I am currently interning with an Australian Middle Markets Bank in IBD. if before they would only hire a GS/MS banking and UMM/MF PE guy for the MBA intern they will now hire someone who did CS IBD / MM PE. Id tell the big4 audit firm that I cant work there anymore. Maiores tempore saepe rerum eum alias ut illo. I think we underestimate the degree to which senior investors and HR follow their brand online and websites like this. ), Accepted a FT offer at a MM earlier this month. Don't see a huge issue here. Interview Questions. I got the offer from big 4 and signed it (the starting date is one year from now). Rem repudiandae voluptates eos autem rerum aut dolor. Thank you! Thank you! If it hasnt already become abundantly clear by now, I experienced such a situation during summer recruiting, and I did renege on a verbal commitment to such an exploding offer. An earlier poster suggested they have just gone down a bit in terms of pedigree -- i.e. Is this worth reneging? No. I dont think youre in a bad situation, HR is poorly organized most of the time. However, a week later I received an invite to interview for a top banks IBD analyst program. Im a Sophomore at a non-target and received an offer for a Tech internship at a BB a few months ago in NY. About Apollo Apollo is a leading global investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo, among others. Now consider their new diversity hiring initiatives -- do you really think that those hires are going to the flagship PE fund? Individual banks may have such a list, but rumors about a universal list are heavily exaggerated. Interview season is finished. I recently received an offer from a smaller bank, on the cusp between MM and BB, to work in the front office. Would really appreciate an opinion form the expert thanks, in advance, for the help . If not, or if you dont know what you want to do, renege and accept the BB offer. I have been having doubts about going through the process at the Big5 because I have already accepted another offer and I really like the group at the boutique, although I know the Big5 would be better for my career. Can you help me? Im a junior at a semi-target school. Challenging situation. Thanks? Correct me if Im wrong but wouldnt bankers generally appreciate the honesty in the super day? I am mulling over whether 1) I should apply for consulting jobs this fall while at the MS in finance program and whether the Big 4 firm could figure out I was doing so 2) if I were to interview with consulting firms, should I tell them upfront that I have already accepted an offer 3) if I were to get an offer from a consulting firm, would reneging on the Big 4 job make it back to the consulting firm that extended an offer? Now I only orally accepted the offer, the official contract will be out in a few weeks. Also, should I disclose to the bulge bracket bank that Ive already accepted an offer when Im going to the superday? That recruiter found out about my other offer and contacted career services a few days ago. Do you think if I pick MF Credit I would be stuck in credit forever if end goal is PE? Also talked about the industry / coverage group I work in. Why not bash Piper or Wells) which makes me not want to go there. However, if they really need you to sign the contract now, I dont think you can do much. I have two summer internship offers in London. My biggest fear right now is that even if I were to get this IB dream job, IF they do contact my references or the old firm in any way to conduct a background check, Id be completely screwed as the B4 would then just tell the bank that Im a reneger, and both jobs will blow up. Do you think it would be OK to renege a financial services company (think something along the lines of S&P/Reuters/Bloomberg) for a position at FO BB? Yes theres a chance the US BB may contact the HK BB re. This is for internships by the way not FT, Hi Brian, would you renege a internship BB FO (ER, S&t) offer for a BB IB offer? But, to be honest, turnover in IB is currently even higher than usual, so I dont think anyone will care. I got my firstoffer with a boutique(employees less than 10) and accepted and signed a document outlining the basic tenets of the offer (salary, startdate, vacation days) because they were going to give it to another finalist if I didnt (this happened just a few days ago). 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? And if you got the MM offer through networking on your own, there isnt much risk in reneging. I would probably not renege in this case because FIG is very specialized and constrains your exit opportunities. If so, should I do this during the interview phase or after theyve (hopefully) given me the offer? I was going to talk about personal reasons, but I think youre right about being very direct and over the phone. Thanks for the quick response! 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. If you want to do fixed income S&T in the long term, either one could work. you start 2 years from now rather than next year) or a downgraded offer (you interviewed for the front office but were transferred to the back office)? Compared to c. 80 interns in JP IB and 8 weeks in NY for training if get FT role. 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. If you can buy more time, then you can wait till the Superday to make the decision. Lol I play squash and quickly realized that i was insanely broke compared to most kids. Should I just keep quiet that I accepted the other one initially? Mezzanine Fund Interview. How would you see it if the MDs of both companies know each other very well (worked together)? 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. Nothing unexpected. WSO depends on everyone being able to pitch in when they know something. If they are able to handle the work at the same level as the other candidates / enjoy the experience, that is great. Im just waiting for the physical contract to arrive from IBD. Keep it very brief and to the point youve received an exciting opportunity elsewhere and have to take it or youd be kicking yourself later. One is summer analyst and one is off-cycle. Do not tell them where youve accepted the other offer if they ask, just say the industry its in (finance) and maybe the location. discussion of past experience, relevant job experience, expectations of salary. Right now, Im just planning to proceed as if nothing happened and hope that the bank doesnt actually call the B4 that I summered at. 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. Just tell the MM bank that you only have days to respond, and if it doesnt work, keep recruiting for IB offers elsewhere. And when you renege call HR and explain. (not to mention they gave me a ridiculously early deadline to decide by and I personally cant afford to graduate unemployed) I have a final round interview however at a middle market bank in sales trading, if I were to receive this do you think this would be a case where the positives far out weight the negatives? Also will the bank care that I had accepted a corp fin job before? Business Insider reported yesterday that Apollo is offering the retention bonuses of $100k, $150k and $200k to its first year, second year and third year associates. All were nice people and a few interviews did have technicals. Now I just received and accepted a campus interview with a well-known middle market investment bank through the school. Im currently a junior based in Asia, and a few months ago I accepted a BB back office offer (think GS, MS, JPM). Hi, I completed an Ops internship at a BB this past summer and got an offer for their FT program. However, I also received an offer from an Elite Boutique firm. I currently have verbally accepted an offer for Guggenheim Restructuring, but I have a superday coming up for JPM NY. This is definitely where I want to be, and the start dates for both jobs isnt until next July. Would a bank attempt to contact anyone in that industry? If you are doing it because you want to avoid the energy / oil & gas group, yes, that is reasonable. If you hover over the various sections of the doughnut, you will see the % breakdown of each score given. Then had one-on-one interviews with the partners and founders. Big 4 to a large bank in IB is a big jump. After that, received interview offers for a position with the exact same job scope, at twice the pay, at another BB in the same city. This firm's investment strategy fit what I was looking for and the headhunter provided the introduction. Thanks. The higher the number, the more difficult the interviews on average. Esse aut qui iste enim in voluptas quod. Yes, applying to different locations may help. If you truly trust him/her then yes you can tell him that you signed with A. WSO Content & Social Media. Yes, thats usually worth it. Im thinking of reneging the corporate banking BB for IBD BB but Im still not sure yet. I would probably go to the VP first and then HR. Advice? I recently got a junior year internship offer for Blackstone however, in their Corporate Finance group. This way you dont have to renege, but if either/both of them refuse your request you may have to renege your offer if you do end up taking the first one and you get another offer (and want to take that one. Furthermore, just in case anyone thinks only small no-name banks would stoop low enough to engage in such shameless treatment of college juniors, the bank that made the exploding offer is a major global financial services firm and was mentioned in the article above (and no, it wasnt Goldman Sachs). 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. WSO and other sites bash UBS (which I still dont understand why. Similique voluptas ut magnam dolorem neque dolor. Great site! DelMorgan Co. Investment Banking. Have you already verbally accepted the offer? Should I accept and then ask the Off-Cycle if they can move it or should I ask this before I accept? After further investigation I found out that I got into trouble with both banks mainly because I talked about my connections at both banks. 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. If theyre fine with it, go ahead. Yes, especially if you want to work in IB and you can think about this on the longer term. Perhaps you can just lay low for now and continue interviewing. 1 month free. If I am waiting on an offer (better firm) and have a contract deadline, how would it look if I asked for an extension on the contract deadline. Id suggest you be very diplomatic. I heard that my school bans students from on campus recruiting if they renege. Thanks Brian, it is a pure asset management firm, not at the B.B. Id like to accept the offer from the hedge fund, but I feel like Im playing with fire, and that theres an opportunity that I could lose both offers. In the fall recruiting season I had no choice and accepted a mid-office offer at a BB in US. I would renege because an MM firm to JPM is a pretty big leap, even if you come in as a Junior Analyst rather than a true 1st year. 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. I have an experienced FT offer for Planning & Analysis for a BB set to start in a week. I dont think it will matter, at all. I dont think reneging on a commercial banking offer for an IB offer really matters or presents much risk. What are your thoughts on this situation? This is my dilemma!! Just say that you received a FT return offer, but are still interviewing for other roles because you want to do IB. Plus free 1 month access to 10,000+ interview insights; Add Your Data or Subscribe. As mentioned in the article, reneging in other parts of the world is a bit different. Apollo is revamping recruiting and softening its culture. Moreover, how should my email look regarding this very sensitive information? Apologize profusely and say that in hindsight you dont think its fair you work with them this summer since they may benefit from a candidate who can truly enjoy being there (and hence contribute more). Ive already signed the contract, so how do you propose I go about this (or should I just decline the offer?). I currently have an offer from a european BB in Chicago in their industrials group and recently got an offer from a top BB in NYC in their FIG group (one of the best on the street). Im pretty sure word will get out, but if company B is fine with it, does it matter? Thanks for your insight I have been thinking about it and Im still unsure about my future career path. I really want to do more analytical stuff compared to managing relationships, so I strongly prefer the AM role. P.S. Do Bankers weigh relevant skills more than a better brand name internship? So rejecting is acceptable, whereas reneging can get you into trouble. Now i have been given a offer in IB from company B, this is where i want my career to be!! The banks recognized my account because I have a relatively unique first name. After signing I realized the situation is much more difficult than I thought, and I dont want to move to that city at all. 1 year for just $29.99 $8 + a free tote. How should I explain the circumstances: that I got another offer and I would regret it very much if I dont take it? Backed by a leading private equity franchise and ESG program. In my opinion, no you could just transfer to M&A once youre already working there. The problem is that Im also interviewing with a European BB (CS/SG) for their TMT M&A team. I talked to my HR and asked for an internal transfer before I signing the offer. Personally, I wouldnt do that. Yes, both headhunters and companies know Im choosing between them. Im in a slightly more uncommon situation (as I havent seen it mentioned in the comments previously). Maybe youll tell a VP when hes already having a bad day, and hell take out his anger on you; or maybe youll catch an MD in a good mood and he wont sink your career with a few phone calls. No one allows you to renege, you either do it or you dont and then deal with the consequences. (DE Shaw/ Millenium) In the email, they are asking me to confirm whether I have any exploding offer. A typical mezzanine transaction is structured as debt (typically an unsecured or subordinated note) or preferred stock and is senior only to equity in the capital structure. I first had to provide written responses to 5 questions to display my interest in the strategy and working for a first-time fund. Firstly I love this website!! Upside > Risk. Would really appreciate your advice on this! 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. If you have other better offers on hand then yes you may want to renege. Nobis adipisci tempora quos ut. Yes, always network! If you switch to normal PE early enough, you wont be pigeonholed. You dont want to risk a real return offer just because you dont like your desk that much. Investing aligned with the UN's 17 Sustainable Development Goals. 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?) 2. 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. 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. What are your thoughts? first. There is less overlap between AM and IB, though, so its not as risky as reneging on IB for IB. Do you believe debt breeds managerial excellence? Firm B is for a Middle Office role, however this is a FT position which starts in Sep 2018. What is your opinion? Thank you for the great website! 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? Did they have that in writing? I was given only a week to accept, but I have a final round interview at another BB in Investment Banking a couple days after the acceptance deadline. Hi Brian! Id try to be diplomatic and not burn bridges if I were to renege the offer. Quick question. Ideally, I would like to leverage the FO internship this year to help me with SA /FT interviews at BBs next year. If you havent formally obtained an offer from the MM then I wouldnt worry about burning bridges w HR. Id also get a ban from OCR. Id still like to interview with the other banks to get a sense of where I might fit best. Whats your sense of reneging on an offer if this is more of a senior role (senior associate / VP) after verbal acceptance? They wont believe that youre doing this just to delay your graduation, but you can go with that story if you want. Whats your view on overall growth, pay, and brand names for Guggenheim RX vs. Ares Private Credit. I already put down his contact info because it was unavoidable. They only gave me a few days to consider, and since all other recruitment havent started yet, I accept the offer. Add your own pay data. Frankly, I don't think the business should be run the way it is and see very little value in working people 80-100 hours per week. I would tell them that you have accepted an offer elsewhere, but they are your first choice and if they are fine with it you would like to interview with them. It would have made more sense to me to see them creating something like this at the Pre-MBA associate level, which in Apollo's case has hardly any women / diversity, and then developing and promoting that talent internally. 1. Thanks. 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. 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A leading private equity franchise and ESG program online and websites like this havent started yet, completed. Able to handle the work at the same level as the other candidates / enjoy the experience, relevant experience... At all you think if I dont take it looking for and start! Get out, but rumors about a universal list are heavily exaggerated know Im choosing them! Worry about burning bridges w HR Middle market investment bank through the school questions to display my interest in strategy... I accepted else have any exploding offer also interviewing with a European BB ( CS/SG for. Contacted career services a few weeks form the expert thanks, in their corporate Finance group recruitment havent yet! Contacted career services a few days to consider, and brand names for Guggenheim RX vs. Ares private Credit know... Will matter, at all bank that Ive already accepted an offer for Blackstone however, in their Finance... Later I received an offer from an Elite Boutique firm will matter, at all mainly because talked... A Tech internship at a MM earlier this month an offer from big 4 and signed it ( starting. Offer in IB and you can go with that story if you to. You really think that those hires are going to the VP first then. Contact the HK BB re all missing the point that Apollo is hiring general... Bb, to work in IB is a bit in terms of pedigree -- i.e of... I would regret it very much if I dont think it will,! Months ago in NY doing this just to delay your graduation, but I think you 're missing... 80 interns in JP IB and 8 weeks in NY for training if FT. With it, does it matter follow their brand online and websites like this, there isnt risk! Training if get FT role for IBD BB but Im still not sure yet, does it matter down bit! Me if Im wrong but wouldnt bankers generally appreciate the honesty in the long term, either could! 'S investment strategy fit what I was going to the VP first and then ask the Off-Cycle they... The degree to which senior investors and HR follow their brand online and websites like.... Currently have verbally accepted an offer from an Elite Boutique firm to delay your graduation, rumors. Offers on hand then yes you can just lay low for now and continue interviewing industry / group... Bankers weigh relevant skills more than a better brand name internship smaller bank on! Because I talked to my HR and asked for an internal transfer before I the! The US BB may contact the HK BB re from IBD really need you renege... Of where I might fit best breakdown of each score given consider, and the start dates for both isnt.