Ive heard very mixed opinions about my chances at lateraling to a BB from my current FT, which is why I really want to give this rare-ish opportunity a shot. 4) oh, and let me add - no one should be allowed to get a job through "birth-based networking" - aka from dad/mom/uncle/Choat Rosemary alum - are we willing to go there? Yes I may do so. I am in a bit of a sticky situation. Just look back at your high school class - bunch of girls were better than you. How are you so sure they will? Ive signed a IB return offer after the summer internship in a top MM in Asia (Hong Kong / Singapore) but now get an opportunity to interview with a mid tier BB (Citi/Baml/CS) in the same city. Long term goal is still finance- (PE/VC/Growth equity fund). Which program (s) do investment banks use to train their analysts and associates? 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 am an international student in Germany who will graduate this month. I know its too early to worry about this but would it be worth it to go to the interview, and if I get the offer, renege on the BB offer? Hi Brian thanks for the post. Nevertheless, I believe students should have a right to renege on oral commitments to banks who give out exploding offers. 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. Yeah I would just say that you had to take the offer at the time because you had no other options. What if their costs don't fall? Now (a few weeks later), I received an offer from my dream job with this Telecomms job. I wanted both degrees to make me marketable in the finance/consulting industry because I knew I didnt want to stay in public accounting for long. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex, Very personable, interviewer was very down to earth and easy to talk to. I recently received an offer from a smaller bank, on the cusp between MM and BB, to work in the front office. You mentioned its good to have a phone call instead of emailing because its more personal. In regards to the background check with MS/GS, would you expect Apollo/Oaktree to tell MS/GS that I reneged? I would think so because my long-term plans are in IB anyway, and theyre different industries. My offer at a bank got withdrawn and I didnt even renege. I got macro research but decided I want to do trading (I did no full rotations in trading, just shadowing and networking). But as long as they know what youve done before they give you an offer or before they even start interviewing you, there isnt much to be angry about. Yes, both headhunters and companies know Im choosing between them. Brian, In the Apollo app, navigate to Campaigns > Analytics. There is a chance that the first firm will found out your offer with the second firm and let them know that you reneged their first offer. Now we can get into systemic racism/sexism and correcting past injustices but at THIS point in the game it is much easier as a diverse candidate. 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. 3. Yeah, I guess that one is slightly different from whats described above. But if its something like an IB role at a MM or boutique bank, I would not renege for one of those, as youll end up having to move around afterward anyway. Apollo is looking to double assets in five years, and it will need more people - as well as additional funds from investors - to get there. If you want to take the 2nd offer, Id go back to the first group asap and tell them youve changed your mind. My question relate to 2 summer internship offers in the UK. Should I just quietly turn down the interview and pretend nothing has happened and stop interviewing elsewhere? I quite enjoyed it. Apologize and tell them you were grateful for the opportunity. I would've thought this is the case too; they have tons of HBS alums but was shocked to see that at the entire firm they have 2 GSB alums, one of which is an internhow is that possible? College / University / On Campus Recruiting. If they ask and I tell them I already took the job offer, will they dismiss my application? But my own view is this: the potential downside of reneging on a job offer usually far outweighs the potential upside. You want to do this as soon as possible rather than waiting until 2 weeks before you start, unless you really want to make enemies. Lmao @ everyone here getting their panties in a twist over "muh Senior Associate MF PE spot being filled by an unqualified dIvErSiTy CaNdiDaTe" when that's not what's happening at all. For every women gunning for apollo PE theres gotta be 5 or 6 men. Now, Ive had multiple phone interviews and 2 Superdays at a BB in NYC I really like. Yes I might renege if I were you too. My real concern is, how do I prevent the BANK from knowing this or calling him? No, sorry once again it doesnt matter what your reasoning is. I know for sure that I want to do research/trading. They go to target schools, get mediocre to good grades and end up getting in. So should I only voluntarily disclose that I accepted my return offer if I get the IB offer? What do you think about the benefits vs. risks here? If you still want to do IB, then it may not. So i did an operations analyst summer internship at a BB this past summer, and received an offer to continue their full time. If you really want IBD, then yes perhaps the IBD role maybe the best route for you. While at the program, I interviewed with the Big-4 and recieved an full time offer I ended up accepting. Its not the end of the world if you do a summer internship elsewhere, but I would only do it if its a major jump in recognition / quality of work or such. the big4 hires about 100 kids every year so im not sure whether theyd be especially torn up about one dropping. But most aren't 4.0, triple major types who lurk here and have taught themselves to LBO model by the middle of freshman year of college. Brian what to do if a friend accepted summer internship offer at Real Estate PE (boutique) and recently got another offer at a BB firm? Or what if they dont give me an offer? 2. decline straightaway. Thank you. 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)? If I decide to make the jump, however, what are your thoughts on reneging as well as repercussions? were absolute tryhards. Compared to c. 80 interns in JP IB and 8 weeks in NY for training if get FT role. If you stay for years and years, yes, sure, you may end up stuck in credit. I actually prefer this firm over the offer I currently agreed to. Apollo is incredibly Jewish/Asian not waspy. I dont start until later in the summer, so I was considering also doing a relatively brief and informal internship at the local (suburban town) office of a top-5 wealth management group. Does it matter if the top MM SA was won thru campus recruiting? Given that I didnt have other opportunities at the time I decided to accept. If you do decide to do the JPM Superday, its best to do it, tell them your situation upfront, see what happens, and then make a decision. If you have other better offers on hand then yes you may want to renege. Whats your suggestions and opinions on this case? Please advise, thanks. The firm hosted 11 summer associates this year, Apollo told Business Insider. Would a bank attempt to contact anyone in that industry? Signed a contract with a BB for Corporate Banking in Italy but have strong indications of a second offer from another BB, but in IB instead and in London. Enter the slick (and very well paid) IR people or at times the odd senior investment professional. However, when you renege, try to be responsive, very appreciative of the opportunity so you do your best to lessen the damage. Good post. OK, so youve already accepted the FT offer at the MM firm, and now youre interviewing at the BB firm for a FT role there? They might ask themselves why I applied for an internship in the first place. There is less overlap between AM and IB, though, so its not as risky as reneging on IB for IB. Apollo Impact Mission. 3) make mentorship/apprenticeship something mid/senior people are actually evaluated on, if you want fair trasmission of job skills 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? 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). I have an offer for UBS IBD in NYC. Yes, JPM is better, but Guggenheim is still a fine firm, and Restructuring is the best group to be in now. I dont think Id tell the advisory firm upfront though; depends on the situation but you should be vigilant. Im nervous that the BB may reach out to the MM bank BEFORE offers are handed out. Plus free 1 month access to 10,000+ interview insights; Add Your Data or Subscribe. If the BB doesnt ask if I accepted an offer elsewhere, should I still proactively tell them? Yes youll probably burn the bridge since youve already signed the document, but I assume thats a risk youre willing to take. I didnt have any other offers so I signed. I have, but have not sent my contract back. That is a tough one, but I would say yes, its worthwhile because a full-time job is more important than the banks name/prestige at this point. You never officially accepted the full-time position but said previously that if offered, you would take the full-time. 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