Exploding Decisions

WSO, you've gotten me this far, now help me close this deal. I began my tenure as a lowly monkey about two and a half years ago, and you've all helped pull a non-target student-athlete up into the ranks.

I'm sitting on an exploding offer to join the M&A team at a small boutique that will expire in five days. Once those five days are up, the firm will re-open recruiting to other candidates. The problem is, if I had until the end of the month, I would be able to finish my recruiting processes with three other firms, two of which I view as having a reasonable probability of being successful. I've been able to expedite the timeline of the undecided firms but was unable to extend the deadline on the exploding offer; therefore, it is unlikely I receive a second offer within five days.

One of these positions is with a well-known turnaround / consulting firm, and the other is with an MM investment bank specializing in Rx. The third option is with a BB in New York, but I don't weigh that one quite as heavily since I am coming out of a non-target and have no prior connections there (somehow my application got selected for first-round interviews with two different groups).

The question is if my goal is to work in IB/PE long-term, which of these routes would be the best strategic starting point for a career? Going with the turn-around/consulting firm offers a more substantial internal reach within the firm to potentially move to a more desirable group, while taking the bird in hand guarantees solid M&A experience, although at a lesser known firm. Personally, all else equal, I find the Rx focused bank to be the most exciting opportunity. However, the risk of forgoing the present offer is that no offers fill its place. Any/all input is appreciated.

Comments (7)

 
Oct 4, 2018 - 11:27am

Agreed with the above, if its a SA offer accept at the deadline. Its late in recruiting season and there is always FT recruiting/lateral opportunities. In the end it is your choice to renege, just keep in mind it is a small industry and people talk. Don't burn the bridge if you don't have to.

Array

 
Oct 4, 2018 - 4:46pm

SGL7313 sorry, should've clarified that these are full-time opportunities. I biggest reason I'm holding out is, preciselye what you suggested, to ultimately end up in distressed investing.

The turnaround consulting firm also has an in house private equity arm.

 
Oct 5, 2018 - 11:16am

If distressed investing is what you want to end up doing, the MM Rx opportunity is by far your best choice since the boutique offer may limit your career expansion to eventually end up in that kind of investing. I also highly discourage against reneging, but if you google "How to Renege On Your Investment Banking Job Offer," the article by MI may give some insight on what you want to do there.

 
Oct 5, 2018 - 12:12pm

PEI3530 Agreed. The opportunity at the Rx IB firm is the best option. Problem is I won't reach their final round for at least two weeks, so there lies the risk of losing the offer from the current IB. Thanks for the tip, I'll give that article a read.

I'm currently in the 2nd round with the Rx IB and I am working to complete their case study assessment. You're allowed to have other people check your model, so if anyone is willing to take a look once I finish it would be much appreciated.

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