Reneging My Accepted Contract

So I interned at Quant Firm A over the summer, did all right, and got a full-time return offer. I accepted the offer viewing it as a bird in the hand.

Then just recently, I've gotten to the final stage of interviews with my dream quant firm (Quant Firm B). What should I say to them regarding my status with Firm A? Should I be honest with Firm B and tell them I've already accepted offer A? Does anyone have experience with anything like this?

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