Yes Id say PWM is considered more prestigious versus commercial banking. Apollo Technicalis ready to help you hire better or find your next engineering or IT job. Im starting to regret more and more about having accepted my B4 return offer. Reached out to headhunters for lateral PE recruiting. Should I renege? Proprietary sourcing engine driven by our integrated platform. Not much of a difference between any of those, not really sure, Eh I go to BC, and were sending at least 20 kids into IBD, another 10-20 for S&T this is for SA, I think there are even more for FT. Do any BB or Big4 firms have official Blacklists for candidates that renege offers? offers at big law firms. Hi Nicole thank you for your reply! Long term goal is PE, which of course Blackstone is a giant in that field. Say that situation has changed and you cant accept the offer (if you choose to renege). Without mentioning that you have an offer. Should I just be honest with him? Are there any good alternatives to consider here? Sure Id be willing to be interviewed; contact me by email. What a dilemma hope someone has some interesting views on this! I want to start working full time in 2018. Interview season is finished. I dont think it will matter, at all. Thanks Brian, it is a pure asset management firm, not at the B.B. Thanks very much! It just so happens that Bank #2 will only get back to me with a final decision after my deadline for signing Bank #1s contract has passed. It doesnt look as bad if its not in writing. None of the jobs are ideal, so I picked the most attractive offer. 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. Do you think it would be worth to renege the offer? I said yes I was curious about your thoughts on reneging from one BB to another BB in a different city. On of my friends accepted an offer at one BB and later got an offer at a top three BB. Youre at a great place! If you really want to be in the US, Id stay in the US and see if you can transfer internally from corporate banking. Thank you so much for the article. Everything was anticipated and typical lateral interview questions. I wouldnt make a decision merely based on what you hear in forums. I took it out of fear that I cannot find something better, and I can continue looking. Thank you! . I still intern there, and I want to take this new opportunity. But 5 minutes ago, you just received a call from your recruiter at a bulge-bracket bank: another spot opened up and theyre extending a summer internship offer to you. This is why Ive started to hate running this site.). Yes. Thoughts on reneging a mid-tier BB (Citi/CS/BAML) for GS/Evercore? When the new bank that is offering the superday asks if youve gotten a return offer, should you just tell them youve signed or not? Not a very high chance, but there is a real risk (whereas there would not be if you were reneging on a small/unknown firm). I also have an offer from THE social networking site in a non-finance department. I can understand if you want to renege. Yes youll probably burn the bridge since youve already signed the document, but I assume thats a risk youre willing to take. Thanks Brian. A lot of scenes that the MBB pictured during recruiting were actually not right (networked afterwards with office BA to find out) which really made me want to move away. Would you consider reneging a top BB (GS/JPM/MS) in Houston for top BB in NYC? Yes, JPM is better, but Guggenheim is still a fine firm, and Restructuring is the best group to be in now. 1. From your experience, what % of the time do firms actually contact the summer firms of incoming FT analysts? And slowly, but surely, everyone else started to see the light as well. They would probably mention that you reneged on your offer, so you should tell the PE firm first so there are no surprises. My question is, do you think that recruiter would try to tell the BB? On BCP, the PE analyst program is still quite elite, but the associates they're starting to take in lately have somewhat diluted pedigree. Is it really bad to switch banks later on, especially since this guy helped me so much, and basically created a one-person internship just for me? I dont think any of this is super-important for internships. I got a FT (other bank) after having accepted an internship. Yes, Id say so. If you finish the on-cycle process and win a job offer, the position will start in 1.5 - 2.0 years. I quite enjoyed it. Would reneging the BB offer hurt my chances of switching over (from the MM firm) to their front office a few years down the road? Would also add that Apollo PE does not credit MBA or past PE exp - meaning you start from Associate 1 just like any other IB analyst. I objectively listed the pros and cons of each position. I want to stay in new york not only for work reasons, but also because I was born and raised here and currently go to school in Manhattan. BAML might be slightly better because of the higher salary and the fact that IB groups such as DCM are holding up better than S&T, but I dont think its a big enough difference to justify reneging on the BNP offer. 08. Salary at BAML is much better, but I am scared by the talk of limited exit opps. And just tell the other firm that you have decided to accept an internship elsewhere because your career plans have changed (and keep it very vague). And to their credit, they go out and hire some of the best leaders in these asset classes and put the Blackstone fundraising team behind them, and build great funds that generate great returns. If you want to take the 2nd offer, Id go back to the first group asap and tell them youve changed your mind. They could check, but its more common to do so in the final stages or when youve already won an offer. I noticed I have similar question with GL and AA. The thing is, I know I dont want to do S&T and the only reason I am taking the offer is for internal transfer. If you didnt get it officially through on-campus recruiting at the school, youll probably be fine. It's easy enough to create these type of programs for Pre-MBA roles, particularly in banking, where the work is not that challenging and the difference between the best analyst in a group and the worst is significantly smaller. Just finished a summer at a mid-tier BB (Citi/BAML) in a decent coverage group (C&R/Power/Healthcare). Btw in UK is it worth calling them to delay offer deadlines or asking to hurry up with last stage intw outcome? I have a passion for CRE I recently applied through my school for this company in CA who offers a rotational program. Banks will definitely ask if I got a return offer and while I want to showcase that Im capable by getting a return offer, I also dont want to show lack of commitment by saying Ive accepted and am interviewing. Was asked to prep a stock pitch, had some basic behaviourals found in IB 400, some grilling questions based on your pitch and your thesis. Would a bank attempt to contact anyone in that industry? I had an offer from a very small long/short equity fund, but just received an offer to one of the bigger AM firms around. WSO Content & Social Media. So in this situation, would you encourage me to keep interviewing and renege my offer eventually? how much do accounting guys talk to bankers about recruiting? this happened at one firm, which told me it was against their policy and they stopped interviewing me after i said i signed, but do you know most banks policies. If I decide to make the jump, however, what are your thoughts on reneging as well as repercussions? If theres a really specific reason e.g. Many thanks! But how to get in? What if you are deciding between a S&T internship position at a BB and an i-banking job at a small boutique? If youre in final stages of discussions with the consulting firm, Id suggest you to call up the big 4 and let them know, ideally the sooner the better (way before your expected starting date). Should I accept and then ask the Off-Cycle if they can move it or should I ask this before I accept? Your email address will not be published. Thank you so much for such a great post! I would renege on the Bulge Bracket that I interned at, but have a private equity offer at a middle market fund. Since I have been working full time as a finance analyst for 1.5 years (not in RE), I jumped at the chance to apply because this was my one shot chance to transition over to RE without prior experience. A case study was then given and presentation was scheduled for the next morning. And of course there isnt a guarantee i will get FT offer from the Company B after the internship. Just email them and say that you are going to decline the offer because your career plans have changed. Yes, especially if you want to work in IB and you can think about this on the longer term. Full article Apollo Global Management Region United States - Midwest I had initially accepted an offer at a BB in Aus but now I accepted a more prestigious BB in HK. They expect you to be able to do the job right on the spot and will assess how your past experience coincides with aspects they are looking for. However, Company B does not come to campus. What is the best way to go about asking for an extension and is there any risk of having the offer rescinded? I went to a large public highschool in a middle-class northeastern Mass town with maybe 350 kids/class. No one seems to agree on how to deal with reneging on offers, so I dont think theres a clear answer. Id call and email out of respect for that firm. So unless you really want to be in FIG long-term, a FIG offer may not be a great idea to accept. So currently I have an offer from MM bank in NY which I signed already, but just heard back from another boutique/MM in NY. Don't need a genius to do banking / PE. You can call to renege if youre paranoid about your email being forwarded. Otherwise, you are not really doing anything to stop the priviledge. However I've seen some of these candidates who are currently interning / their experience. Im actually in IT, and am planning to move from a IBAB bank to the Telecomms industry (to a BB of that industry). Thanks Brian, I believe they would certainly find out as they would eventually call my ft bank for a background check. I am currently a final year student and will graduate in June 2018. I accepted and signed an offer at a tier 2 bank. 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