by Brian DeChesare Comments (434)

Can You Renege On Your Investment Banking Job Offer Without Being Blacklisted for Life?

Can You Renege On Your Investment Banking Job Offer Without Being Blacklisted for Life?

Interview season is finished.

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.

But 5 minutes ago, you just received a call from your recruiter at a bulge-bracket bank: “another spot opened up” and they’re extending a summer internship offer to you.

So you renege on the middle-market offer and go to the better bank, right?

Should You Renege?

If you look around online and ask your friends, you’ll see that there’s no consensus on the “ethics” of reneging and whether you should do it.

There are 2 main schools of thought:

#1: Bankers Are Vengeful and Want to Kill You

This one is more common among senior bankers who spend time recruiting you – they’ve seen cases where someone reneges on an offer and then ends up losing his other offer(s) as a result of angry phone calls from bankers.

The industry is very small, everyone knows each other, and any banker can quickly find out about your move if he wanted to do so.

They would also point out that the upside when reneging is usually much less than you expect.

#2: The Labor Market Works Both Ways – Look Out for Yourself

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.

The world’s not a nice place, and you have to do what it takes to get ahead – if you get a better offer, you need to accept it and renege on the other one because no one else is looking out for you.

They would point out that in a week from now, no one will even remember what you did.

So, Who’s Right?

Neither side is “right” or “wrong” here because reneging on job offers can go either way.

But my own view is this: the potential downside of reneging on a job offer usually far outweighs the potential upside.

So there are some cases where it might make sense to renege – but most of the time, you’re taking a big risk by doing so.

The Potential Upside

It’s the same as when you move from one bank to a “better” one: you may get a better experience, more deal/client exposure, and better access to recruiters.

This upside is significantly better if you’re reneging on an offer in a different industry (e.g., Big 4 accounting) or you’re reneging on a back office offer and moving to the front office.

The upside is also much better if you’re reneging on one full-time offer and taking another one – you’ll probably be there for at least a year or two, whereas with internships there are no guarantees.

The Potential Downside

The worst-case scenario: your would-have-been-employer calls around and finds out where you accepted, then they notify that bank and you instantly lose both your offers.

Oh, and of course you won’t be able to recruit again at the bank you reneged on.

If you relied on on-campus recruiting and the bank you reneged on notifies your school (they will), they may cut off your access to the alumni network, on-campus recruiting, and anything else career-related.

Which is especially bad news if you’re reneging on a summer internship offer and taking another one.

The Blacklist?

So what about the legendary “Blacklist” that banks maintain to tell them who reneged on offers?

Individual banks may have such a list, but rumors about a universal list are heavily exaggerated.

It’s not because bankers are “nice” or because they “forgive” you – it’s because banks and HR departments tend to be poorly organized.

There is some risk of reneging on an offer following you around for awhile but most of the potential downside will be in the near-term.

Will Any of This Happen to You?

That’s the fun part about reneging on an offer: you have no way of knowing.

Maybe you’ll tell a VP when he’s already having a bad day, and he’ll take out his anger on you; or maybe you’ll catch an MD in a good mood and he won’t sink your career with a few phone calls.

The risk of bad things happening is reduced if you’re reneging on an offer in a different industry or from a significantly different firm (e.g. tiny 2-person boutique vs. bulge bracket).

But there’s always some risk, no matter what type of move you’re making.

When NOT to Renege

Since the downside is so high and so difficult to predict, there are many cases where reneging makes no sense:

  • Bulge Bracket to Bulge Bracket – This is just stupid, even if one is “more prestigious.”
  • Middle Market / Boutique to Middle Market / Boutique – See above.
  • Internship Offers – Bad idea because you’re not guaranteed a full-time offer and you could be destroying your FT recruiting chances.
  • Larger Firm to Smaller Firm – This really makes no sense and will make you look silly to everyone involved.

When You Might Consider Reneging

There are some cases where it makes more sense:

  • Boutique / Middle Market to Bulge Bracket – This one is actually still quite risky, especially if they’re in the same location – but it does make more sense than the other possibilities above.
  • Completely Different Industry to Banking – There’s a big step-up if you’re going from Big 4 accounting to a bulge bracket bank, and not as many people know each other across industries.
  • Back Office to Front Office: This one can be risky as well, but moving from IT to PE or IB is another big step up and it’s hard to make the move otherwise.

None of these is a “slam dunk” – each one is still risky, but they’re at least worth considering.

How to Do It

So you’ve decided to renege on your offer – how do you do it, when do you do it, who do you tell, and what do you say?

How to Say It

Keep it very brief and to the point – you’ve received an exciting opportunity elsewhere and have to take it or you’d be kicking yourself later.

Don’t lie, but don’t tell the whole truth either.

Do not tell them where you’ve accepted the other offer – if they ask, just say the industry it’s in (“finance”) and maybe the location.

If you’re really accepting an offer elsewhere, don’t lie and say you’re reneging for “personal reasons” – that will come back and make you look even worse.

Use the phone rather than email – email is just too impersonal and at least if you call, you may not completely burn your bridges.

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.

Who to Tell

At the minimum, call the recruiter at the firm you’re reneging on and maybe speak briefly with other bankers you interviewed with there.

There’s no reason to tell your school or to tell all your friends – this is not something you want to openly advertise.

Should you tell the firm you’re accepting the offer with that you reneged elsewhere?

My view is that you should never accept an offer or even start interviewing without telling a firm you have accepted an offer elsewhere first.

This just reduces the potential downside: some firms will get really, really angry if they find out you reneged elsewhere, while other places don’t care.

But as long as they know what you’ve done before they give you an offer or before they even start interviewing you, there isn’t much to be angry about.

Special Cases

There are a few special cases here worth addressing:

Deferred or “Downgraded” Offers

Is it “better” if you renege on a deferred offer (e.g. 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)?

No, not really, because most of the downside is in the near-term.

The risk may be slightly reduced here, but it’s not that much different.

Cultural Differences

The advice above applies to recruiting practices in the US, but not every country in the world does it the same way.

In some regions it’s more common to go around interviewing even when you have offers lined up or accepted.

So you need to ask people at your school and anyone you know in the industry and see what common practice is where you live.

Actual Personal Reasons

Maybe you have actual, legitimate personal or family circumstances that have led you into reneging on an offer… they can’t get annoyed at that, right?

No, sorry – once again it doesn’t matter what your reasoning is.

But in this case you do have another option: instead of reneging on the offer, just push for a deferred offer instead. That lets you keep your hard-earned offer and keeps you from burning bridges.

Banking to Completely Different Industry

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.

In this case it’s less about ruining your entire career and more about limiting your options if you ever want to go back into finance in the future.

To Renege?

The problem with reneging on an offer is that the downside outweighs the upside and there’s no way you can predict how bad the downside will be.

There are some cases where it makes sense to consider, but 90% of the email I get on this topic is of the “Should I renege on my offer at one bulge bracket to move to another one?” variety, and that just doesn’t make sense.

So if you have a dramatically better offer and you need to renege to accept it, proceed with caution.

But don’t say I didn’t warn you.

M&I - Brian

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron.

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  1. Hi Brian, do you think leaving an MM for an EB and telling the MM you are pursuing an M&A role elsewhere is too much info to give?

    1. I am really panicking that I have said too much. After how long do you think is safe to assume they won’t try to call the place you are going to?

      1. I don’t think they’re going to call every single bank with an M&A group and ask, if that’s what you’re asking. They might casually ask other employees and see if anyone knows where you’re moving, but that’s about it.

  2. Hi Brian- thanks for a great post. I’ve made the decision to renege for a better offer and wanted your input on the best way to do so. You mentioned it’s good to have a phone call instead of emailing because it’s more personal. Given that it’s Friday evening I was planning on emailing the recruiter Monday requesting a call ASAP. What do you suggest is the best way to phrase that I am reneging? Also, what questions should I anticipate the recruiter to ask? Do you think it’s likely they will ask which firm I am switching to?

    1. If you have this many questions about it, you’re probably going to sound very nervous on the phone, so you’re better off just emailing them. Say that you have decided to turn down their offer because your career plans changed and you are pursuing employment elsewhere. If they call you, just repeat the same thing, and if they ask the firm you’re switching to, say that you’d rather not say.

  3. Hi Brian, thank you for making such a comprehensive post. I received and accepted an IB offer from a MM bank (think Macquarie/William Blair/Baird) through early diversity recruitment. However, I also received an offer from an Elite Boutique firm. I accepted the first offer because of worries of how successful recruiting would be in the summer, given the highly competitive nature of the industry. Do you suggest reneging in this situation? Any thoughts on potential concerns and consequences?

    1. Additionally, if you believe reneging is plausible for this situation, what do you believe is the best way to approach it?

    2. It is probably worth it to renege in this case, assuming you won’t be penalized by your school in some way. Just keep it brief and email the bank to let them know.

      1. Sorry, could you please clarify the potential school penalties in this situation? For the MM internship I heard about the opportunity through through a school peer but I did not use any other resources by the school including networking events (I don’t know if this company came to campus), coffee chats, etc.

        1. If you didn’t get it officially through on-campus recruiting at the school, you’ll probably be fine

  4. Thanks for the great post. How would you see it if it was reneging an internship for a FT offer? I got a FT (other bank) after having accepted an internship. The end goal is to start IB FT and at the internship would not be too likely to result in a FT offer. The FT offer at the other bank is quite competitive and I might not get a second shot at a similar shop. Nevertheless, it must be said that it is like that the senior guys of the two shops know each other. And in today’s day and age they would also definitely find out what place I reneged the internship for if they would want to. What would you recommend in this situation?

    1. If the internship is unlikely to lead to a full-time offer, it’s still better to renege on it and accept the FT offer. Yes, they might be mad, but ultimately it’s all about whether or not you’ll get a full-time offer.

      1. How would you see it if the MDs of both companies know each other very well (worked together)? Do you think they would understand that I reneg an internship for a FT position or would they see it as a lack of integrity? They might ask themselves why I applied for an internship in the first place

        1. There’s no way you can tell. It’s just a risk you’ll have to take in exchange for the certainty of a FT position. If it somehow comes up or they ask you, just say it was due to timing and the fact that you received notification of the FT offer interviews later or something like that.

  5. Avatar

    Hi, thank you so much for clarifying some of the reneging myths. I currently have verbally accepted an offer for Guggenheim Restructuring, but I have a superday coming up for JPM NY. I wonder if I can ask for an extension in guggenheim or if it’s worth to renege? I think JPM exits is better than Guggenheim RX. My only concern is that the senior MD also the founder of the rx group at Guggenheim really liked me and he texted me to congrats and welcomed me to the team. Truly appreciate your insights on this!

    1. I would not renege in this case. Yes, JPM is “better,” but Guggenheim is still a fine firm, and Restructuring is the best group to be in now. You could ask for an extension, sure, but you’re taking a risk by doing so because they’ll immediately know that you’re trying to win an offer elsewhere. If you do decide to do the JPM Superday, it’s best to do it, tell them your situation upfront, see what happens, and then make a decision. But I would not recommend reneging to make this type of move.

      1. Avatar

        Hi Brian, thank you so much for the response. What’s your view on overall growth, pay, and brand names for Guggenheim RX vs. Ares Private Credit. FYI, my desired exit opportunities for RX is private credit/debt and distressed private equity. I’m having a hard time choosing between these two. My biggest concern is the limited skillset from jumping into bayside out of undergraduate. Appreciate your response!

        1. I would still pick Guggenheim because it’s rarely a good idea to take a buy-side role right out of undergrad when you’re note even sure what you want to do yet. You’ll have more options if you do IB first.

  6. Hi Brian,

    I really appreciated your answer to another question I posted, and could really use your help on this one too. So I’m a college senior who signed an IB analyst offer with Mizuho/CIBC in NY. An opportunity came up recently with a Chicago BB looking for additional IB analysts to start FT this summer. I’m tempted to interview because I really want to work at a BB, but I’m also hesitant because I’m afraid my current employer will find out and rescind my offer once I begin the interview process.

    Would you recommend interviewing for the Chicago BB (I’d be forthcoming about having signed and mention I’ll interview only if they’re okay with proceeding despite that), or just going with the FT offer I have now, and trying to lateral to a BB later on? I’ve 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. Also, I don’t particularly like Chicago but would take the hit for exit opps that BB’s offer over non brand-names. Worth it?

    Thanks again!!

    1. I would give it a shot in this case because it’s unlikely that the other bank would find out, and a BB would be a significant step up over one of those. It’s always possible to lateral if you network enough and keep following up, but it’s much easier to start out at a BB if you have the chance.

      1. Hi Brian,

        Thanks so much for weighing, I think that makes a lot of sense and will give the interview a shot. Appreciate you taking the time to respond!

  7. Avatar

    Hi Brian,

    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). These are both FT. IS it worth the risk to renege? Would appreciate our help

    1. I would probably not renege in this case because FIG is very specialized and constrains your exit opportunities. So unless you really want to be in FIG long-term, a FIG offer may not be a great idea to accept. Industrials in Chicago gives you broader opportunities.

  8. Hey Brian
    I did a summer intern at BB, and accepted the full time return offer in the markets division. However, I just received an email from one of the best hedge funds in the street regarding the interview of a trading/investing position. (DE Shaw/ Millenium) In the email, they are asking me to confirm whether I have any exploding offer.

    I really wish to work at the hedge fund, but would worry that saying I have accepted another offer jeopardize my application process.However, if I do not disclose about having accepted offer, the hedge fund might find out about it during the background check by calling up my previous employer.

    What actions should I take in this case? Can you give me some advices?
    Thanks !

    1. You should disclose that you have accepted a full-time return offer, but you will definitely interview with them if they are OK with you potentially reneging on it. Otherwise you run the risk of them finding out later on or in the background check.

  9. Hi Brian,

    Really appreciate your thoughts. Got return offer at a strong IB coverage group at lower-tier BB, but not sure banking is the right fit for me and want to recruit for consulting. Should I say yes and renege later if I get a job in consulting or decline the offer? Thank you!

    1. Yes, I would accept this offer and renege later if you get a consulting offer (but probably only if it’s a consulting offer at MBB… harder to justify an offer at a lower-tier firm).

  10. Hi Brian,

    Just finished a summer at a mid-tier BB (Citi/BAML) in a decent coverage group (C&R/Power/Healthcare). However, I just received my dream offer from an EB, and want to accept. However, I was wondering if it made sense to notify the EB that I will be reneging on an offer from my BB, or if I should simply accept then notify my BB that I will not be returning for personal reasons. My contact at the EB knew about my offer deadline and simply chose not to address it when we talked and emailed. Does it even make sense to renege? Will the EB care?

    1. I don’t think reneging will provide a huge benefit in this case, but you might as well do it because it sounds like the EB also doesn’t care what you do. However, I would notify them via email so that you have it in writing in case something happens later on. An EB vs. Citi/BAML probably won’t make a massive difference in exit opportunities, but it could deliver other benefits (more independence/interesting work).

  11. Avatar

    Hey Brian, I think I will most likely be reneging on a Corporate Banking Internship offer in SF/Chi/Houston for an IB Internship. Assuming all else equal, do you think it would be better and safer to do my IB internship a different location?

  12. Dear Brian,

    Do you think that reneging an offer for a middle office role (Credit Risk) will have influence on front office (M&A, Capital Markets) recruiting 3~5 years from now?

    I accepted a Credit Risk role in a large bank (JPM/Citi/BOA) a week ago, but today a boutique private equity gave me an offer to join them as a full-time analyst.

    My eventual aim is use this private equity exerience to get an analyst/associate role in BB front office. But I am afraid that my reneging on the Credit Risk role may have adverse impact on future recruiting.

    FYI- The PE is aware that I already have an offer and they made this offer with expectation that I would renege on the Credit Risk offer.

    1. I don’t think it will matter, at all. In 3-5 years, 90% of the people at that large bank will be gone anyway (at least the ones in front office roles).

  13. Hi Brian,

    Could really use your advice here. Accepted an early process IB offer with BAML/Barclays/Citi in a top regional city (think SF, Chicago, Houston, LA). But goal is to be in NYC and just received a NYC IB offer with a tier 1 IB BB firm (GS/MS/JPM) in my desired coverage group. Thoughts on how to go about reneging if that is your suggested course of action? I would appreciate any advice you might have. Thank you!

    1. Reneging poses some risk in that scenario, and I can’t quantify it or tell you 100% whether or not it’s worth it. If you are set on PE mega-fund opportunities, it probably makes sense, but otherwise, I’m not sure because there is some risk of the first bank notifying the second bank. So… maybe let the second bank know what you’re doing first and then write a brief email to the first bank saying that you have decided to decline the offer because you won something in your desired location in NY. But as I said, there is some risk here, so I would not recommend doing this in all scenarios.

  14. Hi Brian,

    would really appreciate your advice.

    Accepted an offer for equity derivatives sales internship in BNP; got an offer for off cycle at DCM at BAML week after.

    My long term goal is to go into fixed income S&T; what would be best? Salary at BAML is much better, but I am scared by the talk of limited exit opps. both banks are very strong.
    Is it worth reneging in this case in your opinion ?

    1. If you want to do fixed income S&T in the long term, either one could work. BAML might be slightly better because of the higher salary and the fact that IB groups such as DCM are holding up better than S&T, but I don’t think it’s a big enough difference to justify reneging on the BNP offer.

      1. Thanks for your insight – I have been thinking about it and I’m still unsure about my future career path. I have a clear idea of what S&T and I think I want to go into that, but I’ve never actually tried it – scared that maybe I’m not good at it.

        Maybe DCM could be better from this point of view, because from there you can move in either direction (trying IB or S&T next) rather than locking myself up on the trading floor?

        Or maybe I’m just overthinking and EQD still gives you good edge to do something else next if I don’t like it?

        1. OK, but if you don’t try S&T at some point, how can you know if it’s right for you? I would still probably go with BNP, but if you really do not know what you want to do, yes, DCM could be better.

          1. Firstly thank you so much for your advice

            yours is a great point and that is what I thought..but what really made me change my mind is that after making some phone calls I realized the BNP position is not about selling proper derivatives like options or swaps, but “buy side products” (e.g. quant funds based on equity derivatives). yes, still form the trading floor, but not proper S&T. Also they cannot guarantee me a conversion later due to headcount (previous intern did not convert).

            On the other hand, the DCM there team has a great reputation internally and I have seen people moving around and supported. Spoke to associates there and they said previous ppl went also to LevFin or Rates (understandable if you move from sovereign) so I think, career wise, that would be better.

          2. OK. If they can’t guarantee a full-time conversion and it’s very specialized, then yes, DCM may be better.

  15. Brian,

    Really needs your advice on this. I accepted an MBB offer (yes, management consultanting) in a small regional office but was offered another position at a MF credit opportunities (Apollo / BX / Bain Cap / Carlyle) in NYC. Should I renege? The problem is that I’m really passionate about finance and I’d be fine to start off as the credit guy. 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. I don’t want to stuck in a sketchy city doing pure strategy ops. Long term goal is still finance- (PE/VC/Growth equity fund). What should I do?

    1. I think this is a clear case when you should renege on the offer. The only reason to stick with the MBB offer is if you really do not want to do finance, or you want a long-term career in consulting or something else more operational.

      1. Brian,
        Thank you for your reply! I was talking to people and they seemed to be one two different ends. Some tell me that if I am in credit, I am pigeonholed and can’t move to broader private equity even if I want. On the other hand consulting does have some exit opportunity (BainCap, Golden Gate, Vista etc) for post two year analyst experience. Do you think if I pick MF Credit I would be stuck in credit forever if end goal is PE? PS – the guy told me this worked on Carlyle distress and special sits in London..

        1. Apologize for the typos…I’m a bit sleep deprived..

        2. If you switch to normal PE early enough, you won’t be pigeonholed. If you stay for years and years, yes, sure, you may end up stuck in credit.

          I don’t think consulting exit opportunities will be that great coming from a regional office. You’re at a disadvantage if you’re not in NY. And even if you are at MBB in NY, you’re still at a disadvantage in PE recruiting next to most bankers… yes, some firms like to hire consultants, but relatively few out of the total number of PE firms out there.

  16. Hi Brian,

    Really need help making a right decision here. I’m a first year analyst in a corporate banking division at small European bank, trying very hard to move into IB. This week I received an offer for a big Japanese bank with the better pay and group, but also within corporate banking. Yesterday had a second interview with a MM Investment Bank, and they asked me to let them know an expiration date of my offer. I have two more days before expiration and I am not sure what I should tell the MM bank. I never reneged an offer before and I am very nerveous on making a decision here, but IB is something I really want to do. Thank you in advance.

    1. If you really want to do IB, then hold out for it. There is no point in moving to another corporate banking role if you don’t want to be in CB. Just tell the MM bank that you only have days to respond, and if it doesn’t work, keep recruiting for IB offers elsewhere.

  17. Avatar

    Hi Brian,

    I have two offers for junior year internships – Wells Fargo Corporate Banking in Midwest and HSBC Liquidity/Cash Management in NYC. I accepted the one from WF and was offered HSBC after. Which one do you think I should go with? HSBC is paying better, is in NYC, better brand name, however its not IB. I aspire to be within CB/IB for FT at a BB.

    Do Bankers weigh relevant skills more than a better brand name internship? Should I renege on Wells offer? Please advise, thanks.

    1. I would stick with Wells Fargo here because not only is the WF IB division stronger than HSBC’s (I don’t even think HSBC does much in the US), but I would also argue that the brand names/reputations are similar. The only real advantage of the HSBC offer is the location, but I don’t think it’s a big enough advantage to justify reneging.

  18. Hi Brian,
    I am really having a hard time deciding what to do in my situation. I am hoping you can give me your advice. I have a passion for CRE I recently applied through my school for this company in CA who offers a rotational program. Since I have been working full time as a finance analyst for 1.5 years (not in RE), I jumped at the chance to apply because this was my one shot chance to transition over to RE without prior experience. I got the offer but at a much lower amount than what I am making now and although I asked them to match me they wouldn’t budge. I accepted the offer anyway, because I really wanted to do CRE. Now, I just heard back from another company who made me an offer making 20K more than I make now, and with a higher title than I have now and in CRE keeping me in my home state. This presents such a huge dilemma for me because I never told the second company that I had already accepted an offer. 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. What are the chances that if I renege on the accepted offer that this will have a huge negative impact on me or that these two companies would find out about each other?
    Am I being selfish for wanting a better position for myself?

    1. I think you can and should renege in that situation and be fine. There’s no point in accepting a sub-par offer with lower pay when you have a clearly better option. Real estate is such a big industry that I doubt anyone will find out about it.

  19. Hi Brian- appreciate you’ve kinda answered this but any advice would be much appreciated. I feel this could be slightly UK specific. Signed on for Evercore summer IB, just got JP IB summer offer. 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. Compared to c. 80 interns in JP IB and 8 weeks in NY for training if get FT role. Keen to renege- any tips?

    1. Personally, I would not renege on Evercore for JPM unless you’re very certain that you want to do something outside of banking/PE in the future. Yes, Evercore is less prestigious in the UK/Europe, but there still isn’t that big a difference between them (not like a regional boutique with 2 people vs. JPM).

      You can probably get away with it if you want to, but I’m just not sure how much it would help you unless your eventual goal is to work at a normal company outside finance.

  20. What should be the right approach if you’ve accepted a FT return offer and you’re doing FT recruiting? Banks will definitely ask if I got a return offer and while I want to showcase that I’m capable by getting a return offer, I also don’t want to show lack of commitment by saying I’ve accepted and am interviewing. How should I structure the answer to that question?

    P.S. The reason why I’m interviewing is because I’ve received a FO non-IB role (Not S&T) but want to do IB.

    1. Just say that you received a FT return offer, but are still interviewing for other roles because you want to do IB. You don’t have to say that you accepted it yet, and in fact you probably shouldn’t 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).

      1. So I’ll take that as unless I get asked directly in an interview if I accepted, I will just say I got the offer and am pursuing FT IB roles. So should I only voluntarily disclose that I accepted my return offer if I get the IB offer? Correct me if I’m wrong but wouldn’t bankers generally appreciate the honesty in the super day? I understand that it’s 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.

        1. If you want to say it upfront in Superday interviews, sure, go ahead. I don’t know. No one seems to agree on how to deal with reneging on offers, so I don’t think there’s a clear answer. Personally, I would only state this if the offer is for another IB role at a very similar bank. If it is a non-IB role or it is at a much smaller bank or different firm, you don’t have that much to lose by reneging.

  21. Thank you so much for such a great post! I am in a position where I have two Bulge Bracket full-time offers. I spent my summer in capital markets at a mid-tier bulge bracket bank, and really wanted to move over to coverage IB but was denied. I ended up accepting my offer back but just got an offer from another bulge bracket guaranteeing me a coverage group. Do you think its appropriate to renege?

    1. Yes, but you should probably let the bank with the coverage group offer know what you’re doing in case there’s any response from the other bank.

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