So here is the situation.
I want to work in IB, my second choice is Mgt. Consulting.
I just started my Junior year at non-target state school and recently received. I know this is good experience since it will teach me modeling and valuation skills plus learn more about M&A.
The deadline is approaching soon and Idk whether to take the offer or not, in hopes of securing an IB or consulting offer later. Most of my friends are telling me to take it and if I get a better one, just back out of this one.
It doesn't feel right...is this type of thing normal? any other thoughts?
This forum is filled with long discussion on the merits of reneging on an offer. I believe the "don't do that" side has the lead. I'm on that side, btw.
It's ultimately a cost-benefit analysis. I wouldn't burn a bridge unless I got something veeery superior.
Here is the fundamental question reneging gets at: what is the price of breaking your commitments in a way that hurts your coworkers?
I don't think any of us would expect someone to turn down a career at GS IBD to keep their commitment to work as a WalMart associate earning $10.50 per hour, though there are some people out there who would choose to do this anyways. Those are the kind of honest friends you really want to keep in life.
I would also not encourage this line of thinking. I do think that if you take a job offer, you should go into it with the full intention of working there. I don't think it's a good idea to get married thinking about a divorce.
That said, I would not renege on Big Four for a MM or standard boutique, but if your goal is IBD and you get an offer from a major NYC bank, I think the decision to renege would be understandable to most people in the business.
Just please please please don't be that guy who PMs me asking if he should renege on BAML for GS. That is the kind of person you want to avoid in your career. That sort of decision shows you value character too cheaply and more importantly, reneging within the same industry is a dumb idea career-wise. You never know when you'll run into these people again.
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