Hello,
I am fortunate to have an offer from a top middle market (Jefferies, RBC) with an offer deadline early January.
I also am in the process with places like MS, JPM, BAML, DB, and Barclays however. Some of them want me to extend my offer deadline with the middle market so I can attend their Superdays in January.
I really like the middle market but think I would rather be at a bigger bank with a bigger name. What are the pros and cons of asking for an extension? I do not want to ruin my reputation with the middle market if I choose to accept there. Would this ruin my chances for full-time after the summer or could they revoke my offer if I ask for an extension? Anyone done this before? Really confused and need help.
The middle market said on the phone that I really impressed everyone on the team so I think they really want me if that means anything. I am from a non-target as well.
There's a big difference between RBC and JEF.
Jefferies
Tough situation to be in, but the pros/cons are self-explanatory and I'm sure you don't need to hear what you already know.
With that being said, sometimes you have to take risks and go for what you really want. This decision is important because, as long as you get your return offer, this is the bank you'll be working for full-time most likely.
I found through my experience that once you have one strong offer, it was essentially a snowball effect. When you let your interviewers in subsequent interviews at different banks know that you already have an offer elsewhere, you become a more attractive candidate, and they're more willing to expedite your process to meet exploding deadlines.
If you think you did really well in your interview at the MM, you may have some freedom to push back regarding your deadline without getting your offer rescinded. Do note that banks always tell everybody that the team was "really impressed" with you. In reality, they may have another candidate who they liked almost equally as much as you, so they wouldn't really care much to rescind your offer and give it to him/her.
So really, it's almost a coin toss as to whether you would lose your MM offer (because you don't know how strong other candidates were). But your probability of landing an offer at your other interviews has certainly increased substantially.
I was in the same situation for full-time recruiting. Had an offer from a MM that was exploding before accelerated recruiting even started, despite having multiple superdays set up for most of the top BBs. I was so close to accepting, but instead took the advice of my network and turned it down. I then went to the BB superdays and got offers. Best decision I've made. I'm sure you can do the same. You've already proven that you can excel during interviews. If you have another 4-5 lined up, you'll definitely get a couple more offers at the least.
Is it possible that they take away the offer on the spot as soon as I ask? I think this is my greatest fear.
Absolutely not.
bump
Anecdotal but I asked for an extension last year at a MM and got it.
Double post
Take the offer from the MM. Bird in hand is worth 2 in the bush.
Asking for extension on offer deadline? (Originally Posted: 02/17/2010)
Hey all,
Was curious if it is ok / proper in asking for an extension in a deadline for accepting an offer? Any advice on best way to go about this?
Thanks,
Be polite and still show interest. Say it's a major decision and you would like a few more days. Don't be rude or suggest you are trying to "shop" their offer. You could very well end up working for them. You have to be extra careful if this is a smaller shop.
Great,
Thanks for the insight.
I also have this same issue.
If an excuse MUST be made, what would be acceptable? Maybe that I need to speak with someone (Dean / Family) about it and they wont be available for a few days?
How long of an extension is acceptable?
Thank You
how to ask to extend offer deadline (Originally Posted: 04/24/2013)
Hey guys,
I have an exploding offer, which I need more time to think about. They only gave me 1 week, while previous firms gave me 2 weeks. Is it possible I could pick up the phone and call the HR to ask for more time. What is the best way to deliver the message?
Thanks.
Don't treat it as "delivering the message," or a forgone conclusion. Start with an explanation of the circumstances (which ideally are out of your control), make sure that your rationale is reasonable, and be polite in your request.
Be Aggressive w/"Offer Deadlines"? (Originally Posted: 12/31/2009)
I'm curious to what extent one should be aggressive in negotiating potential offers with firms. I have a couple of "could be" offers this winter break in which I am stuck between the points of having made it to the final round and yet not getting immediate, explicit offers. When both of these firms asked me how long they could wait in getting back to me, I told them both I didn't have any impending offer deadlines and yet now it's been a couple of weeks.
Was this a mistake? How bad/low value does it make me look? Would it be a good idea to pop back e-mails to these places demanding I get an answer by some nearby (arbitrary) date?
no. don't tell them you have a deadline unless you actually have a deadline. don't make shit up. the street is small - they'll find out. you don't wanna be the next jeffrey chiang.
if they don't want you, rushing their decision isn't going to change that. if they do want you, rushing their decision might change that. there are plenty of potential analysts in the sea who are qualified.
but do feel free to check in about the status of your application.
No, you can't really demand anything. You don't want to end up like jeffrey chiang. If they ask, just be honest and say you went through final rounds and are waiting to hear back, but until you actually get an offer, you have no real leverage.
If you demand a decision by a certain date, you'll most certainly get a reject. So don't go asking for it. They will do things according to their own schedule no matter what your situation and there are plenty of qualified candidates out there. You were right in being truthful about not having offers. If it's been a couple of weeks already, then you could email the HR person who arranged your interviews in the first place to express your continuing interest in the position and attach a reference letter. They'll get the point. Which firms are you waiting to hear back from?
I completely agree with the posters above. Demanding banks to give you answer will pretty much get you the Ding if for no other reason than you come off as entitled, impatient and annoying - you want something from them, not the other way around (even if they want to hire you).
I think the best plan of attack is to reach back out to the firms to: 1) reconfirm your interest in working for firm X, 2) briefly describing any enhancements to your candidacy since you were interviewed and 3) thank them for their time and let them know that you look forward to hearing their decision. Short, sweet, to the point, without throwing it in their faced.
Good luck and don't lose faith.
If you do get an offer where a bank requests an earlier response date - before you've heard back from other places -- THEN it makes sense to give all the places you've applied an update. Some banks will accommodate you, others will try to force you to sign / respond earlier than usual. The best thing to do is to update them as you get more information on your situation.
Agree with above posts that until you hear back from other firms, it doesn't make sense to lie or spin the situation (recruiters do know each other and it's a huge, stupid risk to take)
Chase Us, Break In! http://chasingconsultantsbreakingbankers.blogspot.com/
Offer Deadlines (Originally Posted: 10/02/2010)
Quick question on deadlines; I've been told by the MD that gave me an offer at a bulge bracket bank that there is a 7 day expectation and they'd like me to make up my mind in that time. It is not in the letter itself, I just asked how much time I had and that's what he told me. Time is running out and not sure what to do here.
Banks usually tell you two weeks because they want to know exactly how many people they have. If you go to a target school the OCR stops that two week bullshit and usually give their students until Nov 1. You can call the MD in a week and verbally accept and send the offer letter in the mail a few days later (you don't need to mail it right away).
thanks gordon ...
Question about Offer Deadlines (Originally Posted: 02/10/2009)
I recently got an offer for an internship. However, the deadline the company set was a week. My school has a policy that every company has a three week deadline and no shorter. I mentioned that I have a few superdays that I committed before i got the offer, and he said that might still be ok but he really wanted it in a week.
However, if I do go to the superdays, but end up taking the offer I have right now (after the one week 'deadline'), would it really hurt me this upcoming summer?
Sorry if I sound a bit insecure, but I'm a bit nervous about the situation.
You can try to extend the offer beyond a week, but you better hope they do not pull the offer, or offer it to someone else. If they offer it to someone else and they accept, then you're done.
talk to your school's campus recruiting office, they should be able to give HR a call and have the deadline enforced (assuming that it's an on campus recruiting job--if it not, you're on your own, in which case you could always accept and then renege if you get something better)
It's OCR. Thanks.
If the company says one week...then it's usually one week. I would accept the offer and go ahead and have your superdays. Considering how competitive it is out there right now, you can't rely on coming out of a superday with an offer. The last thing you want is to have received an offer and then end up with no job as a result of indecisiveness. Just my 2 cents.
grandpabuzz,
I just had the exact similar situation happen to me last week. They told me they'll give me 5 days to think about it and they were willing to extend the deadline if I really needed it. But by the morning of day 5, they called me and said the offer was over.
So if you really wanted this one, you should take it and run. For me it worked out, because I had other offers extended to me just a couple days later. But those 2 days were difficult to get through...
Hope that helps.
Well I called them, and they said they would follow school policy and give me the two weeks.
Tight Offer Deadline (Originally Posted: 12/26/2013)
Hello. I have received an offer from a "lower" bulge bracket bank for a summer analyst trading position. They have given me a deadline which would not give me enough time to interview at other BB banks. For background, I am coming from a target school with around a 3.8 GPA.
Does anyone have any thoughts on the trade-offs of asking for more time, taking the offer, and declining the offer to search for positions at other banks?
wells?
I don't think the whole BB tiering system works as well for trading desks. Are you only gunning for trading positions? Do you have any leads with other banks or are you just speculating?
Book and look
I don't have any leads at other banks yet but it's still early in the process. I am applying to trading and quant positions.
What do you mean by this?
He means accept the offer and keep interviewing. Renege if you get something else that you want.
I think you should take the offer. Up to you if you want to keep interviewing. I just want to reiterate that BB tiers don't necessarily apply to the trading desks.
Take the offer unless you've been networking/are already in the process with other banks.
How would you change the BB tiers for trading? I know it would most likely be product-specific. But say you split it in to equities, fixed income, and FX. Even in the most vaguest way
From what I've been able to gather through friends at firms, SA experience, Revenue totals:
Equities: MS, GS, JPM...(maybe BAML)
FX: DB, Citi..not sure besides those two
Credit (This is extremely desk dependent so take this for what it is): GS, JPM, CS (I think mortgages), Citi (synthetic)..not sure besides these.
Hopefully someone will be able to add more color.
For FX this might be relevant: http://av.r.ftdata.co.uk/files/2012/05/Euromoney-global-market-share.png For the others I wonder what this means: http://news.efinancialcareers.com/uk-en/145103/these-are-the-banks-wher…
Offer extension (Originally Posted: 02/01/2011)
I extended an offer, but the HR says no further paper work is necessary.
They gave me about another month to decide
This was all done on the phone. Should I get this in writing?
yes. an emailed pdf would suffice even. without documentation, it may well have never happened.
so, get something in writing, or just take the offer (at which point they will have to put it in writing...).
I think trusting HR would be better than bothering them further. I doubt they'd rescind your offer. People ask for extensions all the time. Just remember the person you spoke to and on what day and at what time. Possibly follow up with an email to that person, thanking them for their call at said date and time and for "discussing and approving to extend my offer deadline." Then it's documented.
This makes sense. Doesn't require any extra work on their part or even a response but it leaves a paper trail for you to reference at a later point in time should you need to.
Dude it's fine. Just remember which HR rep it was.
I call BS.
How to Extend an Offer (Originally Posted: 12/13/2013)
I go to a non-target and just got a BB S&T SA Offer today which expires on December 27th. I've sent my thank yous and all. In about a week, I want to send an e-mail asking for some kind of extension on the offer. I want to interview elsewhere. What is the best way I can ask for an extension? Please let me know specific diction any of you would recommend.
Keep in mind this was the first superday for the bank, they gave out multiple offers-and one other kid from my non-target school attended, got the offer, and will be signing. They have plenty of candidates. This is the first time my school has had 2 people attend the superday, and we both got offers. The other guy is signing today.
I want a 2-week extension. Do I mention that I have other superdays and I want to make the best choice for myself?
Appreciate any and all thoughts.
Also interested. I am in a similar situation.
Extension are rarely a no-go unless you have a valid reason (wanting to interview elsewhere is not a valid reason.) Why would they make an extension so you can possibly pass on their offer and go elsewhere? There are 50 kids in line behind you who would scoop that offer immediately.
Careful, they may rescind it.
This is definitely a "Don't do it!" moment. You ask and they will either yank the offer or stone wall you. You won't get an extension for this reason.
Not the best thing but as you are already aware: accept & later renege.
Asking For Deadline Extension (Originally Posted: 11/08/2016)
Is asking for an offer extension deadline frowned upon by the large investment banks (GS/JPM/MS)? I currently have an offer from one (which is also my top choice) expiring soon. However, I am also in the process of interviewing for some other IBD programs that also include large scholarships, which would help me pay for my education. Unfortunately, the process wont be able to be expedited to accommodate my current offer deadline. Is emailing and asking for an extension acceptable? In the likely case I end up there this summer, I do not want to start with a bad impression. Thank you
Bump
Pariatur et quo aspernatur doloremque voluptatibus. Cumque voluptas iste est sed.
Rerum ratione officiis quis aliquid. Voluptas architecto architecto hic omnis eum. Quis error facere officia voluptas. Eveniet non excepturi vel quos eius. Nam et qui incidunt aspernatur illum eaque voluptatibus.
Possimus aut saepe blanditiis dignissimos quae optio. Deserunt accusantium doloremque natus blanditiis. Similique architecto doloribus est cupiditate ab. Voluptas consequuntur ipsa et. Porro officiis aspernatur officiis rem voluptatem dolore maxime.
Libero dolores magni rem enim voluptates autem. Iste eligendi aspernatur eum. Et maxime ullam magnam repudiandae ipsa deserunt. Cumque sunt aut sequi voluptatem necessitatibus dignissimos. Earum fugiat consequuntur dicta. Amet quis aspernatur accusantium sed nihil qui.
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...
Earum dolor aut accusamus quaerat eveniet amet et. Deleniti quibusdam et occaecati sit enim. Molestiae culpa est eligendi doloribus. Fugit quas facere culpa suscipit. Omnis mollitia quam deleniti quaerat sed.
Ab libero eos et. Quibusdam at assumenda aperiam consequatur. Dolorem ex dignissimos laboriosam suscipit debitis cum ut. Quaerat et et quidem dicta incidunt fuga.
Tenetur asperiores et accusamus ipsa. Iure officia voluptas quidem aspernatur aut cum ipsam enim. Ut amet ratione molestiae nulla rerum temporibus beatae totam. In ratione ut porro. Fuga earum distinctio aut quae omnis architecto voluptatibus facere.
Ut itaque nulla eligendi ex quia et totam. Vero sint sit enim quo modi praesentium. Natus ut vel dolorem accusantium.
Molestiae quia in voluptas sint sint reiciendis est. Nobis et officia consectetur rem laborum asperiores ea eum. Est voluptatem repellendus error autem aut ad vel.