Exploding Offer - Couple questions
Hi Everyone,
I was just wondering if anyone has advice on how to deal with an exploding offer? I've gotten an offer with a BB, and the deadline is at the end of this Monday. Typically, my school calls for offers to expire on Feb 18, but this firm's pretty notorious for putting this kind of pressure on students. I still have to hear from a few other firms, and I'd love to push it back until next week since this isn't my first choice.
I was thinking of having a couple questions tomorrow, and then saying that I'd like more time with the new information... Thoughts?
Thanks!
the worst they can say is no, but don't get too greedy in this market and risk losing a great offer.
Ask the firm extending the offer to push back the drop-dead date.
Notify other firms with which you have completed interviews of the exploding offer and ask them to expedite the process. Most that want you will extend you an offer immediately.
If all else fails, and you are comfortable doing so, accept the exploding offer and reneg if something better comes along.
Do not ask the other firm to extend its deadline. This will show them that they aren't your first choice, which is not exactly the best way to start your career there. Ask the other places to expedite their processes for you, and as a last resort, accept the exploding offer and reneg if somethhing else comes along--note that you will be blackballed from the firm with the exploding offer for some time.
For what kind of reasons can someone be blackballed? Are those list of people shared among the firms?
i am guessing you got this through on campus recruiting. Call your career center and let them talk to HR on your behalf. By giving you an offer that explodes they might be violating your school's rules for on campus recruiting.
You should tell your career services dept. Your school has a set date for employers to use, and they should do it. Otherwise the employer might screw up relations with the school and will lose OCR rights for the next recruiting season.
It's in the firm's best interest to abide by the rules.
Not really, the firm can do whatever the f#ck it wants. There are a ton of kids that want these positions, it's not like they will be struggling to find takers if this school doesn't feel like playing ball.
When it's all said and done, you are applying to entry-level positions and should know where you stand in the grand scheme of things, which is really pretty. These firms don't need to hire you. You need them at this point.
I would not ask the place you have the offer from to extend their deadline as that sends a bad signal to them that they're not your first choice.
Instead, I would go to other firms you are interviewing with and let them know of your exploding offer. If they want you, they will extend offers. If not, they won't.
Go to your career center ONLY if other firms refuse to give you an immediate response. They are unlikely to actually do anything in this situation, especially if it's a repeat offender, but it's worth a shot.
If you have no luck with any of those, I would just accept the offer.
traditionally how much time do SAs get on exploding offers?
Same question for FT offers?
at my school for SA I dont remember. For FT we were suppose to get either 4 weeks or till a certain date in early december/later november which ever came first. During my FT recruiting i got an offer and was given less than 1 week. I spoke to the guy that was pulling for me and asked for 2 weeks as I still had 2 superdays left. He said it was not a problem at all and was very understanding.
I'm surprised to see the recommendation that you renege on your acceptance if something better comes along. My university had/has a policy that if you pull a stunt like that, you are blackballed forever from anything career-oriented from the university. That means no assistance from career services in the future, no statistics, no info., no browsing, no contacts, no log-ins, no nothing.
It's also probably the ethical thing to do. Worst case scenario is that you're working at a bulge bracket IB that is more difficult to get on with than getting into Harvard. Count your blessings.
What do you need your University for at this point? Does your University blackball these firms for pulling offers after extending them?
Look, firms are going to fire and revoke offers at will. I think it'd be a mistake to count on these firms for anything and not to help yourself (reneging).
I appreciate where you're coming from, but when you attend a regional university with 6,000 new alumni each year, half of who will end up working within a 100 mile radius of you, it's a good idea not to get blackballed by you career services.
From my knowledge, yes, firms will face recruiting sanctions at my school if they revoke offers without cause (e.g. candidate fraud, bankruptcy, etc.).
Would u actually need ur career center if u had an internship at a BB where u made connections or if ur daddy was connected...or if u got the offer from the internship i dont see any repurcussions. And those alumni within 100 mile radius of you will want to be connected with you seeing as ur at a BB...
Part of me isn't jumping at this offer for several reasons. While the culture isn't bad there or anything, I could see myself fitting better at a couple other firms. Also, this offer is for Toronto - I've always wanted to work in the US or the UK. Unfortunately, American firms seem to have their superdays in a week or two, and it's highly unlikely they would move that for the likes of me. I guess I could call them to let them know about my situation, but I don't see how much good that'll do me.
Toronto? is this a BB in the US or a BB in Canada?
BB in Canada :S
I know it's not the greatest, but it would still be a good experience I think.
i sent u a PM. Personally, Id be less concerned about the accept + reneg situation with a Canadian firm that likely only has an MM presence in the US. If you got a better offer in the US or UK and u dont want to work in Canada in the near future, I wouldnt sweat the reneg. Thats how I would feel anyway.
ok the firm is not Canadian I was mistaken - can anyone speak to what would happen to this kid if this is a firm with global branches...would he be blackballed by the firm in every branch if he reneged at Toronto?
Ivey? UBS/CS?
That's just how they play every year. Haven't really heard of a way around it.
From a very good source at Stanford, Goldman was banned from recruiting at Stanford for a year for giving out exploding offers.
Can anyone at Stanford confirm?
I don't go to Stanford, but I had a couple friends from there tell me likewise. Of course, this doesn't help towards answering the concern of dealing with exploding offers. It depends on how confident you feel in being able to land a SA position with the other banks. Given the economic landscape, there may be wisdom in playing it safe.
In short, it's a personal judgment call.
Some firms do exploding offers over the weekend (ie- have SuperDay Friday, send out decisions that night, and expect decisions on Sunday). Tough to contact career center, as it is closed. Personally, I would take an offer if I received if, given that the bank fits well with my personality and they are a respectable bank. I personally just hate the risk associated with putting yourself out there on a limb.
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