Accepting Offer Then Reneging
I completed a at a BB in its commercial bankIB first and then try to interview a year or two from now? Most importantly, would a career in commercial banking and credit really lead to less opportunities for success in the future? By this I do not mean just PE/, but also other areas in finance.
How to carefully renege on an offer
Reneging on a job offer is a choice that will vary between each individual. It is important to weigh your options and consider your decision timeline. It is an ethnically ambiguous area.
Consider the proverb: A bird in hand is worth two in the bush.
If you accept an offer (as a failsafe) make sure you are already deep in the process with the bank or firm that is your number one choice. That way you minimize the impact of the renege.
EX. Accepting a back office position while in the interview process for a front office position. Then, reneging two weeks later for a written offer in the front office.
Communicate your decision as quickly and succinctly as possible. Reveal minimal information in your call or email about where you accepted the offer.
Fallout. Be prepared for a major fall out if you renege on an offer. Consider all bridges burned with the firm you reneged on.
from certified user @buysideguy"
Just tell them that you have decided to go in a different direction, apologize for having to do this and thank them for giving you the opportunity/offer. Tell them you think they are a great firm and etc.
They will be pissed no matter what though, so your not going to come away on good terms.
Recommended Reading
I reneged on a full-time offer to a non NYC-IB to a BB and am very happy with my decision. The fall out immediately afterwards was not ideal but if you do reach the point where you have that decision to make, ensure that you handle it properly and be very polite about it. There is no point in burning bridges with school or your old firm unnecessarily, plus you never know who could be connected to who.
At the end of the day its your life, if you feel that IB is what you want to do and you are already in the process of interviewing prior to the explosion of your offer, I say go for it. If you keep actively exploring more opportunities long after you have signed your offer, then it becomes a little more iffy.
I was also at a non-target and didn't interview OCR for my FT position, I am not sure if you are going through the system and if/how that could affect you.
I would renege on the commercial bank offer if you receive an IB offer. Tell them you want to pursue IB. I don't see how anyone who is sensible would question you or hold that against you.
Like Carnage said in the previous post: "It's your life." If you start off in IB, you open up a ton of options that are not possible for someone starting off in commercial banking. Worst case, if you start off as an IB analyst, you can easily move over to CB if that is what you decide is best. On the other hand, I don't see a MM commercial banking analyst being able to move into an IB analyst role.
Further, there is a huge gap between IB pay and CB pay. I would highly recommend taking the IB job, which is going to pay ~2x (bonus included) what the CB analyst job is going to pay in year 1 (and the gap increases substantially in subsequent years). This will set your compensation levels for all future positions over the next several years.
For example, if you make ~$100k+ in total comp your first year out of college, then that is your market rate on which to base future salary negotiations - for any position (IB, CB, or others). Conversely, if you make $65k in total comp (the level at which I understand MM CB starts), then that is your market rate for all positions going forward.
Again, it's your life. Don't short change yourself in the fear of pissing off an employer or school, especially for something that literally could mean hundreds of thousands of dollars and significantly more opportunities over the next 5 years of your life.
Also, as a side note, what the fuck is up with an exploding offer from a middle market commercial bank?!?!?
Thanks for the advice. Any other thoughts?
I think it's important to note I have been invited to several Superdays but NO actual IB offers yet, whereas the commercial bank's offer is at a BB bank. Plus, I haven't even decided if the IB life is a good fit for me.
This means that my two options are:
1) Decline CB offer and attempt what's left of IB recruiting 2) Accept CB offer and renege if something better comes along
Reneging Offer (Originally Posted: 02/25/2016)
Hi,
I'm in a bit of a predicament at the moment. I currently have a standing offer from a BB back office position. I have two weeks to accept or decline.
I've also been in talks with three smaller local firms that I'm interviewing for that have positions that are actually what I'm looking to pursue career and position wise.
My question is, should I accept the BB and then renege it if I get an offer from one of the smaller firms? Should I tell the smaller firms that I have a standing offer from a BB? Are there any potential consequences other than just burning a bridge with the BB?
Any advice, tips, or experience would be greatly appreciated. Thanks for your help.
Potential consequences in addition to getting blacklisted at that BB are your MDs / superiors calling up their buddies at other banks and telling them what you did. You have no idea who they know, and if they're aware of what you actually want to do, they'll tell their buddies in those groups at other banks. Then you'll be pretty much fucked.
Reneging is a serious decision that only you can make. I do suggest telling the firms you're interviewing with that you have an outstanding offer at a BB (I wouldn't tell them it's BO unless they ask).
Thanks for your input.
I think its worth mentioning that the BB originally denied me the position, but then told me a spot became available a week later. Also, the firms I'm in talks with are startups and or very small (
I don't think the HR girl would call everyone, but you'd almost certainly be blacklisted at that bank. If the seniors in the group are pissed enough though, then they'll tell whoever they want to not give you a job.
While they probably won't tell the small shops you're looking at, you'd still be risking not being able to lateral to a big firm after a couple years.
You'd be surprised at the network people have to start their own shops (even if small). Management likely have connections at the firm you received the offer from. You don't want to come up at some HH with someone's college buddies as that kid who really fucked the BB group over by reneging.
It's your decision to make, but why not just tell the smaller firms that you have an offer and need to respond? Anyone who really wants you will accelerate the timeline.
I'd also like to mention the job is in a different state and the recruiter works in the East Coast. Do you think the recruiter will tell everyone they know from the East and West Coast about a kid who backed out of an entry level Back Office development program with the amount of options the firm has?
You know the answer to that question is "no". What can happen is someone (somehow) finds out where you went and knows someone there. Then they could pass the story along. You wouldn't get fired but sure would have egg on your face.
I have numerous stories I can tell you about just how small the world becomes during your career. It sounds like you want someone to say "no, it's not bad to go back on your word... you'll be fine". If that's the case, you've made up your mind that reneging isn't the worst thing in the world. If that's your thinking it IS your decision to make and own.
I have to say these responses are exaggerated. I think even an MD in the Back Office has better things to do than talk about an entry-level hire that decided to pursue a different career. Based on turnover I see in HR for non-business lines like BO, the recruiter you are dealing with will likely be at another firm in 2 years anyway.
Do you even get a signing bonus for this BO role at the BB?
This. I highly doubt some back office MD cares enough to make a fuss about it, especially when he/she wasn't even involved in the recruiting process for this guy. I'd say the risk of backlash is minimal, but ethically it's probably not "right" (but hey, that's OP's call to make).
Yes, there is a signing bonus at the BB, but the positions I'm interviewing for the other firms are more in line with what I want to do. At the end of the day, the BB position I applied to was just intentionally a backup. I just don't want to renege and then find out I don't have anything lined up once I graduate as a result.
Also the people I interviewed with aren't even the ones that are going to be my supervisors/managers. They work with the firm, but not in a back office role. They were pretty much brought in from different areas of the company to help interview from that local office.
Reneging a job offer - Good idea? (Originally Posted: 01/24/2011)
Fellow Monkeys,
There has been a lot of talk on these forums about whether or not it is a good idea to renege an offer. Some people say it is okay, while others say it could burn serious bridges in the small world of finance. My questions to you are:
Do you think it is okay to renege an offer?
What are the consequences? Worst case scenario?
Is it okay to ask HR to extend the offer? Consequences of doing this?
Does the size of the bank matter? Reneging MM to go to BB? Reneging BB to go to a better BB?
Thanks to everyone.
*FYI- all prior forums on reneging either support it or say it will ruin the rest of your life and none are clear on the short/long term consequences.
absolute worst case scenario: the guys you reneged on calls the guys you reneged them for and then explains the situation. they withdraw offer and you get zero jobs. of course if they never find out where you're going this won't happen...
I've heard of MM to BB reneging, but BB to better BB seems like minimal upside for a lot of risk. Maaaaybe if it was going from Citi (nothing against Citi) to GS... but even then...
Yes seen the article listed above. It makes it seem like it's a terrible idea.
What about talking to the recruiter and asking to extend the deadline? Is this risky?
what about reneging a summer internship offer?
are the repercussions equal to that of reneging a FT offer?
or reneging for a different industry? like banking to consulting?
.
bump. How about for summer internship? from MM to BB
Hard to say without MM and BB as there's an indifference point between the different names in each category.
I think there's a fair bit of risk here. I would probably tell HR (or ppl that interviewed you) that you had to accept an offer and you don't want to reneg but would like to stay in touch for FT opportunities. etc.
Maybe different in the smaller world of IB, but I just had to do this to an industry company and they were extremely receptive. For your first job out of school, they understand and it probably happens more often than you might think
accepting an offer and potentially reneging? repercussions? (Originally Posted: 12/02/2010)
I am in a particular situation where I have been extended 2 offers. One in commercial banking (I was actually was on the 'waitlist' per se, pending if other candidates were to decline their offers) and another in retail banking. I did not want to go into retail banking because what I want to end up eventually doing is to go into business consulting or banking or PE. However, I pressured the commercial bank into hurrying up and letting me know if an opportunity was available since I had to respond to the retail bank within a week. fortunately enough, the commercial bank extended me an offer, but at the same time commercial banking is not what i want to do (i just thought it would be a good cushion if nothing transpires from my current interviews and other recruitment conquests - it is more relevant to what I want to do in the future compared to retail banking)
as a result, i have spoke with many contacts and people regarding what i should do if i were to accept this offer at the commercial bank. i am interviewing with a banking firm and still on the prowl and awaiting for more positions that are more relevant to what i want to do in the future to open up.
should i just reject full out the commercial banks offer and just wait and have no back up? or should i accept and renege when i find something better?
a contact of mine at morningstar says to renege. some wso posts have said to renege. however, a contact at Citi says never to do so- i thought the same, is this not taboo in the business market? will you not gain a bad reputation?
i understand this is a long post, but any advice would suffice!
thanks
Honestly i would take what you can get. Unemployment is a slippery slope, personally, I would work for a year and then get in contact with a headhunter. If you renege too soon it may look bad to prospective employers. Plus you can always go the commercial banking route, you will gain great contacts as you get more senior and although the bonus structure is not as good as banking the lifestyle is better.
Hey hornedfrogs, thanks for your advice.
I also think it is much of a risk to head into the job market without an offer, especially under these conditions. However, what are your thoughts on reneging the offer if perhaps I do in fact find another job that is more appealing?
any other thoughts?
I would really appreciate it!
Thanks
These companies would have no problem firing you in an instant because of a downturn in the economy. Think about that for a second.
The HR I was working with in my company (consulting) recently said she complains to career center about those who renege. Not sure what's the impact of that.
It screws over all the young people for recruiting next year. I've heard of banks completely wihdrawing OCR after two incoming analysts from the school reneged one month into the job.
Its a dick move but at the end of the day, your trying to maximize your gains not everyone else's
always do whats best for #1
thanks for all the posts. do other repercussions exist other than the school and consequent next recruiting class getting a bad rep ?
will employer contact others that they know, etc..?
thanks!
i accepted and reneged on gs. they still call.. dont worry about it
thanks monty!
off topic, yet curious, but why did you end up reneging gs?
had my reasons
accept. always best to have a backup. and let's be real, if an entry-level analyst renegs, it's not like the whole company turns sideways. it's a pain in the ass for hr from a staffing perspective, but other than that, people will get over it.
that being said, if you're going to reneg, be polite, don't beat around the bush and try not to salt the wound.
Renegging an offer. (Originally Posted: 05/04/2011)
Hi guys,
What excuses would you use when renegging an offer after you've signed the contract?
to far away from family/ wife.
Are you looking for an excuse or a lie? Just tell the truth. It's not big deal.
venereal disease
realized you don't enjoy making money
You got cancer.
Just tell them you took a different job. Do you think they were worried about the excuses they were giving analysts in 08/09 when they reneged on their offers? Always gotta look out for #1
Say you decided to take another opportunity.
Reneging An Offer (Originally Posted: 04/10/2013)
So if I already accepted an offer and have started working for a couple of weeks. What consequences am I facing if I decided to renege?
Death
Its not reneging if you work there already...its called being an asshole.
I think it's called quitting now, not reneging
The consequences depend on your contract. If you are "at will", there are no consequences, only burned bridges. No one at that company will probably ever think positively of you again. But if the upside for your other job is there, then I guess you should leave...no one can value that but you yourself.
Reneging a job offer - Canceling the offer later? (Originally Posted: 07/31/2013)
How common is this?
I got offered a position, but would like to go through FT IB recruiting before I decide if I want to take it or not. The catch is that the offer has to be signed in a month.
Is it common to sign the offer, then cancel it in the case that I reveive an IB offer? I feel that this would burn bridges and is not a good start to my professional career.
Would it be ok to ask for an extension? And how would you go about explaining the reasoning behind such an extension?
Or are there other options available that I dont know about? Please share.
Thanks for your advice in advance.
Are you still in school? Did you get your internship through OCR? If yes to both of those questions, a lot of college career centers require employers to allow a certain amount of time to decide. For instance, they will have a certain date, before which offers are not allowed to explode.
If you didn't get this through OCR, then you'll need to negotiate the deadline with them. There are threads on this, just do a quick search.
Depends on what the job is, if it is in your best interest, but reneging happens all the time.
Reneging on an offer (Originally Posted: 05/15/2013)
Hey guys,
I'm finishing up my freshman year and I had accepted an offer (via email) a couple weeks back on a company semi-related to finance but still within the industry.
I recently got an offer from a boutique and would definitely prefer working there because of the more direct learning opportunities.
Can/Should I renege on the first one and if so, any specific things to include in the email? Would it matter as much because I would only be an intern? I'm leaning towards reneging.
If you have to reneg don't do it by email.
As Higheck pointed out, don't do it by email. Call HR/Whoever gave you the offer directly. Since its a completely different "career", it should not be too big of a deal. I would definitely point that out, as to show that you're not reneging for a different company doing the same work, but wanting to pursue a different route entirely.
Additionally, if the first offer was unpaid, renege based on the fact that the second is (even if it isn't). It is understandable from their perspective. You are a student after all. Before you "dump" them though, be sure to not burn the bridge and thank them immensely for the opportunity.
Call them and be polite
Be careful, if you go to a target then on campus recruiting will be critical in landing an IB job. If you renege you may lose OCR.
Reneging an offer (Originally Posted: 11/02/2007)
How do you do it in good terms. I was foolish to accept an offer from a MM bank without giving it much consideration. Basically, I was getting rejections everywhere I tried except two MM shops and I was under the impression that this was the best thing I could get coming from a non-target(although I have somewhat fair credentials-3.75 GPA, 780 GMAT, CPA eligible). I signed the offer within 36 hours of recieving it.
I submitted my resume to over 30 banks. The result was "0" leads from online applications (I will never advice anybody to do this), about six from direct contact/cold calling, but the big break came in when I started contacting alumni and anybody I could get hold of. To make it short, I so far got one offer from second-tier bank in NY and awaiting final decision from two BB's and one top consulting firm (think MC, Bain). How do I go about reneging the MM offer? Your opinions are much appreciated.
Just tell them that you have decided to go in a different direction, apologize for having to do this and thank them for giving you the opportunity/offer. Tell them you think they are a great firm and etc.
They will be pissed no matter what though, so your not going to come away on good terms.
Reneging signed offer - consequences? (Originally Posted: 02/05/2012)
I signed an offer for big 4 but had second thoughts so interviewed at a few other firms and received a better offer. I would much prefer to work at the second firm but am concerned about the consequences. How should I go about reneging? Do I have to inform my future employer and career center to give them a heads up or should I just contact the big 4 recruiter and hope they don't take any actions against me.
The 2 companies are in different industries so I'm not worried about burning bridges. I just don't want them to ruin my relationship with my schools career center or my future employer. Any advice appreciated.
Thanks wso!
I was in the exact same situation...signed an offer early during recruiting season and reneged four months later after getting a better one. I just called my HR contact and informed them I would not be joining the company, sorry for the inconvenience, best of luck, etc.
IMO, this should have no negative bearing with your future employer. It is not ethical for the first company or your career center to jeopardize your employment prospects in that matter.
Take the better offer.
send them a poop dollar along with it
Is this for FT or summer? Big difference IMO, because reneging can cut off your access to OCR.
The consequences of reneging:
1) blacklisted from the firm you renege forever 2) blacklisted from your campus' OCR system
Do whatever is best for you. Make sure the second company doesn't end up cancelling the offer though - because that does happen.
Take the better offer, but know that reneging could burn some bridges. Its up to you but think about what is best for your life now and long term
.
How Should I Reneg My Offer? (Originally Posted: 03/22/2010)
So I didn't get anything locked up in the fall recruiting season for IB and began to think about delaying graduation to try one more time. I happened to pick up an internship at a F100 company (GMills,J&J,Boeing) for the summer. I accepted the offer a month ago, and it just so happens that I just got a call from a solid MM firm and after going through their superday with them, I received an offer for full-time after graduation in May. Obviously, I am accepting as it is banking and it is full time, but I was wondering if anyone can give me some advice on how to go about reneging my internship offer. I understand this is looked down upon, but I don't plan on doing finance at a F100 company anyway. What are your thoughts on reneging this internship, I think it's understandable. Can I get in legal trouble for reneging? (I signed the offer letter and all that stuff already).......any advice on how to approach this and what to say in this situation would be appreciated.
You shouldn't be in any legal trouble, as your contract is likely "at will" - which means you or they can terminate your employment at any time without notice. I would be honest with the F100 company. Tell them where your true interest lies and that you've received an opportunity that you can't pass out. They'll be upset, but hopefully understanding.
I'd say be as honest as possible. You'll go to bed a lot easier an will feel a lot better by doing the 'right thing' in this situation.
EXACT same situation happened with me (well, almost... I accepted a FT at the F100). I did exactly what BabyBeluga said (call them up, explain the situation, be honest, and send a follow up letter after the call), and it worked out fine. I don't expect the F100 to consider me again in the future, but it just wasn't what I was really interested in. Definitely was one of the toughest phone calls I've had to make, but you'll feel better after. Oh, and don't be overly specific.
Say you're graduating earlier than expected and will be going directly into the workforce. Not as bad as FT to FT reneg, IMO.
how do u go about reneg ft offer?
Cool.. I think I might have the same situation.
Another Renegging Offer Advice Thread - Please! (Originally Posted: 10/23/2010)
I accepted an exploding offer with an inter-dealer brokers about 3-4 weeks ago (Tullet, GFI, Phoenix) (With no signing bonus)
I was fortunate enough to receive an offer from a MM IB (HL, Baird, Jefferies, Stephens)
Considering these roles are not really connected, what is the best way to tell the HR/Recruiter at the broker dealer that I will not be able to join as an analyst.
My quick questions:
Would honesty be the best policy here or how should I break the news.
Will this renegging affect my IB offer?
Would the correct order be to reneg --> accept offer?
Thanks!
I don't know much about inter-dealer brokers.... but here's my take on things.
Be straight about it, but also don't give a lot of details. Say something along the lines that you are very grateful about the offer, but that an unexpected opportunity has come around and you would really regret not taking it. Don't give too many details.
Reneging might affect your IB offer. If your other firm is well connected, they could call up the IB HR department, and you could have your offer rescinded. This is why you want to renege on a good note.
My gut says yes, but there are people who accepted offer while reneging.
accept offer, receive confirmation that they recieived it , then reneg. Dont give details, ust day that you received an opportunitiy that is more in aline with your long term carreer goals.
I think people often blow things out of proportion on here. People do not care enough about you to call up a banks HR to tell them some college kid reneged on them. You won't be the first and you won't be the last.
Just explain that you have received an offer you cannot turn down and that you appreciate the offer that they gave you.
Inter dealer brokers basically deal with the banks S&T department, not the IB, so im hoping there wont be a ripple effect.
Also would it be considered rude if I did this through email as the HR seems inaccessible at times?
reneg.. politely...
how does an offer explode w/o a signing bonus btw?
I wouldnt know MrSunKing...thats just how they did us in =[
Would it be impolite to do it via email?
Yes, it would be...But if you're never going to talk to them or see them ever again, it probably doesn't matter. When I reneged a summer internship offer, I didn't want to go out with people thinking I was a douchebag, so I called, but that's just me.
Grow some balls and call....it's the least you can do.
RENEGING ON FT OFFER (Originally Posted: 10/31/2009)
Have an exploding offer for MM bank, but still interviewing with BB.
a) Can the MM find out? Would they rescind the offer? b) If I got the offer from the BB, what could happen if I reneged on the MM offer? c) Could the BB find out? Would the BB care?
Yankees2009 - you are either an idiot or live under a rock. Have you not heard of the Jeffrey Chiang story? If not, then look it up. Couple lessons can be learned from that - first being, WALLSTREET IS A VERY VERY SMALL COMMUNITY. Second, given this economic environment, do not play stupid games during the recruiting process - if people think you're playing them, then your reputation could be completely trashed in a matter of days. Be honest with recruiters - if you're looking elsewhere, tell them that - they are not idiots and will understand you are doing what's best for you. But don't be an idiot - know where the line is, don't be shady and understand your negotiating position - remember, the employment environment is still pretty bleak out there.
What about reneging on a BB FT offer for S&T that is not in NYC, and taking another one in NYC? I summered at the first one....
@Wangta, this is a completely different situation from Jeffrey Chiang. Jeff lied about getting an offer and forged an offer letter as "proof". Simply reneging an offer, although frowned upon, is nowhere near as bad.
@OP, I'd still interview with the BB, but if the topic comes up, be open and honest - say that you accepted an offer already but still prefer the BB. They may be understanding, particularly since it was an exploding offer and you were pretty much forced to accept it for now. If you do end up reneging, you'll probably burn a few bridges at the MM firm, but there's no avoiding that, and in the long run, you'll probably be better off at the BB anyway. It's a delicate situation - just be absolutely sure to not lie to anyone.
Reneging an offer? (Originally Posted: 11/28/2011)
Hi guys:
I'm currently a senior who has accepted a job offer in consulting. However, another opportunity in another industry (some-what related industry) in another country just opened up for me. I feel very strongly that the latter is what I want, and I would really appreciate some information on reneging offer. If I renege that, I will lose all OCR eligibility or career services from my school (but I'm a senior). If my heart feels really strongly towards the second option, should I do it? How important is OCR/career services from school once you graduate? last but not least, is there a industry "blacklist", so to speak? what are the possible repercussions for doing this?
Thank you so much!
There is no industry blacklist. Especially if this is in a different country, in a different industry, there is no chance this will come back to bite you. Companies are not going to devote their time to sinking your career, especially at the entry level...you are entirely replaceable. Don't tell your old company where you will be working, but do send a note in the near future.
At least at my college, the career center is not much use after graduation except for things like resume reviews. I would just make sure that you will still have access to the alum database.
Why didn't you just ask for an extension if you were in interview rounds with that second opportunity? Or did it completely pop up after you already accepted? If so, come on man, shame on you.
There may be legal ramifications if you actually submitted acceptance paperwork; that's what my career service center told me. You should consult them yourself and have them look at finer details.
But come on son.
http://profile.ak.fbcdn.net/hprofile-ak-ash2/41787_214277156210_9019_n…
what kind of legal consequences can there be? also, why is it a disappoint? i don't get it...
thanks for the input!
OP, I sent you a PM earlier, check it out.
Hi Blake:
thank you so much for the PM! I just sent you a PM back, would you mind taking a look at it?
Thank you so much!
No legal consequences. They really don't care. There are literally thousands of people waiting to take your place, all with comparable skills. They probably even have a list of backups if somebody reneges.
Of course, if you got a signing bonus already, you will need to give it back, but otherwise you are fine.
Job hunting after sending in signed paperwork is bad form, but you cannot afford to turn down opportunities in this economy. Know that the firm would rescind your offer instantly if they decided they didn't need new hires this year. They won't sue you or anything...it would be a massive legal stretch, and just calling their attorney would cost more than they would ever get from you.
Reneging a job offer - Second thoughts (Originally Posted: 09/08/2010)
I received an offer from my past internship. I was planning on taking it right away but now I'm having second thoughts because of other opportunities on my school career site. So, I was planning on accepting the offer and then continuing on interviewing with other few companies that seem to be better than my current offer. However, there are a couple of risks with that:
Please let me know what anyone thinks. I really appreciate your insight on this.
You should DEFINITELY reneg. DO IT
People reneg. You won't be the first and you won't be the last. You have to do what is right for you, people will understand this.
Pretty sure companies can't say anything other than whether you worked there or not for fear of slander suits.
if you like the people, don't do it because you are essentially screwing them over ( they need to recruit again, etc)
So you want to turn down a job offer because you MIGHT get an interview which MIGHT lead to better offer?
IMO that is a huge risk to take considering the job market right now. Unless you a superstar and can shit gold bricks in which case renege and shoot for the moon.
No, I was planning on accepting the offer and then continue interviewing. If something comes up that's better, then I was going to make my decision to reneg or not. However, my concern is whether those companies that I continue interviewing with will contact the firm I accepted the offer from since it is my past internship and it is on my resume.
Normally I would say go ahead and reneg, do whats best for you, but there are definitely problems with doing it.
A) You will be screwing over the company you worked with over the summer, and they will need to re-recruit, they will also probably hate you.
B) If you interview elsewhere, and they call for a background check after they give you the offer and your past employer tells them that you had previously accepted an offer and reneged, the new firm could pull their offer, leaving you with nothing at all.
C) Career services will have a major problem with you reneging because it looks awful for the school, and really hurts the chances of future candidates from your school.
That being said, if you have an offer from a no-name crappy boutique, and have the opportunity to interview with GS, MS and JPM (and actually have confidence that you have a good shot at getting interviews and succeeding in them) then go for it and roll the dice.
Reneging on an offer? (Originally Posted: 02/20/2011)
I accepted an offer doing operations in a top BB, we're a middle office team but in a shitty location (DE) which i accepted (they ambushed us to signing within the first week of September) the money is OK nothing great.. But i really like my team (the people are great) and we mostly deal with Front office personel in NY/LDN/CHI and have been working with them since the summer.
I have a couple of other jobs in the pipeline but i dont know how bad it would be if i do any of the following 1) move to another team in NY 2) take another job completely 3)Stay for the one year i signed and then leave. The first two would be me basically reneging on the offer i signed. I have a pretty good GPA and some FO expierence doing AM.
Heres my resume: http://www.razume.com/documents/18903
Any one else go through a similar situation or have any advice?
On a side note, i really want to get in to Sales/Trading or research would a 1 yr stint in operations be frowned upon?
Thanks!!!
Please give name of firm you signed for and the industry and firm your other offers are for. There is no way we can evaluate if you should or shouldn't take the other offers with the information you provided
The most common answer you're going to get is to network. You're a URM, that's a huge plus, you have a stacked resume that isn't poor at all, and you don't have a bad background for what you wanna get into. The only problem is that reneging is going to burn bridges at that bank, so if you want to work at that BB again, you're fucked. In your scenario (1), is that moving to another group within the same firm? I'm not sure how that'd work out considering you already signed somewhere in the bank. Scenario (3), you only signed for one year? That's unusual.
Thanks for your input!
1) Yes it would be moving to a team in NY (haven't applied anywhere within the bank yet)
3) Well it's a two year program but they take a way the initial sign on bonus if you leave before the 1 year anniversary
I hate to use the URM card since I much rather get what i want on my merits (but i guess at this point anything helps) but are there any good programs out there that any one knows of to get into a FO / reserach positions?
bump
Accepting another offer after already accepting one (Originally Posted: 01/27/2016)
In June of 2015, I received an offer from a BIG4 accounting firm for the following summer (2016). At the time I was majoring in accounting and thought that was what I wanted to do, so i signed the paperwork saying I would come. As the summer picked up, I realized that I wanted to do IB and networked and interviewed to get an IB internship. I officially received the offer the IB for summer of 2016. Would I have any issues if I declined the previously accepted B4 offer and took the IB offer? The only backlash I could see is ending my relationship with that B4, but is there anything else that could hurt me?
You might get banned from OCR if the Big 4 calls the school. Though I don't think Big 4 gives a shit about losing an intern since they hire boatloads at a time.
Already accepted an offer from a company but received another offer with higher pay, what should I do? (Originally Posted: 08/17/2015)
I recently accepted an offer from company A and filled out all the paper work and am in the middle of a background check. Company B finally came back to me and offered a significant amount more compared to the offer that I accepted from company A. How do I finesse this? I like company A but this second offer is hard to ignore. Comparable shops etc.. etc.. If I could get the same amount from A as B then I would definitely stick with A. Anyone have any experience with this.
Renege and accept the other offer. Yolo. I reneged a summer offer for another one.
Do not tell company A about the competing offer. Do not ask for more money.
Either renege or dont. I was in a similar position about 2yrs ago. Ended up reneging on a high yield gig at an insurance company to take my current job because yolo. I reneged a few days before the start date, but after completing all of the background checks, etc.
Just call them up, tell them to fuck off, and be done with it. No finesse necessary, just rip the bandaid off. They are going to hate you either way, but at least this way they wont think you're a pussy as well.
Just be 100% the other offer is real. I would also tell company B about the predicament you're in and make sure they are okay with it before dropping the bomb.
I agree with this. I only reneged until after I passed my second company's background check and I was good to go. Don't renege on the first offer right after you sign the papers. Signing doesn't mean shit unless you can pass the background check.
1 Interview done...but more interested in the other one.Do I accept the offer (Originally Posted: 03/23/2015)
I just interviewed at a BB through networking with an alum and am waiting for another interview with the same BB through college.
I talked to my connections within both groups and really like the second one better. My 1st and 2nd round interviews with the first group have gone really well(My college alum told me that I should really be expecting an offer in the next 1-2 days). The only problem is that I wont even have my first round interview with the other job before I get the result for the 1st one.
Really torn if I should reject this one and take the risk that I do well with the other set of interviews OR If I should take this one (even though I dont really like the 1st job as much as the 2nd one)
The other problem is that this is within the same company but different groups and both the MDs know each other. I dont want to piss off the first MD because I got the interview through networking with the analyst on the team. Would be great to get some insight!
P.S. I have changed a few details for anonymity. Thanks
My personal thought is that a bird in hand = 2 in the bush. You can always try to transfer after a year or so if you really don't like it.
That being said, it's hard to make a real recommendation because you haven't given us any details about the jobs. What would you be doing in both? Are they both FO?
Definitely do NOT reject the first one. Think of the disadvantage you'll be at if you reject the first and don't get hte second. I would take the bird in hand.
You haven't gotten an offer yet, so when you get the offer, see what the time line is. You might have enough time to be able to interview for the second one and receive a decision on it, then that should be able to help you with the decision you need to make regarding offer #1.
Are these both FO IB?
Accepting 2 offers in two different regions? (Originally Posted: 11/07/2010)
Okay, I currently have a BB Sales offer in ASIA and I'm pretty sure I will get an MM ER offer in EMEA as well since the interviews went pretty well.
I am not sure if I want to be based in ASIA or EMEA because it will depend on where my GF gets funding for her PhD. Funding decisions are quite late ~ May-Jul 2011, and I am pretty sure that I will have to make up my mind well before that date. In fact, before Xmas.
I am also in the midst of 2nd round interviews with M/B/B and another 2nd tier consulting firms.
Would it be okay to accept BOTH offers from DIFFERENT regions from DIFFERENT banks and then renege one when the time comes? Or is the finance world too small that I will be the next jeffrey chiang?
Don't do it. It is one thing to renege 6 months before you start, it's a whole different story if you renege 4 weeks before you start.
Definitely dont reneg that late. Maybe you won't have to make the decision as you may be getting into MBB (this work out that way sometimes)
I would say whether you would rather be in sales or ER rather than your location. That is what will matter more in the long run.
Lets say I take up the BB Sales offer and sign before Xmas. I spoke to an alumni from one of the MBB I am interviewing at and he said that offers are usually made quite late - could be in Feb/March 2011
So If I was lucky enough to get an MBB offer and decide to go for MBB, would it kill off my future of ever working in a BB?
Honestly, your best bet is t ask your girlfriend to consider you when she gets her degree. I'm sure she'll have more school options than you'll have work options.
The world is small, but it isn't THAT small. If you accept both and renege on one, it is probably not going to affect you. That said, some things to consider:
1) If you renege at a bank, don't expect to ever get a job offer at that bank again - regardless of the country or position. 2) It's a total asshole thing to do to an employer. You're taking a spot away from someone else. Also, what are you going to say when people ask you what you'll be doing next year? Are you going to lie to them too? 3) If it did come back to your selected employer, you'd run the risk of losing your job. The last thing you want is to be unemployed at graduation with recruiting season behind you. This could be a career ruining move for you -- is the upside worth it?
While it is a crappy situation to be in, it happens to folks ALL the time. Also -- I did long distance for my first two years out of college while I was in banking. It wasn't optimal, but we got through it. Long story short, it's not worth damaging your career (at this point).
Go for BB Sales offer in Asia... sounds way more exciting...
Accepting 2 offers with different start dates so you can "try out" one of them? (Originally Posted: 04/18/2012)
The scenario goes like this: - Thom has received offers from Company A and Company B. - Company A has assigned a June start date. - Company B has assigned a September start date.
Thom: (1) accepts both A and B's offers (2) shows up for work at Company A in June, treating the three-month period from June-August as a "try out" period.
(3a) If Thom likes Company A, he reneges on Company B to stay at Company A. (3b) If Thom doesn't like Company A, he resigns after two months, per at-will employment, and switches over to Company B.
Company A and Company B belong to entirely different industries, and are located on opposite coasts of the US. The risk of someone from Company A knowing someone from Company B is slim.
Has anyone ever pulled off something like this? If so, what was your outcome? (I fully acknowledge that this is a jackass thing to do, because you're guaranteed to screw over one of the two companies.)
Really really BAD idea. If you accept offer A assume you have to do a BG check.. say if you decide you want to switch to offer B.. they will find out during their BG check you worked somewhere else. Not a good idea. Shows lack of ethics and I'm sure you are liable to get fired.
this is such a scuzzy idea..but def do it
On a scale of Adam Vitale to Bernie Madoff, how ethical are you feeling?
YOLO BRO.
^ That means do it.^
lol do it
You're in dangerous territory here and there's not enough info to really parse out the full spectrum of options. Given only the info above, don't do it. Pick the one you want more and just go with it, and/or use the other offer as leverage for higher starting pay.
If you want to "discover yourself", this isn't the way to do it.
Sounds like a new sitcom. Seriously, it's an awful idea. Plus you're more likely to stay at the first company anyway since you'll have been moved in and trained already.
ya brah every1 does it
Judging by the apparent "types" of internship, A seems more structured. Stick with that unless B seems like something you'd really like to do. I can't really distinguish which is better with the given information.
Bottom line, just play it safe, choose one.
I say do it.
Not worth the risk, you run the possibility of lossing both opportunities and not being a viable resource for either company down the road.
I had planned on doing this once but the second offer i was hoping for didn't pan out. I say definitely do it. You really have nothing to lose since the two companies, as you said, are in different industries and geographic locations. At the end of the day it's better to have a job that you love and be hated, than have a job you hate and be loved.
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