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. Thanks very much! This upside is significantly better if youre reneging on an offer in a different industry (e.g., Big 4 accounting) or youre reneging on a back office offer and moving to the front office. My situation is kind of complicated here. WSO also provides several services to help as you progress through your business career. The majority of Private Credit groups will administer a case study as the next portion of the interview process. I had received a BB SA S&T in HK. After accepting, I entered into an interview process with a BB top three if you consider JPM, MS, and GS to be top three. Thanks. Do not tell them where youve accepted the other offer if they ask, just say the industry its in (finance) and maybe the location. Reneging would be more useful if you want to move into a more generalist industry after a year or so in natural resources. You can do that, as long as you havent signed a contract its not the end of the world. In the span of a decade and a half, blackstone went from being a marquee private equity investor to having their hand in the pot of every single asset class out there that exists -- Vanilla PE, Infrastructure, Energy, Distressed Credit, Performing Credit, Direct Lending, Secondaries, Fund of Funds, Real Estate -- you name it, Blackstone has put together a team and raised a multibillion dollar fund for it in the last few years. Not worthwhile for an incrementally better offer, though. The interview was a thorough, intense, educational, interesting, friendly and overall a good interview scenario Process of meeting many people and getting a feel for the culture and job requirements. Yes, its best to tell them proactively during interviews just so theyre aware. This is subjective. but i recently got a FO offer (S&T) at a European MM bank and obivously i want to renege on my FO offer and take up the front office role. Its been about two years now, do you think it would be worth my time/effort to contact the recruiter at the MM IB (assuming he is still there) and attempt to secure another offer? My case is that I have accepted a full time at a MM bank in S&T, but IB in BB is really what I want as a career. Share. No votes have been submitted yet. Is reneging the EB for the BB too risky? Ive spoken to my careers office about the possibility (as A was OCR, the rest are not), obviously they are very unhappy that I am even considering renegeing. If you do not care about IB and have no plans for moving into it in the future, reneging presents very little risk, especially if you did not win the offer via your school. Voluptate et ut adipisci dolor. I received an offer from a large bank in Charlotte in IB (i prefer not to mention the group). I dont want to stuck in a sketchy city doing pure strategy ops. My question is, do you think that recruiter would try to tell the BB? Would love to hear your advice. What do you suggest is the best way to phrase that I am reneging? Of course, theres a chance word may get around to the other BB but you can still engage in conversation with them. Hi, i have 2 offers. (Also its incredible that you still respond to such an old post! quant funds based on equity derivatives). The only reason to stick with the MBB offer is if you really do not want to do finance, or you want a long-term career in consulting or something else more operational. Same great fucking you at all hours, now with free caffeineTM. So rejecting is acceptable, whereas reneging can get you into trouble. It doesnt look as bad if its not in writing. I was talking to people and they seemed to be one two different ends. But yes talking to headhunter B (since he/shes a middleman) is a good idea IF you trust him/her. Pretty conflicted on some of this. I prioritize having both internship experiences more than getting a return offer from the summer internship. 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. Yes you can tell the boutique you have another offer but I am not sure if they will be receptive to that (i.e. Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews. What are the chances that the MM call up the BB and tell them that I already signed. What would be your take on moving from elite boutique to BB for full time after interning at that elite boutique for the summer? But, being an undergraduate from a target school, would you recommend reneging my offer and interviewing for a more front-office role? WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, Anonymous interview candidate in Williamsport, Anonymous interview candidate in New York, 101 Investment Banking Interview Questions, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats. So youve decided to renege on your offer how do you do it, when do you do it, who do you tell, and what do you say? Thanks for your response, Brian! Id choose CB too if I prefer it to Accounting. They are in the same region and some people might know others. Now, Ive had multiple phone interviews and 2 Superdays at a BB in NYC I really like. I dont think it will even matter since theyll easily find out anyway. It would make sense to stick with the original offer only if there is a good chance of moving or transferring to NYC quickly. But I dont think the bank would care that youre reneging on a Big 4 offer. Is delaying graduation a valid reason to renege? Should I worry about cancelling the initial contract in case I get a consulting offer and should I worry about not having informed the other firm? That recruiter found out about my other offer and contacted career services a few days ago. Yeah, I guess that one is slightly different from whats described above. Would it be worth it to just leave Apollo/Oaktree off my employment history to leave all of this behind and avoid any risk? I am in a position where I have two Bulge Bracket full-time offers. Experienced VP Interviews - Fit Questions. That's really not the case. Hi Brian- appreciate youve kinda answered this but any advice would be much appreciated. That lets you keep your hard-earned offer and keeps you from burning bridges. This is definitely where I want to be, and the start dates for both jobs isnt until next July. Hey. This is not banking related, but still would like your opinion. Below we've provided comparable WSP videos that allow you to compare teaching approach, the level of complexity of the model (is this a real-life model?) I recently received an offer from a BB (think Citi, Credit Suisse, Deutsche Bank) but in Corporate Banking. Excuses you need more time to think about it. In regards to the background check with MS/GS, would you expect Apollo/Oaktree to tell MS/GS that I reneged? It was very helpful. I now have an offer through OCR that is more in line with my long-term goals. Everything was anticipated and typical lateral interview questions. why would a spot open up if some other guy didnt renege? The Interview Experience is a score from 1 star (very negative) to 5 stars (very positive) generated based on the Interview Insights at this company. Thank you very much for your advice and quick response! There wont necessarily be a huge difference (depending on your region and the specific bank), but its still worthwhile in most cases. 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. I do hope to go to the bulge bracket superday. This is true - which is why quotas and % of females is really stupid. Case study of an office building in New York and how you value that and the debt leverage. Thank you! Just renege on the corp fin offer and accept the banks offer. But it may or may not be a good move because capital markets deals tend to be more common in HK, and some of the banks you mentioned are strong in ECM/DCM. But diversity of skin color does not necessarily translate into diversity of thought. Thanks for the post, OP. Yes, both headhunters and companies know Im choosing between them. I think youve answered your question. This also has the opposite impact for ORMs - the few asian kids that end up breaking in despite their barriers are typically superstars and can run circles around their counterparts atleast from a technical/analytical standpoint. Diversity of thought should be a part of the investment process and if people can do the work - them being different than the Wharton -> 2 years GS TMT -> KKR -> HBS mold is fine. An opportunity came up recently with a Chicago BB looking for additional IB analysts to start FT this summer. Was thinking of reneging a large international bank (RBC, Nomura, BNP) type of bank for a BB (Citi, BAML, UBS) type. After hearing many peoples different opinions, it seems as if NY is a better bet to start my career before moving out to HK afterwards. It makes me feel really sorry if I have renege the offer. Perhaps you can just lay low for now and continue interviewing. Got return offer at a strong IB coverage group at lower-tier BB, but not sure banking is the right fit for me and want to recruit for consulting. I also have an offer from THE social networking site in a non-finance department. Just tell the MM bank that you only have days to respond, and if it doesnt work, keep recruiting for IB offers elsewhere. How do I do this. breaking the contract before you start? Apollo's new motto: Do you think they would understand that I reneg an internship for a FT position or would they see it as a lack of integrity? I would let the asset management firm know first and see if theyre ok with it, then go to the ops internship people and explain that you have decided to pursue other opportunities. If it had been immediately after the fact you might have been able to do more. Don't tell anyone, but my mother's cousin's sister's ex-husband's last name was Garcia. I asked the firm I had an offer with if they would extend my contract to start a year later as a result of the additional year of education in finance. Challenging situation. Since both are BBs, Id suggest you to be more diplomatic in dealing with the matter. Maybe it's because so many aspire to be or be with the super rich types who have the connections. Or would it be better to proactively tell Bank #2 that I have an exploding offer, and hope they will get back to me prior to the contract signing deadline? Since theyll easily find out anyway interviews just so theyre aware large in... & T in HK T in HK aspire to be more useful if trust! Theyll easily find out anyway what do you think that recruiter would to... ( also its incredible that you still respond to such an old post diplomatic dealing... Bb looking for additional IB analysts to start FT this summer summer internship banking related, but still would your! 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