Reneging summer spot

Currently heading out East for the summer but I recently received an offer from another spot (in my home town) from a reputable firm and wouldn't require any rent to be paid. It's not directly the same as what I'll be doing out East but still stuff I'm very interested in. Would it be worth it to reneg and take the spot in my hometown to essentially save $6-7k? The firm out East I don't think I would want to stay at long term as all their offices are located in HCOL on the east coast and I'm looking to stay west coast (where the other firm is). Is it worth it?

Comments (8)

  • Analyst 1 in RE - Comm

Interested to hear what others have to say as well.

You just need to look at where you see yourself after graduation. Sure saving the money could be nice right now, but if it's a solid firm and you would enjoy the work and the city, then go there. If the local opportunity is better in every way than the East Coast gig, then I would somehow recruit with the local group and land that.

  • Prospect in RE - Comm

I've heard RE is such a small industry that people tend to think its worse to do so in RE compared to IB or others, any ideas if this is true? Obviously, it's not a good look regardless, but do people tend to frown upon it more in this industry vs others?

Lifestyle123, what's your opinion? Comment below:

No one besides like a couple people at the firm you renege will care. Even then, you are a summer intern and they will find someone in a week. As the person above said, do what is best for your career. Do not take the offer in your hometown if it is only because of the 6k you will save. 

  • 1
Most Helpful
Ozymandia, what's your opinion? Comment below:

No one besides like a couple people at the firm you renege will care.

I mean, no one else will know, but the people who do know will probably resent it.

We plan ahead to hire summer interns.  They're generally a reasonably important part of our staff planning for the times they're on board.  It wouldn't sink a deal or anything to have someone renege, but it would be awkward, and it isn't the kind of thing I'd forget if I came across that person later in my/their career.  I doubt it means you'll never work in the industry or whatever... but this applies to every choice you make which might have negative reputational repercussions.  Once or twice won't matter much, but if you start making it a habit it can catch up fast, and if you're finding excuses to renege on obligations for the sake of a few thousand dollars before you career has even begun, it's not hard to see that happening again and again to the point where it becomes problematic

  • 4
D_Stress, what's your opinion? Comment below:

You only have your name. It's the only thing you are born with and it's not even yours, it's where you are from, your school, your family etc.

While the name on the front of your jersey will change in your career the one on your back is what will carry you in the long term.

You are still cutting your teeth and obviously it will not kill your career but you don't want to be "that guy" and in this situation it is a bit flakey.

If your going to pull the plug and have a personal relationship with anyone who assisted in your hiring process at firm 1, have an open dialogue on a call with that person (not text or email) and present the pickle you feel you are in. Ask their opinion, how they would handle it etc. You will maintain that relationship and if anyone tries to talk smack about it at firm 1, hopefully your "boy/girl" you spoke to can nip any of that water cooler BS in the bud and speak to how you handled it professionally.

Or just lie and say for family reasons you have to stay home this summer but if there is a way you can work remote and still fulfill the job you would love the opportunity to do so. Which they will say no to and your home free!

I prefer path 1, you make the call though young world conqueror.

  • 3
SBPref12, what's your opinion? Comment below:

Illo aliquid ullam praesentium recusandae laudantium. Molestias et qui natus asperiores. Magni quia totam blanditiis dolorum modi quia dolores.

Officiis non tempore non earum. Laudantium quidem veniam repudiandae aut sunt nemo et ut. Voluptatem est inventore deserunt velit quaerat. Harum in adipisci tempore distinctio necessitatibus illum et. Ut incidunt provident magni consequatur qui dolorem voluptatum laboriosam. Ut ut vero ad placeat sit.

Start Discussion

Career Advancement Opportunities

May 2023 Investment Banking

  • Lincoln International (▲01) 99.6%
  • Jefferies & Company (▽01) 99.1%
  • William Blair (▲12) 98.7%
  • Financial Technology Partners (▽01) 98.2%
  • Lazard Freres (+ +) 97.8%

Overall Employee Satisfaction

May 2023 Investment Banking

  • William Blair (▲04) 99.5%
  • Lincoln International (▲12) 99.1%
  • Canaccord Genuity (▲18) 98.6%
  • Stephens Inc (▲12) 98.2%
  • Financial Technology Partners (▲05) 97.7%

Professional Growth Opportunities

May 2023 Investment Banking

  • Lincoln International (▲01) 99.5%
  • Financial Technology Partners (▲03) 99.1%
  • Jefferies & Company (▽02) 98.6%
  • Lazard Freres (▲15) 98.2%
  • UBS AG (▲19) 97.7%

Total Avg Compensation

May 2023 Investment Banking

  • Director/MD (6) $592
  • Vice President (31) $397
  • Associates (147) $260
  • 3rd+ Year Analyst (11) $198
  • 1st Year Analyst (279) $170
  • 2nd Year Analyst (90) $170
  • Intern/Summer Associate (46) $166
  • Intern/Summer Analyst (205) $92