Changing mind after signing contract

Hi there,

It is not an ideal situation, but it happens, in particular if you have Tier 2 interviews before MBB.

You will be able to turn down the offer. Most of the time you don’t have penalties, however it depends on the law in your country and the contract you signed. I know some cases in China where there was an explicit penalty in the contract if someone signed and then did not join.

If you check the law in your country and your contract and there is nothing about penalties, you are good to go. As Vlad said, the sooner you notify the better, simply because it helps the company to find a replacement.

You are unlikely to be able to join that company in the future, but I guess that’s something you were already expecting.

Best,
Francesco

Hi,

There should be no penalty. Please keep in mind the following:

• If you got the job via on-campus recruiting you might have issues with your school. Make sure the move is aligned with your school reps
• The sooner you notify - the better
• Make sure you are transparent in your communication and write a personal note to the hiring manager if you have some connection

Best

Hey there,

In the end, you need to choose the offer that works out better for you. The power balance between you and potential employers is anyway skewed in their favor.

However, be prepared for potential issues. In my country of residence (Austria) this could be a one-month gross salary penalty payment I believe (regardless if it is stated in the contract or not). This is mostly not enforced though and even if you had to pay it the lifetime impact of the better role more than compensates for it...

Cheers,

Florian

My advice would be to flag that you have a "cross offer" from a different firm so that your preferred firm can try to get you an answer ASAP. Vlad and Francesco have covered it well where the earlier the better. It will be an awkward and unpleasant interaction but I am sure you are not the first person ever to do so and at least you come out with what you want! 

Good luck!

Don't take any of this as legal advice. But typically you can get away with this. It's not ideal and you'll be burning bridges, but companies typically don't follow through with legal processes - they don't want to scare off future candidates.

But do check with a legal expert in your local country!

Hello,

This is obviously not the best position to be but you are not the first one and you won't be the last. They know that candidates apply for several companies at the same time and that this could happen, especially if you are not an MBB. 
There shouldn't be any repercussion, also considering that they want people very motivated and that you are clearly not one of them. Anyway be sure that it's the right decision because they will put your profile in a black list after this.

Best,
Luca 

Hi, I confirm it is classical, especially in this period

Best,
Antonello

Hi there,

I agree with Vlad, you can contact the HR team and follow up on the joining date. Besides, notify them that you are in touch with another company.

Cheers,

GB

Hi there,

Broadly agree with the other coaches.

1. You can reneg on this contract, most likely without penalties
2. This is not ideal, and you should not make a habit of it
3. Only do this when you have the other offer, firm in hand, signed
4. Make sure to minimize bridges being burned...it's probably unaviodable as you've given them very little notice, but try to go about this in the best way possible

Hello!

Not ideal, but it does happen. All the time, actually. 

Can you not accelerate the interviewing process with the preferred company, explaining htem the situation? Usually this speed things very much. 

Hope it helps!

Cheers, 

Clara