How exactly should I renege?
Hey guys, so I received this offer from a solid IB recently, but I already accepted & signed an offer for a fairly large consulting shop (not management consulting). They are in completely different cities (different coasts actually), and I 100% know I want to take the IB offer (don't have any desire to work in consulting ever).
The question is, how should I renege with the consulting shop? Should I just email HR? What should I say? I don't want to give the name of the new firm (or even the industry if possible). How do you guys think I should frame this?
You 'signed an offer' for a consulting shop. You 'don't have any desire to work in consulting ever.'
What is going on here? Why did you even apply to consulting?
Anyway, I'd just email the hiring manager and say your situation has changed and you need 40% more base salary as a counteroffer to another opportunity or something like that. Frame a reference to being valued by the other company more than this one and your desire to make an impact in the industry with a compensation beneficial to both parties. Maybe something reasonable, but unrealistic. Be cordial in the note.
Actually, yeah, write to HR. They will probably write you off and send a note to the manager and you won't even have to put this on your resume. If you really don't want consulting, send the note to HR. If you want to toss the idea around of them accepting some ludicrous salary, email the hiring manager.
I don't agree with this at all. Don't insult their intelligence as you f-ck them. Just call, say you appreciate the offer but you can no longer accept. If asked (you probably won't be), an unexpected opportunity has come up and you just can't pass it up. That's it. Get off the phone and on with your life.
This is the very beginning of this individual's journey in salary negotiation. Give him a chance to throw something out there. 40% higher? That's probably lower than IB all in comp anyway. It is not all that unreasonable. It is for consulting though probably, which is what I meant.
I feel that part of this journey in the career of finance is finding out your value. What are you worth? Testing the market is pretty standard for employers and employees. Its really not that big of a deal. You're not being impolite or unprofessional if you are cordially and respectfully providing information to the other person in a way that enables them to make a decision. Their decision and their response sheds a bit more light of your value in the workplace. Gaining this insight is an important process over the lifetime of one's career.
dont email. man up and call
This is correct for two reasons. 1) Have the stones to call them and tell them you're breaking your commitment. 2) Don't leave a permanent record of unprofessional behavior in writing when it can be said over the phone instead.
Wtf is this advice @Isaiah_53_5" ? All of your advice is terrible
Send them a letter in a thin envelope and tell them:
I regret to inform you that although you had a compelling offer, there were many qualified companies that were offering positions and that I have decided to accept the offer of one of the other highly credentialed firms. Once again, there were many highly qualified firms to choose from and you should not feel bad as I am sure you will find many qualified candidates to choose from who find you a better fit for your organization.
Sincerely, Id Gaf
Had a buddy that, right before graduation, had accepted an offer somewhere that he really didn't want to work. Right as all hope seemed lost, he got a great offer that he emphatically took.
He totally forgot about the other place he had accepted the offer at. One morning he woke up to his phone ringing - an unknown number - and picked up:
"Hi x, this is [line manager] from [huge professional services company]. Orientation started earlier this morning - are you planning on coming?"
He just apologized profusely and ended the call. What a fucking moron lol, but he experienced zero consequences and makes boatloads more money at the place he ended up at.
Handle it like you'd handle a court disposition: Say as little as possible. Call up HR and say sorry but something has come up and you can no longer accept the employment offer. If they ask why just say "things came up and I won't be able to fill the position". Don't give them the chance to contact your new employer and don't specifically mention or imply that you're reneging so you can take another position.