Renege BB PB Offer For MM IB?

Hi monkeys,

I am a senior in undergrad at a non-target in a bit of a predicament. This past summer, I completed a PB summer analyst program at a BB (think B of A, Credit Suisse) and received a return offer. Although I want to move into IB full-time, I accepted the PB offer because it had exploded early and I figured there was a high probability that it would be the best offer I'd be able to receive. I had applied to quite a few IB firms before the PB offer had exploded. Long story short, a MM IB shop (think Arma Partners, Cain Brothers) reached out to me for an interview a few weeks after I signed the PB offer and I ended up getting the superday and ultimately a FT offer. Now I am stuck in a situation: Do I move forward with the BB PB signed offer or renege it for the MM IB offer? If the former, do you think this because of the potential consequences of reneging? Or do you think there is a legitimate shot that I can lateral into IB from PB? If the latter, how would reneging reflect on my reputation? Is there a considerable risk that reneging will damage my reputation and have serious ramifications - have you seen a move like this pulled before? I'd appreciate any feedback.

 
Analyst 1 in IB - Ind:
Cain Bros is a pretty solid healthcare shop...just as well known in the healthcare space as Arma is in the tech space if not better.

Agree - they are good for LMM/MM healthcare.

 
Most Helpful

One more vote to take the MM offer. Reneging should be very low risk since you are not taking another PB position at a competitor. To be safe, I'd tell them you have changed your mind about a career in PB and are pursuing another field, and then I wouldn't update your LinkedIn until after you've started your IB job, just to be even more certain.

 

Yes, assisted my buddy in a renege. Knew from day one he would kill for that offer and when he finally got it, never hesistated to help him out..

Will PM you a draft email we sent to the HR. Dont think too much. Make sure the other offer is signed sealed and dated with agreed upon title, location and comp figures and then pull the trigger..

No, HR wont contact your school if you dont spoon feed them about additional details on your next industry/employer or reason to renege..

Giving any more details to HR wont help with anything but will likely comeback to haunt you.

After re-evaluating my career plans, I have decided to pursue other opportunities that align well. I will not be able to join the XYZ Analyst program for Sep 2020 start and apologize for the inconvenience this may cause.

Thank you,

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