Offer rescinded what can I do now?

Anonymous Monkey's picture
Rank: Chimp | 0

Hi everyone,

I signed my summer offer with this bank earlier this year and recently I realized that a friend that I was going to find housing with, backed out. And since it was an unpaid internship to begin with, I would have had to pay around 1200-1300/month for housing if I went solo. I decided to reach out to the bank and tell them that I have no problem with the internship being unpaid but I would appreciate if I could get help with housing.

I was scheduled to talk to the founder early in the morning but my phone drained overnight and I couldn't wake up on time for the call.

I emailed and apologized to the founder and asked to reschedule and around 15 mins later, I get an email from him saying that they'll miss having me intern with them.

I called them, begged and asked for a second chance and that I had nowhere else to go but they said they were forced to move on.

I am now a Junior, who wants to do banking full time, going into summer with nothing at all.

What do you guys think? I would truly appreciate any advice going forward in prepping for full time.

Comments (58)

Funniest
Apr 30, 2019

Heres a tip, try charging your phone before taking a SCHEDULED CALL WITH A COMPANY CEO

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  •  Apr 30, 2019

:(

    • 1
May 6, 2019

Yeah the COMPANY CEO isn't that important of a guy if its for an unpaid internship. It's not like it was the CEO of an actual investment bank.

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May 3, 2019
The Best Guy:

Heres a tip, try charging your phone before taking a SCHEDULED CALL WITH A COMPANY CEO

ahah, yeah, really great piece of advice

Apr 30, 2019

..... Set an alarm and wake up, you think that would be a priority??

    • 4
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Most Helpful
Apr 30, 2019

He probably wouldn't pay for housing and was going to mention it on the phone to you.

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May 1, 2019

This.

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Apr 30, 2019

for this summer? try to get a tech internship...anything really.
if you can't get that...go teach english abroad for the summer somewhere exotic...better to have a good story for fall recruiting.

just google it...you're welcome

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Apr 30, 2019

lol, if I were a CEO and an intern missed a call with me because he was passed out, I'd rescind it too. don't get me wrong, I've done stupid things - these are life lessons. best thing you can do going forward is to keep hustling and try not to let these few chances slip away.

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Apr 30, 2019

Dude, really bad look. What if you did this and missed a client call?

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May 1, 2019

"Sorry we were getting hacked our systems were down."

I sold IT enough to hear every single excuse. True or not.

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May 3, 2019

I am not in IB or PE: is it really that cut throat? Obviously it's not good to miss client calls, but I can totally see a situation where something happens that people inadvertently miss client calls. Maybe it's not because of oversleeping, but from the client perspective the reason doesn't really matter, and I feel like the client must understand that this may happen.

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Apr 30, 2019

As an intern you were insanely lucky to even have the opportunity to talk to the founder. The fact that you didn't think to charge your phone or have more than one alarm set was a massive misstep on your part and I would take this as a big lesson on how important timing is.

At this point it's pretty difficult since I believe most bank's hiring cycles for interns is over. If I were you I would reach out to anyone and everyone in your network and talk to them about getting an internship. There are a lot of smaller groups that would be happy to have an intern come in and help work, especially if it's free. It may not be your first choice of places to work, but it is better than nothing and as a Junior you definitely need to get something on your resume this summer.

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May 2, 2019

I'd get the stars out of your eyes. Any firm that can't afford to pay interns anything is a bucket shop and/or circling the drain. Probably not much of a "CEO"

May 3, 2019

100% agree with the comment regarding avoiding unpaid internships. It's sad that these exist in the first place, and it's emblematic of the financial wellbing and culture of these bucket shops.

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Apr 30, 2019

I completely agree @FellowTraveler. The only reason I made that point is because the original internship was unpaid and I assumed he'd be willing to do it again. A paid internship is definitely the move and would most likely be with a more reputable firm.

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  •  Apr 30, 2019

Appreciate the comments guys. Definitely, a lesson learned the hard way. The grind will continue and I hope to post good news in the near future.

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Apr 30, 2019

Good luck bro. Start networking your face off for internships and do everything in your power to get anything relevant onto your resume, then continue to network throughout the summer for IB.

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May 3, 2019

Fuck those guys. The CEO never made a mistake?

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May 4, 2019

I also lost out on a potential job once because I missed my alarm. I know it sucks! Now, whenever I have something super-important to wake up early for, I not only set my phone alarm, but I also put a kitchen timer on the nightstand by my bed set for 8 hours, or whenever I have to get up. If the phone fails for whatever reason, there is a backup.

Apr 30, 2019

Kind of relevant I guess, but I've been using an app called Sleep Cycle for over a year. You set the alarm and it wakes you up within a time range (that you set), e.g 8-8:30am, but picks the best moment to wake you up so you're not groggy. It tracks your sleeping throughout the night and shows stats over weeks/months (if you care about that). Regardless, it also has a feature where if your alarm is set, but your phone isn't charging for some reason and hits 10% battery, the alarm will go off so you can wake up and realize it's not charging.

Downlod Sleep Cycle and you'll never miss a call from a CEO :)

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  •  Apr 30, 2019

I use sleep cycle too... :|

It's what ate up the battery while the phone wasn't charging :(

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  •  Apr 30, 2019

Not sure about the 10% feature though?

May 1, 2019

Thanks for the tip!

fuck nevada i ain't goin to that state

May 1, 2019

Dude, get a real alarm clock. Takes a few AA batteries. Enough with all this high tech gizmo gadgetry that's not needed. Use your phone as a backup so you have two sources (disaster recovery if you will)

I've been using the same one for over 15 yrs and it's never not worked. Cost $15 at Walgreens. It doesn't have to be sexy. It's an alarm clock for god's sake!

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May 1, 2019

Oh and BTW, these four rules will serve you well going forward:

  1. Say Please and Thank you
  2. Be on time (early)
  3. Finish what you start
  4. Do what you say you are going to do

People who don't do these four things can't be (and aren't) taken seriously.

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May 1, 2019

Maybe i'm old fashioned, but you're 'losing out' on an unpaid internship? If they aren't paying you, why wouldn't they just take you anyway? Also, how is that even legal? Minimum wage is a federal mandate, as far as I know.

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May 1, 2019

I don't know man...

If you can't remember to make a scheduled call with the CEO maybe you don't deserve this one

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May 1, 2019

Lol, doesn't charge the phone prior to the call and miss the call. I wouldn't expect any less from a shitty undergrad who scored an unpaid internship.

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May 1, 2019

Where is this?

Why would the founder call an intern? Also, why would you be so important to him that he would fight the HR risk associated with screwing up a 20 year olds life...

Something doesn't add up in this story

May 2, 2019

Clearly, it's a small shop (unpaid, and it's a call with the freaking founder), and I don't think the founder/ceo of a company has to cowtow to the idiot(s) in HR like a BB MD would.

There's no risk of litigation, considering employment in this situation is entirely at-will (not that there wouldn't be grounds to fire him, even if the internship wasn't at-will).

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May 2, 2019

Wdym "at will?" arent we all employed @ will in IBD?

May 24, 2019

Screwing up a 20 year olds life? The same 20 year old that was willing to screw his own life because he wouldn't have a roommate for 3 months? Amazing.

May 6, 2019

It's an unpaid internship in IB so it probs wasn't that great of a gig anyways.

May 2, 2019

Go find a real internship that actually pays real money. Why even bother wasting time on an unpaid internship in this day and age when every semi-reputable company pays their interns?

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May 3, 2019

Be strong and keep your head up. Better opportunities will come up for you. If you need a paid internship than don't be ashamed to ask for it. By being honest, you will gain more respect and trust. Yes, you will get negative responses, but you will also get positive results.

Keep on grinding, and things will turn around. You got this! You are young and will make mistakes which you will learn from them.

Also, f*ck that founder. I am sure he had done the same thing when he was young. NO ONE IS PERFECT.

Array

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May 3, 2019

You dodged a bullet.

You should have woken up, but the founder sounds like a fucking dick and you dont want to subject yourself to that bullshit, even for the summer. Somehow its always the unpaid internship CEOs that are the biggest assholes and expect the most for fucking slave labor.

The bar is low for unpaid internships, dime a dozen. Keep up the hustle.

And fuck all these guys on WSO saying I would have fired you too, bunch of keyboard warrior princess bitches.

Live and learn.

EDIT: heres some life knowledge - the mistake was saying you overslept.

next time make up a lie: family emergency, emergency room visit, etc. meetings get canceled all the time, dont raise your hand and expose a dumb ass mistake. Lie, lie, lie.

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May 11, 2019

Best post on this thread.

OP: I think you may have dodged a bullet.

May 24, 2019
bingy:

Somehow its always the unpaid internship CEOs that are the biggest assholes and expect the most for fucking slave labor.

So you'll happily "invest" 4 years of your life plus $200k for a college diploma but free education in the form of an internship, nah, that's a shitty deal just because it's framed as a job. Makes a lot of sense.

bingy:

And fuck all these guys on WSO saying I would have fired you too, bunch of keyboard warrior princess bitches.

Never heard anything so stupid. The real bitch is the guy who accepts an unpaid internship and then turns around asking for money. LOL.

May 3, 2019

Let this be your first experience with a company that treats you like dirt. If they treat you this way for being 15 minutes late, could you imagine what kind of on-the-job pressure you would be facing? If they the lack of honor to rescind an outstanding internship offer, then they wouldn't hesitate to fire you over a trivial matter once you are in the job, which would be much worse because by then you would have made sacrifices to structure your life and schedule around that company.

Life happens, and in most other places rescheduling a phone call isn't such a big deal. The only reason someone would act in the matter this CEO did is because he get a high off of the power of treating some college kid like crap. Part of what enables folks like this is that the universities train their students to grovel in front of egomaniac executives like this who don't know the basics of treating other people with respect.

That said, keep looking for opportunities and seek out a place that will treat you better. Forget about that jerk. You will be better off in the long run.

One tip - you don't have to explain yourself for why you are late. Just say you had a personal problem or something came up. Keep it ambiguous. You sound like a conscientious person so unless you make a habit of being late for things, just brush it off and move on. Learn the art of setting boundaries - that will make your life much less stressful.

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May 3, 2019

Live and learn is best advice. The lesson though is in this industry you need to be a lion and fierce. The passion needs to shine through. There are so many people who have a connection, a better GPA, a better resume, that the only thing that separates you from someone else is not your industriousness but your passion for the gig in question. Be passionate. Pick your head up and move on and learn the lesson. Your going to fail in so many other ways, but learn to pick back up or you'll never survive in finance

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May 3, 2019

You're better off without the internship. Anyone who works a finance internship for no pay is a loser. Anybody who offers a finance internship for no pay is breaking the law.

I agree with other posters; going "sudden death" on anyone for missing a call is a major dick move. My standard for getting pissed off at someone is three missed calls.

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May 3, 2019

Curious why you think anyone who works a finance internship for no pay is a loser. I had a couple of unpaid internships, and am now going to a solid IB which I would've had no chance of doing had I not done the other internships.

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May 24, 2019

Amazing that people think going to college for negative 50k a year is a great investment but getting valuable door-opening career experience for free is a bad idea. People are idiots.

May 3, 2019

I love all the advice about setting another alarm. No shit - pretty sure that's obvious now. It is a life lesson, one that I've unfortunately had to learn several times and had multiple meetings with senior folks that I'd rather not have. I go to sleep late and getting up is hard, that's not going to change so you just have to do whatever you need to correct for yourself. You'll figure that out on your own.

1) don't dwell. It's over and unpaid internships are bullshit anyway. I've never taken one. That shouldn't be a thing and you're no worse off for it. Who the hell can afford to live in NY with no cash coming in.

2) LinkedIn is a magical place. Get on. Leverage any network you have and apply like crazy. Any (paid) internship is better than none at all. Don't let people make you think they aren't available. Perhaps not as prestigious but I guarantee places are still looking.

3) If you don't get an internship for some reason, get a professional summer job - bank teller, corporate assistant, etc.. and use your final year of school to get involved to beef up the resume. Everyone has a story and if you can tell yours in the right way it won't matter.

4) DONT DWELL AGAIN. You have no idea how many opportunities will come and go between today and when you turn 25. If you are good, and intelligent, and can convey that in a meaningful way it will all work out in the end.

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May 3, 2019

I think the key problem here is the banking industry. I once had my phone go off during an in-person interview with a senior manager at a hedge fund, and I still got the offer. There's a couple possibilities here

1) I was interviewing for a quantitative developer position, and I was especially qualified for the role. Technical talent is hard to find nowadays, with tech companies and trading firms competing for the same talent, so I had more leverage than someone interviewing for a banking position, which is a job that can be done by a wider pool of people so each individual candidate is more replaceable.

2) The senior manager was just a nicer person. This could also be correlated with the types of people you'll typically find in the quant buy-side versus banking industries.

3) I apologized immediately and dealt with the issue swiftly.

These are some possible explanations for why a similar screw-up in a different context can lead to different results.

"The code of competence is the only system of morality that's on a gold standard." - Francisco d'Anconia

May 3, 2019

When something like that goes wrong during an interview, it's kind of like a live performance when something doesn't work for the speaker (mic glitch, a visual aid crashes, heckler, etc.)... A skillful speaker will just work around it and continue like nothing happened. The audience will forget. Inexperienced speakers get flustered and embarrassed, and the thing that sticks with viewers is the awkwardness of that situation.

Shit happens. It's good to practice being smooth and cool.

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May 3, 2019

At the end of the day I don't think they would have given you a housing stipend, in which case you may have had to back out anyway. Although this isn't a great look, this isn't even close to the myriad of moronic emails interns have sent to bankers which subsequently were sent to everyone else on Wall Street. You don't know who this CEO knows but I doubt he'll go out of his way to screw you out of other offers.

If you're set on banking I would compile two lists: one for every person in your college's alumni database who works at a bank, and another for banks / small buy-side shops that are either near your college or hometown (even if they are small shops). I'd email as many people as you can and offer to work for free over the Summer. The reality is that most people won't respond but some definitely will and they may be looking for help.

I actually did this my senior year of college and ended up doing two unpaid internships for very small banking groups in between classes. The larger banks I interviewed with in the Fall liked the story and the proactive mentality and I got two offers.

If this doesn't work you have a few backup plans. You could ask some professors if there is any way you could score some Summer work helping in the endowment office. It's not I-Banking, but it's still valuable work and you'll learn how money managers think about and approach investment opportunities and risks, much like how bankers approach sell-side and buy-side engagements.

If that doesn't work ask professors if they need help doing research. It'll be boring and not directly translatable to banking, but it's better than going home and working at a restaurant or retail. Lastly, if none of that works you could always take some classes and try and get ahead so that you can concentrate more on recruiting in the Fall.

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May 4, 2019

lot of douchey responses in this thread - no shit he meant to wake up. he is already kicking himself

May 24, 2019

Can't speak for everyone but for me, what I find amazing about the OP is the combination of (i) acting like an incremental $600 a month is a game-changer for taking an internship and (ii) later in the post, acting like that internship is the most important thing on earth ("I begged" . . "I had notwhere else to go" . . "I am now a junior with nothing at all".)

So which one is it? If it was so damn important, it made zero sense to not suck up the rent. Something not adding up.

May 4, 2019

At this point what's done is done, I'd learn from it and move on. My thoughts on your situation and the general commentary are below.

For all those people bashing you, telling you you're an idiot etc, I wouldn't take those too seriously. You know you messed up, I'm sure you're upset and frustrated, and hopefully you learn your lesson. Life is about the little things, sometimes a few min can make a huge difference the same way a few words can make a huge difference the same way a few small actions can make a huge difference. It's a good lesson to be careful and mindful of your actions.

I also wouldn't be quick to blame the CEO of the business for being ruthless nor would I go back and try to beg for a job from him. Could he have overlooked you missing the meeting as a silly rookie mistake and still hired you? Sure. At the same time, needing to train and hire an intern, even an unpaid one, is a drain on the company, and after he gave you a chance to learn(at the expense of his time and effort) you first ask for a housing stipend and then have the gall to blow off a call with him because you aren't able to wake up in time?

I'm not sure what your money situation is, but if the opportunity was really that great, I would have fought to find a way to fund the ~$1500/month for 3 months. Could you have asked family/friends? Gotten a job on the side? Seems like that was the first mistake, but obviously hindsight is 20-20.

Anyways, learn from the mistake, it could have been worse, and hopefully it'll be the last time you ever oversleep for something important.

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May 24, 2019

He was already prepared to pay his half of the $1500, so the incremental impact of the roommate backing out was only going to be another half. Plus at least some portion of that would have been mitigated by dropping the price to attract another roommate. Realistically we're talking about less than $1000 total difference for the whole summer, anyone can cover that.

You're spot on about sophomore interns being a pain. I have one right now. Nice kid from a target school, reasonably bright in the raw IQ sense. But still useless day to day because he doesn't know anything yet. Definitely a net cost.

May 4, 2019

Plot twist: The job was at Tobin Co. in which case OP just dodged a bullet.

GoldenCinderblock: "I keep spending all my money on exotic fish so my armor sucks. Is it possible to romance multiple females? I got with the blue chick so far but I am also interested in the electronic chick and the face mask chick."

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May 5, 2019
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