Turning down summer offer but applying full-time?
In the midst of bschool recruiting. Evaluating a couple potential things to try for summer. Consulting is not my top choice for the summer but still interested in exploring. If I get a summer offer but turn it down (Big 3), will that hurt me for full time recruiting? Would it be looked on negatively (for lack of interest first time), positively (knew I was qualified first time around), or neither? thanks!
To clarify the other opps I'm looking at for summer are hit and miss as far as offering positions to their interns.
Depends on how big the firm is, and if the same group who considered you for summer is reviewing applications for FT, but from my experience being on the other side of it, it will generally hurt you (for lack of interest first time). However, I wouldn't use this as a decision factor of whether to take this summer offer (vs trying for others)...
Like beezle said, I think it depends on the firm, but I can share an anecdote. I have two friends who both got offers from McKinsey for the summer (same office too) but chose to do investment banking instead (one at JPM, the other at BX). McKinsey kept it touch with them throughout the summer and both of them signed with McKinsey for full-time, so I'm guessing it didn't hurt them. Though it's hard to know whether this is specific to Mck or even just specific to that office, but just thought I'd throw that out there.
The short answer is no, it likely wouldn't hurt you. But it depends on a few things.
MBB knows, or at least assumes, that if they are making you an offer, there is a high likelihood that other Consulting firms have also made you an offer. So turning down their offer may lead them to believe that you have joined a competing firm, or have chosen another industry (in my experience, this is usually IB.) This isn't a bad thing. As much as students aspire to join MBB, there is also intense competition amongst the Consulting industry to secure top talent. So candidates turn down MBB - this is nothing new.
So if MBB makes you a summer offer, and you decline, they may very well ask you why. I know I would ask you why. Of course you don't technically have to give them any specifics (so you could just say "I just elected to pursue another opportunity").
If you then reapply for a full time position, and they select you for an interview (BTW - getting a summer offer doesn't necessarily guarantee you an interview for full time), they will ask you what you did over the summer. At this point, they will assess whether or not you really want Consulting (maybe you worked in IB), and if you really want to work at their firm (if you worked for a competing firm.)
All this said - you should pursue what you believe is the best fit.
Very helpful - thanks guys. Other opps I'm looking at are either funds (which I did before but the industry is shrinking and post MBA positions are few) or startups (random hiring needs for full-time) which is why I'm looking into consulting. This gives me some good perspectives. Appreciate it.
I agree with everything said above. I went through the recruiting process at MBB for internships and pulled myself out after final rounds to accepts a BB S&T offer. When, later in the summer, I decided S&T wasn't for me I was able to interview on an accelerated recruiting timeline at the same firm for FT. So, in my case (n=1), it only helped.
Go for what you'd most like to do.
I agree with sdxdtx up there in that if you work hard to network somewhat with them, keep them updated and make them feel as though you are still really engaged and interested it shouldn't hurt you
Landing FT IBD at BB you rejected for SA (Originally Posted: 08/04/2008)
Is this possible? I had a SA offer with a BB ibd that I turned down, despite getting along with everyone VERY well. I felt terrible going somewhere else, but honestly it was more a trading vs banking decision. I hated trading and have no offer to show for after the summer internship. Do HR/MDs hold grudges? Has this been done before? Thanks.
"Do HR/MDs hold grudges? Has this been done before? Thanks."
They might, they might not. Yes it has been done before.
Reject Internship and Come back FT? (Originally Posted: 01/28/2009)
If you reject an internship offer, have you pretty much destroyed any opportunity to ever work at that firm?
Also, if you interview and don't get an offer, is it generally possible to try again FT with the same company?
Thanks.
Yes, it is possible to reject an internship and come back full time. You'll have to explain why you did it and have since "seen the light," but the Company did at one point think you were qualified enough to give you an internship.
For your second question, listen to the feedback that the Company gives you. If they say: "Gosh, we really liked you, but wanted to stick with our core schools," then you've got a great shot. We hire far fewer summers than we do full time, and often time we will see candidates that we hope will apply full time even if we don't have a spot for them during the summer.
~~~~~~~~~~~ CompBanker
thanks!
I tried to do it but it didn't work but I guess I burnt a lot of bridges.
By burnt bridges do you mean you did something particularly obnoxious other than rejecting the offer? Your reject email wasn't polite enough? You said stuff to senior people that tried to change your mind?
Not trying to pick on you or anything just trying to get a sense of how realistic it is to expect to ever get a second shot. I have a weird situation where one firm might be best for summer but i think i'd rather do another ft and i have both offers from both of them.
why wouldn't you just take the offer from the firm you want to work FT for? why put yourself in a situation that could come back to bite you, especially in this market?
If you want to work at this firm full time, what is the point of jeopardizing that. The whole pt. for the summer analyst program is to set you up either at the firm you want or another one you couldn't get for the summer.
I was actually facing a similar dilemma... signed offer with my second choice BB firm for SA and the next day my first choice gives me an offer. As tempted as I was to renege, I stuck with my second choice and told the first firm the situation. They said to keep in touch... so, who knows.
Should have reneged.
:eeditted::
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