Hi everyone,
I'm in a peculiar situation because of recruiting being pushed up so much for IB. I'm a second year at a target and this summer I will be interning at a Private Equity firm. Today, I got an IB Summer Analyst offer for the Summer of 2019 at a BB. They have given me ten days to accept. Because I maxed out my courseload and high school AP credits, I have the opportunity to graduate in 3 years rather than the 4 years. The PE firm I'm working at this summer understands this and have agreed to consider me for Full time employment at the end of the summer. I personally would love to work straight in PE rather than going through IB. If the PE firm offers me a FT offer, I was planning on graduating early and starting in the Summer of 2019. If the PE offer doesn't offer me a FT offer, I was planning on staying the extra year in college by taking an elective or something and working at the IB internship the summer of 2019.
Basically my question is, if the PE firm offers me a FT offer, can I renege my internship offer at the BB? Will there be repercussions in the long run?
Thank you
I can't say for certain that there won't be consequences if you renege. But, in my personal view, I don't see this as terribly unprofessional because of your unique circumstances. It's one thing to drop an internship because you get a better internship offer. It's entirely different to cancel when you have an offer for full-time employment. I can't say everyone would feel the same way about that, but I would like to believe most people would appreciate the difference and sympathize with your decision. Also in your favor, you'll be giving the BB nearly a year's notice that you won't be interning. How bad should you really feel about that?
Assuming you got the PE FT offer, would they be flexible about your start date so you could begin in fall 2019? If so, you could consider contacting the BB and indicating you already have a FT offer immediately after the summer, and ask if they still wanted you for the internship or if they prefer to give your seat to someone else. If they'll still have you then great, you put another solid internship on the resume. If not, at least you didn't renege.
Also, I can't help but mention the schadenfreude I feel over this situation. These recruiting timelines are getting insane - shame on the BBs for doing it. I can only hope they'll experience more and more recruits backing out due to situations like these, and it ultimately makes them change their ways.
Just wanted to make sure you think about this as well: Do you think that working full-time at this PE firm would be better for you than interning at the BB, getting the full-time offer, then recruiting for a probably better PE shop?
Either way, congrats on the options!
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