12/6/11

I have job offer in technology firm, a non-finance position related to my school work but waiting on a BB mid-office/Back office position. The BB contacted me to let them know if I can get an extension because they need time to decide.Granted my first choice is the BB position because it's just more exciting to me.

How do I ask the tech firm for an extension? I interviewed with my future supervisor so how do I even go about this? The BB contacted me to let them know if I can get an extension. God, I don't want to lose an offer in this economy.

Questions:

What should I say?
I have a number of interviews coming up and ideally i'd like an extension until Christmas. lol

Comments (34)

12/6/11

common guys, i have a few hours to decide!

Financial Modeling

12/6/11

worst case, you could accept and reneg later. that clearly burns a bridge, but people do that all the time for the right reasons. my opinion is this is one of those times in your life where it's ok. you aren't so established yet that you have a reputation to protect, so it only hurts you at that specific employer. even there, you may be fine a few years later if the folks you met now have moved on. it's not like companies keep a log of people that have reneged on offers.

12/6/11

thanks djfiii,

an alum pushed my resume so i worry about burning that bridge for future students. i really want to ask but I don't know if it's ok to admit that i'm considering another offer after pushing for this one so hard.

12/6/11

hmm, that makes it harder. if you pushed for it AND an alum helped you out, you probably shouldn't reneg. tough call, you're the only one that can make the decision.

12/6/11

thanks djfiii

12/6/11

Congrats. To answer this would probably help to know the MM shop as it also depends on the culture of the firm, but asking for an extension most likely signals to them that you are waiting for a better offer and if you get it you going to screw them. It also shows that all the crap you said about wanting to work there is BS as well.

Basically, I don't think it will make you look good and might cost you that offer. After the time expires they are not obligated to stay true to the offer so unless they really really like you they might give to someone else.

Do what you want not what you can!

12/6/11

Really depends on the firm whether they will give you an extension.

If they are hinting that they wont, considering its a top firm I would accept and if an offer comes along further down the road that blows this one away I would reneg and sign with the other.

Extensions, however are pretty common. Two weeks is usually the reg.

12/6/11

Bump

12/6/11

First of all - did they give you a deadline for a decision? If not - just get back to them politely and say that you'll give them a decision by X date (a month does seem like a lot though)... Getting ahead of them like this puts you in a strong position.

If they've given you a hard deadline to decide by, then you're in a harder negotiating position. It comes down to personalities, do you think you can get away with asking for an extra week? You're basically telling them to their face that you think you might get a better offer in the meantime, play this one carefully. Good luck.

Financial Modeling

12/6/11

I had the exact same situation earlier in the year. Set up the interview at the second bank as early as you can on Monday. Make sure you tell the second bank that you need a decision by Monday afternoon in order to do the interview as you are deciding between another offer. Tell the first bank you will get back to them with a verbal confirmation Monday afternoon.

Have all your paperwork for the first bank filled out and in an addressed fedex overnight envelope so if you can send it monday afternoon/evening if you don't get the second offer.

Pretty straight forward. I wouldn't try to bs them with excuses if you can just do an interview with the second bank on Monday.

Good luck.

12/6/11

Is there any way to just ask for an extension or is that not a possibility?

12/6/11

Yeah I wouldn't give excuses though. Just ask.

Didn't work for me.

Best Response
12/6/11

Don't bother asking for an extension. The reason you're asking for one is almost invariably: I'm waiting on a bank I like better so can you help me out? That's a message with no upside for you.

You want to game it and get an extra day? Call the HR person at 7am and leave a message asking her to call you back. Don't pick up your phone. Call back at 9pm that night. Apologize for not getting the message earlier, it's exam week. Say you'll call back tomorrow. Don't pick up your phone again. Make the call end of business day Tuesday.

Alternatively, tell them you're trying to make a decision between them and another firm. You're leaning towards them, but it's a very close decision because of whatever. Can you come in next Tuesday after your exams are done to meet some other people to help you confirm your decision? You promise you'll have an answer within 24 hours of the sell day.

Personally, I think it's highly distasteful for any sort of reputable bank (draw your own conclusions about what I'm implying here) to put an exploding offer on the table. My own belief is that a good firm should put out an offer, with a reasonably liberal timeframe. You'll either take it or you won't. If you do, everyone will be happier with the decision. If you don't, it was probably the right outcome for everyone. Putting short-fuse offers out, in my opinion, can only be the brainchild of HR, who are invariably more concerned with things like yield ratios and how it may reflect upon themselves and their recruiting efficiency.

12/6/11

By the way, in case you're wondering what the difference between my second alternative is versus just asking for an extension, think about it this way:

Asking for an extension puts them in the driver's seat. The message is: I don't really want to take you, but I don't have any choice. You have the power over me. And chances are, they'll say no.

The sell day approach says: Don't worry, I'm not saying that I don't like you. But I have choices. I don't need to take your offer. It's close enough that if you force me to, I'll take the other one and be ok with it. I'm in demand, and if you want me, make the gesture and sell me on it. I'll commit to giving you an answer after sleeping on it.

And you'll get the extra two days you wanted.

12/6/11

^^Great posts

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."

12/6/11

That's good stuff GenghisKhan. +!

12/6/11

Ghengis Khan

Holy shit....I was able to 'game it' and get an extra 48 hours because of your phone call strategy

12/6/11

Asked for one last year and the longest they gave me was the weekend. Honestly, if you ask for one, they know you're shopping around

12/6/11

Deadlines are there for a reason. Suck it up and either accept or reject like the rest of us.

12/6/11

Obviously if you ask for an extension it is because you have other things you are looking at. Tell them that you are waiting to hear from another frim about their offer. This will actually make you look more desireable as there are multiple firms interested in you.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

12/6/11

Your best bet for advice is to use the search function:

Renegging

Assuming you are shopping for other offers, etc. I believe you are fully entitled to accept the offer, and reneg as appropriate. Some may argue you will be forever banished from that bank: but most Certified Users seem to state the obvious: you're an incoming analyst. You will not be "blacklisted", etc. It's your career and your life, you've gotta do what's best for you. IMO, accept the offer, and shop like hell. The worst thing that happens is you have to take the job you liked.

Good luck.

12/6/11

Is it an offer that you're locked in to the position? Because couldn't you accept the offer and then still go to OCR? If you get a better offer then you take the better offer.

make it hard to spot the general by working like a soldier

12/6/11

Pretty sure if I do accept an offer, I have to cease all OCR activity. By signing it, I basically pledged myself to the contract.

12/6/11

Captain Murica:

Pretty sure if I do accept an offer, I have to cease all OCR activity. By signing it, I basically pledged myself to the contract.

Is it a contract or an offer letter? I would also re read it to double check if there is any of that stuff in there.

yeahright:

It's better to have a lesser but certain advantage than the possibility of a greater one that may come to nothing.

this x2

make it hard to spot the general by working like a soldier

12/6/11

Theres nothing wrong with "exploring options" even though "you really enjoyed working with them and appreciated the opportunity." they liked you, so I'm sure they would understand

12/6/11

Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."

12/6/11
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