2nd internship (mid Aug -mid Sept). Also, what questions should I anticipate the recruiter to ask? Overall, very impressive course and very helpful sample models. Would it really hurt my chances in terms of the downside case if I reneged a top BB FT offer in Commercial Banking for a lower tier BB in IB? You could, but theres definitely some risk there because its the same industry group and senior bankers will tend to know each other. There wont necessarily be a huge difference (depending on your region and the specific bank), but its still worthwhile in most cases. Otherwise, there is a slight chance that the visa might not come through. much better team or a certain industry you want to work in, that might be ok but if its just a matter of a prestige hop then I wouldnt bother. Suppose that I get a return offer eventually but I wish to start off my career in London instead. How should I tell Apollo/Oaktree that I want to decline the offer w/o burning bridges and having them call GS/MS to pull my offer? really need help here man. I dont recommend reneging offers given the downsides (discussed in the article) and personal experience. So that's what clients do. I dont think its the end of the world if you renege in that situation. Hi, i have 2 offers. Good post. I received the offer from the bank in Houston and accepted a little over 4 months ago. Youre at a great place! Do you think this is reasonable justification? 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. Normally it is better to do a summer internship offer and perform well, even if the bank allegedly gives fewer full-time offers to interns. 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. Any thoughts on potential concerns and consequences? 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. This website and our partners set cookies on your computer to improve our site and the ads you see. Tell me about a time you had to convince someone significantly out-ranking you to do something they did not want to do. THANK YOU SO MUCH FOR YOUR HELP! I prioritize having both internship experiences more than getting a return offer from the summer internship. Teams do work across various industries though, which is something special about the company. I currently have an offer from a MM O&G bank in Houston for a SA position but just got an offer from a BB SA (think UBS, CS, Barclays) in NYC. Personally, I would not renege on Evercore for JPM unless youre very certain that you want to do something outside of banking/PE in the future. 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. Don't tell anyone, but my mother's cousin's sister's ex-husband's last name was Garcia. Which one would be better, to break into investment banking? And here Im really talking about my schools Office of Career Services. I think Management Associate program in other banks / top corporates / buy-side will suit me better. Website https://linktr.ee/wallstreetoasis.com Industries Financial Services Company size 11-50 employees. Theres no way you can tell. GS and Evercore are noticeably better than those other firms, at least if youre targeting the biggest buy-side funds. This is a very tricky situation. For example, reneging on an offer in North America in order to pursue an offer in Hong Kong. You dont have to say that you accepted it yet, and in fact you probably shouldnt say that until you get further into the process (just to make them aware that you will be reneging on another offer tpo take this one). 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. Should you tell the firm youre accepting the offer with that you reneged elsewhere? Thanks. Thanks Brian, it is a pure asset management firm, not at the B.B. It is notoriously difficult to switch banks as internships end because everyone else also wants to switch banks around that time, so unless you get lucky or the hiring market is extremely strong, youre taking a big chance. Because they're fucking smart and saw the writing on the wall a long time ago -- the PE market is incredibly saturated with tons of funds driving up prices and bringing down returns. Would reneging the first option make sense in this case? Why not bash Piper or Wells) which makes me not want to go there. The advice above applies to recruiting practices in the US, but not every country in the world does it the same way. Whats your sense of reneging on an offer if this is more of a senior role (senior associate / VP) after verbal acceptance? Would you renege on RBC for Jefferies in London? Full article Apollo Global Management Region United States - Midwest I was thinking of reneging the mid-office offer. Ive accepted a FT offer from an In-Between-A-Bank (IBAB) after being a SA but have been getting SA interviews from various BBs and EBs. You dont want to risk a real return offer just because you dont like your desk that much. Every single one of Apollo's four summer associates on the flagship PE platform deal team have pre-MBA MF/UMM PE experience. Timing wise, I would be expected to start work in about a month if I took my current offer. An EB vs. Citi/BAML probably wont make a massive difference in exit opportunities, but it could deliver other benefits (more independence/interesting work). Yes theres a chance the US BB may contact the HK BB re. Yes, and you may have to do so diplomatically. Now I got an internship offer in a completely different industry (Consulting) which could potentially turn into an offer. I have accepted a FT return offer from a mid-tier BB in NYC, yet it was for S&T and I realized it was not something I wanted to do after the summer. I wouldnt worry too much about it! How did they assure you that the work visa wouldnt be an issue? I heard that my school bans students from on campus recruiting if they renege. Hi, I just received a full time offer following the summer internship in a top 3 bank but I did not end up in the desk I wanted. For recruiting for junior year summer internships, am I compelled to accept the offer that they will no doubt give me? Im currently working in a leading KPO in India. If I do get an offer elsewhere, is there a point in reneging? It wont hurt you as much as reneging an offer but yes it will be harder to work there assuming that youre dealing with the same people who made you the offer originally. Now I do something else but happy to try and answer questions on that stuff. Upside > Risk. Occaecati sed ut sequi voluptas inventore saepe. Enter the slick (and very well paid) IR people or at times the odd senior investment professional. It aims to educate young finance professionals and students in making critical career decisions. ER internship (End of June End of Aug) I have accepted a BB IBD offer (think CS, UBS, Barclays) at HK after my internship there, but I just got JPM offer at NYC and SF for one of their coverage groups. I talked to my HR and asked for an internal transfer before I signing the offer. 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. Not all though, it depends on where you came from. I signed an offer from a prop trading shop, and now Ive received an offer from a BB I-Bank. I didnt tell them I had accepted the corp fin offer. It is for a SA position. Ie, if you want your flagship fund to have a similar rating to black stones flagship fund in the diversity bucket, it's that funds' headcount stat that's being looked at. 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 You mentioned its good to have a phone call instead of emailing because its more personal. The only real advantage of the HSBC offer is the location, but I dont think its a big enough advantage to justify reneging. Not sure what that entails. In 3-5 years, 90% of the people at that large bank will be gone anyway (at least the ones in front office roles). I.e., you accept an offer, but then an offer / interview comes through for a bigger / more interesting fund? Or should I just apply to another BB in London instead? I gave the HR a call aroung May about reneging but didnt send an email since I wasnt sure how things were working out. If you wanted to do tech or anything else go with the tech company. If i call up my ER internship bank and tell them ive got another internship and would like to shorten the period for this internship would it work? If you want to take the 2nd offer, Id go back to the first group asap and tell them youve changed your mind. Your email address will not be published. I would not accept both offers and try to figure out a way to leave the first internship early because that may end up costing you a full-time return offer. What do you think? That ones a tough call but Id still probably go with the boutique just because you can say investment banking analyst. What would you do if you were in my shoes: 1. sign and keep the offer in case I wont be able to find the desk I want elsewhere I accepted and signed an offer at a tier 2 bank. If thats the case, probably just tell the bankers you interview with at the BB and make it clear that youve won and accepted the offer because you had to decide quickly, but youre willing to renege and wanted to let them know upfront. They were just technical questions about different asset classes and explaining all the different RE terms and knowing their relationship to each other. We guarantee 100% privacy. The forum was public and both banks independently found the thread. 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? 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. (I am currently in an Asian city and the finance world is pretty small here). I think the IBD experience maybe more useful than the consulting experience if you want to move to PE down the line though. Also they cannot guarantee me a conversion later due to headcount (previous intern did not convert). UK specific, because over here far less prestige for Evercore, they only take around 14 interns, and send you to NY for training for 3 weeks. Welcome to the Wall Street Oasis Youtube channel! If you decide to join the Peace Corps at the last-minute, no banker will call the organization to sink your career and prevent you from saving the world. 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