Reneging audit to IB
Hey guys but of an issue so... I had a internship last summer in audit and I got a FT Offer back and it was an exploding offer and I felt pressured so I accepted it. I wasn’t searching for a new job but I gained new experience my senior year and a new opportunity came up and long story short, I got a FT offer in IB at a prestigious BB in NYC. An additional issue I have is that I started working at the audit firm part time (before the FT role) so if I renege my offer, I’d have to quit my separate part time work as well (so they’d be double pissed off).
The audit FT role is in a city about 8-10 hours away from NYC and obviously it’s a completely different LOB but it’s also a large institution. How should I go about reneging the audit job? What if they ask me what company I’m moving to?
After I start working, if the audit firm found out where I was working and called the BB. Could the BB firm fire me for reneging?
Accept the BB. Then tell the audit firm (HR or someone that you are close to) that IB has always been a dream of yours and you got an incredible offer. You really appreciate the opportunity to work FT and offer to connect them with another candidate.
I should accept BB before rejecting the audit firm? Should I reject audit then accept the IB offer?
Accept the BB first
First accept the BB and ensure everything is rock solid there...if there is time, go through the background check process (if they are already doing it). Once that is complete, tell the audit firm that you found your dream job in IB etc. Do not say which firm you are joining because there is really no reason to tell them. Don't post on LinkedIn until you're about to start or on your first day. People reneg all the time.
Thank you! Wont they find that I’ve accepted two offers during the background check process though? That’s the only thats concerning me.
No, unless you are paid by the accounting firm, it won't pop up on the background check.
Accept BB offer, get the offer in email and reneg on the audit firm without giving a reason. You are overestimating how much firms care about reneging/the length they are willing to go to sabotage you. I have friends who are recently graduating that reneged mms in NYC just to trade up to EB/BB blocks away, none of them experienced consequences and all the ones who did not reneg are actively recruiting while having accepted an offer that starts months away b/c how hot the market is. The background check is not some FBI super search, just a call center asking you to provide W-2 or calling your school to confirm you went there, no way they will know about your offer.
100% agree with this. Just tell the B4 that you appreciate the opportunity to intern there last summer and part-time this year, but you want to do something different for FT after graduation. If they ask what you're doing/where you're going, just say something different than audit.
These were both really helpful, Thankyou!!!
Honestly I wouldn't even say you're going to IB. Just tell them you found your dream job and your reneging. End it there. If they insist you owe them nothing and don't go into more detail
Yeah I’m definitely gonna say finance or something like that to keep it vague
Accept the BB, do not tell anyone at the audit firm that you have accepted until you literally start your first day of work. Keep where you are working on LinkedIn and all other socials totally anonymous. Do not tell your audit co-workers about the BB role. OP you want to be extra cautious, since people in these industries are extraordinarily vindictive and will have no issue fuckng you over. So, be extraordinarily careful, do not tell anyone about the BB job until after you have started, and even then don't make it public on socials until 6 months in.
Yeah my biggest worry is someone calling up a recruiter and trying to screw me over but I think after a month of me working it becomes less likely anyone would care enough to do so but yeah I don’t plan on telling any co-workers where I’ll be working and I’m gonna keep it off my socials for 2 months atleast!
Accept the BB offer, and let the background process work itself out. Once it's finalized quit, thank them for the opportunity, and say you've found something more in line with your long-term career goals. Leave it vague and no need to tell them what industry / bank / etc. it is. It's your career and you ultimately have to make the decision on what's best for you!
Just wait to tell your current employer after background checks has cleared and you're fully signed with the new firm. But accepting the BB offer is a no brainer.
Accept the BB offer, and once everything is finalized you can quit. I would not frame it around a dream offer like people above have said. Since you are already working there part time, just say that you’ve decided to take another path based on your interests. Be as vague as possible, and do not disclose where you are going or even that you are doing IB. This is the least risky way forward.
Many of the other commenters covered it well -- congrats on the offer!
Thanks for all the responses! This has been such a great help!! :)
As the audit firm is 8-10h away make your excuse be all about "changing personal circumstances make it necessary for you to move closer to your family in XYZ area of the country"
Maybe don't make it too obvious it's wallstreet but maybe say like “closer to new Jersey" which is still part true as well
I would say this but I know they’re gonna say that I can work remotely for the foreseeable future or work from one of their other offices closer to where I live. I actually might use that line about jersey though!
Dude as someone who worked in audit... pull your chute. They couldn't care less about you bub -- just another cog in the machine. They'll have some nice boy from Nevada State in your old slot in no time.
To all the people saying things like "tell them you found your dream job in IB," I would seriously recommend against this. Just gives them an additional data point on which industry you'll be in for them to pursue a vendetta on your ass, because let's be real — the fact that you're reneging AND quitting will make them pissed. You need to keep things vague and cover up as much as possible — you've got to watch your back in this industry. I would seriously recommend you take the BB offer and ditch audit.
Here's what you do: take advantage of the remote environment rn. Take the BB offer, and as other posters have said, sign the offer, lock everything in, go through the background check, and get everything confirmed. Refrain from posting on your LinkedIn or updating your profile. Once you're convinced that you're fully locked into the BB, simply send the audit firm an email saying,
"Hi X,
I hope all is well. I'm reaching out because after careful consideration and certain external, eventuating circumstances, I will be discontinuing work at [INSERT FIRM HERE] from this point forward. Please feel free to pro rate my expected salary accordingly to however the firm feels fit. I request not to be reached for further contact, as I cannot provide any clarification.
Thank you very much for the opportunity, and I wish you as well as the team the best in the future.
Best,
Reneging Monkey"
Try to send this email to HR and not your manager, as HR has no say and their balls tied according to firm policy — they will most likely not be pushy. Your manager is in a senior role, and since you two have a prior relationship, things could get shoddy and he might get pushy. AND FOR THE LOVE OF GOD, DO NOT CALL THEM OR ANSWER ANY CALLS WHATSOEVER FROM THEM. This is because what they'll try to do is get you on a call so they can force you to say things in live time that may give them leverage, and getting put in this vulnerable position will hurt you. I've been in this position before, and luckily have not fucked up, but have gotten close. Keep things asynchronous over email so you can choose not to respond if necessary.
The art of reneging is a dangerous one, but can be extremely effective when done right. This is cold, but you must have a cold heart — the audit firm would drop you in a heartbeat if they chose, so you need to have the same mentality.
Oh this is cold. I like it..
However, this seems like a really good way for them to be inclined to get my school involved on the issue (which I don’t need another set of hands involved in this).
I’m going to call my original recruiter but I have a script. I’m keeping it extremely vague, not mentioning IB or the location. The audit job is in a larger firm (think 60k & up employees) so I doubt they’d care or get too worked up over it especially if I sound genuinely apologetic. I don’t have a direct manager for the full time job yet (it’s a rotational program so diff managers) so HR is the only person I could go to about my FT role. I have a separate temporary manager from when I started my part time work. She has nothing to do with my FT role there though so I have to tell HR AND her about me resigning PT work. If they try to probe me for more information I have a scripted answer that basically says no in a nice way. It’s hard for me not to accept their calls or emails because I have to return my work laptop and other things to them.
Thanks for the additional context - you never mentioned you recruited through your school. I thought it was all on your own. And the stuff about work laptops, that matters. A couple questions for you.
Keep it together on the call kid. Good luck.
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