Can reneging on a Houston IB offer for a NY one hurt your career long term? Say you get a mm offer for Houston and accept then get a bb in NY. Am I better off sticking with the “worse” offer or reneging and taking the better one?
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Na unless you want to go back to that bank maybe? Odds are super low anything bad happens
Reneging on an offer can indeed have significant long-term consequences for your career, especially in the interconnected world of investment banking. Based on the most helpful WSO content, here are the key considerations:
Reputation Damage: Reneging reflects poorly on you, your school, and your alumni network. Senior bankers, especially alumni, invest time and effort in recruiting talent. Reneging can be seen as a breach of trust and a "big screw you" to those who vouched for you.
Burning Bridges: The firm you renege on may blacklist you, and word can spread quickly in the tight-knit finance community. This could limit future opportunities, especially if you aim to transition between firms or industries later.
Risk of Retaliation: Firms have been known to rescind offers if they discover you reneged on another. For example, some candidates have faced situations where their new firm found out about the reneging and decided not to extend a return offer.
Career Services Involvement: Career services at your school may also take action, as they often have strong relationships with firms. This could impact your school's reputation and your access to future recruiting opportunities.
Weighing the Risk: While the NY BB offer may seem more prestigious, the risk of ending up with no job at all is real. If the reneging is discovered, you could lose both offers, which would be a significant setback.
Alternative Approach: If you decide to renege, avoid disclosing the name of the new firm to the one you're leaving. Keep your reasons vague (e.g., "personal reasons") and avoid updating LinkedIn or making public announcements until you're certain of your position.
Ultimately, while the NY BB offer may appear more attractive, the potential long-term damage to your reputation and career prospects should not be underestimated. Carefully consider whether the risk is worth the reward.
Sources: Renege your IB SA offer for GS IBD offer?, Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?, Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?, Reneging a BB offer
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