Thoughts on reengaging after signing an offer? Received a better offer from top HF but already signed top BB for grad role, would this ruin my chances of getting hired from the same place again? and impacts of reputation etc down the line...
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Reneging on an offer is a delicate and risky move, especially in high finance. Based on the most helpful WSO content, here are the key considerations:
Reputation Risks: Reneging can harm your reputation both with the firm you're leaving and within the broader industry. HR teams and firms often communicate, and reneging could lead to being blacklisted or facing consequences like rescinded offers or damaged relationships. For example, some firms notify universities or other firms about such incidents, which could impact your career trajectory.
Future Re-Hiring: If you renege on a top BB offer, it’s unlikely they would consider you for future roles. Many firms have strict policies against re-hiring candidates who renege, as it’s seen as a breach of trust.
Industry Perception: The finance world is small, and word travels fast. Reneging could create a perception of unreliability, which might follow you throughout your career. Even if the HF offer seems better now, consider the long-term implications.
Risk of Losing Both Offers: There are cases where candidates who renege lose both offers. For instance, if the HF learns about your decision and decides to withdraw their offer, you could end up with nothing.
Weighing the Benefits: While the HF offer might seem more prestigious or lucrative, think about the long-term stability and growth opportunities. Some WSO threads suggest that reneging for a marginal increase in prestige might not always be worth the potential fallout.
Advice from WSO Threads: If you decide to renege, do so professionally. Communicate clearly and respectfully with the BB firm, citing personal reasons. However, be prepared for potential backlash and ensure the HF offer is solid before making any moves.
Ultimately, reneging is a personal decision, but it’s crucial to weigh the risks and rewards carefully. If you’re unsure, seeking advice from mentors or industry professionals might help clarify your options.
Sources: Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?, Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?, Reneging a BB offer, Backing out after accepting an offer, Is Reneging Actually That Bad?
The same place? Yes. Other firms would be unlikely to ever find out
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