I just received a verbal offer on Friday from a BB (Bank B) but I'm waiting to hear back from another bank (Bank A). I want Bank A more than Bank B. Bank B HR called me on Friday also to tell me they haven't given any offers aside from summer offers and they are still finishing up some interviews. Should I tell Bank A about this offer?
I still have not received the final paperwork from Bank B since I heard on Friday.
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This is definitely a bargaining chip, and it can't hurt you to reach out especially if they should be getting back to you. I'd definitely reach out. My friend was in a similar situation, and they gave him an offer and hour later.
Tell Bank A you received an offer from Bank B and let them know the deadline that the bank gave you.
Ideally, it would have been best to receive the offer prior to your SuperDay with A so that you could tell your interviewers, as they may have already made up their mind, but congrats, nonetheless.
I'll play devil's advocate (yes, pun) -- this could backfire, as it probably did to me. I had an offer with a top BB (GS/MS) and I was interviewing with a top boutique. I told the boutique about my BB offer and planned to use it as a bargaining chip. However, the boutique probably doubted the fact that I would turn down GS/MS if I got an offer from them -- and I ended up getting dinged by the boutique.
If you truly would rather go to Bank B, then yes, tell them. Explain along the lines of, "sure, it's great to get an offer, but I am far more interested in the _____ and the _____ that [Bank A] offers."
It's the same schtick you'd give if you had an offer from a summer internship. They saw through PickYourBattles' attempt, but if you genuinely would choose them, tell them!
if Bank A is also BB, tell Bank A. the offer from another BB will be a big plus and could entice them as now they know someone else finds you desirable.
if Bank A is not another BB, I would mention that you have another offer but not necessarily from whom. boutiques or smaller banks may not give you an offer knowing that you have another offer with a BB (in the smaller firms eyes, the fact that you have a BB offer increases the odds you will take the BB over the smaller firm, so why should the smaller firm risk decreasing their offer acceptance ratio)
Thanks all!
If I contact them to tell them about the offer, is a call or email better?
I'm also going to wait a day or two to think over this
Even if you don't tell directly, you can drop the hint to HR that you have offers from other places.
as a member of my bank's recruiting team, this is a key piece of information passed on to the team members when deliberating 1) final round to offer and 2) offer to acceptance. from your perspective it is more meaningful in scenario 2 when we'd be attempting to massage group placement and other easy to offer items to get a candidate signed up. this is best done by communicating to your team members - generally those who called to congratulate you and sometimes your interviewers
you would only be penalized for sharing the offer if it was not from a reputable (as perceived by the other firm) employer
Received offer while waiting for others - need help! (Originally Posted: 12/29/2009)
Hi,
For background: I am currently working in consulting 1-2 years out of a Target and am looking to switch into a trading role. I have recently received an offer to a BB in a middle office position and have 2.5 weeks to decide, but have several FO interviews that are still going on. I am hesitant to take an offer that is not the right fit since I am currently working, but I have been told it may be easy to switch into a trading role from this middle office position. I do not want to turn down this offer only to find out that I am not extended offers from my other oustanding interviews.
My questions are:
If I do not hear from these other firms in time, should I accept this middle office offer?
I am waiting to hear from another BB that I final rounded with, and I also just got an interview in a trading role at another BB, but the first round is not until late next week.
Should I approach the other firms I am interviewing with and mention my offer and deadline?
Is there any way to use the middle office offer to get in front of a FO desk before making a decision?
Are you at a well know consulting firm?
From what i've heard, the MO->FO jump is not an easy one. HR often uses this as a gimmick to lure in wary/overqualified candidates and get them to work hard for a few years to no avail. If you want to know what the MO->FO success rate is, ask the traders at that firm. But as a general rule, it rarely happens.
If your working for a consultancy I would stick it out until you find something you like. Seems like you have a bunch of good prospects, so I wouldn't settle on a job offer just because there is a one in a million chance it will transition you into FO. Unless of course you really hate consulting lol.
If I do not hear from these other firms in time, should I accept this middle office offer? It really depends how unhappy you are at your current job. I'd say there's probably at best a decent chance to go from mo->fo. That being said, you may be able to leverage this role at other firms.
I am waiting to hear from another BB that I final rounded with, and I also just got an interview in a trading role at another BB, but the first round is not until late next week.
Should I approach the other firms I am interviewing with and mention my offer and deadline?
Absolutely. Make sure you are very tactful. Mention that you're only reaching out to them as they are your first choice and you have an exploding offer.
Is there any way to use the middle office offer to get in front of a FO desk before making a decision?
That's probably trickier. Even if you go around your HR contact and things work out, if the original HR contact finds out, he or she may be able to chat with others at the firm before you start and besmirch your name/reputation.
If no offers, depends if your consulting job is good, you should stay there > MBA. Hard to move from MO > FO
You can leverage your offer to accelerate the process but it may not help you very much since it's MO.
Thanks for all of the responses. In terms of my current firm - I work in strategic consulting at a Big 4. I don't hate my current job, but have been wanting to move for over a year now. I see now as my best opportunity as the job market opens up and I have been able to leverage contacts with friends at a few BBs.
I guess my next question is am I better off in strategic consulting (clients are primarily hedge funds) or MO to eventually get to trading? Part of me thinks if it may be best to get my foot in the door at a bank and use contacts to switch.
You'll rarely go MO to FO. Try it if you don't believe us.
Keep applying for FO gigs. The job mkt is thawing, a lot of people got laid off last year, as wall st recovers they will need more heads ASAP. You're a more attractive candidate as a Big4 strategy consultant vs. a MO lackey. Not only that, but you'll also have to somehow weave the MO move into the overall story you tell about yourself.
Agree with Marcus. At BB, its a very difficult to move MO to FO. Much more possible at MM shops. By all means float the offer you have on the table with other interviews. Just be sure to tell them they're first-pick.
Thanks guys, I ended up getting a front office offer today after mentioning to them I had an offer at another firm and needed to know.
Awesome, congratulations!
Got offered a fall internship at a f500 company, but am waiting on another opportunity. How to go about it. (Originally Posted: 08/08/2014)
I just got offered a corp finance internship at a f500 company for the Fall. I would take it, but I’m waiting on another possible opportunity. I recently spoke to an alumni who’s pretty high up at an elite boutique (Moelis/Evercore/Lazard/Centerview) and he told me that it may be possible that I could do a Fall internship there and it’s contingent on the amount of work available. Even if there’s no work, I think I can convince them to give me the internship. However, in the event that it doesn’t pan out, I would want to work at the f500 company.
What should I tell the f500 company?
Take it and then if the IB pans out tell the F500 thank you for the offer but unfortunately I will have to pass on the opportunity.
What's the cost of reneging? Do you go to a target with lots of IB OCR and reneging would prevent access? Will the fall internship lead to full-time? These are all important considerations.
If you think you can convince them to give you an internship either way, then do that
Exploding offer, is it okay to contact other firm I'm waiting from? (Originally Posted: 06/22/2011)
I received a job offer that is good for 6 days until it lapses - I believe this is something you guys call an "exploding offer". However, I interviewed at another firm 2.5 weeks ago with the expectation that they would get back to me within 2 weeks or less. I am more interested in the other firm's position, so this presents a dilemma. I only have a few more days until my offer explodes.
Is it okay for me to call the HR contact at the other firm to get an expedited answer on whether they can extend me an offer?
The last thing I want to do is send in my signed offer for the first position and renege.
Yes, let them know of your other offer and ask if the process can be expedited. Keep it simple and don't sound to pushy.
^ what this guy said.
exactly
I'm in a similar position, but both my interviews were set up through close contacts - family friends and former co-workers.... So I really don't want to burn any bridges at either firm. Would it be viewed negatively for future applications if I don't go through with the offer? Would I almost be expected to accept it, since I actually networked my way to the interview and therefore the offer...
Thanks in advance.
I wouldn't make such a big deal out of it. Just say you found an opportunity that was more inline with you career goals and keep in touch. Most people understand o don't give a shit.
Thanks old man! +1 for you
Got an offer, but am waiting to hear back on another (Originally Posted: 03/24/2013)
I prefer the latter opportunity much more than I do the one I got an offer for. I thought my interview went well, for the most part, and I believe I have a great shot at making it to the final round. Unfortunately I probably can't play the waiting game for much longer, because I don't want to lose out on the first one (which has an immediate start date).
What's the best way to approach this scenario (i.e. phone call, email, do nothing at all)? It's been 4-5 days since my last interview. Is contacting HR (of the firm I'm still waiting to hear back from) and letting them know of the situation a good idea? I highly doubt I'll get the "oh my god, this guy has another offer, we need to lock him up right now!" kind of reaction. However, I am hoping that the process could at least be expedited, and if I'm out of the running (since they probably should know by now), she will just shoot straight and let me know, as opposed to waiting it out 3 weeks or not getting back to me at all.
NOTE: After my interview, I was given a rough estimate of about 2 weeks, in regards to timing. As much as I would like to respect this, it's worth noting that the HR rep kind of just threw that number out there after I asked her on my way out (I interviewed with a few Directors on the team as well, but she walked me to the elevator).
Call or email and say you have an exploding offer
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