I've accepted an offer within Deutsche Bank's Analyst Program, and was now extended an offer within GS Finance Controllers Group. Both are entry-level roles. I heard declining an accepted offer would be a very bad move. I also heard that no one rejects GS. What do you think?
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What is the analyst role at DB? DB is also a solid bank- if the roles are different and you'd prefer the role at DB, stay with that one.
Well, you didn't tell us what position at DB you accepted. And, regarding GS, is the position you were offered in the Fund Accounting team of GS Finance?
I think the GS role mentioned here is a BO role. With BO role, every bank is the same. That no one rejects GS applies only to FO roles.
Mostly true, but not entirely- I'd rather do BO at GS than somewhere else. However, I'd definitely accept FO elsewhere over BO at GS. But OP, we need to do what the analyst role at DB is to give you more accurate information.
+1.
And the decision depends on personal preference mostly
If you do MO or BO because its a career choice and viewed as a relatively well paid 9-5 job, yes.
If you are one of those daydreamers going to GS Bo thinking you'll magically become a trader, you are up for some serious failures.
I would rather start at a less competitive firm where i could get noticed and be given a chance than at Gs Bo trying to get a FO role against hundreds of overqualified 4 GPA kids from top unis...
For fuks sake, please don't take a BO role at GS just b/c its GS.
DB is not a great place atm but fo > bo
Depends what the position at DB is. GS non front office roles are not as glorious.
According to recent article on efinancialcareers only 90% of recent graduates wanted to stay with GS.
I turned down my superday with Goldman Sachs. It was for their Operational Risk division. Some might call that a bold move. Or, dare I say, risky.
hahaha
good one NYKnicks92
I'm pretty sure if the OP got into IBD or S&T analyst programs at Deutsche he wouldn't be asking such a question and he/she would be smart enough to know what's what. So I think this is a DB back office vs. GS back office question.
Good point. OP, if this is BO at DB also, I'd probably honestly just renege and go with GS- but sign the GS offer and have it confirmed first before reneging on DB if that's what you choose to do.
Thanks for all your replies!... DB role is a mid office function. Both roles are interesting to me - it's about the company and the impact of going back on an offer...
Defer to someone with more experience/knowledge about reneging on offers, but depending on your eventual goals etc GS might be a better option.
Define "mid-office". When you say MO I'm thinking risk, compliance, finance, maybe some ops or research functions. Maybe you can clear this up?
Assuming all else equal and you're weighing DB Finance against GS Finance FT analyst progs, yeah go with GS. Its just a better choice for you overall in the long run. I wouldn't worry too much about the renege factor as its FT and unless you plan on reapplying to DB in the future you should be fine.
Take the FO role at DB
This is your first job. Think of the name. DB has a nice reputation, sure. But Goldman Sachs is known to be one of the most selective firms on Wall Street with the brightest and best people. Which image do you want to set for yourself?
Very true.
OP -- If you look around, there was a topic about a guy who worked in GS BO/MO and moved to another (unrelated) industry just because of the name (even though it was a BO/MO role).
Take GS. Get that name on your resume and start pushing your way out of BO/MO.
I've thought long and hard about it... I think I'm gonna go with DB. Not as sexy of a name but it seems like a more stable company to begin a career and progress. I wouldn't last at GS for more than a few years and would not particularly enjoy the role. I'm a twenty yr. old female not out for glory, just a stable job where I can develop professionally. Thanks for all your comments, they really helped.
I don't know if you're correct in saying DB is a more stable company....that being said, if you'd definitely prefer the role/work at DB I think you've made the right decision (for what it's worth, if anything).
GS doesn't have a high retention rate. It's about 55-60 percent for two/three years and then 38 percent for four years. Of course, that's a mix of GS trimming the bottom 5 percent, people not being able to withstand the heat in the kitchen, and then those that are poached from other firms.
That last group could easily be you. Your exit opportunities are GS are stronger than DB. I wouldn't say that any firm is really stable in terms of long term careers. DB is having structural issues and there are some hiring freezes. GS also has its own issues. But if you can make it 2-3 years there, then you can easily jump ship and a number of firms that would love to take you. Your prospects at DB are lower, and the odds of being able to jump upward into GS (or other like firms), if you would want down the line, are slim.
Of course, and ultimately, it is your decision, but I urge you to reconsider. Every entry level position is going to be boring work whether you are crunching numbers in Excel in FO or clearing trades in BO. Your real career starts when you finish the analyst program.
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