How exactly should I renege?
Hey guys, so I received this offer from a solid IB recently, but I already accepted & signed an offer for a fairly large consulting shop (not management consulting). They are in completely different cities (different coasts actually), and I 100% know I want to take the IB offer (don't have any desire to work in consulting ever).
The question is, how should I renege with the consulting shop? Should I just email HR? What should I say? I don't want to give the name of the new firm (or even the industry if possible). How do you guys think I should frame this?
You 'signed an offer' for a consulting shop. You 'don't have any desire to work in consulting ever.'
What is going on here? Why did you even apply to consulting?
Anyway, I'd just email the hiring manager and say your situation has changed and you need 40% more base salary as a counteroffer to another opportunity or something like that. Frame a reference to being valued by the other company more than this one and your desire to make an impact in the industry with a compensation beneficial to both parties. Maybe something reasonable, but unrealistic. Be cordial in the note.
Actually, yeah, write to HR. They will probably write you off and send a note to the manager and you won't even have to put this on your resume. If you really don't want consulting, send the note to HR. If you want to toss the idea around of them accepting some ludicrous salary, email the hiring manager.
I don't agree with this at all. Don't insult their intelligence as you f-ck them. Just call, say you appreciate the offer but you can no longer accept. If asked (you probably won't be), an unexpected opportunity has come up and you just can't pass it up. That's it. Get off the phone and on with your life.
This is the very beginning of this individual's journey in salary negotiation. Give him a chance to throw something out there. 40% higher? That's probably lower than IB all in comp anyway. It is not all that unreasonable. It is for consulting though probably, which is what I meant.
I feel that part of this journey in the career of finance is finding out your value. What are you worth? Testing the market is pretty standard for employers and employees. Its really not that big of a deal. You're not being impolite or unprofessional if you are cordially and respectfully providing information to the other person in a way that enables them to make a decision. Their decision and their response sheds a bit more light of your value in the workplace. Gaining this insight is an important process over the lifetime of one's career.
This. Keep it simple, and respectful.
This is the correct way to approach this -- done it before and achieved acceptable results
Truth is, it was just a backup option. Just wanted to clarify I didn't want to work in consulting in the future and so wasn't concerned about joining the field for future purposes. Not to advocate burning a bridge, but rather just not caring about keeping the bridge open, if that makes any sense. Thanks for the advice, though, really appreciate it
dont email. man up and call
This is correct for two reasons. 1) Have the stones to call them and tell them you're breaking your commitment. 2) Don't leave a permanent record of unprofessional behavior in writing when it can be said over the phone instead.
Wtf is this advice @Isaiah_53_5" ? All of your advice is terrible
There are many ways to skin a cat.
You do you.
This is garbage advice. Negotiating in bad faith? Putting out an offer that if matched, however unlikely, you’d have to decline? You’re going to do more than burn the bridge if you pull this kind of stupidity.
People might be initiatially angry about a candidate reneging and rightly so, but most people understand the situation. You have a better opportunity that aligns more strongly with your long term goals, and if they were in the same situation, they’d do the same thing.
I had to do this. I got the hiring manager on the phone and apologized profusely, he hung up once he realized what was happening. The fallout was less than ideal but nobody died and now I'm in a job that I prefer.
Yeah, its what you have to do. I don't think phone is necessary unless you developed a relationship with the manager.
Employers do this all the time. With zero feelings about it. The impact for an employer withdrawing an offer (impact to employee) seems more significant than an employee withdrawing. It is an inconvenience for them. But, it is life changing when the employer withdraws an offer to employee.
said this on another thread earlier, highly recommend calling..
while their isnt a high chance that an email will negatively affect you in any way, this is a business where your reputation really means everything. A phone call shows you have the integrity to own up to your mistake, and if you frame it as if you did some thinking and realized that you signed the offer on impulse and dont see yourself fitting in for the long haul, the hiring manager likely wont get mad- i highly emphasized i knew how coveted the position was and it didnt make sense to occupy the spot of someone who would kill to be there and the manager was surprisingly understanding. tell him/her that it isnt in you or the firms best interest and you're sorry for not giving such a serious situation more thought.
if they ask where you're going, say you dont have another offer yet but wanted to try your hand at interviews in a different industry and didnt want to interview in bad faith.
again, an email probably wont hurt you but in the event that the hiring manager is an asshole you leave no trace to remind them in the future/give them ammo to squander your career by reaching out to your new firm. tl;dr: its a shitty situation and a call vs email likely wont have drastically different ramficiations- but the risk/reward favors a call.
Send them a letter in a thin envelope and tell them:
I regret to inform you that although you had a compelling offer, there were many qualified companies that were offering positions and that I have decided to accept the offer of one of the other highly credentialed firms. Once again, there were many highly qualified firms to choose from and you should not feel bad as I am sure you will find many qualified candidates to choose from who find you a better fit for your organization.
Sincerely, Id Gaf
LOLOLOL
Just don't show up.
Had a buddy that, right before graduation, had accepted an offer somewhere that he really didn't want to work. Right as all hope seemed lost, he got a great offer that he emphatically took.
He totally forgot about the other place he had accepted the offer at. One morning he woke up to his phone ringing - an unknown number - and picked up:
"Hi x, this is [line manager] from [huge professional services company]. Orientation started earlier this morning - are you planning on coming?"
He just apologized profusely and ended the call. What a fucking moron lol, but he experienced zero consequences and makes boatloads more money at the place he ended up at.
Handle it like you'd handle a court disposition: Say as little as possible. Call up HR and say sorry but something has come up and you can no longer accept the employment offer. If they ask why just say "things came up and I won't be able to fill the position". Don't give them the chance to contact your new employer and don't specifically mention or imply that you're reneging so you can take another position.
Yeah this is the only correct response here. Be incredibly vague. If they press say that it's for personal reasons, then get off the phone ASAP.
As someone who's done this, keep it simple.
Call HR and tell them the situation has changed and you can no longer accept the offer. The call will suck, but it will be short. HR may ask a question or two, but it will be brief. Be polite (and firm, if necessary), but just suck it up and do it.
I agree with accountingbyday. Call them, preferably the person who initially called you with the offer. Be honest, brief, and sufficiently vague. While it does suck having to double-back on an offer, your career is more than worth an uncomfortable phone call (heck, it may not even be that bad).
That being said, please, for the love of God, be 100% sure you have a signed/confirmed/whatever offer from this IB. I'm sure you wouldn't be so dumb as to go back on the offer only for the IB to flake out, but I thought it was worth mentioning. Good luck!
Never accept an offer you would’nt be fully committed to under any circumstances. That said, I agree with giving them a brief call saying your circumstances have changed. You shouldn’t mention the company you’re changing to. Maybe say something about how your life situation (family situation etc) has changed and you are no longer able to accept the offer.
Why lie?
I would sign off that offer letter from IB first before calling back the consulting firm. Make sure that you are actually "confirmed" that you will be working for the IB. I won't feel secured with just an offer letter. Would probably wait out until your background check are all cleared out and they have set a date for you to start working at that IB.
When is the start date for consulting? When is the start date for IB? What is the status with IB? Just an offer letter?
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