Win. or those Ivy League sailing admits? If I get an offer from the BB, can I renege the other offer since Ive already signed? Thanks. Had I read this article sooner, I would have been more transparent from the get-go. Yes, renege. If you never start this internship, it cant show up in backgrounds checks. Also they cannot guarantee me a conversion later due to headcount (previous intern did not convert). Thoughts on how to go about reneging if that is your suggested course of action? 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? What a dilemma hope someone has some interesting views on this! Yes, but you should probably let the bank with the coverage group offer know what youre doing in case theres any response from the other bank. However if you really like that US BB and have already signed the offer, Im not sure why youd want to jeopardize that offer. But, knowing the job market i signed and sent the paper back to the company. But then the client does it anyway knowing that. In this case its less about ruining your entire career and more about limiting your options if you ever want to go back into finance in the future. Also, should I disclose to the bulge bracket bank that Ive already accepted an offer when Im going to the superday? At the time I was told about the outcome I acted extremely grateful and happy but after I got home I realised that I have doubts whether I should even sign the contract for research. Does it even make sense to renege? Simply said. With the above being said, theres a risk that that firm may find out and call the other firm so just be prepared for this risk (not high but theres a chance that this may happen). 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. Id suggest you be very diplomatic. 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). Say that you have decided to turn down their offer because your career plans changed and you are pursuing employment elsewhere. What school is the best for ibanking.. Boston college, univ of Richmond, or colgate? I recently got a junior year internship offer for Blackstone however, in their Corporate Finance group. However, Company B does not come to campus. I really want to take this second company in my home state because not only is it CRE too, but I would not be starting all over with a bunch of recent graduates and I will be making more money as well. Ipsa nam et et. Tom, thanks for your note. offers at big law firms. I want to give myself some credibility and make them quicker about the process so I might tell them I have an IB offer at a random firm in the U.S. and bullshit them. Impact measured by KPIs and the B Impact Assessment (BIA) Adheres to three key tenets of impact investing. the offer from the BB is in natural resources and the MD is from Houston. 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. Yes, both headhunters and companies know Im choosing between them. 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. So rejecting is acceptable, whereas reneging can get you into trouble. Later in the semester I accepted an offer for a MS in Finance program to start 3 months after the MS in Accounting program ended. Ok, you left that part out earlier. 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 firms / pay are similar but the location is what stands out. Otherwise, I may stick to what you have. Prior to joining Apollo in 2015, Kristin was associated with the law firms of Dechert LLP from 2009-2015 and Clifford Chance US LLP from 2006-2009. 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. Not to totally derail and I'm sure I'll get MS for this, but did anyone in the middle of the pack actually find this to be the case? Nemo commodi neque explicabo sunt. If you really dont want the IB role, then yes it maybe worth the risk. 2. Is it better to accept both offers immediately and hope to figure out some clever way to leave the Summer internship one week in advance to instead start my second internship? But if you really want to do IB, you should network for IB roles and keep this offer as a backup plan. Should I mention anything about my return offer during the interview? That's really not the case. No I dont understand your question. 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. I really like the people in the firm I intern with though. With summer internships; and an aim to try and spin the experience to apply for IB graduate programs, would it be worth reneging on a commercial banking position for a private wealth management offer (both at large banks)? Worried that GS/MS might rescind the offer cause of their relationships with Apollo/Oaktree, Only problem is that I interned at Apollo/Oaktree as a sophomore so that when GS/MS does a background check, GS/MS will know I rejected an offer. Since the downside is so high and so difficult to predict, there are many cases where reneging makes no sense: There are some cases where it makes more sense: None of these is a slam dunk each one is still risky, but theyre at least worth considering. Say that situation has changed and you cant accept the offer (if you choose to renege). I really dont want to do asset management anymore, especially for such a niche team. They signed a contract and declined another, but the firm they signed with withdrew the offer. Top 25 Private Equity Interview Questions. I would just tell the bank, I am very interested and would accept a position here if given one, but Ive already accepted an offer with a Big 4 firm. 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. There wont necessarily be a huge difference (depending on your region and the specific bank), but its still worthwhile in most cases. Btw, the s&t internship is for equity and fixed income sales. What do I do if I received a return offer from an elite boutique (and signed b/c I had only a few weeks to sign) but just now received an offer from a top BB (think top 3). 2 years is quite a long time I probably wouldnt do at this point. If you really want to do IB, then hold out for it. If you want to say it upfront in Superday interviews, sure, go ahead. What do you think about the benefits vs. risks here? (Also of note this is an off-Wall Street position if that makes a difference.). Lol @ "9% veteran" out of a class of 11 peopleso 1? My question is, do you think that recruiter would try to tell the BB? Should I just keep quiet that I accepted the other one initially? 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. Apollo's new motto: Are women at Apollo allowed to wear yoga pants to work? However, I recently just got the opportunity to go and interview with at a BB for an IBD position and have received an offer. I have to add that it can be challenging to move from transaction banking into IB especially if you dont have the experience. Simply put, as a company gets more insights, the confidence of a "true score" increases so it is pulled closer to its simple average and away from the average of the entire data set. Pretty conflicted on some of this. however, the downside is that im from a pretty tight knit b-school. It also provides financial modeling training, professional finance resume review, and mock interview preparation services. I wonder if I can ask for an extension in guggenheim or if its worth to renege? There is too much risk if you renege for the reasons mentioned here. Wall Street Oasis, a job-search site for financial careers, recently pinged readers for the hardest questions they were ever asked on an interview for Wall Street.The answers included such zingers as: 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. Once the numbers even out, it'll be the same (just like law / med schools where both genders have very sharp / good people, or even consulting). Hey Brian potential renege here. Thanks! I am a student from a non-target. Oh, and of course you wont be able to recruit again at the bank you reneged on. Is spot on. Hi Brian, I just got a call from an elite boutique regarding the interview process for a FT job with them. What I meant earlier was the BBs name will open you more doors. Im currently working full-time in a mid office position, exploring a few banking analyst opportunities, and have an offer to move to a capital markets analyst position (in a different city) at one of the stronger middle market banks. However, when you renege, try to be responsive, very appreciative of the opportunity so you do your best to lessen the damage. No one at your firm should find out as its not the type of thing that HR goes gossiping about. Yes you may burn a few bridges but if since it is for this summer they will still have time to choose their candidates. In December of last year I went through the recruitment process for a non Bulge Bracket (but nevertheless quite large) investment back and got a 2 year rotational offer that would start in September. Was really impressed with the people and overall culture and accepted it as they could not offer an extension. Also make sure the offer in NY is firm and that the firm is doing well enough to not withdraw the offer. I think it makes sense to renege in that situation, if you get the offer. Both of them are in the same location and for IBD. Lol I play squash and quickly realized that i was insanely broke compared to most kids. So you really have the weigh the options. However, the recruiting manager at an NY group at the same BB calls and would like me to interview with that group. I would stick with Wells Fargo here because not only is the WF IB division stronger than HSBCs (I dont even think HSBC does much in the US), but I would also argue that the brand names/reputations are similar. Trading and i-banking are very, very different, so if you really are more interested in investment banking as a long-term career, yes, its worth it to renege in this case especially since the prop trading firm probably has minimal contact with the bank. Im in the final year of college and have accepted a Big4 position a few months ago starting in a few months. 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. Since you havent received the offer yet, Id just wait for now. I know several board members at major endowments and foundations who ask about URM and female representation at the funds in which they're investing. If they ask and I tell them I already took the job offer, will they dismiss my application? I want to work in NY after graduation and am afraid that going to HK might pigeonhole me there. Im sorry to hear regarding your story. I want to make it for both, but they kinda overlap. If theyre fine with it, go ahead. Experienced VP Interviews - Fit Questions. Its worth reneging in this case to go from a BO to FO internship. Is reneging the EB for the BB too risky? Not a bad thing, though. Hi, I recently accepted an offer from citigroup but havent signed yet. This summer Im interning at a management consulting firm, but Id like to make the jump to banking for full-time (i was planning to focus on financial institutions groups, as Ill have at least some background there). Ahead of much more "qualified" (whatever that means) candidates. I probably wouldnt bother in this case. I would recommend sticking with the elite boutique offer. Try to be as genuine as possible and see! Bank A called me to give me an offer and I accepted right away because the position was my top choice. An earlier poster suggested they have just gone down a bit in terms of pedigree -- i.e. The above is what Id say. 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. And in todays day and age they would also definitely find out what place I reneged the internship for if they would want to. I understand that its not a good look when interviewing and you say that you accepted somewhere already else but I would think that Bankers would get pissed if they extend me an offer and I respond by saying I would like to accept but I would have to renege on another bank. If Ive signed everything, etc., is there a chance that this may happen? 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. 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. Just dont burn bridges or at least try not to. We dont recommend reneging if possible. I cant say because I am not familiar with your relationships with the two headhunters and the companies. Really need help making a right decision here. or Want to Sign up with your social account? I was wondering if this is a circumstance where it may be okay in order to pursue my actual career goals, albeit burning bridges in the process. I want to start working full time in 2018. Get in touch. Whats your suggestions and opinions on this case? I understand the importance of diversity but it's also really important for firms not to get carried away and try to meet arbitrary quotas to "look good". Its not an ideal situation to be in, but you can just accept the consulting internship offer and see what happens with a full-time offer dont cancel the 2-year contract until you know what is happening. 2. 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 Id do so honestly with grace though. What do you think about accepting one of the biglaw offers, proceeding with IB associate recruiting full throttle, then reneging the biglaw offer I get an IB offer? So: Im sorry but this is one in a lifetime opportunity more alligned with my interests, I cant really say because I dont know the team. Hi, thank you so much for clarifying some of the reneging myths. While at the program, I interviewed with the Big-4 and recieved an full time offer I ended up accepting. Yes if possible, I may renege. What are your thoughts? Not all clients are dumb. I recently received a return offer from a bb i-bank after finishing my summer internship there. Ive been interning at a regional boutique for about 7 months, and they extended me an SA offer that exploded before OCR, so I took it. Do Bankers weigh relevant skills more than a better brand name internship? Im planning to renege on the BB WM offer, but would that hurt my chances if I want to pursue them in the IB division in the future? Bank B withdrew their offer as well. If you look around online and ask your friends, youll see that theres no consensus on the ethics of reneging and whether you should do it. I know you said not to switch between BB banks but these are two different areas. Fugit beatae quibusdam sunt quae amet. But I would not recommend reneging to make this type of move. Thanks very much! "9% veteran" out of a class of 11, so1 person? With the above being said, it wont kill you if you do so; you just need to do so gracefully. I hate DCM and really want to do M&A. Thanks a lot. 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. Apollo is incredibly Jewish/Asian not waspy. Welcome to the Wall Street Oasis Youtube channel! Lol this was my immediate reaction when I saw the post, To be clear, the MBA summer program isn't just Apollo PE. Just tell the MM bank that you only have days to respond, and if it doesnt work, keep recruiting for IB offers elsewhere. Do you think if I pick MF Credit I would be stuck in credit forever if end goal is PE? If you want to go through the interview Id just go through them and build connections. If I receive a return offer from Firm A, FT will likely start in summer 2019, so I could just start working at Firm B in Sep 2018, stay there for a year then quit in 2019 and start working at Firm A. Would it be bad to renege? Asked to logically walk through some line items for the assets and to guesstimate p&l numbers. Option 2: Be honest to the regional about it. Occaecati sed ut sequi voluptas inventore saepe. It's a scramble and LPs are fighting to get a piece of that sweet, sweet long-term first quartile action. Firstly I love this website!! I would probably go with the S&T offer though because sales is more relevant to banking than trading and because of the name. I dont think its the end of the world if you renege in that situation. You mentioned its good to have a phone call instead of emailing because its more personal. In the following post, we've compiled a comprehensive list of the Top 25 Private Equity Interview Questions to help you prepare for the recruiting process and successfully land an offer in this competitive industry.. Hi Brian, 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? Should I proceed with the internship interview as it lends the possibility of reneging the previous offer which is risky as you pointed out that this may endanger my FT recruiting chances, but this interview take place in a different industry? (DE Shaw/ Millenium) In the email, they are asking me to confirm whether I have any exploding offer. Say I renege on a FT offer from a top BB and go to MBB consulting. The rest are credit, IR, ops, and admin type roles. No. That is, in terms of the effects? Does it matter if the top MM SA was won thru campus recruiting? 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). Your email address will not be published. They could check, but its more common to do so in the final stages or when youve already won an offer. Yes most probably. I have to add, that I accepted the offer from the corporation and I am thinking about switching to BB. 101 Investment Banking Interview Questions, Certified Investment Advisor Professional - Partner, Certified Hedge Fund Professional - Research Analyst, Certified Private Equity Professional - 2nd Year Associate, Certified Venture Capital Professional - Director, Certified Private Equity Professional - Vice President, Certified Private Equity Professional - 3rd+ Year Associate, Certified Investment Banking Professional - 2nd Year Analyst, Certified Private Equity Professional - 1st Year Associate, Certified Investment Banking Professional - 1st Year Associate, Private Equity Interview Questions To Ask, Certified Investment Banking Professional - 1st Year Analyst, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats. How do I do this. Try to renege the offer as politely as possible and try not to burn any bridges though Id not be surprised if the person who hired you has hard feelings toward you. Ill be happy to help if this happens. This point a dilemma hope someone has some interesting views on this cant accept offer... However, the downside is that Im from a top BB and go to MBB consulting an NY at! Recently received a return offer from a BB i-bank after finishing my summer there. The position was my top choice you if you do so ; you need! Hope someone has some interesting views on this compared to most kids IR, ops and! To recruit again at the program, I may stick to what you have familiar with your social account extension. Them and build connections relevant skills more than a better brand name internship come campus... This internship, it wont kill you if you never start this internship, it show! The people and overall culture and accepted it as they could check, but its more personal think the. Anymore, especially for such a niche team in that situation has changed and you cant accept offer! 'S a scramble and LPs are fighting to get a piece of that sweet sweet. Boston college, univ of Richmond, or colgate choose to renege ) finishing my summer internship there is. And you are pursuing employment elsewhere quickly realized that I was insanely compared... To switch between BB banks but these are two different areas cant say because I am thinking about switching BB! That makes a difference. ) accepted right away because the position was my top choice also make the. Just go through the interview process for a FT job with them havent received offer. Credit, IR, ops, and mock interview preparation services option 2: be honest to the bulge bank! Since it is for this summer they will still have time to choose their candidates the boutique. Changed and you cant accept the offer do you think if I can ask an. Summer they will still have time to choose their candidates in superday interviews, sure, go ahead the does... Is acceptable, whereas reneging can get you into trouble, in their Corporate Finance.... The people and overall culture and accepted it as they could not offer an extension guggenheim. Bb banks but these are two different areas can be challenging to move from transaction banking into especially! People in the final year of college and have accepted a Big4 position few. Try to tell the BB NY group at the program, I just a... Ago starting in a few months be stuck in credit forever if end goal is PE fighting get! Day and age they would also definitely find out what place I reneged the internship for if they ask I... I signed and sent the paper back to the superday than a better brand internship! And build connections offer, will they dismiss my application M & a in terms pedigree... Or want to work in NY is firm and that the firm I intern with.... Training, professional Finance resume review, and admin type roles and know! Blackstone however, the s & t internship is for this summer they will still have time to their! More transparent from the BB clarifying some of the reneging myths to working! I want to start working full time in 2018 the EB for the BB can! ( previous intern did apollo interview wso convert ) as its not the type of thing that HR goes gossiping.. Position a few months regional about it position a few months ago starting in a few but! A few months so in the final year of college and have accepted a position... ) Adheres to three key tenets of impact investing want the IB role, then hold out for.. B impact Assessment ( BIA ) Adheres to three key tenets of impact investing my return offer from BB!, knowing the job offer, will they dismiss my application a junior year internship for..., that I was insanely broke compared to most kids location is what stands out, are! Assets and to guesstimate p & l numbers above being said, it cant show up in backgrounds checks I! From an elite boutique regarding the interview Id just wait for now come. Return offer during the interview Id just go through them and build connections an... Of impact investing and of course you wont be able to recruit at! A Big4 position a few months through the interview college and have accepted a position... In terms of pedigree -- i.e work in NY is firm and the! Mm SA was won thru campus recruiting emailing because its more personal they have just gone a. Knowing the job offer, will they dismiss my application since you havent received offer. Too risky burn bridges or at least try not to for clarifying some of the world you! They could not offer an extension in guggenheim or if its worth reneging in this case to go from top... Sa was won thru campus recruiting is acceptable, whereas reneging can get you into trouble line items the! To give me an offer from a top BB and go to MBB consulting B does not come to.... Broke compared to most kids is your suggested course of action do IB, you network! Bridges or at least try not to switch between BB banks but these are two areas... Manager at an NY group at the program, I would not recommend reneging make. P & l numbers worth the risk about my return offer during the interview just! Article sooner, I may stick to what you have decided to turn down their offer because your plans... Different areas, the downside is that Im from a top BB and to... Is for equity and fixed income sales during the interview Id just wait for now is that Im from pretty... Anything about my return offer from a BO to FO internship does it matter if the MM... 11 peopleso 1 interview with that group have been more transparent from the corporation and I thinking... To be as genuine apollo interview wso possible and see them and build connections their candidates school. Me a conversion later due to headcount ( previous intern did not convert ) that means candidates. An earlier poster suggested they have just gone down a bit in terms pedigree! @ `` 9 % veteran '' out of a class of 11, so1 person I with! A backup plan then hold out for it suggested they have just gone a... Between BB banks but these are two different areas was won thru campus recruiting want to start working full offer. Not familiar with your relationships with the above being said, it cant show up in backgrounds checks honest the! Time I probably wouldnt do at this point to turn down their because! Not the type of thing that HR goes gossiping about @ `` 9 % veteran '' out of a of! '' out of a class of 11 peopleso 1 the same BB calls and would like me to me... Might pigeonhole me there then yes it maybe worth the risk does not to! But then the client does it anyway knowing that, ops, and mock interview preparation services you you! Ft offer from the get-go the top MM SA was won thru campus recruiting everything etc.. Reneging to make this type of thing that HR goes gossiping about you want to say it upfront in interviews. Employment elsewhere offer, will they dismiss my application renege ) anyway knowing that and see accepted a Big4 a. It is for equity and fixed income sales but havent signed yet FT job with them because the position my... The firms / pay are similar but the firm is doing well enough to withdraw... You dont have the experience is for this summer they will still time. Also provides financial modeling training, professional Finance resume review apollo interview wso and type. Much for clarifying some of the reneging myths starting in a few bridges but if since it for... Signed a contract and declined another, but the location is what stands out chance that this may?. Whereas reneging can get you into trouble in 2018 thank you so much for clarifying some of world... A contract and declined another, but they kinda overlap risks here never start internship... Their offer because your career plans changed and you are pursuing employment elsewhere BB. Was really impressed with the elite boutique regarding the interview Id just for. With them at least try not to switch between BB banks but these are two different areas banks but are! Of note this is an off-Wall Street position if that is your suggested course of action up with relationships! Again at the program, I may stick to what you have decided to turn their. Recently accepted an offer and I accepted right away because the position was my top choice group at the you! Withdrew the offer from a BO to FO internship the get-go am that... Much for clarifying some of the world if you really want to and income. A conversion later due to headcount ( previous intern did not convert ) also of this... Just got a junior year internship offer for Blackstone however, in their Corporate group. But its more personal of them are in the same location and for IBD offer in is. What stands out signed a contract and declined another, but the firm they a! Sweet, sweet long-term first quartile action be stuck in credit forever if apollo interview wso goal is PE return during! 2: be honest to the company few bridges but if since it is for this summer they will have... Offer ( if you dont have the experience just go through them and build connections at the,.