Reneging IB Offer for PE Analyst Offer
I signed to a mid tier BB after this summer (think Citi UBS or Barclays) and was slated to go to a group for full time with okay exits. But I had a chance to interview with a scaling PE firm in a sector I'm more interested in and got an offer from there that I really wanna take. I am pretty sure most people in my group would not have the chance to get a spot like this after two years of IB.
I definitely wanna take this PE offer because its closer to what I enjoy but I am worried that reference or background checks on my BB could show I reneged because I spent my last summer there. Am I being paranoid about this destroying my reputation for jobs down the line since I have the BB on my resume?
My offer expires in a few days so really need help on this ASAP!
Just go with the PE offer - you’ll regret it if you were to do the IB role
I definitely will regret not taking it but I'm worried about what future employers will find out if they do a background or reference check on the BB - will it say I reneged and if so how do I get around that?
Dude it’s surprising how you secured a PE and an IB offer with your two brain cells - Do you really think reneging offers show up in background checks? People renege shit all the time. Grow some balls.
Sounds like you should take the PE offer. No one at the bank will remember you / I wouldn’t worry about reneging.
I for sure want to but also have alums at the BB (go to a semi target school) and am wondering how best to handle it. Should I just let HR know or let my boss from the summer know directly
Don't worry about it. For BBs the reference check is just an employment verification done entirely through HR, they're not talking to your old manager - mostly because no way are they letting managers potentially walk into a lawsuit
Take the offer and go on your way
Gotcha so this new firm is just going to talk to the BB HR? What if I need to list a reference from the internship at the BB?
Give them someone you worked with who liked you. Can be a random ASO or VP. Also most people are not going to throw some intern under the bus
However, check with your bank's HR first. My bank has a strict no talking to managers policy, it's a huge potential defamation issue. A lot of them use The Work Number or something similar so it is not even done through an HR person, just an online portal to verify your dates and you're all set.
I myself am an intern, but I'm facing a similar situation. I recently worked at a tiny fund with about 10 employees, and accepted a return offer to go back for my junior summer. My reasoning at the time was that I enjoyed my internship, and frankly, I had a difficult time finding other opportunities. I managed to secure a great buyside offer for 2024 summer in December, one that would likely offer me a full time offer as well. What I'm worried about is if they call this first place I interned at, they could give bad feedback on me for leaving despite having done good work before. They also don't have a typical HR person that would handle this kind of thing, so that's mainly why I'm worried. Any advice on how I can handle this?
If it’s at a big shop they will understand. They should honestly encourage you to go and come back in the future if that’s the case. It’s best to work at larger firms early in your career unless you get a unicorn position at an elite level fund working with notable people.
Everyone’s competing for talent. There’s a line of people behind you ready to take your IB job. I would just make sure to rescind with sincerity and explain that you decided to take a different path than IB. If you’re not going to a competitor it’s even less of an issue. Nobody will remember you and background checks only validate you didn’t lie about your experience. Most big firms outsource it so some random company will just call to confirm your title and start and end date. There’s nothing more to it than that. If someone in references talks poorly bc of this decision that would be crazy.
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