I completed a at a BB in its commercial bank commercial bank doing credit analysis (analyzing middle market firm's credit risk, debt capacity, helping underwrite loans, etc) and received an offer. I had a great experience, the people were amazing, the offer was reasonable (though obviously bonuses won't look as glamorous as in IB), and I really considered taking the job.
Is it ever worth it to accept an offer and renege afterwards? Would it be best to accept the CB job and figure out whether I actually want to break into IB 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.