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It’s four days before you start your new full-time gig, and you just received a short email from HR:
“After further consideration, we have decided not to proceed with an offer of employment at Goldman Stanley, LLC. We regret any inconvenience this may have caused you.”
What?!!
Yes, that’s right: your offer was just rescinded.
You planned your entire life around this job, signed a year-long apartment lease, and told everyone about it.
And now it’s gone.
So what happened, and what can you do about it?
Why Banks Rescind Offers
A bank might rescind your internship or job offer for one of four reasons:
- You did something stupid.
- You did something silly.
- You have legal troubles that may never go away.
- Circumstances at the firm have changed massively, or something else outside of your control happened.
Let’s go through each reason and look at a few examples:
You Did Something Stupid
Your offer could be rescinded if you outright lied on your resume, sent in a fake transcript, listed a false GPA, or made up something that’s easy to disprove with a bit of research.
A long time ago, banks were not especially stringent with background checks: as long as you passed the drug test and didn’t have any crimes on your record, you were good to go.
They also verified the employment dates for past jobs/internships, but that was about it.
But banks, especially large banks, have become significantly stricter over the years.
They are now going well beyond rudimentary checks and are also verifying what you did in each internship/job.
In the past year alone, I’ve heard multiple stories of offers getting rescinded because someone exaggerated too much on their resume (e.g., pretending back-office experience was client-facing work).
If you’re unsure whether you’re spinning too much, ask us first.
Negotiating too much or making absurd requests also falls into this category.
For example, some people win internship or job offers and then ask to “defer” them for a year.
But banks are not universities.
They spend a lot of time and money recruiting you – sometimes around $5,000 per entry-level candidate – and they may not have the same hiring needs the next year.
So you accept the offer and start when they want you to start, or you lose the offer.
You Did Something Silly
A long time ago, I interviewed with a boutique bank as a “Plan C” option.
I was also interviewing with bigger banks, hedge funds, and prop trading firms at the same time.
I won an offer from the boutique bank but then proved “unresponsive” to their follow-up emails and calls.
For example, I took more than 24 hours to respond to emails, sometimes I let messages go to voicemail, and I didn’t call everyone back.
They correctly interpreted this behavior as me not being interested in the firm… and a week later, they rescinded my offer.
Banks, just like outside recruiters, focus on the highest-probability hires.
An MD’s time might be worth between $350 and $1,000 per hour, so he/she cannot afford to take time away from deals and chase a student who is uninterested in the firm.
The firm decided to cut its losses by rescinding my offer and focusing on more interested candidates.
I put this one in the “silly” category because no one should ever interview with so many different types of companies at the same time.
Other Examples of Silliness
I’ve also seen offers get rescinded when candidates try to negotiate too much, especially at smaller firms that appear to be open to negotiations.
For example, you push for a 5% salary increase and a month off before you start, but they give you only two weeks.
They agree to the salary increase, but not the month off, so you ask again – and they rescind the offer.
That won’t happen everywhere, but if the firm is very conservative, don’t push your luck.
Exaggerating your accomplishments can also fall into this category.
Sometimes, bankers at different firms who worked on the same deal say they accomplished the same things… when interviewing at the same PE firm.
Interviewers might call you on this if they notice it during the interview, but they might not realize until much later on.
If you went too far or “copied” someone else’s experience, they could rescind your offer.
You Have Legal Troubles That May Never Go Away
Banks can rescind your job offer for almost any reason, including:
- Prior misdemeanors, even if they’ve been expunged or happened when you were a minor.
- Poor credit, prior bankruptcies, or too much debt in collections.
- Underage drinking, drinking + driving, drug use, or any other combination of those.
These issues can result in a rescinded job offer even if you disclose everything, and the bank says you’re “OK” at first.
Nope, life is not fair.
These legal issues are much bigger risks at the bulge-bracket banks because of their regulation and compliance requirements.
In the interview I linked to above, the student overcame a rescinded offer at a big bank by going to smaller CRE (commercial real estate) firms instead.
Circumstances Have Changed
Finally, your offer could be rescinded for reasons that have nothing to do with you.
For example:
- The firm’s deal flow slows to a trickle, and they no longer need interns or new hires.
- The firm is collapsing or is financially distressed. Bear Stearns rescinded job offers when it was acquired by JPM in 2008 as the financial crisis began.
- The manager who hired you has been reassigned or forced out in a restructuring.
- There was a simple misunderstanding or mistake in the paperwork or hiring process.
The good news is that you have the most options in this case; the bad news is that you still need to find another internship or job.
What to Do When Your Offer Gets Rescinded
Let’s start with what not to do: do NOT sue anyone or take legal action, even if your parents are wealthy, or you have a trust fund and can afford expensive lawyers.
Taking legal action or threatening to do so is a terrible idea because:
- You’ll never be able to work in the finance industry again;
- Even if you win, you’ll recover very little money; and
- Most employment contracts with banks are “at will,” meaning you can be dismissed for any reason and without warning.
With that disclaimer out of the way, you need to figure out why your offer was rescinded first:
- Did you lie about something?
- Do you have a criminal record?
- Did you do something to indicate that you weren’t super-interested in the firm?
- Have you heard about financial problems at the company?
Categories #1 and #2: You Did Something Stupid/Silly
You cannot do much in these scenarios, other than apply for new internships/jobs and avoid the mistakes you made the first time around.
A bank will not reverse its decision or help you with the job search if your offer was rescinded because of your actions, so don’t even bother asking them.
Category #3: Legal Troubles
If you’ve had legal issues, but you never disclosed them on background check forms and you never mentioned them to HR after receiving your offer, you can’t do much.
You shouldn’t disclose these issues too early – i.e. in a first-round interview – but you also need to let the bank know at some point, usually right after you get the offer.
If you never did this, the bank will question your judgment and conclude that you might not be fit for the job.
If you did disclose these issues, HR said they were fine, but then someone suddenly changed their mind, you have more options.
You should go to the most-senior banker who interviewed you, explain what happened, and ask if he/she can provide referrals to other banks or groups that might be looking for people.
You could say or write the following:
“[Banker Name],
I hope all is well. I am contacting you because I just received the unfortunate news that my offer at the firm has been rescinded due to the legal issues I previously disclosed, namely [Describe].
When I first mentioned these items, [Name] from HR indicated there would not be any problems. However, something changed over the past [X weeks/months], and now the firm views them as unacceptable.
Do you know of any other banks looking to hire for [Position Name] roles? No worries if you do not, but I would really appreciate any referrals or tips you could provide.
Thanks,
[Your Name]”
If these issues sank your chances at a large bank, you should focus on boutiques, middle-market firms, and smaller buy-side funds that lack the resources for comprehensive background checks.
Category #4: The Deus Ex Machina
If you can’t find anything suspicious about the company in the news, you have no legal issues, and you were honest about everything, your rescinded offer might be in Category #4: the deus ex machina.
If you get a mysterious “job rescinded” email or letter, you should go to the highest-level person (the Group Head or MD) and find out what happened.
Send this person a note requesting a written explanation for why your offer was rescinded:
“[Banker Name],
I hope this email finds you well. I’m writing because I recently received news that my offer at [Firm Name] in the [Group Name] group was rescinded, and I am a bit confused because I was given no reason for this sudden decision.
Can you please let me know why the firm made the decision to rescind my offer? I would appreciate knowing so that I could plan out my next steps.
Thanks,
[Your Name]”
If they do not respond, or they provide a vague explanation like “The firm changed directions” or “It was due to internal restructuring,” call and see if you can get the real story.
And if it was something that had nothing to do with you, use a template similar to the one in Category #3 above and see if you can get referrals or interviews elsewhere.
On the off chance that someone made a mistake and that your offer has not been rescinded, you’ll be glad you followed up to check first.
Rescinded Offers 101
In short, banks rescind offers because you are replaceable.
Senior bankers have key relationships that make them difficult to replace, but you don’t have such protection as a junior person.
Sure, it’s always hard to find good people, but your skill set isn’t unique.
Banks are also incredibly risk-averse with hiring, so they would prefer someone who is “pretty good,” with no major flaws, to someone who is exceptional in some areas but problematic in others.
This logic is why a bank could rescind your offer for almost any reason, ranging from silly mistakes to legal troubles from 10 years ago to internal politics.
If it was your fault, you can’t do much aside from fixing your mistakes and re-applying to other firms.
If you lost your offer because of legal troubles, you might have some options depending on how much you disclosed.
And if you lost the offer for reasons outside your control, you might be able to get referrals and interviews at other places if you impressed the right people during recruiting.
If you’ve had a job or internship offer rescinded, leave a comment below and describe your story, and we can give you some hints on what to do next.
About the Author
Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.
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Comments
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Hi,
I received an offer from BX for summer internship. I am quite concerned my offer could get rescinded because of visa matters. I’m EU citizen and would need a UK visa. I know blackstone sponsors but in the application form I said I didn’t need a visa because I thought it was not needed for periods shorter then 6 months (I didn’t need a visa when did my exchange in London since it was lasse then 6 months). Do you think my offer could be rescinded? I’m afraid they could think I lied.
I believe even if you’re an EU citizen, you need a visa for any type of UK internship regardless of length. The < 6-month exemption only applies if you're studying or visiting and not working there. So... maybe just contact them again and say that you need to correct this. There's really no other solution in this case because they're not going to let you start working unless you're a UK citizen or have a work visa for there.
Hi, I forgot the dates of my previous jobs and my offer was rescinded (JPMorgan). Now that I have fixed my wrong and went back to set everything up, I saw that they have some jobs open. Is there a way they still consider me? Or I can never work for them ever again?
You can always re-apply. Whether they accept your application(s) again is a different story. It also depends a bit on what you were applying to – front office/IB roles? Back/middle office? Something else? You’re more likely to be reconsidered for less competitive roles that accept a wider pool of candidates.
Hi,
I did a long-term internship at a large American bank and received a return offer to join as a graduate. I received confirmation I passed all background checks and even received day 1 instructions. A couple of days before my start date I was contacted that my offer had been terminated, without reason, but receiving payment for my notice period. Do you have any idea what the reason could be and if this would affect future applications?
Impossible to say without knowing your background, if you had anything unusual/unreported/problematic in your criminal/credit/academic checks, etc. It does sound quite weird, so I am assuming they may have found something very late that was a problem but which the initial checks did not uncover. There’s a chance it may not affect you in the future because it sounds like they almost failed to find it the first time around. But, again, I can’t really say without having a list of everything potentially suspicious in your background (which of course you should not post or share on a public site like this one).
Hi Brian,
I completed a SA role at a middle-market bank, did well and received a full-time offer starting in the upcoming summer of 2023. I am a senior in college, and recently was served a misdemeanor for an accidental event on campus which I am trying to get dismissed and expunged from my record. What can I do at this point so I don’t have any issues with my FT role? I went through a background check process prior to beginning the internship, will I have to do so again before I begin full-time? Should I disclose any of this information this early on? What would you advise?
Can banks rescind offers if they find out you were terminated from a previous internship listed on your resume or bad reference calls?
Banks could potentially rescind offers for any reason, or for no reason at all. But as long as you listed the correct names, titles, and dates, they’re unlikely to do this just because a previous internship ended early or a manager there didn’t like you. It normally has to be more blatant lying or an actual legal issue.
Hi Brian,
I recently accepted an IBD offer as a summer analyst at a BB for next year. However, on my resume I had an internship listed for 2 months and was terminated due to poor performance on my part (the internship was supposed to last 6 months). Do you think they will rescind my offer if they find out in the future from background/reference checks. I haven’t said anything about it since i don’t want to openly advertise about something I’m not proud of.
And I don’t want to suddenly just bring it up since I feel like that will draw attention.
I don’t think this will matter as long as you listed the correct dates on your resume. They mostly check employer names, position titles, and dates.
Hi Brian,
I am working for a small boutique bank for my first job out of college and recently got into a conflict with my team that has led to be me being terminated by them.
Also recently got extended a PE offer from a place that wants references from the bank but all my potential references have been soiled.
Do you have any suggestions of how to work around references in this instance or would I have to change to consulting or something entirely different where they don’t do reference checks to start over? Little bit frustrated that this happened and curious about any thoughts you might have on this
All you can really do is explain the situation to the PE firm and then ask if you can provide references from a previous internship rather than your first job. But if they won’t accept that, then I think you probably have to look for another job at this stage. I don’t think you necessarily need to change to consulting; if you already have IB experience, you should be able to find a lateral role somewhere else, even if you can’t easily get references from your first job.
Hi Brian – I have a couple of issues. First my GPA took a significant .6 dip last semester and we’re about to go through background checks. Should I be worried about this? What can I do other than hope they don’t care. On top of this, last summer I left my internship early due to ethical reasons (racist partner and sketchy business practices) and the partner was very upset. Since they’re a small firm and I listed the internship as incoming when I applied for my new job I’m worried the partner will not have the best things to say about me. Any advice would be extremely helpful. I made some stupid mistakes and I got myself in a pretty bad situation.
You cannot do anything other than hope they don’t notice or care. With the internship you left early, usually they just call to verify the dates. If you listed it as “Incoming” then the dates weren’t known in advance, so not sure how they could be seen as inconsistent.
How did this end up? Just curious that I recently have the same situation.
Hi Brian,
While applying, i indicated in my CV the years in which i attended my master degree. I did non specify that, while completed all exams, i did not obtain the title (paused before final dissertation in order to pursue startup)
During the process (early stage) i sent an updated cv to HR but never obtained a reply on the issue nor questions during interviews (experienced hire)
Fast forward to now, i just received an offer. I am afraid to quit my job should backround check be problematic, as i fear hr might have oversaw my correct cv email.
Do you think i should highlight again the issue? Or do i risk putting unnecessarily the spot light on it again?
Thanks
I would not mention or highlight it again. If they bring it up, point them to the email you sent where you explained what happened.
Hi Brian,
I recently got terminated from an off-cycle internship and already have a summer internship lined up. Do you think them finding out about this in the background or reference check will lead to them rescinding my offer if I am truthful about it?
No.
Hi Brian,
Thank you for this insightful article.
I was at a BB in a coverage role and couldn’t convert because I sent an email to my personal account which summarised some of the work I did (included company names and deal value, stupid, I know). I now have an off-cycle position (start in May) at another BB for a similar role. Should I be worried about this past misdemeanor (I talked to compliance who recognised it was an innocent mistake)?
I talked to a few people who advised me to not disclose it and only talk about it if asked, what do you think I should do in this case?
Many thanks,
Z
I would not disclose it unless they specifically ask about it. And I don’t think it matters much at all – you weren’t committing a crime or doing anything they care about background checks.
Hi Brain,
If earlier when I was working in a back-office of a BB, and they offered me full-time position, but they terminated my contract during the probation period, because I didn’t get a long with my direct business contact. And also they were not satisfied on my work. In this situation, can I put the title as ” Intern” still? And now I am continuing my master study, when I apply for SA or Graduate role, no one asks me about any termination history. So I didn’t bring it up myself. Do you think this will cause a red flag on background check?
Thanks so much!
Q
I don’t know, it depends on how long you were into the full-time role before your contract was terminated. If it was only a few weeks, it’s probably fine, but if it was several months, you could run into issues. Dates are the easiest thing to verify in background checks, so if you list an incorrect date or shorten or lengthen the employment period, that can cause issues.
Hi Brian,
I start my FT IB role nex year, and I got the offer but no request for background check. When do banks usually start that process? also, what is considered a bad credit score?
It varies, but usually shortly before the job begins. I can’t really say what a “bad” credit score is, as it’s usually less about the score and more about unusual items such as something in collections, unpaid bills, etc.
Hi Brian, I have accepted an offer from a BB for an SA position and on my resume I have listed my major GPA but only have mentioned it as GPA( I genuinely didn’t know I had to clarify if it is a major gpa or cumulative and my mentor who was an associate in a bank told me to put my major without mentioning major so it looks better). My overall gpa is 3.3 and my major gpa is 3.8. Is this going to raise red flags during the background check for HR to rescind my offer? What advice do you have in this situation? Should I contact them and update my resume before the background check?
I would not say or do anything in this situation, and hope they don’t notice. It is really bad advice to list a major GPA that is quite different from an overall GPA and not say that it’s your major GPA.
Hi,
I am a student in UK and I got an internship offer from an American bank in their London branch.
I was supposed to start in a week but I got a call from the HR one week before the start to tell me that the Background check team realized that I will need a new skilled worker visa and I can’t start working with my student visa so they will have to rescind the offer or in the best case postpone the start date for a few months – maybe until January -. Did this happen to anyone before ?
Sorry to hear that. :( Yes, sometimes you get screwed because of visa issues. All you can really do is try to gain some other work experience in the meantime, maybe at a boutique bank or doing some type of informal internship.
Hi Brian,
I am going through a BB screening now for internship role. I put on my CV that my internship was 10 weeks but my documentations show it was more like 8/8.5 weeks. Do you think this is enough reason for them to rescind the offer?
No.
Hi! I once interned at a private equity, and after several weeks they asked me to leave, and it is much before the ending date. I won’t put this experience in my CV, but I wonder if I will be asked to fill in all my working history in the background check, or only those on the CV? Or will I be asked if I have ever been layed off in a background check? Thanks!
It varies by firm, but I would not list experience that’s not on your resume/CV. They can’t really “find it” unless you list it explicitly, given the thousands of firms out there.
I had a credit card bill go into collections and I paid it off but it showed on my record– the firm called me today to ask for further details which I clarified. The position I am applying for is not a money management or trading role– its more client services/marketing. Can they rescind based on this? Even though its paid off? I am based in NYC and I know they changed the Credit Check laws here. The firm is a Japanese bank btw.
There is potentially some risk there (though I am not at all an expert on this topic), but if you paid it off, I don’t think it’s a big deal.
Hi Brian,
I just had a full-time offer rescinded 1.5 weeks before the start date at a real estate private equity firm. The hiring manager called me to say she did an “informal reference check and a few red flags came up that management decided was too risky” and that she “couldn’t tell me what those red flags were due to confidentiality reasons”. I’m assuming someone bad mouthed me at my last internship to her, however, I listed my direct supervisor as my reference that was responsible for me and my work but she had made the decision by the time HR contacted my reference.
She definitely contacted someone that didn’t directly work with me and made the decision based off one person’s opinion, without speaking to the people directly responsible for me and my work that I had in fact listed as my reference.
I know all is said and done, and the offer is gone, but I firmly believe someone over-exaggerated and bad mouthed me at my previous firm that I cannot do anything about. Is there any sort of reconciliation that I can take away from this unfortunate situation that was out of my control?
Sorry to hear that. It sounds quite random, and I’m not sure that you could have done anything about it. I would not read much into it, just keep applying elsewhere.
Hi Brian,
I just received a SA Offer. For one of my previous internships I was told by my boss that I could pick my title. At the time, I was doing a lot of data related work, so I told them I want it to be “Data Analyst Intern.” However, during the majority of the internship, I worked on finance-related work. So on my resume that I submitted to the bank I received an offer at, I said that I am a “Financial Analyst Intern” even though I am technically a “Data Analyst intern.” This was at a very small startup (<10 people), so job responsibilities shifted a lot, but every bullet point under the position is accurate.
Thanks
If your question is whether or not your offer will be rescinded, I don’t think so as long as you contact your team and tell them what you listed for your title so they can confirm if the background check firm contacts them.
Hi I recently got an investment banking role and fully onboarded myself and passed the background check. I start in two weeks and sent a couple emails out a couple days ago just to check in and haven’t received any responses. Should I be concerned?
No.
Hi Brian!
Got an offer from a big BB. I have a couple of questions about the background check.
First, I listed CFA candidate on my resume and mentioned it during my interview. It’s not relevant to the position, but in the time between my superday and receiving an offer, I was notified that I didn’t pass the exam and I have not reregistered for the exam, meaning I am no longer a candidate. Will that be an issue?
Also, I was once terminated from a position 4 years ago, but that role was not listed on the resume I applied with. Will that come up in the background check?
Thanks!
No, I don’t think the CFA will be an issue. If you didn’t list that role on your resume, it’s unlikely to come up in a background check.
I have recently got a role with an investment bank. A month has passed since the start of the background screening, and in another 2 weeks, I will be joining them. However, I have not heard anything regarding the result of the background screening. Should I be concerned? and should I email the HR for an update?
No, I would not do that or you’ll just draw more attention to yourself.
Hi, I have an SA offer and am nervous b/c I like many others am now taking a gap from school due to Covid. My grad date remains the same, but this gap shows up on my transcript as Withdrawn. I haven’t told the recruiters that I am taking a gap, should I tell them or wait to see if it comes up during bkground check? Would they ding me for taking a gap without telling them?
Also, last semester I was registered for a class I listed on my resume in parentheses (to show it’s underway) but ended up dropping it a few weeks in. Are the bkground checks going to ding me for not having that class on my transcript and assume I lied?
I would not mention anything unless they ask. I don’t think they care about dropped classes.
Hi Brian,
Do you think a elite boutique bank will rescind over a 0.1 GPA difference? My original GPA is above 3.5
No
Hello Brian,
I’m curious as to how common it is for bulge bracket banks and boutiques like Houlihan Lokey to ask for official transcripts. The reason I’m asking is because when I submitted my application for the internship position, exams from the current semester were not included yet. And one of the exams was really unfair and it significantly impacted my GPA. So now I’m scared that when they ask for official transcripts and see that my current average is different from the average I put on my resume, they will rescind my offer.
It varies by bank, but not everyone cares about transcripts. If your GPA went from a 4.0 to a 2.0, then you might have a problem, but if it’s a smaller drop, that is fairly standard.
Hi Brian,
Thank for the article – know it’s been quite a few years but wanted to ask a question I haven’t found an answer to. I attended an MSc at a uni in the EU where the cutoff for merit was 65 (which I found out about just now – didn’t attend graduation due to health issues and always assumed 60+ was a merit), my grade is a 64 and I put this down as merit on my resume. Will this be an issue at background check? (The school I attended is the only one in the country that awards merit at 65+ as opposed to the regular 60.
I really doubt that any bank will know the specifics of which universities in one country consider “merit” vs. “non-merit.”
Thanks for your answer Brian. What I am worried about is the fact that my transcript does not say “merit” and that this will be a red flag to them. Are background checks usually this in depth in the UK? Would you advise that I contact HR with an updated CV? Apologies for the barrage of questions.
Sorry, can’t really answer country-specific questions that detailed, so maybe ask an alumnus or someone else familiar with the system.
Hi Brian,
I got an offer from a BB IB division and will go through a background check. For one of my previous internships, I put a generic title “Summer Analyst”, but the actual title that HR would confirm is rather specific i.e. [Group Name] Data Acquisition Intern. Do you think this will be an issue during a background check? My offer letter just says “Intern” without any further specification.
Thanks for the answer.
Probably not, at least if the dates are correct.
Hi Brian, I had done a stupid mistake on my resume as I accidentally put the end date of my previous employment as October 2019 instead of August 2019. I didn’t enclose any details or referrals for this employment to Sterling Talent Solutions. So during the background check, the hr came back to me and ask me provide the details for recent 5 years employment, and I did tell her the truth about I did a typo error on the end dates of my previous employment. It’s a 2 months discrepancy. Will State Street rescind my job offer?
I don’t think it matters if you told them it was an error
Hi Brian, wanted your opinion on how HR would respond to this:
I applied to a top bank and inflated my GPA by 0.14 (actual GPA is above 3.5) but believe that at the end of this upcoming semester (Dec 2020) that my GPA will go up and the difference will be 0.05. I know background checks occur between January-April before the internship summer, so theoretically, on a transcript, HR would see the cumulative GPA that is 0.05 less than what I stated on resume submitted for the interview.
When I did background checks before I had to fill out a form which asked for current GPA. I was planning to put my real GPA when the time came for that.
Question 1) Will HR compare the submitted resume from the interview to the numbers on my transcript/background check form
Question 2) What do you think chances of getting rescinded are in this situation?
I don’t think it will matter. HR generally doesn’t pay much attention to small details, and they’re not going to rescind a job offer over a small GPA difference.
Hi Brian,
I accepted an offer that specifically mentioned that the new employer will be paying me a certain sum of money as a replacement award for forfeited performance incentive for this year (given I will be leaving the previous employer to join them in the middle of the performance year). They have decided to rescind the offer at the last minute towards the end of my garden leave – can I take legal action against them to at least get them to pay the bonus? Would a lawsuit prevent me from joining any other financial institution? Thank you for your advice!
You could theoretically sue anyone for anything. Will it result in them paying you your bonus? Unlikely, unless you pay for enough legal fees upfront to get a top lawyer who will then ensure that you win… and then your bonus payout exceeds those legal fees. But even that is uncertain. And if you do sue them, word will get around, and it will be harder to win other job offers.
Personally, I would not do this unless you’re losing millions of dollars (or something even higher) by doing this. And since you’re leaving a comment on this site, you are probably not losing millions of dollars by doing this.
Hey Brian
I have just signed a full time offer for a BB S&T position, that is converted from my summer internship. However, I wish to broaden my skillsets and perspective about the whole finance industry. Thus, I wish to apply for another summer internship at a different business area(IBD, research, credit) in another firm before starting full time at BB.
Problem is that if I get the internship offer, the background check agency would probably call BB S&T since I did that in summer. So I was thinking whether I should check with BB HR in advance before I make internship applications. In my email I would write that the internship is for broadening my perspective and add more colors to my full time job. I am just asking HR’s opinions. But would the BB HR doubt my interests in the firm? Would that result in something very negative?
What do you suggest me to do in this situation?
Thanks a lot !
Just another additional point. If I do ask the question, do I ask my manager first or HR first? Do you suggest me even asking?
I think this is a bad idea because it will seem like you don’t want to do the full-time S&T role no matter what you say. Actions speak louder than words. So I would not recommend doing this at all. *Maybe* you can get away with this if you intern at a completely different bank, but even then, it seems like a lot of risk for not that much benefit.
Thanks Brian for your comments. But doesn’t having some other internship give me a much broader skillsets if I later on find out that equity trading is not ideal for me or I wish to transfer into buyside? A bit unrelated question, after starting out the full time, how easy it is to internally transfer to a different trading desk (like from equity to FICC)?
I don’t think it matters that much because it is still just an internship. As long as you move quickly (within 1-2 years) once you start working, it should be doable. Moving to different trading desks varies widely based on the bank, turnover, and which products are doing well. If you network broadly and know people on all the desks, it can happen fairly easily, but if the bank isn’t doing well in S&T, it might be very difficult.
Hi Brian,
Recently interviewed w a MM PE firm in a big city, not NYC (think SF, Chi, LA etc.). When they asked if I had another offer, I mentioned another MM PE firm in the area, however, I do not have an offer from them, simply some interest and contacts with them. How should I proceed? The firm sped up their timeline and gave me an offer, and during the interview process repeatedly mentioned the other MM PE firm as a reason they were moving so quickly (and its in the same city). How should I proceed? I am considering turning down the offer so hopefully nothing happens regarding verifying the offer, and maybe I can rerecruit later. Does HR/people at the firm normally contact the other firm? Thanks
Why would you do that? If you turn down the offer, then you won’t be able to work at that firm and you probably can’t recruit for them again, at least not anytime soon. There is 0% upside and 100% downside. If you accept the offer, yes, maybe it will get rescinded, but you have to take that chance at this point. If HR and others really wanted to verify this, they probably would have contacted the other firm already.
I’m still not sure why you lied about an offer at the other firm instead of just saying that you were “speaking with them” or even “interviewing with them,” as both of those could have probably moved the process along as well.
Hi Brian,
It was a moment of stupidity. I regretted it immediately afterward, but felt that anything else I said would make it worse. How likely is it that the firm will contact the other firm and verify? Or that members at the firm who have friends at the other contact them? Should I take the offer and take the chance? Thanks
I don’t know, maybe 50/50? But if they haven’t said anything or checked so far, maybe they won’t. Personally, I would just take the offer and accept the risk… just make sure the start date is soon so the chances of a rescinded offer go down.
Thanks for letting me know. Once I got fairly far into the process (like three interviews in) I thought that if they hadn’t checked by now they wouldn’t. However, my start date is more than a year away – it is an off-cycle recruitment process. I could always stay another year in banking, and I figure that if I decline an offer it is possible to re-recruit. What do oyu think?
You could do it if you want. I don’t know. I would still probably just go along with it and accept since there’s no way to tell if they’ll check on your story.
Hello Brian,
I recently received an offer from a BB as an experienced hire (less than 3 years experience). The background check has just started and there’s one thing I’m concerned about. I have a PG certificate in social science which I didn’t put on my CV. I didn’t think it was relevant to my application and I wanted them to focus on my full time work experience and professional qualification instead. During the entire hire process, no one has questioned the “gap” on my CV. Also there was not an option for me to choose PG cert in the BB’s online application system. I have put it in the background check form however as I saw it as, well, a document about my background rather than an application that emphasises my *relevant* skills and qualifications. I’m a bit concerned if this will be a major problem. Everything I have listed on my application was true and I’m clean as a whistle.
Thank you!
I don’t really think you could get in trouble for failing to list a certificate on your CV… if it’s an actual degree from an accredited university, that might be a different story.
Thank you Brian for your prompt response.
Yeah I had this internal debate that whether it was worth mentioning on my CV then I didn’t as I didn’t think it’d actually add any value and it’d been a waste of space on my CV. The background check form itself didn’t even have the option of “PG certificate” in the education section but I thought I’d disclose it as I don’t want them to think I’m hiding something.
Maybe I’m just overthinking the whole thing lol
I’ll likely be going through a background check process for a front office position at a BB and I’m concerned about an unpaid PWM internship I have listed on my resume and how that can be verified. It was an off-the-books internship at a regional broker/dealer and there is likely no records of this. My boss at the time (who now works at a different firm) can verify this took place, but HR may not be able to. Should I be concerned and how should I address this? BTW, I’m several years out of undergrad with solid full-time work experience – the internship holds a very minor spot in the resume and was not brought up anytime during the interview process.
I would just list your boss’s contact information so they can contact him even if he’s at a different firm now. But I doubt it will even come up if you have several years of full-time experience elsewhere.
My response question to your comment from the last post wasn’t posting, But do you think an MD would be able to override if something were to happen w/ HR. Should i alert him ahead of time? My only worry is the application because on the resume i clearly labeled “Major Gpa”
An MD could probably not help in this situation, and it’s a bad idea to contact them in advance and alert them. If you labeled it Major GPA all along, there is really nothing you can do now because you labeled it appropriately on your resume, and they just did not ask for your overall GPA at any point.
Hi Brian – So I received an offer in BB S&T. I’m slightly worried as I listed my major GPA on both the application and resume which was over a 3 and was not questioned about what my cumulative was (under a 3). I have 2 MD contacts that pushed my resume through to my knowledge. But on the application where it asks for grades, it doesn’t just say “cumulative” it had something open-ended along the lines of “grade(or expected)/cumulative. Being that it was open-ended, I wrote my major gpa and specified on my resume that it was my major gpa as well. Do you think this is grounds to rescind, and if it is can my MD contacts prevent this, or is it impossible?
It depends on whether or not they also have your full transcript. If they do, you might be in trouble. If not, you’ll probably get away with this. I’m amazed that they let you just list your major GPA but not overall GPA and didn’t say anything about it.
that’s the problem, they just recently asked for transcripts to fill our candidate profiles. I received this offer back in January. Now I’m quite worried even though I labeled it as my “Major GPA”. Do you think an MD would be able to override hr if something bad were to happen? I made it clear to interviewers and my contacts as well that i used my major gpa as well.
This is what im worried about, they’ve asked to fill out our new hire profiles recently and to post copies of our transcripts, current resumes, professional photo, etc. I accepted this offer back in January. Would my Senior MD contact be able to override hr if something bad were to happen being that he sent my resume in the first place?
Brian,
I have accepted a position as a summer analyst for a boutique IB firm. Unfortunately, I did have a misdemeanor charge 2 years ago that was ultimately dismissed and “expunged” (now the legal term in my state is “restricted”). I have spoken with a securities lawyer, and he said I did not have to disclose this on my background check forms. Would you say it is my best interest to speak to HR, and tell them verbally I have an expunged and dismissed charge in case anything were to show. I am more specifically speaking of the FINRA Form U-4.
Thanks
Read the first part of this article:
https://mergersandinquisitions.com/real-estate-private-equity/
“After you win an offer from a group, you should let them know about any “red flags” in your background and any previous charges, even if they’ve been expunged or dismissed.
You don’t want to tell them late in the on-boarding process after you’ve already filled out all the forms, but you also don’t want to tell them when you first start interviewing because it could kill your chances.
Bulge bracket banks tend to be very strict about background checks due to compliance and HR policies, but smaller firms and non-banks will not care as much about these issues.”
Hi Brian,
To this point, who would it be best to disclose any of these compliance red flags to after receiving the offer? Would it be the MD, the staffer, or HR?
Thanks in advance.
Probably HR and your most recent interviewer (though I hate giving advice on this topic because it’s hard to say anything consistent, and different firms handle it differently).
Hi Brian, my offer was rescinded because I negotiated too much. Do you have a sample email template to rescue the situation? Thanks.
It doesn’t work like that, sorry. If an offer is rescinded, it’s gone, no matter how great of an email template you use to dispute it.
Hello Brian,
how can Banks check that transcripts provided by applicants are true?
EMEA
They could always request the transcripts from your university or business school to verify them. If you’re asking about whether it’s OK to fake your transcripts, the answer is no, it’s a terrible idea from a risk/legal/ethical perspective.
Hi Brian,
Question: I recently received an offer at a BB on a sales team. I listed my major gpa (3.4) on my resume prior to the offer and had no questions about my cumulative or anything related to gpa during interviews. I had originally submitted my resume through a mutual MD contact to get pushed through as I go to a non-target. I’m slightly worried however as my cumulative isn’t stellar (2.96). Should I be worried they’ll rescind if they ask for transcripts prior to hiring?
I don’t see how your offer could be rescinded if you made it clear that the 3.4 was just your major GPA. But I also don’t know how you managed to do that without anyone asking for your cumulative GPA as well…
Thanks Brian,
I may have gotten lucky that no one asked my cumulative, but who knows. Also, it seemed like a much more laid back team that cared about your ability to perform than the branding from school/GPA as they had target school hires in the past do nothing but sit there and look pretty.
Got an offer from a bank then offer was rescinded, well it says cant offer position because of background checks. I contacted the company that did my background checks for a company of the report. It says I pass and nothing on it suggested bad credit, criminal records etc. What can I do since my record is clean. I am very confused as to why the offer was rescinded because I was honest on my form et
Impossible to say based on that description – you should contact the bank or your contacts in the group and ask them directly.
Hi Brian,
I have really bad credit and about 5 credit card accounts closed totalling 13k I and 2 pending collections as well. Now that I got an offer, the IB ran a background check on me and asked me about those credit items. I was honest and told them that I went through some financial hardship and was unemployed for 2 years which resulted of me living the U.S for 5 months. I am an international student. I also provided my travel history to show them that I was not lying. Now they said they will take my answers to their verification team and get back to me. it’s been a week already. am I at risk of losing that offer?
by the way I dont have any bankrupcies or criminal records, just high credit card debt.
I don’t think high credit card debt or other credit problems would show up in a background check unless they resulted in something like a bankruptcy or other criminal charge. But I’m not a lawyer, so…
Please, does anyone have info on how head hunters and buyside firms do background checks? Is it this extensive?
They ask for references, and my current firm does not allow recruiting so it wouldn’t be ideal if my manager is contacted.
I was recently offered a great internship after 3 interviews at a REIT. I have a dismissed narcotics charge from 5 years ago. I am worried that my offer will be rescinded if they see it. How likely are they to take the offer back?
Less likely than a bank, but probably still some risk.
A very informative article. Thank you! I am a recent graduate from a small not target private university in the USA. I was able to lend an internship at a BB in the UK last summer and then get a FT offer there. However, due to some immigration problems, 3 weeks after graduation I found out that I didn’t get a work visa and my offer got withdrawn. Bank said that they couldn’t help with anything at the moment ( I got accepted into a graduate program) since programs in other counties were filled up by then.
I can’t start working in the USA until mid-September ( waiting for some paperwork, i am an international student). What should I focus on at this moment? Local boutiques? I already have your guide with all Fit/ Technical questions and plan to purchase the Networking kit as well.
Do you believe that getting an MS ( I believe I’m too young for MBA with less than 1 year of experience) might help in the future?
Thank you for all the work you do.
You could go for unpaid internships at boutique banks, but they may or may not accept the idea since you’ve already graduated. An MBA wouldn’t be worth it at this point. A Master’s degree might help, especially since you went to a non-target university, but it really depends on what your previous work experience looks like. If you already have a sequence of finance internships, you can probably wait for your paperwork and then just start applying to off-cycle roles at banks.
Thank you for your reply. Is there a way to find out which banks offer off-cycle roles in the US? Would it be mainly small banks and local boutiques?
Yes, mostly smaller banks and boutiques. There’s no list I know of, but many of them are open to it because turnover is high and they often need quick replacements.
Hi Brian, I recently got an FT associate offer from a top MM IB. For one of my previous jobs, I put down one month earlier than the starting date on the employment contract as I was working on a project for two weeks in the prior month (part of the recruitment process though). Now I am going through the background check process, I contacted the HR from the previous company and she says she will only confirm according to the contract. I regret it so much and wonder what I should do now. For the background check form, should I put down the same month as that on the resume or the one on the employment contract? Does the one-month discrepancy matter? If HR brings it up, how should I explain, remembered the date wrong or something else? I would really appreciate your feedback!
Just put the date on the employment contract. If HR brings it up, just say that was your official start date, but you were working part-time in the month before that.
Hello,
I have a quick question. I’m an older student who was in community college for several years part and full-time just kinda farting around without a clear direction.
I eventually went to another community college full-time, got my act together, and transferred.
So my questions are:
1. Am I obligated to list every college I’ve attended in the past & send in all previous transcripts? Or just the ones that’re pertaining to my degree?
2. My GPA at my current institution is 3.83, but by cumulative GPA including my years of farting around at community college is 3.6… My transcript lists both GPA’s as Institutional and cumulative respectively.
Is it suitable for me to just list my institutional GPA?
Thanks!
You should probably list every college you were at, but I don’t know that you need to submit all previous transcripts. You should ask the company about that one. I think you should list both GPAs to be on the safe side, and there isn’t really a huge difference between 3.6 and 3.8 anyway. If your cumulative GPA were, say, 3.1, then you might have a reason not to list it.
Brian,
I’m a second bachelors student that received a S&T SA position for this year. I was just accepted into a top tier masters in computational finance program which if completed, puts me 4 months behind the normal timeline for summer analysts to start full-time in summer ’19.
I go to a non-target school right now and since there is a year wait to start FT anyway, I could finish 2/3 of the MS program instead of finishing the second bachelors. If I tell the bank my situation do you think they’ll rescind my offer or work with my timeline if I pursue the masters?
I would just explain the situation and ask what they recommend, and cancel the Master’s program or second degree if necessary.
Hi Brian,
I recently got a conditional offer at an investment bank (in a large technology hub, not the investment banking part), and one of the conditions was that my GPA was a 3.0.
First of all, I initially applied for the position in a kind of round-about way – not through the actual application portal, but through my University’s CO-OP program. I also contacted them through email with my resume to let them know I had applied through the school.
They contacted me outside of the CO-OP program for a first round interview and asked me to send them some info, including my GPA. I told them that my university does not use the 4 point scale, but that my GPA is about a 3/4, or in the B to B+ range.
For the second round interview they asked for an updated resume with my GPA on it. I put my my GPA out of 10 as it is calculated at my school. I also sent in a transcript. I also had to apply through the online portal in order to put my name in the system, and I put my GPA as 3/4. (The 10 point option was not available)
I am concerned about the GPA being a condition to the offer because my GPA falls either slightly above or below a 3.0 depending on what conversion charts are used. I also received an email that my transcripts have to be submitted before the start date of my internship (literally a week before). Should I be concerned for the background checks? And should I be concerned about having my offer pulled days before I start?
As with most “background check” questions, the answer is: “You can’t do anything at this point, and if you try to fix it or let them know about it, you will just draw unwanted attention to the matter and make yourself worse off.”
Hi,
I started out my master with ME major but later on doubled major with a MBA. Will both of my degrees show up on background check or just the MS.ME that I started out with?
Thanks
Probably just the degrees you completed.
Hi Brian,
I got an offer and am about to start the background process. I listed my senior capstone project on my resume as an experience, as it was a year-long project and we also worked with a client the whole time. It’s like a co-op (but technically it isn’t) that we did to receive credits towards major. I don’t think I made it clear on my resume that it is not an actual employment but a capstone project. I’ve done all the things I listed on the resume and I can also find multiple references (like my professors and people from the client’s side). I also mentioned during the interview that it is my capstone project. Is there anything I ca to do correct this at this moment. I only listed it because it was beyond a school project and the people at my career center suggested that it’s beneficial to include capstone experience too. Thank you for your advice!
No. Just leave it. It’s fine.
Hi Brian,
On the superday for a bank, I forgot to submit an updated version of my resume with a lower GPA so my interviewers had my old resume with a higher GPA. I then received and accepted an offer from the bank but I am worried that my offer might be rescinded for this.
Additionally. the banks’ HR system doesn’t seem to have me in the system because I know dozens of people who got e-mails about group placement and events, but I didn’t receive anything until I e-mailed my contacts to manually send the e-mail to me. Now I probably need to ask my contacts at the bank to manually send me airfare information for sell-day and I am wondering if this has to do with my GPA because I didn’t receive any notice of a background check yet.
I would love to hear your opinions about my situation with GPA background check and HR’s unresponsiveness. Thanks!!!
I really doubt that a slightly mismatched GPA has anything to do with that. The bank just sounds disorganized, so you should follow up.
I’ve accepted an offer to go to a BB bank in London as an off-cycle intern.
I have a “caution” for assault from a few years ago, due to a drunken fight at university. Will that lead to my offer being rescinded?
I am voluntarily disclosing it as it will show up on the enhanced background check, and the Financial Conduct Authority has told me it wouldn’t be a problem from their point of view.
Honestly, I’d recommend speaking with a lawyer rather than asking random, unqualified people on the Internet (such as myself). I don’t know the laws/regulations of the U.K. for this kind of incident, so you should speak with a legal expert.
Hello! I am a college senior and received an offer from an elite boutique in September – signed the offer letter and fully committed. In November, I was arrested by an overly aggressive police officer for a shouting match with my GF, and was charged with a felony offense. By the morning, before I was even arraigned by the judge, the charges were dropped for lack of evidence (I really was innocent and petrified by the whole process); however, the the arrest itself remains on my record. This happened two months after my offer. Now that it’s January and I graduate in a few months, the bank is running a background check. On the application, they ask if I’ve been convicted or have a pending case – neither apply to me, as the charges were dropped within 12 hours of the incident. So, now that I am worried about getting my offer rescinded during the background check – what should I do? Do I contact HR now and disclose the arrest – although they never explicitly asked if I were ‘arrested’? Should I stay quiet unless they ask following the background check? Thanks for your help!
Honestly, I don’t know, and you should probably seek advice from a lawyer instead of asking people on the Internet. I would probably stay quiet and consult a lawyer to confirm. But I am not a legal professional, and I do not have firsthand knowledge of how thorough a check this bank will conduct.
When entering my employment history for a background check, do I have to include an unpaid internship position (I had it on my resume)?
If you listed it on your resume, yes.
I got an offer recently, but for my unofficial transcript I put in my expected GPA instead of my actual – as I plan on retaking those courses. During the phone interview, I stated my current GPA. I’m afraid I would come off as dishonest during the background check, and I plan on telling HR this before I accept my offer. Thoughts?
The GPA cutoff for this job isn’t very stringent either.
Not sure why you would say anything if you already told them about your lower, current GPA.
I wanted to clarify because well I wasn’t supposed to put in my expected grades, and I didn’t want it to be a red flag for background check. As I know if there’s any discrepancy between the official and unofficial transcript, I can get my offer rescinded.
If I clarified, would they possible rescind my offer or?
I would just not say anything at this point. The chances of getting in trouble or losing the offer are almost always higher when you say something than when you remain silent.
Is it practice for IBs give out e-mail/verbal offers to multiple candidates and delay sending the actual offer documents until their preferred candidate confirms/rejects the offer? Curious to see how firm verbal/e-mail offers are as compared to the actual written documents.
I wouldn’t say it’s “common practice,” but I’m sure this does happen. However, banks would be more likely to put non-ideal candidates on the waitlist instead of giving them offers and then withdrawing or rescinding the offers. News about that type of practice spreads quickly.
Hey Brian,
I recently interviewed for an internship at a BB, and during one of the interviews I was asked if I received a return offer from my previous internship at a EB. I did not but I panicked during the interview so I said yes. I highly regret saying this but there is no way I can change the past. Now the BB had given me an offer, but I am hesitating about whether I should take it, because I am afraid that the truth might came back and haunt me and I might lose the offer. What do you suggest I do?
Many thanks.
Accept the offer and worry about the consequences later.
Hi Brian,
So I heavily exaggerated on my resume (basically made up an unpaid internship position that I didn’t actually do), I got some first round interviews, and now I realized how stupid I was so I sent an updated resume to the firms without that position on there. Will the position on my original resume be a problem for the background check, or will they only look at the new resume?
They should only look at your new resume, but you never know. You also cannot do anything about it at this point, so it is not worth worrying about.
Hi Brian,
Im going to a british uni, and Credit Suisse in London asks on their online app if I took the ACT.
I have done it, but I don’t want to give them my ACT score, so can I just say I haven’t taken it????
Will they check?
thanks!
Just say you haven’t taken it.
I have a question about discussing not getting a return offer from an internship.
I did not receive a return offer. My group had 4 interns total. 2 of the interns focused on 1 industry, and 2 of the interns (one of which was me) focused on 2 industries.
The 2 interns focused on 1 industry received offers; the 2 focused on 2 industries did not.
When asked about my offer, is it OK if I say “No, I did not get an offer, but neither did the other intern focused on my 2 industries?”
This is telling the truth, but I’m not referencing the 2 interns who did receive offers, who were arguably in my group.
I guess my larger question is, do banks make these reference calls to internship employers, and how strict are they?
You could probably get away with saying something like that, yes. Banks occasionally check your references, but more just to verify that you worked at the place you stated in between the dates you stated.
Hi Brian,
I go to a university in the UK and am applying for IBD summer internships at BBs. I meet all the application requirements and go to a target university so Ive been getting interviews.
But I have a big problem:
At my uni your overall grade is the average of 4 courses you take. I did really badly in 2 courses (failed and had tor take one, really low grade for another one). But after the resits, I managed to get an overall First (which is the highest grade you can get). Because the banks didnt ask for a breakdown of all my grades, I just gave my overall grade, which is not a lie. But I am afraid that they will do a background check, see my transcript and all my grades, and then terminate my application? Will they even ask for my transcript?
Sorry I forgot to add something else:
The reason I had really bad grades was because extenuating circumstances/health problems. If the banks question me about the omitted grades, is this an acceptable explanation?
Thanks for your help
There is never a great explanation for bad grades, but yes, if it’s just 1-2 courses, “medical problems” is the least-bad explanation.
Hi Brian,
I recently got an internship offer from a BB and in order to accept it, I need to renege my other offer from its competitor. Would this cause the BB to rescind my offer? One issue is that I worked for the competitor in a previous internship so it’s on my resume.
It’s possible, yes, but not necessarily likely. You should probably just ask the first bank what their policy is on reneging offers from other banks.
I would not worry about this because you have 0 control over it and cannot do anything at this stage.
Hi Brian,
My GS offer was rescinded due to a discrepancy in my salary history.
I saw similar jobs in different divisions at GS. Would I be able apply for those, or am I forever blacklisted at GS?
Thank you very much,
J
I doubt you’re blacklisted forever. Besides, you have nothing to lose by applying to other jobs.
I accidentally put vacation pay for one pay slip as bonus it didn’t make much of a difference. I clarified this once they called me do you think it they would rescind my offer?
No
Brian,
Do you happen to know asset management firms’ attitude on requesting a delayed start date (2-3 weeks later) for the summer internship? Will this be grounds for rescinding the offer if it is due to unforeseeable international student visa issues?
I don’t know for sure as it depends on the firm size and their policies. If it’s due to a visa issue or something beyond your control, they might be OK with it.
After receiving and accepting an offer, I was informed my offer was rescinded after I left the office on my last day in my prior role. I filled out an online employment form and listed the title and pay I would receive from my current role if I converted from an intern to employee (I was doing a 3 month trial period post-grad, so no time gap), when I should have listed intern and my hourly wage. I had already told the people I interviewed with my intern status, so I had no motive to lie on the online form, it was a careless mistake.
Should I tell the truth about this in future interviews, as I am sure it will come up because of the gap in employment? Thanks
Yes, you basically have to tell the truth in that situation.
Could I say the internship was a temp role to help the firm during a busy period? Or should I stick with the truth?
Thanks Brian
I was also thinking of saying the internship was nearing its end and I had scheduled a few IB interviews and I wouldnt have been able to miss work to attend all of them if I continued there
If you’re just explaining the work experience gap, not why the offer was rescinded, yes, you can just say that it was a temp role and you left so you could focus on recruiting (as your schedule would not have permitted you to recruit).
Hi Brian, I have accepted a SA offer from a BB in UK. They’re about to run the background checks, and I think that one months of one of previous work experience are off (e.g. I put Aug instead of Sep on my resume, since I was supposed to start in Aug but the on-boarding process got delayed due to technical issues). Do you think that will affect my offer? I’ve heard so many horror stories of people getting their offer withdrawn for minor mistakes like this. What’s your take. Thank you for a great post anyway.
I would not worry about it as there is nothing you can do to fix it at this stage
I was invited to a networking event and met with many recruiters at a BB and spent about a few weeks interviewing with them for an analyst role. During that time I was never asked about my GPA but it is on the lower end. Nonetheless, I was extended an offer and accepted it. In the background check they do require transcripts, can a weak GPA cause me to lose this offer?
They may request transcripts, but a weak GPA won’t cause you to lose you offer (especially if you disclosed it on your resume from the start).
I did not disclose it on my resume at all because I knew it was on the weaker side.
Hi Brian,
I am in my final year at a top UK university and have an offer at a BB bank in London.
This year I had medical problems which caused me to miss out on and do poorly on certain assignments meaning I might not achieve the required 2:1 from my contract.
Naturally they have the ability to rescind an offer here but my question is would they do so? After having invested lots in my recruitment and also having spent ten weeks last summer with me they should know me better than a degree classification would.
If you already have an offer, it’s exceptionally unlikely they would rescind it because your grades have declined a bit.
Hey Anon
How was your outcome? I am in a similar situation too and worried to death over this clause in my contract.
Hi Brian,
In my resume submitted during online application back in September, I put ‘Business Minor (Expected)’ along with my degree name under education. However, this semester, I failed to register a key and popular business course. It seems that I will not be able to finish the minor since I am already a final year student. Will it bite me during background checks? Or it doesn’t matter since I put ‘Expected’?
Thanks.
It won’t matter.
Hi,
So I got an offer from a BB investment bank for a IB summer internship, and my resume is almost 100 percent honest.
All my internship tasks and dates are accurate as well as my GPA. However, I have written down “BS in Science: Finance and Economics” on my resume. Finance is my major on my transcripts and when I applied I had planned to double major in econ. During my interviews, I said that econ was a minor because I had no room for 2 majors -36 credits ( in the application I just have finance without a 2nd major, only on my resume does is have two concentrations… didn’t write the word major). Although my transcript doesn’t even have the econ minor on it, I am half way done the minor with 1.5 years left to college. Will they think I am lying and rescind my offer? They really like me as I as I have networked a lot, am hard working and from a non-target school. This hick is honestly in what you call good faith and should have specified projected minor. Thank you for your opinion.
Apologies for the bad grammar, it is 2am and I am freaking out. Not sure why now, since I got the offer over a month ago. Also how long does the background check take? When am I in the clear?
Stop freaking out. No one cares. Just say you changed plans and dropped the minor. Background checks are usually done just before you start working.
I got a job offer at Goldman Sachs, operations. I am going thru the background check process. Now that Trump won the election, will they likely rescind my offer??
Uh… no. Relax.
Hi Brian,
I am currently a junior at a target school starting the recruitment process for summer internships. I worked at two different places my freshmen summer, however they internships where I did very little significant work. I have them on my resume but I’m not sure what I can describe about those experiences, considering I can’t exactly say I did much. My question to you is, is it better to leave those experiences off my resume or “exaggerate” my work there? I’m kind of worried about a background check leading to a rescinded offer.
You can still include them, but if you didn’t do much, don’t pretend like you did. As long as your 2nd year internship is solid, the first 2 internships won’t matter much.
I go to a school with grading system 0-100, and on some BB’s career websites there are only 4 options for grades;(<50,50-60,60-80,80+). mine falls between 60-80, but the lower end with couple of fails. if i were to translate it to gpa (no one asked me to translate to gpa), i think it's like 2.2. I have pretty good experience (s&t internship, hf) so that occupies most of conversation in interviews. Thus i've done recruiting up to superday at BBs where they never asked my grade. Just wondering if it will be an issue during background check, providing i'd not lie about grade if they ask.
??? I don’t think so, why would this be an issue at all? Just enter the appropriate range and leave it at that.
Thanks! So, they do contact to verify with past employers and institutions.
Yes, most do.
Anon – a bit off topic, but care to mention a bit on background check? – a breakdown on what exactly were checked, and how it was conducted and whether the report was made available to you as a candidate. I am trying to gather the background check processes in different regions US vs. EU vs. Asia.
Thanks
Neil, I am a permanent resident of the UK so they just asked me questions that are typically asked during a credit check i.e. my last 5 year address history (with proof of address), passport and NI number, along with my previous employment history (dates and a contact person at each employer). Additionally, on the day of joining I am requested to bring my transcripts (originals).
Finally, I had to do a long questionnaire for my character check, as required by Financial Conduct Authority – all questions such as any history of bankruptcy, criminal convictions, being fired or received disciplinary actions by previous employer etc.
Just to add to my previous comment – I had to declare if I had any securities portfolio of mine.
And I do recollect my classmate who is from Asia (also starting at the same bank) was asked to provide detailed employment history along with payslips for the last 5-6 years (!)
Hi,
I am an MBA student, just graduated and about to start my full time in a BB in London this August. I got my offer after successfully completing the summer at the same bank.
Now with the UK population deciding (stupidly) to exit EU, I am obviously concerned about my offer. I have already passed the background checks etc.
Media reports (Financial Times) are stating that all international banks in London are preparing to move some of their London staff to mainland Europe over the year(s) due to Brexit – while they can put a freeze on future hiring in London, can they actually rescind Associate offers in London?
Note, there are less than 15 Associates joining across all the divisions of the bank including the back office, so my hope is that Associates who are about to start may not be the first set of people in the firing line in London. (sadly I don’t speak any of the European languages, else I would have been prepared to offer to work in Frankfurt/Paris office)
Any thoughts on this?
Please see: https://mergersandinquisitions.com/
Thanks Brian
Hi, I have a question regarding real estate PE firms. I know that this question if out of context of this topic but I’m very eager to know the answer to it.
I’m working at a RE PE firm (largest among domestic, second largest overall in the country after Blackstone). I understand that MBA is not your domain but I would like to know if MBA adcom will treat it as equally reputed to traditional PE firm or lower than it?
I think they will see it in about the same way. There are so many people applying from large PE/IB/HF firms that there isn’t a huge distinction between different focus industries.
Hi Brian,
What a timing to have this land in my inbox this morning – as I am in the middle of a frustrating (to say the least) situation to try and keep my offer as it’s being pulled. I am interested to see what your thoughts are on my situation.
I am 1st yr MBA set to start my i-banking summer first day of training this past Monday at a BB bank. I was contacted by a recruiter last Thursday (2 days prior to training), that my background check results came back unsatisfactory. I pressed for more information but she seemed clueless herself. Only this past Monday, she told me that the only piece of detail she was given was that my unsatisfactory results were related to the bank’s internal information in regards to my “past financial dealings with the Bank”. And as soon as she said that, I knew immediately what’s going on. And here the frustration goes –
A few years ago I had a checking acct with the Bank (yup one of those universal banks), that was flagged and closed by the Bank through no fault of my own. What happened was that, my parents, Chinese nationals living in China at the time, were purchasing a vacation home here in the U.S. to be closer to me and I was managing the entire closing process for them. Long story short, after I deposited checks from them into my bank account that was in large amt (obviously, it was for a house), and I had no prior experience in handling checks/money this large either (for example, was told afterwards that should have deposited through a bank teller and not a branch ATM to not raise alerts, things like that. My parents, being from China, didn’t know better either and were prob flagged too due to some money-laundering concerns. Risk dept. at the Bank flagged the transaction and ultimately decided to close my account and checks were returned to my parents accounts weeks after. The whole thing itself was a nightmare, our home closing was pushed back by a month and my parents almost lost the house. Anyway, my acct with the Bank was then presumably flagged as suspicious/fraudulent activities. Those remarks on my history with the Bank is what is putting my career in jeopardy at the moment. I get that that information alone would make me unsatisfactory, but what actually happened involved no wrongdoing on my part whatsoever.
Where we stand now is that I have provided a detailed letter of explanation describing circumstances surrounding that event, along with my past email records with Bank branch employees and everyone involved at the time documenting what was really happening. I sent it to the recruiter yesterday and she has passed it along to the background check team for further review. No further verdict thus far and I am about to miss Day 4 of training. I have also, through a contact of mine, escalated the situation to a vice chairman in the group (someone I’ve never met), but honestly do not expect him to be able to do anything, just thought it was worth a shot as I have a lot on the line here.
Any last shot I can take here? I feel like I do not have much to lose but everything to gain at this point. I came back to b-school for this exact job and am watching it being taken away from me 2 days before training. I think this is rather ridiculous but understand the structure/bureaucracy of large institutions like this place, so am preparing for the worst.
Thank you for your input!
And Brian – I realized that I mentioned a bank name in my post by mistake, if you are able to, will you please redact it? I am not seeing an edit option on my end. Thank you.
That is a tough one. I think there might actually be a chance that the bank could reverse its decision in this case, but only if you get it to the most senior people there (the Vice Chairman of the group should work). In addition to the recruiter, you should also reach out to any senior bankers you interviewed with and see if you can get them to move along the background check process more quickly.
Sometimes recruiters don’t care or have no idea what’s going on, so you need to get actual bankers to follow up with them and request faster turnaround. I would definitely NOT rely on the recruiter and background check team to respond quickly – you need to get the senior bankers to push them along.
Thanks Brian – I just spoke to someone from the background check investigation team. Like I expected, while they understand the situation and everything I explained in my letter, what it comes down to is the fact that Risk Dept overseeing checking accounts closed my acct and flagged it as fraud at the time, that decision alone 1) is never going to be overturned (Risk Dept. don’t overturn those decisions), 2) background check team isn’t able to pass anyone with that record, even though they understand the situation. I tried to ask her how is it fair that no one is able to look at the whole picture and make a decision, not based on a false fact that isn’t going to be overturned to begin with, she said unfortunately that’s how it is, that even though it was a misunderstanding, due to the enormity of the misunderstanding, this is the consequence we are looking at…
I need a minute to process it all and doubt any senior bankers will be able to overrule this (even though I’m still trying). Will I even be able to recruit full-time not having done a summer internship given this very situation?
I would immediately reach out to all the senior bankers you spoke with, explain what happened, and see if they can give you referrals.
It is still possible to recruit for full-time roles, but without a summer internship it might be smarter to focus on smaller firms or non-IB roles first and then transition into a bigger bank once you start working.
After spinning off all those “creative” variables that factor into the offer equation, and BS-ing your way in, a bank rescinding an offer – I don’t see any proxy to that other than merely remaining pi**ed off for weeks. Anyway, good article to keep on the back of head.
Yeah, it is quite annoying, but unfortunately you can’t do much other than taking out your anger in healthy ways and re-applying after you’ve calmed down.
Would my bank rescind my offer if they find out I am starting my own start up? Will the people doing background check really check on this?
It depends on how high-profile it is. If no one else knows about it and your name isn’t publicly associated with it, there’s no risk. But if they see your name on TechCrunch, yes, something could happen.
What if I’ve already done that? Should I be worried about it? Is there anyway I can mitigate the risk?
All you can really do is say you’re not working on it anymore or changed plans. But if it’s already out there, someone could always see it. The risk is still low unless it turns into a huge story, in which case you should leave banking to pursue it anyway.
Hi Brian,
I will start full time early August this year and I am looking for an internship from now to August in PE/VC. If my banks knows I am doing so, will they rescind my offer? Also, I am still interviewing for internship positions – do you think any firm will let me intern from now to early August (it’s really short)?
Thank you,
Sara
Also, if I want to switch to growth equity after banking – would a start up idea be relevant? The start up I have been talking to is very small (3-5 people, just launched the product) but they recently got venture funding and I can work in the VC office if I decide to do so.
Yes, a short internship at a startup might help with growth equity later on, and would probably be easier to arrange than a short VC/PE internship.
Yes, it’s possible they may rescind your offer if they find out. I also think it’s doubtful that any firm will let you intern for only 1-2 months or less, so this is probably not the best idea.
Hi Brian,
Thank you for your response. Say I want to get into growth equity in 1-2 years time, what shall I do to prepare now? I want to network with founders at start ups but I don’t think I will have time to do so…any suggestions would be appreciated.
I wouldn’t worry about preparing now, just focus on your upcoming role and then think about what you want to do after you start working. Your plans will probably change anyway.
Thanks again Brian! Should I be worried about my situation if I have been searching for summer internships? Also, if I start working full time in August, would you suggest reaching out to bankers right now?
I don’t understand why you’re doing any of that if you already have a full-time job lined up. Focus on preparing for the role and don’t worry about internships before you start.
Great article on little known issue. Thank you!
Thanks!
do you get to keep your signing bonus if they already paid it out?
Usually, you’re obligated to give it back if you leave early or never start. But if they’ve already paid it out, technically you could just keep it. In past cases of “mass rescinded offers,” banks have sometimes let people keep their signing bonuses.
Just say you already spent it, even if false. I’ve known people who have done this.