Declining an offer: does it kill all future opps?
If i was to decline an offer with a BB, would that kill all my future chances of ever working there in the future, would they look negatively towards me because of my initial rejection.
Basically, received an offer w/ a BB in New York, currently living in Chicago, due to family reasons i cant leave Chicago just yet.
If in two years i were to apply again, would they just disregard my application.
Thanks for all your help guys, and should i explain the reason of why i cant accept.
The firm is GS.
Not at my shop, but I'm not at GS. No idea whether they would blacklist you, but it strikes me as fundamentally irrational and self-defeating if they did.
Thanks, that makes me feel better:
I don't think so, particularly if you made clear the reason (i.e. you aren't going to a competitor for more "prestige" or a couple more bucks). If they were not understanding and decided to hold a grudge against you for forces outside of your control, would those be people you want to work for one day? Keep in touch with your contacts and hopefully something will work out once your situation changes.
I haven't been in this situation (offers I've turned down have generally not been at companies where I'd necessarily plan to work later), but I've been in the opposite situation a few times. Basically, I've gotten along well with a team/group, but they haven't been able to hire due to timing, circumstances, etc. In my opinion, the industry is too small to hold grudges, so doing so would be self-defeating, as SSits said. "You can tell the size of a man by the size of the thing that makes him mad." I won't say there aren't petty people in this industry, but those probably aren't the people with whom you want to align yourself.
Why did you apply and interview if you knew you couldn't? I'd just be pissed about wasted time on you
Yes, you may get in the blacklist by GS. Once that you decline an offer it's really hard to get back to the firm.
I know for a fact that as long as you were respectful during the process, they would not look negatively on this. In fact, it'll likely benefit future applications, since they already know you're competent.
Does turning down a return offer for another bank close the door for full-time? (Originally Posted: 06/29/2013)
I'm currently a sophomore SA at a top BB. Though thus far it's a great experience and I'm learning a lot, I'm not 100% sure that I would want to return next summer as a junior if given an offer. I have contacts at an elite boutique where I attended a recruiting program, and I was thoroughly impressed by their culture and people -- right now, I'd really like to be able to leverage a return offer from my current BB into a junior SA position at the boutique next summer, if only to figure out if I really do prefer it over the BB.
Hypothetically, if I were to turn down the BB's return offer, then be an SA at the elite boutique next summer, BUT then decide that I would really rather be at the BB after graduation after all --- would I be significantly disadvantaged by my initial rejection of their return offer? Or would they understand that I wanted to try another bank and make sure that the BB really was the right fit, and perhaps even consider it a point in my favor that I'd tried something else and wanted to return to them?
Or would you say that it would depend on the people I work with this summer at the BB and what they think of me / how willing they are to go to bat for me?
I know this is a specific and long-winded question, but I really would appreciate any insight from the experienced folks out there. Thanks in advance!
first world problems
You will have burned bridges with that firm. If you leave to work somewhere else in industry, you're sending a loud and clear message; I had the chance to work here but chose to go somewhere else. For all they know, if you show up a year later with hat in hand asking to work there full-time, it just means you either didn't get a return offer at the new shop or didn't know yourself well enough to be content at the BB. Either way, they won't want to hire you back.
The only way this could work is if you went out of industry, i.e. you went to try McKinsey or Google or something. Even then, you'd need to talk about it beforehand with people in your group and with HR.
I think you need to do some soul-searching and figure out if you want to work at a BB or boutique. Think about the differences (platform, global reach, companionship within analyst class, work/life balance, etc.) and decide which experience you'd prefer for two years after school.
Long story short: you can't turn down a return offer at a firm and expect it to go over well, regardless of the reason you turned it down.
Having gone through this, I completely agree with APAE. Obviously it depends by the people and how flexible they are and if they had this type of issue in the past. In my case, I dealt with people that spend their career ONLY with that firm, were amazed by it and thought it was the best bank in the world and the best job in history. Once I dropped my offer to join another lower ranked firm they just thought i had gone out of my mind...
Thanks for the insight, APAE and cruel3a -- I figured that would be the answer. I suppose I'll have to either dump any grass-is-greener mentality and be happy with the BB, or take a pretty massive risk on the boutique and hope it pays off.
Help! Declining an offer, but still considering...?? (Originally Posted: 06/23/2010)
jsut got offer from a MBB, but about to reject it to try something outside consulting. (ie. banking)
I was wondering - if you get the offer and decline it, is there a way to reapply let's say a year later if you realised you made a mistake? Or would you be "blacklisted" so to say?
As long as you are professional when you decline their offer you should be eligible for future opportunities. Going through all the motions with them only to decline their offer in the end may impact your chances of future offers but shouldn't outright blacklist you. Offers are declined all the time, you can only work for one company and most apply to many. However, nobody likes being second place.
well the only reason for me to decline is that the location they proposed wasnt good, but they don't have spots elsewhere...
You could try asking for a deferred spot in another location (i.e. an acceptance into the NYC class for 2011).
thanks, I will try that one - not sure its going to work though. They seem pretty desperate for people in that specific location.
Turning Down Offer = Blackballed? (Originally Posted: 02/10/2010)
If you are offered a full time position with a bank (say GS or JP) or some hedge fund, and you turn down the offer, will you be blackballed from the company forever? Two-three years down the line, if you try to go back to the company, will they remember that you turned them down and therefore straightaway reject you? What about if you interned there, subsequently got an offer, and then turned that down? How long does a grudge (if it exists) last?
why would you want to go back to that company 2-3 years down the line if you don't want to be there now?
2-3 years down the road shouldn't be a problem...just do your best to not burn bridges, which is key.
All depends on how you approach it. They gave you an offer, so they like you. If you turn them down politely, they will make note and you'll walk away clean. If you make a big deal over it, you may find yourself disadvantaged in the future.
Also, did they ask you what you'll do if they extend you an offer? The firms that really care about whether people turn them down or not will usually ask first.
In any case, I'll second Comp Banker. Just be nice and apologetic and say it seems like they have a really nice team and it would have been a great fit, but you will be working elsewhere this summer. If you can tell a self-deprecating joke like "I hope that in two years when I'm older and wiser and, you guys might be willing to take me back for another round of interviews", that might make things go even smoother and leave the door a little wider open in the future if you do it right.
A rejection is a rejection, just make it curt and courteous and you'll be fine. If you turn it into a big deal, it will be a big deal.
okay, so what constitutes making it a big deal? what would you have to do/say to screw it up?
If you're asking people on a forum what to say, that's making it into a big deal.
you're right :)
no - i turned down an offer 2 years ago b/c the position was not the fit for me then but it is for me a few years later and i jumped ship perfectly fine
Also as a 1st year for example you have less leverage but with some experience you can leverage that into a bigger payday at a place you wouldn't have thought about before
fact is - people's priorities / situations change
Remember, banks aren't hiring you to do you a favour; they're hiring you because they're a business, and think you'll make them money. If they think you can make them more money in 3 years, they'll want to hire you even more.
At least with banks, teams can change a lot in 2-3 years. Same for HR departments/the relevant recruiter and from my interaction with HR (was responsible for campus recruiting at a BB), they are usually not as detailled/professional to keep a note in your file.
Rejected offer; now want it back? (Originally Posted: 08/05/2009)
So I've been in banking for a year now and recently interviewed for my next job (didn't want to do PE, didn't want to continue). I interviewed at a pretty good prop trading shop and at a government institution for economic research and got offers from both for an immediate hire. At the time, I was interested in both but was leaning more towards pursuing a PhD in Economics (most likely in microeconomic theory) and so I turned down the trading firm and took the economic research job.
Since then, I've slowly become less and less enamored with the idea of doing research for the rest of my career (academia and PhD programs sometimes pigeonhole people to that stuff...) and wondering if I should try to get that trading job back.
A few questions: 1. As the trading firm is in the middle of training now, do you think there is any way I could call them and get them to hire me?
If I did the research position for a little while (year or two) and apply again do you think the trading firm would consider me, and would I have to apply again (I'm thinking yes)?
Would it be worth it to do a Master's in finance so that I could get into prop trading?
Could I possibly call them now and ask them to be considered for next year's pool (and not have to apply again?)
1) no 2) yes apply again 3) masters after research? Just do 2) and if that fails think about it 4) no
bottom line: if you reject an offer, they're not going to look favorably upon you as you come back asking for the job opp.
I have to pretty much agree with the previous poster. No one likes to be second choice, especially in the Tupe "A" personality world of banking/trading/front office finance (I'm not saying it's a bad thing, just stating the facts). Your best bet will be to reapply.
IBanker www.BankonBanking.com [email protected] Articles, News, Advice and More Break Into Investment Banking
On a similar note, how hard is it to get into trading at a reputable firm after a few years of other work experience, especially economic research? (Given a 3.8+ GPA at a good school in math and econ and good SAT scores?) Do college academic performance/test scores still matter?
bump
Asking for a previously declined offer (1 year later) (Originally Posted: 02/22/2014)
Last summer I got 2 offers for an internship both found through cold-calling/networking. I ended up taking one of the offers and declining the other. This summer I have been unable to find any internships. My question is the following: is it possible to get an offer for an internship from a firm that you previously declined? Am I "blacklisted" from working there? When I declined the offer, the employer understood and there were no problems. I just want to be sure I am not crossing a line before I get in touch with them.
Thank you for your time.
you aren't "blacklisted" from the firm (this will only happen generally if you reneg), but you have a very, very, VERY low chance of getting an offer from them, even if they do interview you, because you turned them down in the past
Interviews after rejecting offer? (Originally Posted: 03/01/2013)
If you reject an SA offer at, say, a top BB, how likely would it be for you to get future interviews with them (e.g. FT recruiting, associate recruiting)?
(I know that BBs often don't recruit FT, but sometimes they have one or two spots open. How likely would it be that I would be granted an interview for those spots?)
BB interview process is more structured then ppl like to admit. Unless you are Jamie Dimon's nephew, you will have to go thru the same steps as everyone else meaning you will cross paths with HR at some point. This is where technology does not work to your benefit. HR keep records. If you rejected a job, they will know about it sooner or later. It will affect decisions to move your candidacy ahead.
Will me declining an offer be kept on a company's record? (Originally Posted: 06/06/2013)
Let's say, hypothetically of course, I got an offer from a bank I would really love to work at when I'm done with school, however I got another offer from another bank which is more convenient(location, pay, costs etc.). If I decline the offer from the first bank, would that make it harder for me to get offered again?
Why not just take the offer from the first bank if you eventually see yourself there 5 years down the road?
Because it's less of an internship and more of a 3 day program
Depends on how it is handled. Very little chance that it reflects favorably upon you for the future, however,
If you're talking about stuff like the UBS Sophomore Symposium/Barclays Boot Camp/Credit Suisse BA Explorer/etc., don't sweat it. Those are 'externships' and not very serious at all. Talk to the recruiter, feed them some line about how much you would've enjoyed the opportunity to attend, how eager you were to attend when you were accepted, and how disappointed you were when x-event came up that forced you to miss the firm's event.
It isn't a dealbreaker, and as long as you stay on top of the recruiter and maintain a professional relationship, they'll remember you as the kid who stayed in touch. That should help you with interviews down the road.
Rejected BBM offer but changed my mind... (Originally Posted: 12/22/2010)
Hi all,
6 months ago i was recruiting for both consulting and banking
I managed to get an offer from BBM and a bulge bracket. I was really really keen on BBM offer but for personal reasons (wife doesn't want to go to particular city where the offer was) I went for the bulge bracket offer.
6 months down the line, wife changed her mind regarding the location, and I would really try to check with the company if they could possibly take me. I'm also really not enjoying the BB job at this time, which I really only took because of the location (having a family changes your priorities...)
Any idea of what would be the smartest approach? Did this happen to any of you guys before?
what do you want to do long term
yes you can switch again but are you sure you want to do consulting?
I can't do banking because of working hours, and compensation really sucks nowadays (with high tax rates and stock compensation) so its not worth it at all. I also did banking (not BB though) before so 0 learning curve, My plan was to move to PE post MBA but couldn't make the switch.
Consulting is pretty attractive to me because the working hours are less, usually no weekend work, its in a tax-free location which makes salary really attractive, and overall I think its a better personality fit for me (especially for the "creativity" part).
Long term the plan is either continue Pe or stay in consulting, or maybe work in senior management of a corporate.
I don't know whether the firm will make you a second offer but I am generally wondering whether your wife will be able to cope with the volatility that comes with your job at MBB, and the stuff that follows afterwards.
what volatility and stuff that follows afterwards?
what volatility and stuff that follows afterwards?
.
compensation is less than BB, hours are not much shorter, a lot of random travels (im at MBB)
if you want do to PE you should just stay and try to make it from there, no point in losing a year going back to consulting then trying to move to PE
For a second I thought you got an offer via blackberry messenger.
+1, would have been so much better.
I'm confused about your age and situation--are you an analyst or associate? And what are your long-term career goals?
post MBA associate, late 20s
BB compensation does suck given the tax rate (the BBM offer is in a low tax region, which on a net basis is over a 100% higher), and bonus is largely paid in stock and deferred, which really really sucks even more. Not to mention the cost of living which is ridiculous. making some quick calculations, the BBM job is actually financially more attractive.
Of course you make more money in a BB in a good year or if you eventually make it to VP (after a lot of pain, and if you dont get fired), but i just cannot take this job - its a combination of the super long hours (its been over 100/week all the time, destroyed christmas day, will be a new year eve in the office, etc.), the pay that is not good as before, and the fact that having worked in PE last summer, I have an absolutely 0 learning curve in this job. And I speak unusual languages that i cannot use in my current job, which i will never ever use as a banker.
Aren't hours better at BBM? NEver heard of people working weekends regularly... I dont mind working 9am to 10pm or 11pm everyday if i can get some time off on weekends and get my Christmas break and undisturbed holidays.
Long term career goal would be VC/PE in emerging markets. I've also started a few successful online businesses that i am not able to manage now given that i spend every conscious hour of my life at my desk.
What I don't get is that you had an offer from both, you knew the salary and location of both, knew the cost of living and tax implications of both, but decided to take the BB (for reasons only you can know) and now because your wife doesn't like the area you want to switch. I get that it can be difficult to perceive what the lifestyle is actually going to be like after accepting the offer (I.e whether you will enjoy the job) but as a post-MBA candidate you have put yourself in an awful situation... If you jump to consulting, assuming MBB will let you come crawling back after rejecting the offer, then the BB is a bridge burned. As for the PE aspirations, it sounds likr you still don't know what you want or you want everything, and either way you aren't going to be able to make the career progression without making sacrifices, aka your wife might have to learn to love the location and you will need to suck it up and deal with the hours. The lifestyle definitely is going to continue to suck into the foreseeable future, that isn't going to change. What you need to ask yourself is "Is my family the immediate and pressing priority right... Or is it your career?" There's no right or wrong answer... You have to decide but if you get to the next position and your wife decides that she needs to live abroad, or that she wants to take a position elsewhere then a pattern starts to develop and you are the only one who will know where the line needs to be drawn.
Best of luck resolving this, though. I have enough difficulty making decisions with just myself in mind. I know it grows exponentially when you have to taker her wants into consideration as well.
Since you're a post-MBA associate I think making the switch back to BBM makes a lot of sense given what you said. Can't hurt to reach out to them and see what they say.
I understand what you're going through. I interned in IB last summer (MBA intern) and switched to BBM due to the lifestyle, intellectual challenge and because the exit opportunities from post-MBA in IB are far worse than in pre-MBA in IB. Although if you are at a truly elite BB like GS or MS it might be worth sticking it out.
yeah it is one of the elite BB. I know lifestyle sucks in banking, but I didnt expect to work every single weekday and work until 2 or 3 am on a consistent basis, and have to cancel most of the holidays... As for the learning experience, i dont see much of a difference between my previous second tier bank employer except that i'm working on 4 live deals at a time instead of 1 or 2. I genuinely feel I might just drop dead on the floor at some point, its that bad.
I really wanted the BBM offer but as I said the wife had put a veto, but know managed to convince her to reconsider... Dont mind sacrifice for career progression but killing myself everyday is not worth it... and what's career progression in banking? Even you make it to VP (in three years!), your hours will still suck. Less time in the office maybe but more time on the blackberry or travelling.
OK, well that's good news (re: elite IB). They liked you before, they will like the brand name of your current employer, so you shouldn't have too much trouble. Also, BBM are hiring like crazy now. I would reach our to one of your senior contacts before and see what they think. You might even be able to swing the city of your wife's choice--especially if it's NYC, where you would be a good fit given the FIG orientation of BBM there. You could also consider reaching out to the other BBM's although you'd surely have to go through the whole interview process again.
The big question I'd ask is whether you're sure you want to do consulting, as opposed to something else in financial services that is less menial and has a better work-life balance, and better short- and long-term earning potential than consulting.
The important thing is that you should get out of IB. You're right--it won't get better, although the money will. Don't waste your life for a little bit of money.
tough choice! if i was in your position i'd probably try to define a few criteria that are important to your life (family, job satisfaction, money,...), weigh and rate them, then see where you get the highest value! you may also want to look at rotational opportunities at your bank. there's lots of other interesting stuff with better hours (corp. development, wealth management,...) hope that helps
Divorce now before she sucks all the money out of you!
Stop letting your wife govern your life. Seriously
Call them up. Nothing ventured nothing gained Mate.
yeah, if she puts a veto, she should do the work. does she at least clean the house and cook you late night meals?
Accept rejected offer in economic consulting (Originally Posted: 12/25/2007)
Hi,
I'm a senior who recently accepted an offer for an M&A analyst position at an IB. I received two offers during the recruiting season, the IB analyst position, and an analyst position at a top economic consulting firm, and I'm starting to think that I did not make the right decision. I will be making more money at the IB, but I believe that I fit better at the econ consulting firm, since I have entertained the possibility of getting a PhD in economics, and because I think the job is more quantitative and intellectually interesting (was a math major). In addition, I'm kind of an academic (i.e. nerdy) and would mb have a better personal experience.
My questions are:
Since I rejected the econ consulting position, is it at all possible to call them back and get the offer again?
Would it be possible to do the IB stint for two years and return to the econ consulting firm?
Can I go to a PhD program in econ w/ only IB experience?
I'd also appreciate feedback on whether or not it's a good idea to even make the switch, since M&A is so highly sought after. Thanks.
I was all about M&A until I realized that I could have a job that would fit me better. A lot of my friends are in M&A, some like it and some do not. Do you really want to be doing something you do not like just for a bit of extra cash? If you were telling me that you are reconsidering M&A to become an actor, I might have some reserve on that; sure following your passion is great, but you need money to a certain extent. Here you will be doing a job that you like with a decent salary, so why not? I will try to sound smart and pull something from econ 101: Utility maximazation: M&A : - Not a big fan of your job + Good money - Unhapiness Econ consulting : + big fan of your job + Decent money + Happiness So really the difference between Good money and Decent money needs to be REALLY big for you to take on the M&A job; so how much importance do you really put in money is your answer right there.
Oh, and wether you can take the offer back or not, I have no clue, but if you refused the offer with a lot of grace; it won't cost you anything to try and get it back, and if they want you they will take you.
For a PhD in Econ: Stricly speaking about my school, you can do a masters there (you will have NO problems getting in from IB) and then move on to the PhD in econ. I didn't go to the PhD info session so I wouldn't know how to get straight in it, but your best bet is to contact the University you are interested in and ask them directly the question.
Remember, you will always be a salesman, no matter how fancy your title is. - My ex girlfriend
In honest truth, your ability to redeem that economic consulting opportunity depends on how you rejected the offer. Did you give a specific reason, e.g. the IB opportunity? In any event, go for it. Call the company and fight for the opportunity, especially considering you're having cold feet about IB.
Since you think you might want to do a PhD program in economics, it's likely that the economic consulting firm would sponsor you into a master's program. So I think from a long-term career perspective, I'd agree with you that it appears to be the better decision. Ofcourse any opportunity becomes what you make of it, perhaps economic consulting WOULD be more intellectually stimulating for you.
I'm saying this from the perspective that very few IB analysts stay in IB long enough to become lifelong career bankers. Most of the time, they do their 1 or 2 years, and bolt, never looking back. The conversation on the forum is nauseatingly about supposed "exit opps". But let me tell you, at such a young age, most kids on the forum don't know any better so they think IB is the "End All, Be All" in life and that PE, VC or HF jobs are all guaranteed. This is a myth.
So good for you that you seem to have done a pretty good self-assessment. It's good that you've realized your long-term career goals don't necessarily align with IB. Much better to get out now vs. stepping into what may be a miserable analyst experience for the next two years.
resident econ consulting troll, putting in an appearance.
Re: going to econ consulting after IB, are you sure you'd want to do that? 2 years in IB + 2 years in consulting + 5-6 year PhD? That's a long road ahead.
I went through a similar thing, with choosing between Strat / Econ consulting - I talked to a lot of people, and the consensus was that doing strategy work would cause the math/logic skills to atrophy a little bit and make it a little bit more difficult when I eventually did get back into school. I'm not sure that admissions will be negatively impacted by IB work, so if you want to leave your options open and make some cash, that would still work.
Thanks for the great advice. Like many people my age, I'm pretty unsure about what I want to be doing in 10-15 years. At this point, it seems like a PhD in economics is the best fit, but I am not totally against trying out Wall Street. I'd definitely like to keep my options open.
If I did two years of IB and applied for econ consulting, what position would I enter as? Given that I wouldn't have econometrics and programming experience (outside of school experience), what further responsibilities would I have when compared to a first-year analyst? Also, do you know how hard it would be to land the job?
I'm pretty sure you'd enter as a first-year analyst.
No idea how hard it is to land the job as a jr. lateral - but I've never seen it happen.
I'm not sure how you feel about this, but the vast majority of econ consulting firms also recruit off-cycle. If you aren't able to get the offer back, then you could consider sending out some apps in the spring to see if you get any bites.
Every apply to a firm you rejected previously? (Originally Posted: 08/20/2010)
So this past summer I had a few internship offers, and obviously could only take one. I was wondering where I might stand with those firms that I turned down... If I were interested in them again, should I contact the recruiter that I had previously been in touch with? Do firms hold grudges against kids who have turned them down before?
If anyone has been in a situation like this before and could share some insight, would appreciate it.
thanks
Last summer, I turned down an offer from BAML to do an Internship at Ernst & Young. Granted, it wasn't a FO position, it was IT but I actually had my HR contact at BAML call me earlier this year asking me if I was getting ready to enter into a FT position and whether or not I was still interested in working there, saying she'd be able to fast track me through the application process if I was interested.
It may be different in FO where they may feel more strongly about someone turning down an offer, but I'm thinking it won't matter unless you turned them down in a particularly rude or offensive way. Probably would help if you could get in touch with your contact the first time around.
Hello
No its not like that you cant apply to the already applied firms . Companies do not hold any grudges towards the turn down candidates its just you were not qualified for the particular job requirement . You can apply again to the same firms. There may be an opening in the future you are qualified for.
All the luck hope this Helps Thanks http://www.fintel.us/
Codemonkey thanks for your input. Funny thing is, baml was the firm i was talking about reconnecting with. i'll definitely shoot my contact an e-mail to see how the headcount looks.
vitun - i turned down the firm, not the other way around, thanks though.
Best way to decline without burning bridges? (Originally Posted: 01/30/2010)
Hi everyone,
Thanks in advance for your help. I have been very lucky to receive a few offers and am now in the process of choosing 1. I really love some of the firms and am really sad that I could only choose 1. I had a few questions with regards to declining offers and would really appreciate any advice! (These are ibanking offers, if that makes a difference)
1) What is the best method to decline. A phone call or an email? 2) For some firms multiple people called me/emailed me to congratulate me on the offer and "pitch" about the firm. Should I send only 1 decline msg per firm or should I send it to each person that spoke with me? 3) Should I decline an offer asap or should I wait a week or so before declining? (I fear that if I decline too soon it might show that the firm is too low on my list and that I'm really not interested in it. On the other hand, if I decline it too late it's unfair for the other candidates, and it may also piss off the interviewers) 4) For the 1st rounds and superdays I have left, should I decline them immediate or should I go through the process anyways? Which would leave a better impression? 5) Any tips on the message? "Thanks for the opportunity, I really enjoyed speaking with you, but could only take 1 offer?"
These are some great people and I would really really love to keep in touch with them/or maybe reapply to their firm in the future. So I really want to leave the best impression.
Thank you so much for your help! I really appreciate your time and advice.
E.H.
If you're not reneging on an offer, you're not going to get burned.
email should suffice. However, if you feel there are the few that you thought made an effort to try to get you, phone call would be nice.
send the decline offer to whomever needs to know (hr, recruiter, etc), not everyone that you talked. Usually you get an offer letter, send it back to the return address with a decline notice. If you want to keep in contact with some of the people, good gesture to let them know too.
if you're going to decline it, do it as soon as you can. Obviously you're not interested in working for them, what do you care about their feelings. Plus, it gives the peeps below you a chance.
In my opinion, you should decline them. If you heard the story of Jeffrey Chiang, you would know stuff goes around. Recruiters from one bank knows people from other banks. If you accept the offer and go on the interviews, it might raise an alarm. It happened to me. I accepted an offer, and I had previously applied to a different bank, and I didn't think to withdraw the application. The recruiter contacted me for an explanation. Maybe it's 1 in a million that the recruiter found out, who knows.
If you made a very good impression on some of the people at the firms that you're declining, it would be good to let them know, and that maybe you could work with them in the future.
bump.
Incredibly grateful to be in the same boat. Was thinking of doing hand written notes to a few of the people that I really connected with since finance is a small world. That said, planning on emailing the recruiter for all the firms that gave me me offers (i.e. not emailing every person I met with).
I'd like to add two more questions:
Got the IBD offer I wanted friday night, had a 8am securities superday Sat morning WITH THE SAME FIRM. Obviously wasn't going to cancel. I was up front and told them about the offer. When they asked me why securities since my last summer experience was banking, I sold them my reason. At the end of the superday, the head hr person pulled me aside and said "I know you have an offer from OUR FIRM in IBD... where does that leave you with securities?" To which I answered "I want securities." There is still another "round" left with securities, although I have been told that it is merely to have managers pick you for a particular desk. Finally to my question... I am almost certain I am taking IBD... what is the best way to exit the situation? Email now, less than 24 hours after I said "I want securities," or wait since I potentially may not even get the offer? I don't want to screw anyone out of getting an offer, but I am guessing if I say no to the "final" round, I will be ok. Complication: It is the same firm, albeit opposite sides of the world, so I don't want to doo-doo where I eat. Yes, i just said doo-doo.
What ON EARTH do you do when you tell a recruiter you are declining an offer and they ask you "may I ask whose offer you accepted?" Throughout the actual interviews, when they asked who has given me offers I just frankly told them exact names. But the "where are you going question" feels off. Would it be reasonable to say "another BB firm," or should I just ignore the question?
Thanks all! Your guidance has been instrumental in me landing my dream SA job. I will be sure to pay it forward.
Recruiting for a firm you previously turned down (Originally Posted: 12/08/2011)
I recently lateraled into banking with a couple of offers in hand. I ended up turning down a firm that I really liked because it was for a regional office that I wasn't too keen on. The people that I interviewed were from their HQ in NY, which I would love to join that group/office some point down the line. I'm afraid that I may have closed that door when I turned down the offer. Does anyone have any experience or perspective on how to best handle the situation? Thanks all!
Just go for it. I turned down the same bank twice during summer and full-time recruiting in college.
I doubt they will even remember who you are (unless you did something stupid/know them socially).
don't think it matters unless you handled it poorly, it would probably give you an edge over other candidates who have never interviewed before because they already know you're good enough to make the cut at least for s&t two of the places i turned down offers from for the summer after junior year contacted me during the summer about interviewing for FT situation might be slightly different for you though
Rejecting offers (Originally Posted: 09/26/2009)
Is it considered taboo to want to keep in touch with HR and bankers at a bank that you rejected?
Do they automatically turn cold towards you?
Why would you want to keep in touch with HR at a bank you rejected? Bankers perhaps if they are your friends. Use common sense.
why cant HR be your friend?
why cant the guy that raped your sister be your friend?
When to decline an offer, repercussions? (Originally Posted: 12/17/2013)
Question for the WSO audience...
I'm going to put this in the context of a generic front office role in order to hopefully yield better and more results. Let's say you are a current but recent 2nd year Analyst at a mid-tier bank, mid-tier group.
Let's say you get an interview at a top-tier bank in a low-tier group and an interview in a top-tier group at the same top-tier bank for a 1st year Associate role.
In the end, you only get the offer from the low-tier group at the bank. If you were to decline the offer despite it being a promotion/salary increase because it is in a worse group then your current, would that bank consider you a year later for new roles? Would declining the offer hurt your future chances for that top-tier group at that bank?
Someone might ask, why did you do the interview in the first place for a role you did not want? Let's say the top-tier bank offered the interview when they found you to be interviewing for the other group since you are an 'excel monkey' and you also wanted to see what level/salary they would offer up.
Is it an area which you'd like to cover? Do you want to stay in banking long term? If it were a mediocre group, but I liked the fit and the area, I would go there and then lateral, if I wanted to avoid getting an MBA. The non-MBA promote is definitely something to be considering.
You make a good point about the value of each, depending on long term vs short term in banking. I did not consider that.
Going A to A provides a lot of value, the cost of an MBA is 225K direct and probably the same or more in lost wages. Are you at a MM or a CS/BarCap/DB? Do you want PE/VC/HF?
How much do you like your old group?
Are they paying you market?
I'm shocked nobody has suggested shopping the offer back to your old employer first. Here is my suggestion for the conversation:
"I'd really like to stay with you guys, I don't want to bankrupt you, but I would like to earn closer to market, which _____ defines as $X."
"You guys don't need to match it, but I'm pretty sure this is where the market is. Are you willing to come within 15% of it? "
If you're a manager, and you're paying everyone less than the market rate for their services, that's helpful information. And a reasonable manager, or a smart manager won't take it personally.
But you have to be prepared to leave if you do this and they say no.
If you are agnostic about $$ at your current firm or $$$$ elsewhere, this is an opportunity to get $$$ at your current firm and you have nothing to lose.
I've never worked at a big bank, but I'm pretty sure that the same people that consider candidates for one role don't necessarily look at candidates for another role in a totally different group. Regardless I personally wouldn't recommend switching to a "worse" group - brand name is way overrated when it comes to overall career trajectory and a slight pay bump just isn't worth the hit in skill set potential. Pay is important but only if it's a significant difference, because your "human capital" is going to be more impacted by your changing skill set versus a slight increase in near-term pay. Lastly you can't base your decision on what some random person may or may not ask at a future time, and I highly doubt that simply declining an offer from one group at an employer bans you from being considered at that employer entirely. Case in point, I've seen many folks leave an employer then come back to that same employer a few years later, both to the same group and to different groups.
Aspernatur optio voluptatibus laborum aperiam dolores consequatur blanditiis. Nam culpa similique hic consectetur suscipit non. Et neque occaecati at vel dolorem fugiat est. Animi cumque enim et et ex. Labore et neque ipsum numquam et debitis. Deleniti ab in eum consequatur ut. Itaque illo quo voluptatum nesciunt hic non earum.
Omnis eum sunt voluptas odit eius. Dicta est debitis illo veritatis repellat repudiandae nisi autem. Voluptatem impedit autem dignissimos. Aut dolorem doloremque voluptatibus temporibus id pariatur ratione. Et dignissimos tempore omnis quibusdam.
Labore hic aperiam consequatur dolore inventore mollitia magnam. Necessitatibus nihil corporis excepturi qui non voluptatem et doloremque. Nobis quia sit iure dolor omnis. Odit iure maiores et numquam rerum blanditiis quod. Perferendis tempore nulla beatae molestiae aut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
A deserunt qui eius cum voluptatem perspiciatis. Omnis quos eos numquam veritatis praesentium inventore tempore veritatis. Dolorem dolor assumenda voluptatibus omnis suscipit voluptatem. Quia maiores molestias dicta rerum.
Hic aut est omnis consequatur sed molestiae. Voluptatem omnis voluptas laborum quis est qui.
Numquam ut id pariatur eum. Quia quos nihil exercitationem. Rerum a adipisci nihil expedita quae vel eos.
Similique qui sit id. Unde iure atque aut maxime quo. Id aperiam a ut quam amet. Id nihil enim id. Velit sunt qui rerum libero nulla aspernatur. Ut minima totam fugiat nam inventore.
Explicabo recusandae voluptas eum adipisci voluptates ea. A harum ullam cupiditate labore eius dolor. Totam veniam non voluptas omnis blanditiis.
Temporibus voluptatem officiis aliquid officia voluptatibus voluptates non. Eos ducimus sit aliquam placeat dolorem esse quo aut. Provident quasi et unde aperiam ad eum.
Accusamus mollitia labore dolorem repudiandae necessitatibus eum. Amet aut a sit consequatur dolor eum.
Atque id fuga maxime consequatur incidunt alias. Sunt aut nemo sed laudantium dolore. Alias aut maiores qui possimus aperiam consequatur enim. Ad rerum omnis deserunt qui. Tenetur voluptatem quia ut atque omnis aperiam vitae.
Illum velit provident repellendus. Doloribus aperiam assumenda maxime autem ea. Sed autem modi aut et optio ex. Modi eos incidunt aperiam veniam ut sit at.