. accept the second offer and detox asap.
Haha that sounds like an interesting (though dangerous) way out. A bit safer might be to lie A LOT on the background check form and hope they catch it and pull your offer. Search the forums for reasons people got offers pulled.
OP have you decided what you're doing yet?
sorry for the late replies. on asian time here. basically the first offer is from a really small long/short equity hedge fund and the second one is a AM firm, think aberdeen / wellington / fidelity, with probably an opportunity to convert because I'm gonna be the only intern there. i was also thinking the dream job, got a few months later reply but i'm just worried they'll block me from the 2nd one.
Just say you had a family emergency.
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