I would probably just tell the BB that you accepted the MM offer a long time ago, and youre willing to renege on it to accept an offer at the BB, but you want to make sure theyre fine with that first. At the time, it was my only offer and I panicked. Id tell the big4 audit firm that I cant work there anymore. Youve signed the offer though so Im not quite sure if you want to renege your offer or? I have an offer for UBS IBD in NYC. Yes you can proceed, just renege on the Big 4 offer if you get the IB one. The process is short and intense. Its worth it. I would ultimately like to either move to a larger PE (think TPG, KKR, Bain Capital) which would most likely require some form of BB IB Experience. My end goal is not public accounting or REPE/IB, though, its more aligned toward SRI and its adjacent fields, which I understand is very difficult to break in at all and require previous professional milestones experience. Makes sense. Im in a rather awkward situation as I know you have mentioned that it is a poor idea to jump from BB to BB, but the current offer I have requires me to train in an offshore location for two years at roughly 55% of the market rate before becoming a normal analyst and returning back to my home location. Would it look less bad to first accept and then find out the details in the written contract and possibly renege later? This website and our partners set cookies on your computer to improve our site and the ads you see. Thanks So how do you think I should respond when the banker/HR people I call inquire into where I am going? Do you think I should do this and that I should let interviewers know on my CV and in interviews that I alreadly have this return offer? Throughout the thread, I never indicated I would renege and I was always in favor of Bank A. I never accepted the second offer. Long term goal is PE, which of course Blackstone is a giant in that field. poor whites) don't have access to - squash, golf, skiing, tennis, anyone? After further investigation I found out that I got into trouble with both banks mainly because I talked about my connections at both banks. Whats your sense of reneging on an offer if this is more of a senior role (senior associate / VP) after verbal acceptance? If its at a different bank or firm, you can probably do this without the sky falling (as large banks and AM firms dont necessarily communicate about job candidates). Simply put, as a company gets more reviews, the confidence of a "true score" increases so it is pulled closer to the simple company average and away from the average of the entire data set. (Also of note this is an off-Wall Street position if that makes a difference.). Firstly thank you so much for your advice. Not sure where your information is coming from, but it is possible that some of the individuals you're referencing are summering in different areas of the firm. Both are full-time positions with start date in the summer. I was wondering if you could give me specific advice for my situation. The firm hosted 11 summer associates this year, Apollo told Business Insider. After accepting, I entered into an interview process with a BB top three if you consider JPM, MS, and GS to be top three. You could do that, but theres some potential for trouble since one of the roles is full-time. Maybe DCM could be better from this point of view, because from there you can move in either direction (trying IB or S&T next) rather than locking myself up on the trading floor? Autem veniam aspernatur aut quidem aspernatur facilis quam. I recently accepted and signed for an M&A internship with a specialist boutique investment Bank (very good name in their niche with strong deal flow/sizes). There are some cases where it makes sense to consider, but 90% of the email I get on this topic is of the Should I renege on my offer at one bulge bracket to move to another one? variety, and that just doesnt make sense. Was thinking of reneging a large international bank (RBC, Nomura, BNP) type of bank for a BB (Citi, BAML, UBS) type. If thats the case, then yes, I would definitely recommend reneging if you win an offer at a European BB that offers a decent chance for a full-time return offer. For the MM internship I heard about the opportunity through through a school peer but I did not use any other resources by the school including networking events (I dont know if this company came to campus), coffee chats, etc. What if you were to let the advisory offering firm know up front that you already signed a f/t offer, would that be the best move? Since you havent received the offer yet, Id just wait for now. Also, I dont particularly like Chicago but would take the hit for exit opps that BBs offer over non brand-names. Eh I still wouldnt do it they might be more disconnected but you just never know what will happen and/or who they might know. Since both are BBs, Id suggest you to be more diplomatic in dealing with the matter. Interview season is finished. Got an exploding SA offer from a BB in Asset Mgmt, but Ive been trying to break into IB at other BBs and they wont start having superdays until next month. But if the difference is marginal (i.e. Thanks. Yes, always network! We're adding diversity hires (somewhere within the structure of the firmmaybe not on the most consequential teams though.). Hi Brian, So you really have the weigh the options. In the comments, I know you have been dicussing alot of Big4 vs. IB offer decisions. Yes they can do that, and this has happened to other people before. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). What should I do. or Want to Sign up with your social account? If I do get an offer elsewhere, is there a point in reneging? They invest in like Blackstone Frontier Markets Credit Hedge Fund of Funds or whatever nonsense at whatever terms in order to "build a relationship" and get access the main PE fund. Currently have 2 job offers for internship one at a BB Wealth management doing some data inputs for financial planning stuff, and another one at a specialized company doing market research. Does it matter if the top MM SA was won thru campus recruiting? Say that situation has changed and you cant accept the offer (if you choose to renege). It makes me feel really sorry if I have renege the offer. That said, I would warn against saying something like should have a right because the reality is banks can do whatever they want, and so can you. I dont disagree with anything youve said here, and exploding offers are admittedly a different beast. Apollo Impact Mission. Wall Street Oasis is an online forum and learning platform that offers finance career coaching for students and professionals. Banks giving exploding offers (generally a week before other banks even begin to notify candidates about offers) know the sort of pressure they are placing on these kids. Both are full time jobs and in the same location. Is it advisable to lie when bank A asks where I am going and use a different industry so that they cant track me down? I have two summer internship offers in London. However, I know I would much rather do CB for a career rather than accounting, if I can convert the internship into a FT offer. Hi Brian, thank you for making such a comprehensive post. The private equity case study is an especially intimidating part of the private equity recruitment process.. You'll get a "case study" in virtually any private equity interview process, whether you're interviewing at the mega-funds (Blackstone, KKR, Apollo, etc. After signing I realized the situation is much more difficult than I thought, and I dont want to move to that city at all. However I've seen some of these candidates who are currently interning / their experience. You mentioned its good to have a phone call instead of emailing because its more personal. However, there maybe a risk that hell let company B know and they rescind that offer to you. Tough call there but I would only renege if you actually want to do equity research in the long-term. What suggestions do you have for me? 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If I join firm A, I will eventually try to move to the other location in 2-3 years. Maybe ask if you can push back the FT offer start date and explain your situation with the S&T internship? Without mentioning that you have an offer. The staffing agency would be paying me an ok hourly hourly wage to work at the BB whereas the CRE job would be a good permanent salary. Mar. I am really just looking for the best opportunity for professional development, and because of personal preference (where my family is, etc.) This is FT by the way. However, I started the interview process with a bulge bracket bank (in my current city) for an industry group before my current offer was given out, and expect a superday shortly. Which undergraduate school would be better in terms of networking, alumni base and name recognition for investment banking: DePaul University or University of Illinois at Chicago? Ill be happy to help if this happens. Would really appreciate an opinion form the expert thanks, in advance, for the help . You are taking a chance that you may not be able to recruit for FO roles at the top banks as a result of doing this, but its worth the risk in this case. Thats the fun part about reneging on an offer: you have no way of knowing. From your experience, how common is it that IBs actually check references (particularly for junior year summer internships) and contacts the summer firms of incoming analysts? As someone who has consulted and allocated (and managed a book at a fund) this is not the whole story. In terms of whether UBS is a good firm to work for or not, Id speak with more people in the firm and decide for yourself. (Also its incredible that you still respond to such an old post! You probably shouldnt say anything since doing so would result in even more problems for you. 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