Offer Accepted - Then Nothing.

A few months ago I interviewed at a small boutique IB for an analyst position. Interview process was easy, phone interview followed by in-person interview (some technicals and a modeling exercise). Got a call a few days later saying I got it and asked when I can start. Called a few times that night to discuss starting date details and was going to give my two weeks notice the next day, but got no answer/returned messages. Pretty much gave up when I hadn't heard from anyone in 2 weeks after attempting to follow up several times.

Has anything this strange happened to anyone else before?

 

I had a similar situation happen.

Once got an offer from a boutique firm. Went in for several interviews and met with pretty much everyone in the office. They all liked me a lot. Talked salary, start dates, etc. A few days after I received the offer I got a call saying "We are taking the firm in a different direction and will no longer be needing your services".

worst feeling in the world

 
Best Response

This isn't meant to depress you, but an offer isn't an offer until you've received it in writing and nothing is truly set in stone until you've signed an employment agreement. I went through a similar situation a few years ago where I went through all of the interview hoops and discussed hiring terms with the two MDs exactly like you. I never heard back from them even after repeated phone calls and emails.

The problem with small boutiques is that most of their hiring decisions, outside of attrition, are dictated entirely by client/deal volume. Deal volume is going to move the needle much more at a boutique than an MM or BB where they have other profit generating units. With my experience, I think they were looking to pick up someone because they were completely understaffed with the number of deals they had on the table at the time. As I went through the interview stages, I think their deal volume dropped precipitously and they no longer needed the additional headcount.

It sucks and I can't believe that some people have the nerve to string candidates along without the courtesy of an email or phone call.

If you really want to know what is going on then I suggest you drop by the office as tropos said. They can't ignore you there.

 
kingtut:

It sucks and I can't believe that some people have the nerve to string candidates along without the courtesy of an email or phone call.

This is my biggest pet peeve. I have gone through several interview processes that felt like they went great but I never heard back from the firms.

In their defense, I am sure it sucks to call someone to say they have been cut. But I still feel that at the bare minimum, they could send out a quick email just to give a heads up.

I feel like firms are so overwhelmed with candidates that the interview process looses the human element.

 
kingtut:

The problem with small boutiques is that most of their hiring decisions, outside of attrition, are dictated entirely by client/deal volume. Deal volume is going to move the needle much more at a boutique than an MM or BB where they have other profit generating units.

BB hiring decisions are driven by deal volume as well. While they do have other sources of revenues (S&T, capital markets etc.) these are kept to different divisions and they are not about to use profits from one division to subsidize deadweights of another. The difference is that the bigger firms have stable and more deal flows while with small boutiques losing/failing to close a couple big deals can have sudden dramatic impact on the firm's bottomline. Although during the crisis when the market ground to a stop BBs too were forced to freeze hiring and pull FT offers. I concur that, if at all logistically possible, the OP should definitely stop by their office to ask what is going on. It shows dedication and even if they can no longer hire you, they might feel guilty looking you in the eyes and refer you to similar opportunities elsewhere.
Too late for second-guessing Too late to go back to sleep.
 

Feel for you man. Had this happen to me on headcount reasons. I was gutted.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 

Definitely stop by the office. I had an internship at a boutique and saw this happen a few times during my short stint there. I agree that it is completely based on what is happening with deal volume. If the firm is scrambling to save a deal from falling through they might forget or purposely ignore you until it is settled. Best case, going to the office will show them that you are a go-getter and they will have renewed interest in bringing you on. Worst case, they say they no longer need you and you're basically in the same place you are now. Good luck buddy, I know the feeling

 

This happened to me, except I signed an agreement letter.

My FT offer was rescinded just a few weeks before I was supposed to start.

Keep being aggressive. Find out what happened. Don't end up where I am now: applying desperately and networking like a madman.

 

What kingtut said above. It isn't official until you've received it in writing.

A lot of us have been strung along in a similar way, and the feeling absolutely sucks. You can try and go in their office, but sounds like they've moved in a "different direction".

Suck it up and move on...

All the world's indeed a stage, And we are merely players, Performers and portrayers, Each another's audience, Outside the gilded cage - Limelight (1981)
 

The only type you should give your two weeks notice is when you receive your signing bonus. They are less likely to just take the offer away at this point. Even if they do and at this point if you gave your two weeks notice, you would atleast have $5k-$10k to fall back on.

Array
 
rmivalue:
Didn't SA in BB in HK. But previously worked at BB in NYC and I think the background check took a long time (ie. 1 month or so).

but i havn't even gotten the background check forms yet.... nor have I heard anything about accommodation and flight.. is it normal for HR to wait till the very last minute instead of trying to get things out of the way?

 

No need to sweat or anything, just sit back and enjoy your time. they will get to you eventually. i think i got a call from the background checking company when i was halfway thru my intern in hk.

 

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