Accepted internship offer, then received a better one...what to do?

<p>So I interviewed with Company 1 back in January and they sent me an offer in early February. They wanted me to make up my mind within a week and I told them I was interviewing with other companies and I needed more time but they did not listen. Specifically, there was a certain company (let's call it Company 2) that I was trying to get an interview with. So I signed accepted the offer and turned in my paperwork to Company 1 because I did not want to left without an internship for the summer.</p>

<p>Afterwards, Company 2 contacted me for an interview and 2 days ago I received an offer from them as well. I completely planned to accept the second offer and take back my acceptance from Company 1, but when I spoke to a career counselor, she said that Company 2 could take back my offer if they find out that I did this because it is a small recruiting world. Is this true??</p>

<p>Just to offer some background, I am a finance major and I would be in the Financial Management Program at Company 2 but at Company 1 it is just a position in the Treasury department. Company 2 is also offering me a very slightly higher pay rate and intern housing but it is treated as taxable income. If i stick with Company 1 I would be commuting about 30 min back and forth each day which is not the end of the world I guess. I believe Company 1 is a slightly better-known and more well-regarded name in the business world but I'm not sure if there is a huge difference. </p>

<p>Basically, I really want to accept the offer from Company 2 but I am scared of any potential consequences that could result from my decision. Would there be any such consequences? What should I do? Help!!!</p>

<p>This happen to my son several years ago for a summer internship between his Junior and Senior year in college. The second and quite a bit better internship came four days after he accepted his first internship offer. I have to admit that we struggled a bit but eventually decided to just stay with his first internship offer since we look at this as a commitment that one should keep.</p>