Renege or not? Please I need a career advice from experienced people!

I have accepted a FT offer after a successful internship in a finance rotational program at a BB (JPM, GS, MS). The internship was okay and I enjoyed it, but it is not a career that I planned to follow for a long term and I'm concerned about the exit opps of the job. I took the offer quickly (october 2020) mainly because I was afraid to be out of college without a job considering the Covid situation. Few days ago I received a call for a FT opportunity in commercial banking at a BB (CITI, WF, CS) for a position that I applied back in October, and I am expecting an offer. So, I'm wondering what would be the appropriate move to make in this case? I need advice please!!!

WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (5)

  • Prospect in Consulting
Apr 3, 2021 - 1:09pm

Having reneged from one of the BBs you listed above it isn't a big deal. They know it is what it is. Wait to see if you get the other offer, and if you do, then renege and just say it was due to personal reasons you'll no longer be able to join the firm etc. No need to stress yourself out.

  • Analyst 1 in IB - Gen
Apr 3, 2021 - 1:18pm

Thank you for the advice! I'm very much concerned about the outcome of reneging an offer, your response is really helpful. If you don't mind me asking, you didn't experienced any repercution from them? Because on this forum I read a lot of infos that got me confused lol

  • Prospect in Consulting
Apr 3, 2021 - 1:49pm

Absolutely nothing. They even said they'd love to see me back at the bank in the future. And I reneged like 6 months after accepting the offer.

Only repercussion I could imagine would be if you tried to go back there and maybe there would be a note of a renege on your candidate profile. But are you not going to take the job you want over the remote chance you want to go back to join that IB and they still care you reneged as an intern? Put yourself first, always. 

Apr 3, 2021 - 1:22pm

Don't worry at all about reneging an offer. Until you start on day 1, you are a free agent and should put your career aspirations first. Even after day 1 you should do what is best for your career. In a downturn, these firms would have no qualms about firing you if needed. 

Everyone in this industry 'gets it' and no one will fault you for picking a better role. 

Best of luck!   

Start Discussion

Total Avg Compensation

April 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (34) $348
  • Associates (184) $232
  • 2nd Year Analyst (105) $150
  • Intern/Summer Associate (95) $145
  • 3rd+ Year Analyst (26) $145
  • 1st Year Analyst (390) $132
  • Intern/Summer Analyst (317) $82