Note for any other MF I'd probably say there is no stepdown but I'd think due to Apollo's culture they may not be able to compete for diversity candidates who are difficult to come by. 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. Is there really a single person who takes corporate communications at face value? Am I being selfish for wanting a better position for myself? Dont think too much! Let's get to know each other.". If you want to do fixed income S&T in the long term, either one could work. Now (a few weeks later), I received an offer from my dream job with this Telecomms job. What am I to do? Top MM (think Jefferies etc) to mid-tier BB (Barclays/BAML/Citi/CS). Yes, Evercore is less prestigious in the UK/Europe, but there still isnt that big a difference between them (not like a regional boutique with 2 people vs. JPM). Footer menu. If they threaten to expel you from school or something else that extreme, no, dont do it. The advantage is that it is a BB and that the rotation to LevFin is already during the internship, at the other bank it will be during the graduate program but their turnover rate is very high. I never reneged an offer before and I am very nerveous on making a decision here, but IB is something I really want to do. the big4 hires about 100 kids every year so im not sure whether theyd be especially torn up about one dropping. How foolproof is a verbal offer if theres still a pending meeting with the head of IB? They have 5+ offices in the US and UK, (biggest office is 60 people), they have good deal flow, a focused training/professional development program for new analysts, pay about 30% below the street, and focus on deals $30mm-$400mm. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. So regarding the interview, Ive actually moved on to super day at this point, and Ive gotten more interview offers lined up. One is from a BB (Summer internship program in Global Transaction Banking) and the other is from a big german corporation (Dax30) in their M&A devision. Id still go on the interview and see how it goes. Very interested to see your take on this situation: 1.) Apollo Impact Mission. Was asked to walk through the main multiples to look at and also how to come up with a value of the building as well as how to determine the riskiness of the debt leverage and what that means for Apollo's team. However, after the summer internship, I dont think IBD is something I want (cus of the long hours and high pressure). They are in the same region and some people might know others. Hmm.. theyre about the same, so I probably wouldnt renege in this case. 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. I have just got an offer from a BB IBD after my summer internship (not like GS/JPM that kind but still quite big). There is some risk, so one approach might be to skip the manager at your accounting firm and just list the internships before that. I have recently got an offer from a boutique IB. Yes, renege. Last week, I accepted an offer at an In-Between-Banks (Socit Gnrale / BNP / Macquarie,) for an internship in Q1 2022. Depends on why youre reneging. However, I just received an email from one of the best hedge funds in the street regarding the interview of a trading/investing position. Yes, they might be mad, but ultimately its all about whether or not youll get a full-time offer. Thanks so much for weighing, I think that makes a lot of sense and will give the interview a shot. Organized process and seems good culture. Et aspernatur quia dicta dolores blanditiis aut. Welcome to private equity's annual recruitment, the frenzied window of interviews and fast-expiring job offers that firms use to fill their junior ranks. 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. I got an offer with a small fund (a few hundred million) and accepted it but now close to getting offers with two other PE funds that are larger and have much strong brand name. If I dont tell BB that I signed with another firm, what are the chances that they find out later on and rescind my offer? I am a recent graduate of a MS in Accountancy program. I got the offer from big 4 and signed it (the starting date is one year from now). I recently received a return offer from a bb i-bank after finishing my summer internship there. Assuming the UK office doesnt know, no I dont think its a big problem. Same great fucking you at all hours, now with caffeine and black people! In regards to the commercial / wealth management question is PWM not considered more prestigious (and therefore more useful for graduate recruiting)? Thank you for the article, its helpful as always! 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. If you're doing consumer goods, it's probably useful to have people with all kinds of backgrounds giving their input. And would the megafund ever tell the BB that you were interviewing? I'll get 50 replies calling me sexist for this part, but the only girls at the top of my class were those who prioritized academics over everything, playing 1 sport if any, not going out on the weekends and litterally studying for 5 hours a day (you know the type). Dont tell the bank. If youd like to be interviewed, let us know and we will reach out to you. Is it worth reneging in this situation? It would make sense to stick with the original offer only if there is a good chance of moving or transferring to NYC quickly. what are your thoughts on this. I would still probably go with BNP, but if you really do not know what you want to do, yes, DCM could be better. Follow your gut. Specifically: 1. MM firm would be a return summer offer for FT after an internship this summer, BB offer would also be for FT. Would you suggest telling HR at the BB before beginning phone interviews or wait until receiving contact information for the actual bankers that would be interviewing and just tell them at the very start of the interview/beforehand via email? The DAX role may give you some exposure to bankers if you were to work with them on deals, though it can still be challenging to move externally to a bank. Appreciate your response! All they're doing is hiring diversity candidates into the investor relations, and secondaries, and operations, and real estate debt teams that never attracted the top pedigree candidates anyway. Whats the best way to handle this situation. My dilemma is that I (junior) accepted an internship offer from Company A in their finance division. I appreciate any input, thanks in advance. Thank you in advance. If you are willing to take this chance, do the above. If not, or if you dont know what you want to do, renege and accept the BB offer. HR told me it is not possible this year due to COVID. Ill sign the offer I have (given the economic climate), but Im wondering whether theres a point going through all these events again? I applied to the BB before I even get an interview with the boutique. Johnny, yes it maybe risky to renege because word can get around. So there are some cases where it might make sense to renege but most of the time, youre taking a big risk by doing so. If I do not receive a return offer from Firm A I can just start working at Firm B in Sep 2018 and stay there for a few years. Exploding offers are quite terrible, but even when you renege on one of those offers there is the potential for something bad to happen. Sure Id be willing to be interviewed; contact me by email. Its just a risk youll have to take in exchange for the certainty of a FT position. First of all thanks for all the info youve posted on this website, I cant stress how much it has helped me in the recruiting process! Courses, Certifications & Services. Eases my mind when I tell the recruiter :). Id tell the big4 audit firm that I cant work there anymore. I dont think its risky to make the switch if you receive an IB offer at a larger bank, but there is a decent chance this firm could figure out what youre doing. If you are doing it because you want to avoid the energy / oil & gas group, yes, that is reasonable. In the long term if these policies continue, I think it probably ends up changing the culture of the firm for the better. Sounds to me like you're making excuses for yourself. They were high level connections. Thank you for your reply! There isn't a single megafund pe firm that doesn't have a credit arm anymore, and most have raised other alternative asset funds as well. 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? While most funds are more than content to just raise a fat new fund anyway for that sweet sweet 2% management fee (and Blackstone is doing that as well), Schwartzman and Friends realized that there is a ton of LP money to be invested in the current environment and not all of it can be fit into their next PE fund -- enter GSO, and now they have a credit arm, but its not GSO anymore, it's Blackstone GSO, and now something clicks in their head that they can staple the Bx brand name to anything and the goodwill they've built up in the investment community will give it the benefit of the doubt. Im tempted to interview because I really want to work at a BB, but Im also hesitant because Im afraid my current employer will find out and rescind my offer once I begin the interview process. Hi, I completed an Ops internship at a BB this past summer and got an offer for their FT program. Fund consultants (those who put a rating on the fund for institutional investors) rate each funds (not each company) on diversity rating. Impact measured by KPIs and the B Impact Assessment (BIA) Adheres to three key tenets of impact investing. If you want to go through the interview Id just go through them and build connections. Both recruiters know the companies involved. But I would not recommend reneging to make this type of move. Brian, On BCP, the PE analyst program is still quite elite, but the associates they're starting to take in lately have somewhat diluted pedigree. All you can really do is ask the off-cycle one for a later start date. Why? I was wondering if you could give me specific advice for my situation. Does signing a contract mean anything in that part of the world? This one is more common among senior bankers who spend time recruiting you theyve seen cases where someone reneges on an offer and then ends up losing his other offer(s) as a result of angry phone calls from bankers. With the current market, is it worth reneging to increase job security? Also, I did not think to tell them that I already accepted another offer, as I did not think to and they did not ask. Just to follow up on this I realized that my career center guidelines state that recruiters interviewing in the fall must give students until December to respond to an offer; however, I was only given a week (this was in October). should i just wait out the ca/cpa designation and pursue ib after? but BB looks good on your resume. Its not because bankers are nice or because they forgive you its because banks and HR departments tend to be poorly organized. Yes, I think reneging would be worth it in this case. Just follow the advice here theres no way to avoid burning bridges, its like getting a divorce but pretending you can still have the same relationship with the other person. In the short term, I think this is probably what it will look like at Apollo as well. I know for sure that I want to do research/trading. I imagine the BBs, along with Nomura probably are. tiny 2-person boutique vs. bulge bracket). What would be the best thing to do if I wanted to renege on the offer, and would that entail a bad decision for the future? Really appreciate if you could advise on that. The two offers are in different industries by the way. Option 2: Be honest to the regional about it. I am a student from a non-target. I need your advice. THANK YOU SO MUCH FOR YOUR HELP! Backed by a leading private equity franchise and ESG program. Hi Brian, Please help, its very urgent. I told the recruiter at the start-up that I had personal reasons, a mistake, I know now. I accepted an offer at firm A. Ive accepted a summer internship offer from an elite boutique (think PJT/Evercore/Lazard), but now I have an offer from a top hedge fund that Id like to accept (think Silver Point/Point 72/DE Shaw). Thanks for the reply Brian. I am currently interning with an Australian Middle Markets Bank in IBD. also, i might get both offers rescinded if they find out. I accepted a corp fin internship offer a month ago but just got an offer for a banking internship. Ive been reading your blog for 2 years and this is the first time I posted a question. I originally accepted the IBAB job as it was my only offer at the time and I was worried about not having a full-time job after I graduated. I turned down a MM IBD offer coming out of undergrad becuase I had already accepted an offer in finance (planning & analysis) at a BB and was too afraid to renege. Just remember that what is important is not to burn bridges. Is this simply too niche a team to warrant its own article? Thank you Brian, great to see you still take your valuable time to respond. Id try not to burn the bridge with the BB. As a woman in the private equity industry, it's quite simply not true that women who are being hired are of lower calibre. So maybe let the second bank know what youre doing first and then write a brief email to the first bank saying that you have decided to decline the offer because you won something in your desired location in NY. Thanks for the pointers, though. I am really panicking that I have said too much. Need to choose by Monday I would probably go with the S&T offer though because sales is more relevant to banking than trading and because of the name. 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Oil & gas group, yes it maybe risky to renege because word can get.... Doesnt know, no I dont think its a big problem first time posted... Cant work there anymore id just go through the interview and see how it goes not, or you... From my dream job with this Telecomms job mistake, I think reneging would worth. Leading private equity franchise and ESG program ultimately its all about whether or not youll get a full-time....