Hello everyone,
Beem a long time lurker on the forums and it's pretty sad that this is my first post on here, but I really needed some help and guidance from the community. I had applied to a well known, large private asset manager here in Montreal. After a few months of interviews, they gave me a verbal offer towards the end of December. I never got a contract but said they would send me one once I provided references and that they checked out. At this point, I am speaking to one of the founders (their HR director quit during my interview process). I sent him 3 references that I knew would give positive feedback. 2/3 references confirm they received a call end of January and that all went well. Fast forward to mid-February, and the founder again calls me to ask some random questions and to clarify one of my intern experiences at a well-known pension fund here in Montreal.
Quick backstory: I worked at a large pension fund in Montreal for 4 months as an intern. They offered me an extension for 4 more months. I decided to not extend as I had an opportunity to participate in a student-run investment fund where I felt the experience would be much more valuable over the 2-year mandate vs 4 more months at the pension. When I told my boss I would leave them at the date of my original 4-month contract, he took it very badly. I left in December 2018.
Throughout the several interviews I had with the firm, I repeated the same story to them and explained my rationale for doing so. During this call in February, the founder seems to be concerned with the fact that I left the pension. A week later, he calls me to rescind his offer. He says they did some "digging" on me and had uncovered some concerns. I am 100% clean. I have no criminal records. All my references gave me great recommendations. They even contact another professional (not on my reference list, sits on the committee at this student-run investment fund), who also gave me a good reference. I contact the 3rd reference from my original list who also worked at the pension and he said he never got a call.
The founder then mentions that they had made offers to two other candidates who have accepted (their coverage group was the same one he offered me) and therefore, no room left for me. Keep in mind I had a verbal offer at the end of December. This means that this firm likely continued to interview other people after uncovering the alleged concerns and offered them jobs without telling me while I stopped looking for FT opportunities and turned down other interviews, as well as turning down an extension at my current internship (6 months into a private equity internship in Montreal with a European FI) as I thought this was pretty much in the bag.
What I think happened is they reached out to my old boss at the pension (I do not believe anyone has a personal relationship with him, including the founders), and he gave me a bad and likely inaccurate reference as he was bitter about the circumstances in which I left. I never signed a release form that authorized the AM firm to call people to ask about me, only a reference list containing 3 names that I provided them. At this point, I really do not know what to do as I am finishing a 3 year MBA in April with no FT opportunities on the table, and my current internship contract ending next week. Any insight on what I should do would be greatly appreciated. There is something definitely fishy going on so I am just wondering what my options are. Sorry for the long post, I'll be happy to provide any clarifications as needed.
So, the bad news is that you have zero "options"...however, just take this experience as education in "that's how the hiring process works".
You painted yourself in a negative light by trying to pre-empt concerns about leaving the Pension fund internship. If you had just said that you interned there for 4 months and had a good experience, and left it at that, then you would not have sown the seed of negativity.
This is actually very valuable life advice. Don't give people reason to ding you....only provide positive info, and think of the long game. Don't lie, but you are allowed to omit information that paints you in a negative light.
If you phrased your experience as -4 month internship at xyz pension fund -2 years experience student-run investment fund
I would simply not mention at all that you were given the opportunity to extend the internship. You probably thought that would make you seem more desirable "i turned down a firm that liked me, for what i saw as a better experience"...and in a way, it does seem to make you look like a quality candidate - but some potential employers will see this as evidence of lack of loyalty, that you are just looking to build your resume and that you will jump at the next good opportunity that comes your way....and nobody wants to feel like they are being used as a career stepping stone.
Now, its fine to build your resume, and use some jobs as a career stepping stone...just like its fine to date multiple people at the same time while you are single and not in a committed relationship....but you shouldn't rub their nose in it....that rubs people the wrong way and creates a negative emotional experience.
This is a subtle art of communication....better to learn it now while you are young.
This is phenomenal insight and advice.
You know...I never really thouht about it that way. I really appreciate that insight. I normally say it as part of my story. Of course I thought it would help me look good and that I did a good job at the pension, but not so much about the negative aspect of it. There is also the aspect of the issue coming up during reference checks and I feel it could come up as me trying to hide something there too. In any case, I'll definitely consider your advice for future interviews. Just wondering what your thoughts are on the ethics of what they did by keeping me on ice and hiring other people and not saying anything about it + if I should try to figure out 100% what it was that "concerned" them. Much appreciated.
while it was crummy for them to pull back on the verbal offer...this is a hire/fire/employ "at-will" industry...you are never 100% safe...so keep that in mind for the future. Sure, its crummy and generally one-sided (employers usually have more power) however, you also have power. If you are an excellent candidate, then you will be in demand and have other offers from other companies that want you. you could have worked at that firm for a few months, used them as a stepping stone and then quit for a better opportunity. Would you have felt bad enough about doing that to not do it....if the next job offered to triple your salary? Of course not - that's just how the market operates these days...hire, fire, quit just like a high frequency trader...and the art of this process is...even tho you and the employers know thats how it works sometimes, you still got to caress your dance partner and make them feel like you are in love, even while you are dating their brother / sister and willing to drop them in a heartbeat for greener pastures.
This is exactly how you do it , keep talking dirty to em, then one night just leave for a better one.
This is exactly how you do it , keep talking dirty to em, then one night just leave for a better one.
I get what you are saying. I doubt anyone would turn down triple the salary. I'm not hardwired to just hop from place to place and I think I made it clear to them in the interviews that I wanted to be there for the long run and be 100% fully committed.
Could the founder be trying to maintain a relationship with the pension fund? I
It's possible. The AM firm manages institutional money and the pension has given money to Canadian managers though I don't know for sure.
while this is possible...regardless...there are many other employers...and if you are a quality candidate, then you will have many other opportunities.
Est sed eius consectetur. Excepturi est qui fuga impedit quo. Reiciendis eum voluptatem mollitia non provident. Nobis quia dolorem ut dolor quis voluptatem officia. A numquam maiores sequi sint iste aut. Consequatur repudiandae nihil vel. Repellat qui eos et voluptas consequatur dolorum omnis quo.
Adipisci illo molestiae sequi earum adipisci voluptas quisquam. Et cupiditate quia quo dolore est vero officiis. Alias aut aperiam aut ut unde. Blanditiis sit iusto et adipisci veritatis vitae qui. Doloremque nostrum aliquam voluptatem et.
Autem ea autem provident molestias aliquid. Quia aut et amet consequuntur est dolorum. Excepturi laudantium necessitatibus nihil pariatur omnis rerum itaque.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...