Reneging sophomore internship? Already signed SA 2022
Hi all,
I'm sure given SA 2022 szn you all are aware that it was practically table stakes to have a sophomore banking internship if you wanted to have a shot at competitive junior year 2022 SA recruiting, especially if you're non-diversity.
I'm in that same boat — I have an upcoming sophomore internship at a tier 2 BB for 2021 starting in two weeks, but here's the thing: I legit only took this t2 BB offer so I could leverage it to get into a tier 1 BB at a top group for junior year. Now, I've officially signed my offer for SA 2022 at said t1 BB, so this sophomore banking internship is entirely useless to me.
Most importantly, a really cool startup company casually offered me an engineering role for this summer, which I'm far more inclined to take, as the work is far more interesting, I'd learn more, and two banking internships in a row is quite repetitive.
I know there are probably a few kids in my position who already got their SA 2022 stint and are legit just going through the motions for SA 2021, so I'm wondering what would happen if I chose to renege on said t2 BB to go work at said startup. Would the t1 BB who already gave me an offer really care post-offer? My primary concern is that I wouldn't want to risk losing my SA 2022 position with t1 BB, since that actually matters to me, and I did indeed have the t2 BB on my resume when I interviewed with the t1 BB.
Do these places actually care post-offer? Would love if some actually qualified people — maybe VPs or Associates or folks close to recruiting at these banks — could weigh in.
You're a dumbass
You shouldn’t be given offers. You’re an idiot, if you want to do engineering and work at a start up — do the fuck that. If you were more inclined and find that field more interesting why the fuck did you recruit for 2022. And if banking is what you want to do, what the fuck do you mean by it’s too repetitive to do for two summers? What lol how does that even make sense. You’re such a tool.
Let me explain. I nor anyone on this forum truly "wants to do banking." NO ONE wants to do banking. It's solely an exit opp.
I began sophomore year gung ho about finance. However, as I've learned more about the limited upside, brain drain, and terrible culture in this industry, I realize that dipping to tech will be way hotter with far more benefits and pretty much similar pay (an entry-level PM/SWE at Google/FB/Uber/Amazon makes ~$130K pre-bonus).
So, I want to do banking for the finance experience, because I really do intellectually appreciate finance, but it's the smartest move to use banking as an exit opp to tech (maybe VC who knows) and dip as soon as possible. Banking provides the most optionality, especially if you work in a tech group. Engineering will provide a marketable skillset. This dual eng/business background would be great for biz strategy and/or PM roles in tech.
While I don’t have a ton of experience (prospect still) I wouldn’t reneg on your sophomore internship because you had it on your resume recruiting for your Junior term. Point being, the bank (tier 1 BB like you said) most likely hired you (considerable portion) on the fact that you would be completing the sophomore term, giving you more banking experience.
It'll be important, trust me. What will you say when they conduct background check?
If you want to recruit for PE or VC out of undergrad (you can 100% get a top offer anywhere you want with the 2 IB summers especially if 2nd one is a good shop) youre basically an almost ideal candidate.
This engineering internship while somewhat cool is not good ROI and also sets you up to get an offer pulled when background check comes (though big disclaimer, background checks vary in how serious they are). While you MAY get away with it, most will view the banking internship as CRUCIAL in your resume screening and hiring. No one asked you about it in interviews because you didn't do it, it's a MASSIVE resume screen though.
As someone who has helped multiple people renege and navigate, this is probably the only situation I personally wouldn't renege. Go to NYC, coast very hard, make connections, get paid well and blow it all after if you want.
You are kinda beholden to this internship though. Just not worth the risk reneging when you have ways to “do it all”
If you're going to slack off during the summer, just renege. You're an absolute sociopath. Why fuck up everyone else's time and efforts? Would you want someone to do that to you?
Renege all 3 offers.