Offer rescinded, need serious help

I was doing a post-grad internship at a boutique valuation firm, and I received and accepted an offer at a PE FoF. I informed my work I accepted another offer and would be leaving, and as I was leaving the office the last day, I received word my offer at the FoF was rescinded.
After accepting the offer, I completed an online employment app late at night, and for my current title and wage, I put "analyst" and put my base salary of 55K. Only problem was I would not earn that salary until I converted from intern to analyst ( i was making an hourly wage).
The pay at the FoF was significantly less than what I would earn if i stayed on at the valuation shop. I was constantly debating in my head if the drop in pay was worth it, and I think this is why I made the mistake of putting it as my current salary.
Fast forward, I fail the background check, and inform them of the mistake. I had told them in my interviews that I was an intern, so I had no motive to lie. Nonetheless, my offer remained rescinded.
Now I am unemployed, and it says on my resume I ended my last role in April.

What should I say when I am asked about the employment gap?

Options:
1. Tell the truth
2. Say it was a temp role to help the firm during a busy period
3. Say my internship was ending and I had scheduled a few ib interviews, and I wouldnt have been able to miss work to attend all of them if I stayed. I also want to make reference to how this internship was just a stepping stone to sharpen my technical skill set, and that I planned on lateraling to IB from the beginning.

Thanks guys, any advice would be great!!

Comments (10)

May 9, 2017

I seriously SERIOUSLY wonder how some of you guys put yourselves into the positions you get yourselves in sometimes...

That said. You should say exactly what the reality is. Your internship ended, you didn't have something lined up for immediately afterwards. Simple as that, why would you say anything else? It won't be like you're the first person in an interview that isn't back-to-back on employment.

    • 2
May 9, 2017

@EnergyHOU thanks for the quick reply. Agreed, I am probably overthinking this.

May 9, 2017

It might be good to look for some MM PE internships (paid or unpaid) while you apply for off cycle IB positions. IBs generally respect PE internships and a lot of smaller PEs take interns throughout the year.

May 9, 2017

Some of the positions I have upcoming interviews for have a start date of july, but it may be worth to apply for internships anyway.

May 9, 2017

Yes, cover all your bases. Believe me, it'll get better very soon if you're diligent.

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May 9, 2017

I don't understand what happened. You filled out the background check form and accidentally entered in the wrong salary?

May 9, 2017

^ Yes. It was an online employment form that I filled out after accepting the offer. Biggest mistake of my life

Best Response
May 12, 2017

The salary you put in and got dinged for was the annualized amount of what you were actually earning hourly, right?

If so, you dodged a bullet by not going to the FoF. If they're going to be so anal over a technicality like this, they probably investigate and fire people for using too much TP in the men's room.

I mean, $55K, it wasn't as if you put down you were earning $350K.

Plus, if this was really the biggest mistake of your life, you can look forward to an adventurous future of even bigger mistakes.

    • 3
May 13, 2017

When asked say the truth, after your internship you couldn't secure an offer. Now don't get down, try to find a job as soon as possible. Target all M&A/PE shops, network aggressively. If not successful try to target also similar jobs, it's important not to spend too much time outside of the market. But remember these things happen and people survive so keep yourself up

May 13, 2017
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