Difficult situation - help

So I accepted an offer for a summer internship already and went in for my first day today. It's a paid position but not really finance-related, but it does deal with a specific industry. However, I just got told from a boutique investment bank I interviewed with a while ago they want to bring me in for the summer. This would be an unpaid position but apparently I'd get a lot of exposure and work in a relevant environment. My end goal is to work in banking so obviously this would be a lot more relevant.

However, I've already given the paperwork in to the other place and met a bunch of people. How bad would it be if I quit after one day? I had no choice but to accept because I didn't want to get stuck with no offer at all. Can anyone help?

 

It will look really bad and they will be pissed (rightfully so).

However, we are talking about an internship in an non-finance industry here. If your end goal is IB, you can still renig because it is unlikely that your former employer will be able to hurt you. If you do decide to leave, see if the Boutique is willing to wait two weeks. That way you can at least offer your current employer a full two weeks.

 

Although it is non-finance industry, I got the current job through on campus recruitment where I applied through our school portal. So I'm afraid they'll let my school know and that might fuck up my chances next year for junior year...

Also, I never understood the two week notice thing. If I only went in for one day and said I wanted out, would they even want me for another two weeks? I'm pretty sure I'd just be that kid everyone hated..

 
Best Response
chimpanzee:
Although it is non-finance industry, I got the current job through on campus recruitment where I applied through our school portal. So I'm afraid they'll let my school know and that might fuck up my chances next year for junior year...

Also, I never understood the two week notice thing. If I only went in for one day and said I wanted out, would they even want me for another two weeks? I'm pretty sure I'd just be that kid everyone hated..

They will probably tell you to GTFO. Even so, its common courtesy and expected.

As far as screwing up OCR, you need to ask yourself "how much am I willing to hustle next year?" If the answer is "I will cold email 29347 firms and network across the country to land an IB job," then go with the Boutique and good luck to you. If you can see yourself slacking off in the job search, then I would be much more hesitant resigning from your current position.

 

Fake your own death. Fly your private plane into a mountain parachuting seconds before impact and you're home free.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 

Say your parents died in a car accident and you have to move to France to live with your uncle. I've done this a couple times, it works with a 96.326% success rate.

 

What is your class status?

Stay where you are, tell the boutique that you would have loved to join them but you recently accepted an offer. Ask them if you could apply next summer.

Reneging on your current paid position because you think that the boutique will expose you to "high finance" is a bad gambling game. What tells you that you won't just be a glorified photocopy maker?

Power and Money do not change men; they only unmask them
 

Depends on what kind of boutique it is. If it's a MM firm like Lazard, then definitely go for it - after all, it's unlikely the non-finance firm is going to hurt you. However, if it's a random start-up boutique that doesn't do sh*t, then reneging can be a really bad idea.

 

Where is the boutique and where do you go to school?

Personally, what I would do is continue with the paid non-finance job during the summer, and then ask the boutique if you can work with them during the school year, part-time. You'd get the best of both worlds without having to renege.

If that's not an option... then it's really your call. Sometimes unpaid boutique internships can be pretty bad where it's just paperwork and cold-calling, or they can turn out pretty well (I've done two myself), so it's kind of a crapshoot.

 
burnincrab:
Personally, what I would do is continue with the paid non-finance job during the summer, and then ask the boutique if you can work with them during the school year, part-time. You'd get the best of both worlds without having to renege. .
Listen to him OP.
Power and Money do not change men; they only unmask them
 

Definitely stay since you are only a rising junior. Tell the boutique thanks but that you accepted another offer and you'd love to do anything you can for them part time during the year or return next summer. If you reneg you will most likely be banned from OCR next year which puts you in a WAY worse position than not having finance experience as a junior.

 

Thanks for the help guys. I've decided to take the paid position where I'm at and just do the best job I can this summer. Hopefully I'll be able to work part-time during the school year in an ib analyst role somewhere.

 

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Power and Money do not change men; they only unmask them

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