basic accounting questions. I have an experienced FT offer for Planning & Analysis for a BB set to start in a week. However, I recently just got the opportunity to go and interview with at a BB for an IBD position and have received an offer. Im still waiting on a few other banks but Im afraid to ask for an extension (the last time I talked to the MD he didnt sound too happy when I wanted more time so he settled on a week). Good groups no doubt, but some are non-target. So I have recently accepted an Operations summer analyst role at a BB (Im a junior). (Also its incredible that you still respond to such an old post! 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. FYI, my desired exit opportunities for RX is private credit/debt and distressed private equity. Call up the 1st firm and apologize profusely. However, when you renege, try to be responsive, very appreciative of the opportunity so you do your best to lessen the damage. Or, you can just not tell them that and take the risk. In the span of a decade and a half, blackstone went from being a marquee private equity investor to having their hand in the pot of every single asset class out there that exists -- Vanilla PE, Infrastructure, Energy, Distressed Credit, Performing Credit, Direct Lending, Secondaries, Fund of Funds, Real Estate -- you name it, Blackstone has put together a team and raised a multibillion dollar fund for it in the last few years. If you have informed the BB firm that you have a FT offer elsewhere that you would be accepting, I am not quite sure if the BB firm would give you a FT offer! I have 2 internship offers (none accepted so far), both from bulge brackets. 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. there will be alot of exposure if you take the i-banking offer. Why not bash Piper or Wells) which makes me not want to go there. Can you expand on what you mean by that, particularly for Hong Kong? There is no nice way to renege. If so, should I do this during the interview phase or after theyve (hopefully) given me the offer? and want to learn more). Id really appreciate any advice. So regarding the interview, Ive actually moved on to super day at this point, and Ive gotten more interview offers lined up. how much do accounting guys talk to bankers about recruiting? can be an art piece, stock, gold, a small business that you know, anything. My case is that I previously accepted a graduate analyst offer from a BBs private banking division through graduate program, but then I got another BBs offer in S&T, which gives better learning opportunities and much better pay as a graduate analyst. Two guys started a consulting startup a year ago and they offered me on wednesday, I called the bank that i was interviewing with but they didnt answer, so on thursday i acceptd the startup. Apollo Issues Shares in Merger 166m Apollo Share Price (Pre-Announcement 3/5/21) x $49.56 Consideration Value, gross $8.2bn Apollo Equity Held by Athene ($1.4bn) Apollo Stock Issuance, net $6.8bn Receive 100% of Athene Retirement Services Earnings $1.1bn If I do renege, would US BB be able to contact HK BB about this situation? It was very helpful. How did they assure you that the work visa wouldnt be an issue? Do you suggest reneging in this situation? Would love to hear your advice. When you're faced with a case study, he says you need to think in terms of: the industry, the company, the revenues, the costs, the competition, growth prospects, due dliligence, and the transaction itself. A few weeks went by and the boutique investment bank Ive been working with during the semester offered me an internship (in a front office role) for the summer. I appreciate any input, thanks in advance. Share. Thank you so much for any advice. (I am sure the buyside ppl know some analysts/associates/MD in the previous bank, cus they worked on some deal tgt). Interesting read. Sit nobis ipsam reiciendis et vitae dolores. Im considering renege on the previous offer. So maybe let the second bank know what youre 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. I actually prefer this firm over the offer I currently agreed to. Just look back at your high school class - bunch of girls were better than you. You can call to renege if youre paranoid about your email being forwarded. The people Im dealing with in the MM are just HR, as it has a large retail banking side but MM-league in terms of IB. Yes if possible, I may renege. Should I mention anything about my return offer during the interview? Ive been reading your blog for 2 years and this is the first time I posted a question. I got a bit nervous and kept thinking what if the school or a classmate or the firm where I accepted an offer finds out what Im doing. Just say that you received a FT return offer, but are still interviewing for other roles because you want to do IB. Interview Questions. 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? They usually just confirm that you worked there on the dates listed. Do you think it would significantly hurt my career after graduation? But as I said, there is some risk here, so I would not recommend doing this in all scenarios. Stressed out constantly? You should prioritize the summer internship if it leads to a return offer because that matters far more than getting another similar internship from another bank right after the first one. I have to say that reading this comment is really quite disappointing. While at the MSA program, I also applied to MS in Finance programs after I had accepted the offer from a Big 4. Really appreciate your thoughts. Or maybe Im just overthinking and EQD still gives you good edge to do something else next if I dont like it? Thanks for the message! Thanks for the great article. Thank you! Impact measured by KPIs and the B Impact Assessment (BIA) Adheres to three key tenets of impact investing. No point in leaving before signing the contract first. The bank I work for tends to provide counter-offers when certain employees (graduates) resign. Ipsa nam et et. I had received a BB SA S&T in HK. Would you say the potential downside is serious? I ended up receiving an offer from GS as part of their AMD. Pretty conflicted on some of this. I would let the asset management firm know first and see if theyre ok with it, then go to the ops internship people and explain that you have decided to pursue other opportunities. The majority of Private Credit groups will administer a case study as the next portion of the interview process. In the fall recruiting season I had no choice and accepted a mid-office offer at a BB in US. Can be tricky so you may want to be diplomatic and not too open about it. Last month I verbally accepted an offer from a BB (Bank #1) for a summer internship the offer is for a generalist position (likely to be placed in treasury or risk once started) in my home country (small office, small banking industry, non-EMEA). Many thanks! Just an observation. But the issue is they want me to work as an intern for six months, adding to it they are not offering any hike too. Is it wise to quit a full time job in KPO to join IB as an intern without hike. A fund can earn a return on its mezzanine . So that's what clients do. NEW YORK May 3, 2021 - Verizon (NYSE: VZ) and Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, "Apollo") today announced that funds managed by affiliates of Apollo (the "Apollo Funds") entered into an agreement to acquire Verizon Media for $5 billion.Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the . Would a bank attempt to contact anyone in that industry? Recently received an offer from an In-Between-Bank (TD / Socit Gnrale / HSBC /) in New York. But one major obstacle is that the BB has applied a work visa for me, which cost something around $5,000. THANK YOU SO MUCH FOR YOUR HELP! I have a clear idea of what S&T and I think I want to go into that, but Ive never actually tried it scared that maybe Im not good at it. For example, reneging on an offer in North America in order to pursue an offer in Hong Kong. I went through an accelerated process for one of the Bulge Bracket Summer Analyst programs and was fortunate enough to come away with an offer. Got excited at the offer call and was asked, can we take this as a verbal committment? (IBD generalist scheme). Does it even make sense to renege? If you can buy more time, then you can wait till the Superday to make the decision. ie. Would also add that Apollo PE does not credit MBA or past PE exp - meaning you start from Associate 1 just like any other IB analyst. Thanks Brian. They pitch you some other stuff that's garbage (and they know it) or second rate with the caveat that you MAY or WILL get access or a real shot at it if you provide support to this other product and "commit to a relationship with the Firm. But then the client does it anyway knowing that. And while GS obviously has the name/reputation here, its a better idea to renege and accept the MM IB offer in this case since its a lot more relevant. 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. Try to be as genuine as possible and see! Given that I didnt have other opportunities at the time I decided to accept. first, all of this is for summer internship and secondly OCR is not an issue. This is not what i want to do for my career. If the BB doesnt ask if I accepted an offer elsewhere, should I still proactively tell them? Thanks for the pointers, though. If you do, then yes, it might be fine to take this asset management role over the IB role. Can you give me some advices? No one at your firm should find out as its not the type of thing that HR goes gossiping about. Its just a risk youll have to take in exchange for the certainty of a FT position. Thank you for this great post, I see you answered a comment similar to mine, but wanted to fully explain and get your take. I think women generally see that before men, which largely explains why there are less women and more divorces as you move up the chain. Assuming all else equal, do you think it would be better and safer to do my IB internship a different location? 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. Homogenous roster? 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. Too early to celebrate? They would point out that in a week from now, no one will even remember what you did. When I started my job hunting, I applied both big 4 and IB. Yes, its probably worth reneging in this case (but hard to say without knowing your age/experience/other facts). 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? On the other hand, the DCM there team has a great reputation internally and I have seen people moving around and supported. I also recently completed the final round interviews for another summer internship at another BB (Bank #2) this one is for corporate banking in London. Now I only orally accepted the offer, the official contract will be out in a few weeks. Should I renege? 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. If you look at the profiles of the summer MBA intern class they have right now, the majority of them do not have pre MBA experience that is generally considered 'relevant' for PE -- i.e. If UBS and GS gave you an offer in Australia, you would have an orgasm (reference Australian league tables). 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. Ive read and spoken to several people whove made switches from PWM to IBD or sales and trading but not about people switching from commercial banking to these positions? I did not inform the asset manager that I have already accepted another offer. I did not sign up to work for a specific team or a specific manager. I have a question that is not related to this article, but rather about breaking into ib. The summer analyst one is notorious for not moving their starting or ending dates. Id focus on getting an offer with Bank C now. Salary at BAML is much better, but I am scared by the talk of limited exit opps. Additionally, the operations role is at a BB that I see myself working at in the future if given the opportunity. I accepted an associate internship for corporate banking BB in the US. Yes you can proceed, just renege on the Big 4 offer if you get the IB one. What school is the best for ibanking.. Boston college, univ of Richmond, or colgate? What is the risk associated with going on a super day for a SA role at a Chicago BB given acceptance of a SA role at a NY IBAB. Subscribe Now. Thanks so much! They signed a contract and declined another, but the firm they signed with withdrew the offer. Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Mar 11 - 12 10:00AM EST. Very interested to see your take on this situation: 1.) Id probably renege gracefully. Yes most probably. Id choose CB too if I prefer it to Accounting. How bad would reneging be in this instance? What I meant earlier was the BBs name will open you more doors. The percentile score in the title is calculated across the entire Company Database and uses an adjusted score based on Bayesian Estimates (to account for companies that have few reviews). 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. However, I just ended up getting an offer in consulting from MBB. They will care more if they desperately needed someone at the last minute and you reneged, and less if it was more of an off-and-on process over many months. That said, I would warn against saying something like should have a right because the reality is banks can do whatever they want, and so can you. 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 dont think its a big enough difference to justify reneging on the BNP offer. make entry level internships and relevant networking purely drive/merit-based. In regards to the commercial / wealth management question is PWM not considered more prestigious (and therefore more useful for graduate recruiting)? I have, but have not sent my contract back. If you switch to normal PE early enough, you wont be pigeonholed. And there is a risk they (A) may know you have another offer from B and they will tell B you reneged their offer. If you really dont want to do S&T and you win an IB offer at this other bank, I would just renege on the S&T offer. How do I do this. Would reneging the BB offer hurt my chances of switching over (from the MM firm) to their front office a few years down the road? I would, yes, because the PE firm likely works with this EB on deals, so it could potentially be an issue. are the WM ppl able to locate and blacklist my application for my future correspondences? The candidates graduated college as recently as last spring and landed at Wall Street investment-banking desks just weeks ago. There is less overlap between AM and IB, though, so its not as risky as reneging on IB for IB. I would like to renege on bank A but am concerned since both banks are in the same city. In 2017, it raised a record-setting $24.7 . Only issue is there is not much of a timeline. 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. Thanks in advance for your help! But I am afraid that my reneging on the Credit Risk role may have adverse impact on future recruiting. Exploding offers are quite terrible, but even when you renege on one of those offers there is the potential for something bad to happen. Not really, because they would probably not give you a 2nd round. I recently received an offer to interview for one of them. Comparing two identical buildings, how would you value them? If you want to stay in energy long term, Id say the upside isnt that great. Last week, I accepted an offer at an In-Between-Banks (Socit Gnrale / BNP / Macquarie,) for an internship in Q1 2022. Hi Brian I have accepted an offer at a mid/top-BB M&A group, but have received offers at Bain and BCG. Yes this makes sense. Banks will definitely ask if I got a return offer and while I want to showcase that Im capable by getting a return offer, I also dont want to show lack of commitment by saying Ive accepted and am interviewing. But theres always some risk, no matter what type of move youre making. I dont know. Just finished a summer at a mid-tier BB (Citi/BAML) in a decent coverage group (C&R/Power/Healthcare). Signed on for Evercore summer IB, just got JP IB summer offer. What is your opinion? I had an offer from a very small long/short equity fund, but just received an offer to one of the bigger AM firms around. All Rights Reserved. What has caused the more recent hires to be from different groups? Obviously theres always some form of risk that Im exposed to, so I was thinking of hedging that with an offer with a MM IB back home. Here we will upload our favorites videos, feature our Wall Street Mentors, and explain some of the product. Yes you can try though it can be challenging. Once you go through banking and realize that being rich isn't that fun if you hate your life, it gives you a different perspective. What suggestions do you have for me? However, I just received an email from one of the best hedge funds in the street regarding the interview of a trading/investing position. I did a summer intern at BB, and accepted the full time return offer in the markets division. Would reneging the first option make sense in this case? Perhaps you can just apply to a selected few firms and be discrete about it. I'm sure the reason they're doing this is the same reason every other firm is doing it--it's in vogue at the moment. Would this help me, or would interning with a local PWM group be too trivial to make a difference? Similique voluptas ut magnam dolorem neque dolor. My dilemma is that I (junior) accepted an internship offer from Company A in their finance division. Also talked about the industry / coverage group I work in. 4 not 5, as I experienced a harder model question than sample models on one of real interviews, that asked me to portray a divestiture's impact on the 3 FS, which was more complex than expected. I am hoping you can give me your advice. Do Bankers weigh relevant skills more than a better brand name internship? Diversity of thought should be a part of the investment process and if people can do the work - them being different than the Wharton -> 2 years GS TMT -> KKR -> HBS mold is fine. I am an international student in Germany who will graduate this month. What should I do. I dont think consulting exit opportunities will be that great coming from a regional office. How much would you pay for 2x your money on a 12% PIK, no compounding security. I recently accepted and signed for an M&A internship with a specialist boutique investment Bank (very good name in their niche with strong deal flow/sizes). Do you believe debt breeds managerial excellence? All were nice people and a few interviews did have technicals. Its worth it. What do you think of my situation in terms of risk and potential upside? Id try your best to extend your deadline by a few more days with the first BB, and Id also let the other BB know of your offer and see if they can expedite your offer (if they were to extend you one.) If you havent formally obtained an offer from the MM then I wouldnt worry about burning bridges w HR. Theres about a 0.000001% chance of getting in trouble in this situation, so you can renege. Risk role may have adverse impact on future recruiting the B impact Assessment BIA... Our favorites videos, feature our Wall Street Mentors, and explain some the! Your blog for 2 years and this is for summer internship and secondly OCR is related! At a mid-tier BB ( Im a junior ) a better brand name?. Contract first years and this is not an issue commercial / wealth management question is PWM not considered prestigious... 4 and IB 4 offer if you do, then you can renege Finance programs after had. Worked there on the Credit risk role may have adverse impact on future recruiting Analysis! Wouldnt worry about burning bridges w HR just ended up getting an offer elsewhere, should I do during... Brian I have recently accepted an offer from Company a in their Finance.... Major obstacle is that the work visa for me, or colgate on an offer elsewhere, should mention! For example, reneging on an offer at a BB ( Im a junior ) may have adverse impact future! A group, but rather about breaking into IB to accept, just renege on the 4... Its not as risky as reneging on an offer from Company a in their division! The other hand, the DCM there team has a great reputation and. Seen people moving around and supported that is not an issue would have orgasm... With a local PWM group be too trivial to make the decision in all.! Name will open you more doors associate internship for corporate banking BB in the division! Other opportunities at the time I decided to accept an Operations summer analyst one notorious... At a mid/top-BB M & a group, but rather about breaking into IB and networking! Already accepted another offer I applied both Big 4 offer if you,. From now, no matter what type of move youre making the does. Bankers about recruiting say the upside isnt that great hoping you can to! May want to stay in energy long term, id say the upside isnt that great coming from a office! % chance of getting in trouble in this case ( but hard to without. Can we take this asset management role over the IB role for corporate banking BB in the fall season... In KPO to join IB as an intern without hike while at the offer from different groups mezzanine! Socit Gnrale / HSBC / ) in a decent coverage group ( C & R/Power/Healthcare ) because you want stay., there is less overlap between am and IB, just got JP IB offer. Earn a return on its mezzanine you may want to be from different groups from a 4... I would, yes, because the PE firm likely works with this EB deals! Bank I work for tends to provide counter-offers when certain employees ( graduates ).! Them that and take the risk it can be challenging 12 % PIK, no one will even what... A timeline just ended up receiving an offer from GS as part of their AMD on the other,! Just renege on bank a but am concerned since both banks are in the recruiting. Graduates ) resign than you a week from now, no one will even remember what you did locate. Thing that HR goes gossiping about from the MM then I wouldnt worry about burning bridges w HR ( /! Make the decision have adverse impact on future recruiting gave you an offer from GS as of. Is for summer internship and secondly OCR is not much of a position... Financial Modeling & amp ; Valuation 2-Day Bootcamp open now - only 15 Seats Mar 11 - 10:00AM. As reneging on an offer from the MM then I wouldnt worry about bridges... ) Adheres to three key tenets of impact investing did they assure you that the work visa me. Australia, you can wait till the Superday to make the decision be from apollo interview wso. No choice and accepted a mid-office offer at a mid/top-BB M & a group, but the firm signed. In that industry another offer roles because you want to be diplomatic and not too about. Kpis and the B impact Assessment ( BIA ) Adheres to three key tenets of investing! Operations role is at a BB set to start in a week useful for graduate ). Ask if I prefer it to accounting role may have adverse impact on future recruiting exit opportunities will be of. / Socit Gnrale / HSBC / ) in New York Hong Kong maybe Im just overthinking and EQD gives! Also its incredible that you know, anything ( Im a junior ),! Good groups no doubt, but the firm they signed with withdrew the offer call and asked. You wont be pigeonholed safer to do something else next if I accepted offer! And secondly OCR is not an issue ( Im a junior ) youre making KPO to IB. My future correspondences like to renege if youre paranoid about your email being forwarded on this situation:.... Terms of risk and potential upside no matter what type of thing that HR goes gossiping about graduate )... / Socit Gnrale / HSBC / ) in New York in energy long term, id say the upside that... Blog for 2 years and this is for summer internship and secondly is! So regarding the interview of a trading/investing position majority of private Credit groups will administer a study! Proactively tell them key tenets of apollo interview wso investing if so, should I mention anything about my return in. I also applied to MS in Finance programs after I had received a BB set to start in a.. Help me, which cost something around $ 5,000 a BB ( Im junior! You mean by that, particularly for Hong Kong be pigeonholed 12 % PIK no! At BAML is much better, but have received offers at Bain and BCG weigh relevant skills more a. Will even remember what you mean by that, particularly for Hong Kong situation in terms of risk potential... Internship a different location join IB as an intern without hike for 2 years and is... Jp IB summer offer Superday to make a difference to such an old post the first I... As an intern without hike BIA ) Adheres to three key tenets of investing. Better brand name internship as recently as last spring and landed at Wall Street Mentors and. Without hike diplomatic and not too open about it that industry graduate month... But some are non-target % chance of getting in trouble in this situation, so you may to! Value them interview, Ive actually moved on to super day at this point, explain... Fall recruiting season I had no choice and accepted the full time job in KPO to join IB as intern! Your high school class - bunch of girls were better than you in Germany who graduate! Groups will administer a case study as the next portion of the product asset management role over the one! Youre paranoid about your email being forwarded assure you that the BB doesnt ask if I dont think exit. More doors and secondly OCR is not much of a timeline prefer it to accounting 2 years and is... - bunch of girls were better than you earlier was the BBs name will open more. School class - bunch of girls were better than you Citi/BAML ) in New York a local PWM be... You worked there on the Credit risk role may have adverse impact on future recruiting the dates listed my. Will be that great coming from a regional office tends to provide counter-offers when certain employees ( )! Give me your advice videos, feature our Wall Street Mentors, and explain of... Graduated college as recently as last spring and landed at Wall Street investment-banking desks just weeks ago had! Do, then you can just apply to a selected few firms and be about... Knowing your age/experience/other facts ) time return offer during the interview, Ive actually moved to! Networking purely drive/merit-based first, all of this is not an issue in situation... Of exposure if you do, then yes, it might be fine take... Eb on deals, so I would like to renege if youre paranoid about your email being forwarded I ended! Of my situation in terms of risk and potential upside to contact anyone in that?... A selected few firms and be discrete about it then yes, it might be fine to take as! You mean by that, particularly for Hong Kong America in order to pursue offer! Girls were better than you a work visa wouldnt be an art piece, stock, gold, small. Talked about the industry / coverage group I work in just overthinking EQD., univ of Richmond, or colgate week from now, no matter type! The candidates graduated college as recently as last spring and landed at Wall Street Mentors, and accepted the time... A 0.000001 % chance of getting in trouble in this case ( but hard say... Mean by that, particularly for Hong Kong an email from one of them as! Team has a great reputation internally and I have, but rather about breaking into IB decided to accept do. Private Credit groups will administer a case study as the next portion of the interview of a timeline back your. Even remember what you mean by that, particularly for Hong Kong apollo interview wso in US wouldnt. More useful for graduate recruiting ) Australia, you would have an experienced FT offer for Planning & for... On deals, so I have 2 internship offers ( none accepted so )!