Summer Internship Indecision
March 18, 2011 8:57 AM Subscribe
How bad is reneging on accepting a summer internship offer? Your advice please!
posted by anonymous to work & money (11 answers total)
I'm sort of in a pickle.
Recently I accepted a summer internship offer (at a rather large investment bank in NYC) with full intentions of participating in their program. They sent me the offer letter, I signed it and sent it back to them. The offer letter specifies that either party may terminate the internship at any time for any reason.
Two days after I accept the offer of LargeInvestmentBank, another internship I had previously applied & interviewed for extends an offer to me. This is also a financial institution, regional, not as large as LargeInvestmentBank, but has a long history and good reputation. At first I thought, oh, I already accepted the other offer, so I'll just tell them I can't go. Before I can do so, my interviewer calls me up (multiple times), tells me he was very impressed with me, and promises that he would make it a worthwhile summer if I would join his group.
As a result, I am now very anxious, and seriously indecisive about this.
Pros of LargeInvestmentBank:
- Location (I like NYC. A lot.)
- Salary (double that of the other offer. Money is definitely not the main concern, but as I hope my good performance might earn me a full time job offer later, I am worried that my internship salary may be indicative of my full time salary.)
- Size (I'm still unsure that I want to continue to work in this field later. People have told me that it's good to start with a large company to get the feel of the work.)
Pros of OtherOpportunity:
- The people (Interviewer specifically asked for me, and seems enthusiastic about working with me. We've had really good communication so far. By contrast, communication with LargeInvestmentBank has been spotty. Though to be fair, the communication at LargeInvestmentBank has been with HR, and my interviewer there is actually quite helpful the two times I've talked with him.)
- Size (group is small, so probably better chance of actually making a difference.)
- Work (The work is more complex than the other internship, and this work is directly related to the main function of the institution. At LargeInvestmentBank, I'm working on something peripheral. The work is actually above the level of work typically given to interns. Though at this point, I'm not really sure if I want to later go into this field at all, so I don't know how much weight this carries.)
The people at OtherOpportunity knows my situation. Someone there I've talked to tells me that it's not unusual for someone, even after accepting an internship offer, to say that they can't come because of A, B, C. I'm not sure how true that is. This is actually my main concern. I tend to be someone who keeps their word, even if the offer I signed isn't absolutely binding. If it wasn't for the fact that I already took an offer, I think I might have went with OtherOpportunity.
I'm reluctant to go back on my word with LargeInvestmentBank, but I feel sort of guilty, as my interviewer at OtherOpportunity has put in serious effort with keeping in touch with me, have been effusive with praise&how much they want me to join them this summer, etc.
Please help me resolve this situation gracefully. Is it acceptable to tell LargeInvestmentBank that I no longer wish to participate in their program? If so, how? If not, how do I sincerely convey to my interviewer at OtherOpportunity my appreciation for the opportunity he is offering, even if I will not be going?
(Anonymous because it is a delicate situation.)