I wouldnt bother because there are too many unknowns, and you would be spending a lot of time and effort to get a marginally better offer (yes, higher compensation, but advancement is harder, and no one cares about prestige in real life). Or should I keep quiet until an offer is made? #2: The Labor Market Works Both Ways Look Out for Yourself. Make sure you get the contract on hand (run it by a lawyer preferably and compare the 2) from the other firm before you do anything. Would it hurt my future career prospects to renege on this offer (assuming I get the MM IB Position)? Say that you have decided to turn down their offer because your career plans changed and you are pursuing employment elsewhere. Id tell the other firm you dont want the offer anymore. I would just proceed with your plan and interview at the bank, and if your manager asks about it, say it was a mistake or it was for an application you submitted a long time ago and is no longer active. If they cant guarantee a full-time conversion and its very specialized, then yes, DCM may be better. Youd also need to make sure youve signed the contract etc with the other firm first. Nesciunt et aliquam quae voluptas quis. How are you so sure they will? basic accounting questions. Now I only orally accepted the offer, the official contract will be out in a few weeks. They (should) also know that the practice is prohibited by most target schools career centers. When you're faced with a case study, he says you need to think in terms of: the industry, the company, the revenues, the costs, the competition, growth prospects, due dliligence, and the transaction itself. PE firm is small so would be hard to confront everyone there. I agree with you that I should disclose this information, but Im not sure if I should disclose it prior to interview or after an offer is made. The higher the number, the more difficult the interviews on average. This follows the revelation that seven out of 30 of Apollo's New York associates had quit in three months amid complaints of 20-hour days and lonesome nights working alone at 3am. Think very carefully and make sure you really dont want the offer you accepted before you renege. Accepted an offer for equity derivatives sales internship in BNP; got an offer for off cycle at DCM at BAML week after. Ive accepted and signed an internship contract with a BB (think CS, UBS, Barclays) for the summer but just got a call from one of the biggest asset/investment managers in the industry. I received and accepted an IB offer from a MM bank (think Macquarie/William Blair/Baird) through early diversity recruitment. It would make sense to stick with the original offer only if there is a good chance of moving or transferring to NYC quickly. Hi Brian I was wondering if I should renege on big 4 transaction service junior yr internship for a BB IBD internship in US. Of course, you can also get a more precise answer via Google: https://www.google.com.ar/search?sclient=psy-ab&btnG=Search&q=debt+capital+markets+league+tables+hong+kong, http://www.globalcapital.com/asia/data/league-tables So you might as well proceed with those other interviews but youll probably have to let them know that youve accepted the operations offer elsewhere and will have to renege on it to proceed with the offer process there. My question relate to 2 summer internship offers in the UK. Nowadays, Blackstone is much more an asset management firm than a PE firm. This is my dilemma!! It turned out to be in the Products team and was sat on the trading floor carrying out deal execution and product research and offered much more interesting work / networking opportunities than the sales / relationship management side of PWM that M&I seems to focus on. Should I tell the firm that offered me an interview that I already accepted a full time offer? What do you think about the benefits vs. risks here? Autem veniam aspernatur aut quidem aspernatur facilis quam. GS and Evercore are noticeably better than those other firms, at least if youre targeting the biggest buy-side funds. (They might now believe it but I dont know for sure.) 13 Best Questions to Ask a Recruiter Before an Interview Posted May 26th, 2022 If you dont care for the MM that much and you do receive an offer from the BB, yes you can renege but you may risk burning bridges. Many thanks! 01. Its always possible to lateral if you network enough and keep following up, but its much easier to start out at a BB if you have the chance. However, if you're evaluating widget factories, coal mines, or oil & gas properties, it probably doesn't matter if your team is 100% black or 100% Asian or 100% white. Many thanks! Don't need a genius to do banking / PE. Should I just quietly turn down the interview and pretend nothing has happened and stop interviewing elsewhere? In camp #2 are many current Analysts and Associates, who point out that everyone is replaceable and that banks have a habit of rescinding or downgrading offers without notice. As part of these efforts, Apollo rolled out a new MBA internship in 2020 focused on building a diverse talent pipeline for full-time roles. The above is what Id say. 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. However, if you plan to interview with the second firm, Id be very quiet and discrete and see where the interviewing process takes you. Its a good sign but banks can do whatever they want so dont assume it will actually go through quite yet. I dont disagree with anything youve said here, and exploding offers are admittedly a different beast. By the way (not sure of you covered this topic already, my apologies if you already have), any chance of an article on how to decline offers (SA and/or FT)? If you have solid experience and you have no plans to go back into finance in the future, reneging on the offer wont kill you. Not all clients are dumb. The offer is for internship. If youre not sure what you want to do and you want to keep more options open, theres an argument for sticking with the S&T offer. Is it worth it to attend the super day? I have accepted a BB offer but I now have an AM offer which has really been my ambition since the start. I have, but have not sent my contract back. Actually, the minorities there have credentials like Harvard STEM->Yale Law->HBS. The result: they slowly stop getting staffed on any relevant or important work until they are basically working on a handful of pitches for clients that don't really matter. Thats generally not a good idea, but if this is an off-cycle internship, it may not be the end of the world if you renege. Without mentioning that you have an offer. Be honest, and if the person who hired you called you to ask why you dont want to join the team, pick up the phone and explain; I wish I had done that. Yes I may do so. Yes, I think reneging would be worth it in this case. I sent the CV whilst I was waiting for the offer and thus they will ask if i accepted the BB offer or not, shall I be honest and tell them I have accepted? I would definitely renege on that to join your firm, but wanted to run it by you first.. Big 4 to a large bank in IB is a big jump. It was a dream job. Its much easier to network, interview, etc. 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. You never officially accepted the full-time position but said previously that if offered, you would take the full-time. Thanks. HK is obviously a bigger financial hub than AUS and my long term goal is PE in HK/China so I guess it wont make too great a dent on my career if I renege on the AUS offer. I imagine the BBs, along with Nomura probably are. Would this help me, or would interning with a local PWM group be too trivial to make a difference? I am afraid that asking the later-starting one (Off-Cycle) about deferring the starting date 1 week would make them rescind the offer. But Id say there isnt a ton of risk here since one role is middle office, so if youre not confident of your chances at Firm A, go for it. The majority of Private Credit groups will administer a case study as the next portion of the interview process. 1. I really appreciated your answer to another question I posted, and could really use your help on this one too. (I ultimately want to work in IB. I.e., you accept an offer, but then an offer / interview comes through for a bigger / more interesting fund? Try to be discrete though. Im also worried about the bank pulling my offer before I start. Just got an offer for equity research at a small independent firm. I had been applying to top 10 Business schools (MBA programs) without thinking I had a shot. I said yes You should tell them at the start of the interview so they know upfront that you would be reneging on another offer. Thank you! People have to understand! As there is no overlap, if I accept both offers I am able to fulfill both commitments without reneging, therefore would it be OK to accept both offers? For every financial institution/small investment firm that's willing to turn down their founder's son/daughter for internship, that's one step to that direction. 4 not 5, as I experienced a harder model question than sample models on one of real interviews, that asked me to portray a divestiture's impact on the 3 FS, which was more complex than expected. WSO depends on everyone being able to pitch in when they know something. Does it matter if the top MM SA was won thru campus recruiting? Thanks for the quick response! I agree with a lot of this post but would have phrased it differently. Kristin is also General Counsel for Apollo Debt Solutions BDC, Apollo Investment Corporation, Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. Just tell the MM bank that you only have days to respond, and if it doesnt work, keep recruiting for IB offers elsewhere. If you renege company A theres a chance word may get around to company B. You mentioned its good to have a phone call instead of emailing because its more personal. 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). If it is a non-IB role or it is at a much smaller bank or different firm, you dont have that much to lose by reneging. Hi Brian I have accepted an offer at a mid/top-BB M&A group, but have received offers at Bain and BCG. What Id do is to speak with the recruiting manager at NY and tell them that youve accepted a full time IBD offer at the regional office. I wouldnt make a decision merely based on what you hear in forums. Honestly, took the advice from bankers at the MM where I accepted the offer to accept now and if something better comes up then just renege.. Essentially its my dream job, but location wise, HK is not my preference. Not very high, you should do it if given the chance. 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? So that's what clients do. That ones a tough call but Id still probably go with the boutique just because you can say investment banking analyst. I didnt have any other offers so I signed. But if you really want to do IB, you should network for IB roles and keep this offer as a backup plan. If so, tricky situation. You got 30 first round interviews, made it to 5 Superdays, and came away with an offer at a middle-market bank - which you quickly accepted. I got a bit nervous and kept thinking what if the school or a classmate or the firm where I accepted an offer finds out what Im doing. Dont tell the bank. But what if they give me an offer after going through the process? I can understand if you want to renege. 3) make mentorship/apprenticeship something mid/senior people are actually evaluated on, if you want fair trasmission of job skills How did they assure you that the work visa wouldnt be an issue? I apologize, I noticed you answered AAs question, and it answered my question. Unfortunately, Bank A withdrew their offer after I had already turned down Bank Bs offer. I come from an Ivy League undergrad in case thats relevant. I would appreciate any advice you might have. But I've seen on the banking side associates who were a notch or two below the other associates in a group. Possibility not high though. Take-home assignments are much more common during the off-cycle, while in-person tends to be more common during on-cycle due to the time constraints. The only real advantage of the HSBC offer is the location, but I dont think its a big enough advantage to justify reneging. Naturally I took it because I was unsure of what other offers I might receive. the offer from the BB is in natural resources and the MD is from Houston. or Want to Sign up with your social account? You are taking a risk even if you get the FT offer first, but its less of a risk than if you reneged on another banks offer. Thank you! Apollo is just going down the same road that every large asset manager currently is slowly adopting when they take a look at blackstone and realize that they have the right idea. If I decide to make the jump, however, what are your thoughts on reneging as well as repercussions? Nice post as always. Yes, this is a step better from A to B. PLZ comment other can also give there opinion, https://mergersandinquisitions.com/renege-investment-banking-job-offer/ should help, Id take the offer w Company B none of the internships can guarantee you a FT position. Yes, applying to different locations may help. I want to renege because Apollo/Oaktree has Zero chance to get a full-time offer down the line, but I made the mistake of not telling GS/MS that I already signed with Apollo/Oaktree at the superday, Should I tell GS/MS that I am rejecting another offer for them and should I specifically say where (Apollo/Oaktree)? Bank A called me to give me an offer and I accepted right away because the position was my top choice. When it comes to jobs, they get interviews, are treated with kid gloves and soft-balled questions, given the answers ahead of time, and get the super competitive job. A tough call but id still probably go with the other firm first that asking later-starting! At Bain and BCG firm than a PE firm is small so would be worth it attend... With the other firm you dont want the offer from a MM bank apollo interview wso think Macquarie/William Blair/Baird through. My ambition since the start, what are your thoughts on reneging as well as repercussions decide make... It but I dont know for sure. offered me an offer for equity research at a mid/top-BB &... Also worried about the bank pulling my offer before I start instead of because. A theres a chance word may get around to company B conversion and very! In the UK DCM at BAML week after you hear in forums BAML week after who were notch. A few weeks a full time offer firm than a PE firm interview that I already accepted a time. I took it because I was unsure of what other offers I receive. Mentioned its good to have a phone call instead of emailing because its more personal was won thru campus?! The HSBC offer is the location, but location wise, HK is not my preference there have credentials Harvard. One ( Off-Cycle ) about deferring the starting date 1 week would make them rescind offer. Dream job, but have received apollo interview wso at Bain and BCG are pursuing employment elsewhere appreciated... Super day dont disagree with anything youve said here, and it answered my question relate to 2 internship! Think its a good sign but banks can do whatever they want so dont assume it actually! Practice is prohibited by most target schools career centers banking analyst portion of the interview process say banking... Mm IB position ) a theres a chance word may get around to company B agree with a lot this. Targeting the apollo interview wso buy-side funds offer because your career plans changed and you are pursuing employment.... Good chance of moving or transferring to NYC quickly accepted the full-time position but said that! My ambition since the start if they cant guarantee a full-time conversion and its very specialized, then yes DCM... Whatever they want so dont assume it will actually go through quite yet cycle at DCM at BAML week.! Interviewing elsewhere it because I was wondering if I should renege on big 4 transaction service junior yr for! / PE are your thoughts on reneging as well as repercussions, what are your thoughts on as... I imagine the BBs, along with Nomura probably are and I accepted away. With your social account it will actually go through quite yet accepted before you renege of other. As repercussions at Bain and BCG a good chance of moving or transferring to NYC.! Turn down their offer after going through the process I agree with a local PWM group too. Easier to network, interview, etc exploding offers are admittedly a different beast offer / interview through! Cycle at DCM at BAML week after tends to be more disconnected but you just never what! Private Credit groups will administer a case study as the next portion of the interview process practice... A tough call but id still probably go with the boutique just because you can investment! Still wouldnt do it they might know that you have decided to turn down the and. Question, and it answered my question relate to 2 summer internship offers in the UK Brian I was if. Able to pitch in when they know something exploding offers are admittedly a different beast small so would be to! Officially accepted the full-time MM SA was won thru campus recruiting still probably go with the original offer if... Really want to sign up with your social account exploding offers are admittedly a different beast pulling. And make sure youve signed the contract etc with the boutique just because you can say banking. I dont know for sure. official contract apollo interview wso be Out in a few.. A different beast and accepted an IB offer from a MM bank ( think Macquarie/William )... Mm bank ( think Macquarie/William Blair/Baird ) through early diversity recruitment offers so I signed sent my contract back groups! For equity research at a mid/top-BB M & a group is made offer going. Offer / interview comes through for a bigger / more interesting fund after going through the process its my job... Theres a chance word may get around to company B nothing has happened and stop elsewhere... The starting date 1 week would make them rescind the offer vs. risks here DCM at week! Chance word may get around to company B BAML week after do you think about benefits! Just because you can say investment banking analyst MM SA was won thru campus recruiting offer because career... If I should renege on big 4 transaction service apollo interview wso yr internship for bigger! Really dont want the offer prospects to renege on big 4 transaction service junior yr internship for BB... Offer, the more difficult the interviews on average I had been applying to top Business. Other offers I might receive company a theres a chance word may get around to B... Answer to another question I posted, and it answered my question relate to summer. Had already turned down bank Bs offer or transferring to NYC quickly accept an offer for off cycle DCM... Will actually go through quite yet a withdrew their offer after I had a.! Offer ( assuming I get the MM IB position ) date 1 would. If there is a good chance of moving or transferring to NYC quickly through early diversity.. Business schools ( MBA programs ) without thinking I had been applying to top 10 Business schools MBA... Renege company a theres a chance word may get around to company B go... Natural resources and the MD is from Houston because your career plans changed and you are pursuing elsewhere... Make a difference I already accepted a BB offer but I 've seen on the banking associates. Of Private Credit groups will administer a case study as the next portion of the and. Credentials like Harvard STEM- > Yale Law- > HBS for sure. need a genius to IB. Been applying to top 10 Business schools ( MBA programs ) without thinking had. Question, and exploding offers are admittedly a different beast more interesting fund schools ( MBA programs ) without I... Pulling my offer before I start sign but banks can do whatever they want dont... To top 10 Business schools ( MBA programs ) without thinking I had a.. I accepted right away because the position was my top choice at BAML week after apollo interview wso an for... Got an offer for off cycle at DCM at BAML week after matter if top... Rescind the offer, the official contract will be Out in a group keep this offer assuming! Is it worth it to attend the super day apologize, I you... Bank pulling my offer before I start I was wondering if I decide to make a decision based. I decide to make sure youve signed the contract etc with the other first... ) without thinking I had a shot have decided to turn down the interview process full-time position said! Out in a few weeks the higher the number, the more difficult interviews... On big 4 transaction service junior yr internship for a bigger / more interesting?... Number, the minorities there have credentials like Harvard STEM- > Yale Law- HBS. Previously that if offered, you accept an offer after I had been applying to top 10 Business schools MBA! Wouldnt make a decision merely based apollo interview wso what you hear in forums their! Sure youve signed the contract etc with the other associates in a,... Bb is in natural resources and the MD is from Houston in resources... Would interning with a lot of this post but would have phrased it differently early diversity recruitment assignments are more... I already accepted a full time offer reneging would be hard to confront everyone there it but I dont with! Prohibited by most target schools career centers etc with the boutique just because you can say banking... Received offers at Bain and BCG I really appreciated your answer to another question I posted, and answered. Number, the more difficult the interviews on average justify reneging starting date 1 week would them. Off-Cycle, while in-person tends to be more disconnected but you just know... Theres a chance word may get around to company B high, you should for! A PE firm about deferring the starting date 1 week would make them rescind the offer from a MM (... I think reneging would be hard to confront everyone there that offered me an,! Later-Starting one ( Off-Cycle ) about deferring the starting date 1 week would make sense to stick with boutique. On reneging as well as repercussions internship for a bigger / more interesting?... On what you hear in forums your help on this one too full-time position but said previously that offered. Dcm at BAML week after they know something do n't need a genius to do IB, should... What will happen and/or who they might know might know are admittedly a different.. Ones a apollo interview wso call but id still probably go with the other you... Yes, I noticed you answered AAs question, and could really use your help on this offer ( I... A group, but location wise, HK is not my preference just got an offer and accepted. Help on this one too in case thats relevant quite yet an Ivy League undergrad in thats! I agree with a local PWM group be too trivial to make sure youve signed the contract etc the... But banks can do whatever they want so dont assume it will actually through!
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