What is the best way/time to ask for an offer extension
Currently received a IBD SA offer from a BB bank (UBS/Citi/CS/Barclays) which explodes in 2 weeks, but I also currently have good connections at some top tier BBs (MS/GS) and think that I can likely get at least a 1st round interview in August. But I also heard that they have superdays in late August/early September, so I wish to ask for an offer extension.
I wonder what is the best way to ask for an extension? Should I try to call the contact HR on my offer and just being honest and say that I need more time to gather all information and decided? Also can college career service help on this? What's the best time to ask for this extension?
Also just wish to open the question: do BB banks have that much difference for junior analysts?
Would love to hear from someone who have successful experience getting an extension! Thanks!!!
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I know it doesnt answer your question, but considering how recruiting was an absolute bloodbath this year I'd advise that you just take your offer. If you ask for an extension, there is always a chance that they rescind the offer. It's happened before. While GS/MS would be better, working for Barclays or Credit Suisse is never bad and would still set you up for success. If you want to as for an extension, be prepared for the risk of doing so and understand that if GS/MS doesnt work out, you'll definitely have to settle for considerably less. I'd talk to your career services before doing so, especially if this was somehow done in connection with ocr.
They could rescind offer for asking an extension? Lol I thought they at most would just not grant it...
I would imagine most of the time they would just not extend it, but there have been times (reported on here several times) where people have gotten dinged for clearly not being committed to that firm. It's pretty obvious (if you're the recruiter) to tell that when somebody asks for an extension, AT LEAST 75% of the time it is because they are trying to go somewhere else. Instead of being strung along, they can go with someone on their internal waitlist. I'm not saying its likely, but I am saying its happened, and give the aggressive recruiting this year, I personally wouldnt risk it.
People are not stupid, obviously they know that you want an extension because you hope to secure a better offer. Some bankers can be kind of ridiculously sensitive about that and really don't like seeing that they are not your first choice. While I don't think it's common, I have heard of people having their offer rescinded after asking for an extension (common answer: this is an industry that requires a 100% commitment and you are clearly not committed). Frankly, I think it's a bit of an overreaction and I think generally speaking, people will just politely refuse to grant it. Understand though that although the bank is unlikely to rescind your offer, it's almost certain to have an impact on your group placement as I can guarantee you that some bankers will be offended by your request for an extension and won't want your in their group.
I know that this is pretty silly for a SA position, but it is what it is. I think you would probably have better luck trying to accelerate your other processes. Just be upfront and say you have an exploding offer from a direct competitor and GS / MS is your first choice and you'd really like to have the chance to be considered. That usually does the trick. Good luck.
Thank you so much for all the info! Yeah I did asked for accelerated process, but the offer response time is just two weeks. The firm that I wish to interview with said that I can most likely hear back on the day that is 4 days after my offer deadline, and since it's really just a short period of time, I am trying to think if there's a good way I can ask for it... would school career service help in this case?
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