Full-Time Dilemma - 2 Offers

This is currently my senior year, and luckily I have been able to find employment already.

During August this year, I was deep in the process for a MM in a satellite city (think Atlanta/Washington/Boston/Chicago). At the time, it looked like my only feasible offer. When I got the call late-August, HR told me that they wanted to change the nature of the offer from full-time to a wintership (with optionality from both parties to extend upon fit/good performance/blah blah). I jumped on it; didn't try to leverage it elsewhere.

About almost a week later (early September), I was told that I advanced to a superday at a BB in a dream city (think NY, SF, LA). I was ecstatic but also very surprised because I didn't expect it. I interviewed first round with them in August, hadn't heard back in close to a month, and 3 emails I followed up with during that time had not been responded to. Nevertheless, I did the superday guilt-free, killed it, and then got the full-time offer (starting July) a couple of days later. I accepted it.

In my mind, I was not acting in bad faith. For purposes of job security, I don't think there's anything wrong with accepting the wintership but then trying to see if I could land something more permanent via full-time when the opportunity materialized organically. At this point, my plan was to do the wintership fully, have 3 months break, and then go on the full-time train.

However, as it's nearing time to leave for the city the winternship is in, I'm getting cold feet. Firstly, the city for the MM...isn't great. The MM also doesn't provide street perks like free dinner after a certain time. Secondly, my relationship with my boyfriend got a little rocky during recruit, but has really been improving and I want to spend as much time with him as possible before working (both job offers are not in our hometown). And thirdly, I recently had a chat with my boyfriend's dad (who is the CEO of a big company) who thinks that doing this winternship is silly, and that there is virtually no point in me going if I don't see a) longevity there and b) values that I identify with that will give me an impetus to work hard.

So my question is: would it be bad to renege (only about 3 weeks away from starting) on my wintership? It's not in a city I plan to ever be working in again, so benefits of local networking wouldn't be very high there. My parents don't think it's a good idea but a) they don't really understand the industry and b) I still think it's extremely bad practice that the MM firm changed the full-time to an internship after having gone through 6 weeks of their process (which makes me really doubt their integrity in general - seems like a place that would dump me given the chance). I feel professionally compelled to at least give it a chance (and quit early if I am really not enjoying it / feel home-sick). Is that just silly of me?

Benefits I see:
- get good practice for full-time later so I can kill it right when I start while the incoming analysts in my class are just warming up
- make some money on the interim (obviously no bonus) as a poor college student
- maintain my "reputation" (although if I quit mid-way I don't think that would be very well received)
- fall back option in case something happens to my full-time offer unexpectedly

Cons I see:
- puts my relationships (SO/friends/family) on pause / strains them unnecessarily
- burns me out earlier before even starting full-time where performance then would really matter
- don't actually make that money after expenses: flying out to the new city, paying for occasional visits from BF, rent, travel, food (the last 3 of which are not costs I have to pay out of my own pocket here)

Thanks!

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Comments (21)

Dec 7, 2018 - 8:35pm

I wouldn't do the internship but I'd try to be as diplomatic about reneging as possible. Considering what they did to you and that you're already set for FT, they should understand.

The main issue is timing, you should have told them back when you got the BB offer. In any case, what they did was not very professional either and I wouldn't give it too much thought. As you said, 4 months working banking hours is not ideal right before you start FT, and based on what I've seen, analysts with no previous banking experience reach the ones who do have relevant experience pretty quickly.

Dec 7, 2018 - 8:41pm

Thanks for your input. I agree with the lack of professionalism on their end. Appreciate the insight! What are your thoughts on trying it out then quitting if I don't like it? Is that a moral victory that is worth its while?

On their end, if I were to quit say after 1.5-2 months, do you think they would look more favorably or less compared to reneging off the bat?

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Dec 7, 2018 - 8:42pm

Is this supposed to be funny? He is a relevant factor and I've only brought him up once along with his dad...

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Dec 7, 2018 - 8:48pm

Looks like four times to me: 1)boyfriend 2)boyfriend 3)SO 4)BF.

In any case, if recruiting put you and your bf on rocky ground, what do you think is going to happen when you're pulling 80-100/wk? Just food for thought.

Congrats on securing your offer, though. I hope you succeed in both realms!

Most Helpful
Dec 9, 2018 - 10:52am

Gotta look out for yourself. But do it appropriately and not in spite.

Respectfully, renege on the early one. You don't have to share why, etc. Just do it respectfully and move on.

As for your relationship issue, hate to comment on these things. But look at my first comment, look out for yourself. I imagine you're young, career at this point will shape you more if that's what you want.

Dec 9, 2018 - 1:03pm

Take the job you want. If you try to do the winternship as cynical about this firm as you clearly already are, the chances of it being a positive experience approach zero. It's hard enough to stay positive about IB hours when you're excited from the start.

Life's is a tale told by an idiot, full of sound and fury, signifying nothing.
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Dec 9, 2018 - 2:12pm

I'm not sure if this is the right way to do this, but here is what I would do.

Send out a simple email saying unfortunately you can longer do the internship for personal reasons and just cut all ties.

You don't owe them any justification to be honest. They short-changed you and its in a city that you don't care about anyways. Chances are they will have forgotten about you before the internship even starts.

Dec 9, 2018 - 7:08pm

I'm usually an advocate of following through on these types of things, but unless the internship is at your dream company, I would go with the full time offer - and I wouldn't feel bad about it at all.

Although the timing isn't ideal (best would have been right after receiving the FTO), the internship company already fired the first shot by changing your offer type, and really all they are trying to do is get you to show up while they keep the optionality of easily firing you, which is kindof bush league.

Working for a company that knows you are leaving in 4 months time isn't going to be good for anyone. You aren't going to add value for them since you are just starting, and they aren't going to teach you much knowing that you are leaving so soon.

Nobody is going to call you out on choosing a FTO over an internship at a place that already reneged on you.

Dec 10, 2018 - 5:39pm

In my experience people don't remember these things either as long as it was respectful. No one 5 years will be like "Don't give bigbootyprincess a job because she reneged on a winternship at this XYZ bank 5 years ago." It's just good to be a respectful person in life and I strongly believe it pays dividends later on but you should look out for yourself.

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