Take Boutique IB Offer, or risk it for a shot at MBB Consulting?
Hey guys,
I currently work at a boutique Valuation shop in the Northeast, where I do BEV, Intangible Asset and M&E Vals. Long term, I want to work in a healthcare-focused role, be it a healthcare PE fund or Corp. Dev. at a large health system or healthcare services firm. I don't see a path to those roles from my position and experience currently, so I am trying to lateral to put myself on a path to get to where I want to be. My plan has been to lateral to an IB, MC or Big 4 role which would make it easier to then get an MBA and make the pivot to the healthcare space.
After a long period of applying, networking and interviewing, I recently got an offer at a boutique IB. There's not too much information about it, but it's a small boutique with about 40 employees nationwide. I don't have much idea of the deal flow, although they seem to have closed a few deals this past year.
I'm relieved to have finally gotten this offer, but I also have an interview with an MBB Consulting group in the same city coming up in a few weeks. I don't have enough time to defer a decision on this current offer and wait to see what happens with the MBB. The MBB would my preferred decision if I had both offers on the table because it is a more direct role to an MBA and potentially the roles I want to get into. But, the interview process is notoriously difficult and I can't be very confident of landing an offer. I'm also strongly averse to the idea of accepting my current offer and then reneging on it, if I land an offer with the MBB.
I'm kind of torn on what to do at the moment. Should I turn down the offer and take my chances with the MBB interview? Or should I take this gig, and try to move on to a more prestigious IB or MC role down the road in a couple of years, before potentially getting my MBA?
Interview and if you get it reneg.
I agree with guyfromct . Don't get me wrong...it sucks. Nobody wants to accept something and then renege. It's not a good look, it's not ethical, it does not demonstrate integrity, you burn a bridge, and you don't feel good about yourself.
On the other hand, as you admit, the odds are probably long on the MBB role. You haven't even had a first round yet if I'm understanding correctly, so the process could take a while and will certainly be competitive and challenging. If you don't get it, you haven't shot yourself in the foot by turning down something perfectly good.
If you do get it, you'll be in an unfortunate position, but at the end of the day, you have to look out for yourself. Companies fire people all the time. We are at-will employees. This doesn't make reneging the "right" thing to do and I am not trying to justify behaving unethically on a personal level. However, honestly, you think any company would hesitate to fire you in 2.5 seconds for any reason convenient to them? They wouldn't. You truly have to do what is best for you and your career - companies do what is best for their business.
Do this, reneg. The boutique has 40 employees, odds are you won't be blacklisted since 40 bankers have far less industry touch-points than say if you reneged on Goldman. Also it won't truly matter if you burn the bridge with that employer because the only situation in which you would do so is if you had a MBB locked down. You'll probably spend a few years minimum at MBB then MBA / whatever. If someone remembers you 6 years down the line and holds a grudge, honestly, I wouldn't want to work with someone like that.
Spot on. If you actually have an offer from MBB, reneging on some tiny no-name IB shop will not matter at all in the long term.
Except of course to your personal sense of integrity.
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