Accepted B4 Return Offer, Received Invite to Top IBD Interview

Hi Everyone, I'm in a stressful situation right now regarding my FT job prospects. This past summer, I interned with a B4 accounting firm in audit and received a return offer that I accepted due to its pressing deadline and my lack of confidence that I'd get something better. However, I received an interview invite out of nowhere (I applied before accepting offer, by the way) for a top bank's analyst program.

I'm wondering if I should go to the interview. I am scared because my school has a strict policy against doing this, and honestly if either company finds out that I'm interviewing after accepting a FT job I might lose both jobs. On the otherhand, I'd hate myself for the rest of my life if I don't at least shoot for this job, since IB is my end goal after all.. Note that my B4 salary is B4 so its bad, and the (very reputable) bank pays street level so getting IBD will literally more than double my pay too, not to mention much better exit ops.

Does anyone have advice for me? Should I just let the bank know I've already accepted an offer but still want to interview, and hope they understand? Should I lie and just say my offer is still outstanding? Or is it best to just not risk it at all and go become a B4 accounting grunt?

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Comments (17)

Best Response
Sep 13, 2016

I would interview with the IB (do NOT tell them about the Big Four offer) and then accept the IB offer if I received it. I would then send the Big Four recruiter a polite renege email and not tell your school about it or where you've accepted a FT offer at.

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Sep 13, 2016

Thanks for your reply! However, here's the problem: I put the B4 internship on my resume for the IB application, so they know I interned there over the summer and may ask me if I got a return offer, and perhaps even if I accepted it.

Plus, wouldn't they ask for references from the B4 position? If they call the B4 to ask if I got a return offer (which apparently is a common practice) or calls them for a reference, the B4 will tell them "what the hell, this kid has already accepted our offer". Wouldn't both offers just blow up then?

I was thinking of just letting the bank know, and hope they sympathize because bankers of all people should understand that that B4 -> IBD is a huge upgrade.

Sep 13, 2016

Then tell them that you did get a return offer. Asking for references might be part of the background check process, which would happen after you've accepted the GS offer. They're not going to ding you at that point for this.

Sep 13, 2016

Thanks again for the reply! Are you certain though? I heard it is common practice for firms to call companies that people have interned at to confirm that the intern got a return offer. In addition, I still feel that the bank could rescind my offer if the B4 really complains during the reference check call, as what I did is unethical no matter what. Do you have any first hand stories from HR? Thanks.

Sep 13, 2016

If you don't trust me, don't take my advice. What you're thinking of doing will most certainly result in a ding from the IB.

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Sep 13, 2016

Ok, well thanks anyway for your advice!

Sep 13, 2016

Agree, gotta do you in the end. Just tread carefully

Sep 13, 2016

Agree with Sil (who has been most insightful in my experience). If they ask if you received an offer you say yes and don't qualify (The interviews I was in at the Ugrad level they would ask but that was the end of the line of questioning). If you get any additional questions on why you aren't accepting etc would shift the discussion a bit to the things that the IBD experience would give you that the B4 wouldn't / why you are so interested in IBD.

Additionally, think about your school's motivation. Their goal is to get as many people in good jobs making as much money as possible which makes their stats look good. They are not going to take a chance of having a jobless alum. I've seen people renege, they usually lost their career services access for a year or so but if you already have a job in IBD at that point who cares.

Sep 13, 2016

Thanks for your reply!

Again, I don't care that much for getting banned from OCR or burning a bridge with the B4. After all, if I'm in IBD, I could care less about either of those things.

But the biggest problem is that the IB has already sent me a form requesting me to put professional references from all my internships and send it back to them. I'm afraid that if and when they conduct a reference check (which may be now, or during the background check 10 months from now), the B4 will let them know that I'm a reneger, and cause the IBD to rescind me.

Sil said it's unlikely, but really, if the IB will ding me now for telling them that I'm interviewing despite having already accepted an offer, then they'd probably rescind me if they find out 10 months from now that I reneged to take their job, and failed to inform them that I already had a commitment elsewhere during my interview process.

From your experience, do banks even conduct reference checks for incoming analysts out of UGrad? I know that my prior internships (including the B4 one) also asked for my references, but they never bothered calling them. I feel that my decision for whether or not to proceed with the interview will hinge on the likelihood that the bank would even bother calling references.

Sep 13, 2016

Bump. Please! I need more advice on this delicate situation.

Sep 14, 2016

It looks like you are afraid about the IB knows you already accepted the Big4 offer.
In this conditions, are you sure you will be successfull at the interview from the IB ? Or the stress will beat you ?
I guess you shouldn't run the only one interview you get in IB in this conditions.

But you might find some compromises.

What is the period of notice from the Big4 ? Does it can match with the start of the FT job in the IB ?
If the answer is yes, you just can ask to the HR from the IB tu be discret during your process. And justify that you accepted the Big4 offer because you were working with a good team, you got a job offer really fast after your internship etc and that you already have in mind to go to IB etc.

If you don't get the job of your dream now, what will separate you from it in the future ? Is it impossible for you to get several interviews in IB with less than one year experience ?

By the way, if you are fully prepared, and that's the job of your dream in the company of your dream. Just go for it or you will regret it. At least you would have tried.

Sep 14, 2016

Thanks for the reply.

What do you mean by period of notice? As far as I know, both jobs will start full-time during the summer of 2017. I just want to know if it is common for ibanks to contact references for incoming undergraduate analysts. Thanks!

Sep 14, 2016

Sorry for my english, i'm not native so it could be approximate sometimes (often).

  • An exemple will be more clear.
    If both job don't start at the same time : B4 in April and September for the IB
    You can start at the big4 and then say i don't like the job sorry i prefere to leave. And you might have 3 month to work before leaving (depending on the employment contract).
    So it means that you don't have to hide to the IB that you will work at the B4.
  • I guess the fact banks contact references depends more on the HR department of your IBD.
    IMO most of the time they just want to verify if you didn't lie about your job experience/education. So it's just a verification.

I have a friend who got a job in a BB at a back office post in Europe. And the HR said it was another company who made this verification.
In my case (i will work for a Big4 not IB), the Big4 didn't even call my references (I am in good terms with them and i have asked them directly if they got a call from the big).

Sep 15, 2016

Yes I'm fine with verification, the problem here is that the references from my B4 summer firm will tell the bank that I already committed to starting with THEM full time. Then the B4 will rescind my offer since I'm interviewing after signing their offer, whilst the IB is likely to do the same.

This is not your typical "do I renege" situation because in this case, I literally have to give the firm I'm trying to gun for the contact info of the firm I'm trying to renege..

This is so fucked up. I fucking hate B4 recruiting practices (setting return offer deadlines to really short so we have no opportunities to go elsewhere)

Sep 15, 2016

I can't say you more about your interrogation.

But if you consider the worst will happend. No big4 no IB what will you do ? You should thing at this and you won't have your problem anymore if you got several options.

Sep 15, 2016

Bump. I really need extra insight on this!! Do banks typically reach out to firms that people summered at?

Sep 15, 2016
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