Accepting TWO offers (one SA and one FT) during same recruiting year?

I am currently a final year student and will graduate in June 2018. I want to start working full time in 2018.

I have received offers from two firms ("Firm A" and "Firm B")

Firm A is for a Front Office role, however this offer is a SA position which runs from June - Aug 2018. The return offer rate during the past few years is approx 50%

Firm B is for a Middle Office role, however this is a FT position which starts in Sep 2018.

If I receive a return offer from Firm A, FT will likely start in summer 2019, so I could just start working at Firm B in Sep 2018, stay there for a year then quit in 2019 and start working at Firm A.

If I do not receive a return offer from Firm A I can just start working at Firm B in Sep 2018 and stay there for a few years.

As there is no overlap, if I accept both offers I am able to fulfill both commitments without reneging, therefore would it be "OK" to accept both offers?

I understand both firms might have their hesitations (both firms might question my commitment), would it be preferable to be upfront and inform both firms about the situation, or should I not mention it?

Comments (38)

 
11/5/17

Don't be an idiot just take the FT offer

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11/8/17
thecoolkid1234:

Don't be an idiot just take the FT offer

Sorry in the original post I forgot to mention the FT is a MO role, the SA is a FO role.

 
11/5/17

Take the FT, guy. And lateral if you're not happy there - pretty simple.

 
 
11/8/17

whatever you do, don't say shit to either of them

 
11/8/17
Morty Jones:

whatever you do, don't say shit to either of them

Thanks for your reply. Do you think if either of them find out there could be a chance that one (or both) of the offers are rescinded?

 
11/8/17

Come on guys, I need to make a decision within the next few days, any advice?

 
11/8/17

S&T role and don't fuck up. That being said my friend went from no offer from Goldman trading to trading at Citadel

What concert costs 45 cents? 50 Cent feat. Nickelback.

 
11/8/17

Sorry I forgot to mention in original post (now edited), the FT position is for a MO (Middle Office) role, whilst the SA position is for a FO role.

So I really want to have a shot at the FO position.

My question is not "which should I take?", rather "Is it OK if I take both?"

 
 
11/6/17

I would talk to someone from your University's career services - assuming that getting FO out of college is your number one priority, I would probably take the SA role and delay graduation for a year. I'm not sure if there is a risk to taking both but a career counselor should have a more informed opinion.

 
11/8/17

Thanks for this, that definitely makes sense. Unfortunately the career counselor at my school has a reputation for being somewhat incompetent at best, but I will give him a shot anyway and see what he has to say.

 
11/8/17

If only that M&A gig was paid...

 
11/8/17

I agree, but really I am more than willing to do the work for solely experience. Its just such an unconventional position that I don't know how much value it really adds.

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11/6/17

I know some banks won't allow SAs to graduate before their internships and therefore you might need to delay your graduation date by one semester. Other than that, I don't see the point of not doing the internship especially when there's no overlapping between the internship and the start date of your FT role.

 
 
11/6/17

Thank you for your reply, this is exactly what I was thinking.

As there is no overlap on the dates, I would not be "reneging" on anyone.

Do you think that I should tell one (or both) of the firms about having also accepted the other position, or not mention it?

 
11/6/17

What would be the point of letting either firm know? Is there any upside? Don't be an idiot, keep your mouth shut.

Also, agree with Rumple4skin, I would strongly consider delaying graduation for the chance at a FO role if that's the career direction you want. Then work your ass off over the internship to get the return offer. Even if you don't, you can use the extra year to network with other firms for a shot at FT FO.

 
11/7/17

Thanks for this, this definitely makes sense.

The only problem with not letting them know would be if either of the firms somehow found out.
If this happened do you think I could be in "trouble" (would there be any risk of offers being rescinded / any action being taken?)

 
11/7/17

I don't think Firm B would care too much as long as you don't renege on them. You can probably do as you please before you begin there. Firm A is more likely the issue where they'd be unhappy if they found out you graduated already AND signed a FT too, since they're likely looking to hire only juniors for the internship. Play dumb in the unlikely event that you're found out, but by all means don't let anyone know beforehand.

Again though, if you're looking for a FO career, I highly encourage you to consider a masters program or anything to delay graduation. It's very difficult to make the move otherwise. If you take the FT MO role, you'd probably need a MBA to try to move to the front office. The internship is the path of least resistance.

 
11/7/17

Thanks for your help, +1 SB

At the end of the SA, if I was successful in receiving a return offer from Firm A, I could just start working at Firm B for approx. 9months then join Firm A full time in 2019 (as per the normal schedule, the other SA who received a return offer would also join in 2019)

Do you think Firm A would likely agree to this, or would they more likely be angry and not want me to start working at Firm B?

 
11/8/17

bump

"Better to remain silent and be thought a fool than to speak out and remove all doubt." --Abraham Lincoln

 
11/8/17

one more time

"Better to remain silent and be thought a fool than to speak out and remove all doubt." --Abraham Lincoln

 
11/6/17

I'd be hesitant to speak to someone at your school's career services. They will tell you to just take the FT offer and decline the SA.

Agree with the poster above about being careful to be eligible for company A's SA program if you will graduate beforehand. Read the details of your offer letter, etc. May be necessary to delay graduation to maintain eligibility.

Don't see anything wrong from a legal standpoint with doing both, but it does look a little shady so definitely would not broadcast this to your employers or school.

How late can you decide to graduate/not graduate?

 
 
11/8/17

Great to get your reply.

Actually, its not possible for me to delay graduation past June 2018. However, if Firm A requires me to continue studies after the SA I could simply apply for a 1 year Masters program (starting around Aug/Sep 2018.)

After the SA has finished I could then decide not to do the Masters

 
11/7/17

Only do this if the FT role won't let you start early. You have a right to be employed. Don't tell them though.

 
11/8/17

I guess it depends on your personality kinda. Personally, I would take the time off & travel. If it's not going to be something you're interested in (i.e Central Banking). Enjoy the time off before starting full time where I'm sure you're going to get little time off in an entry level role.

That being said if the though of 6 months no work sounds scary to you (i.e I'm going to die of boredom!!!) Then consider taking the internship.

 
11/8/17

Thanks for taking the time to reply.

I guess it's not the thought of 6 months no work that is scary, but I'm more worried if I don't take the job it would leave me with 1 year gap in my CV. However, gap years are pretty common in the UK so maybe I'm just being silly.

What do you think about the idea of quitting the internship earlier?

 
 
11/8/17

I don't see why you wouldn't be allowed to do it, if the firm isn't a competitor. To be safe you might want to clear it with HR, but I don't think they can prevent someone from taking a wage paying position before their start date. If someone was waiting tables to pay for school a bank isn't going to ask them to quit, and I see no difference here.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."

 
11/8/17
duffmt6:

I don't see why you wouldn't be allowed to do it, if the firm isn't a competitor. To be safe you might want to clear it with HR, but I don't think they can prevent someone from taking a wage paying position before their start date. If someone was waiting tables to pay for school a bank isn't going to ask them to quit, and I see no difference here.

Thanks alot! I mean, that is exactly what I thought except that it is still within Finance and may be considered some type of COI if I did it. Although, I don't see why it would be.

 
11/8/17

Just call HR and Compliance to clear it. Any non-public information from your internship should be considered stale by now and as long as this internship doesn't overlap with your planned FT start date it shouldn't be an issue.

 
11/8/17

Just argue you're adding value by gaining experience on the other side

 
11/8/17

You should check it with HR and you should also control the contract you have signed. I remember in mine something about the fact that I could not accept any other offer in the meantime.

I'm grateful that I have two middle fingers, I only wish I had more.

 
11/8/17

How will they find out? As long as you don't post it on LinkedIn the minute you take it, you should be fine no?

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

See my Blog & AMA

 
11/8/17

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