Application/Reneging dilemma
So I've already accepted an offer from a pretty minor player in the IB world, although the firm itself is big and its a decent opportunity.
However I've got the chance to apply to a BB as they just announced they're looking for a handful of new analysts to start this summer as well.
My question is, on my cover letter for the BB, do I mention that I have another offer? How else would I get across the fact that I've already been deemed good enough for one firm to take me on? (Given that I have no prior IB internships, only WM and some prime brokerage experience, this is important).
Should I state in the 'any additional info' section instead that I have an offer? Or that I've accepted it?
I wouldn't have any qualms about jumping ship from a professional/ethical standpoint, but I just don't want to get in any potential trouble!
Thanks for the help.
don't ever name drop another company that's offered you in your cover letter. it might come up tactfully in a later interview, but if i'm talking with you and you said that to me, i'd forget about you right there. i don't want a) a kid whos going to brag/run his mouth, or b) a guy who has an offer and might just be wasting my time.
Word hard for this job if you really want it, and don't think you can use your current offer at a lesser shop as a "stepping stone".
Typical rule of thumb is that you can leverage other BB offers when interviewing at other BB's, but if you have an offer from a non-BB, you don't disclose to the BB. It's like a player that got drafted onto a minor league team going to the Yankees and waving his offer around like it means something. To you, I'm sure the offer means something and it's great that you have one, but no one at the BB gives two shits.
The fact that you have already accepted makes it a little less clear, but even in your case I wouldn't say anything. You don't want to draw extra attention to yourself, if they read that on a resume and think there is even the slightest possibility of some sort of complication, instant ding. It also might not even be worth applying if you've already gotten dinged in the past by the same bank considering the risk it poses to the position you've already accepted.
All in all, reneging/multiple offers is never an easy situation. Best of luck
Thanks to both of you, thats very useful advice.
I just done the application as if I was a fresh grad, no mention of another offer/acceptance.
I guess on the off chance I do get interviewed, I'll say I have an offer (not that I've accepted it).
Rooster, you mentioned complication in terms of my current position - could you elaborate? I'm not sure how it would affect my current offer since there is no way they could know about me applying.
I've highlighted the two problematic things you just said. Namely: 1) If either bank finds out you're about to go back on a previously accepted offer, it will paint you as the bad guy. There will be no way to spin it. You will look like a guy who can't be trusted, isn't true to his word, doesn't have a backbone, and can't make up his mind. All are bad. You do not want that reputation to follow you (see point #2). 2) There are ways. I can think of many, many examples of people that said the same thing and got blackballed overnight. Many of us in this industry trade emails, PIN messages, go drinking, etc and this sort of stuff comes up. We are far more connected than you can even comprehend at this point. Do not take your chances for granted of being found out. You may slip by, but if you don't, it will not be good for you.
PS - I say all this in the nicest way possible and only to offer friendly advice. I don't know you and don't care to. Just be careful out there. Go with your gut and do the right thing. If you're smart and good at what you do, you'll land on your feet and your career will be just fine, no matter which company you choose.
Anyone know which bank this is?
imo I would not reneg on the offer you accepted. Looks fairly poor on your character.
i dont have an incredibly strong position on this, but i'd equate reneging to the very lengthy discussion the other day about going through foreclosure on your home even though you can pay the mortgage, because you have negative equity
I should probably reiterate that the reneging part of this plan is very, very far from fruition! I just submitted the application yesterday, and I've been rejected by this firm before.
Rooster, I know that the BB won't give a crap about me having another offer, but all things being equal, they might have a slightly different perception of an applicant if they knew he had made it through somewhere else (not in terms of there being a limited supply of analysts, but in terms of recognising that I had potential).
Anyway like I said, its a long way off and I was only really asking about the application part right now. If it does come to anything I'll bump this thread and deal with it then! Thanks for everyone's advice.
i'm guessing you go to cal. the bb is lazard. and the offer is with smith barney.
seriously, why are people so obsessed with doing this?
And you couldn't be more wrong!
baits others
Hi everyone, just thought I would bump this thread as there have been a few developments and I now have a first round telephone interview.
From what I've heard and read so far, its going to be a competency based interview, so the usual HR bullshit. But I do need some advice as to whether I should reveal that I have accepted another offer, if I am asked a question of that nature.
Should I say I have accepted another offer? Should I say I have another offer but haven't accepted it yet? (Technically, my contract isn't complete until they complete all the background checks which I think they haven't).
confused
There is no way I would tell someone that I already accepted an offer. I might mention that I have another offer on the table that I need to accept/deny in the near future but that I would like the opportunity to work for the BB. Good luck.
Regards
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