First thing is to check the details of your offer letters. Either offer may specify a problem about accepting the other, e.g., "your vacation scheme placement is conditional on not accepting a training contract elsewhere."Hi all, I just wanted to ask something important regarding a decision related to a VS and TC. I received a vac scheme for a big American firm in London in February, and just last week, received a TC offer for another firm. I'd really like to do the vacation scheme because I've already processed everything and it would be my last opportunity to work in the UK, as my TC is for Hong Kong. I just wanted to ask if it would be inappropriate to mention this to the firm that offered me the TC, or if it's best to just renege for the vacation scheme and do the TC.
Second its completely up to you to do both. You might consider not doing the VS if you're 100% certain you want to take the TC in Hong Kong. But there's no harm in accepting and no one can hold it against you, and its still worth doing if there's even a remote chance you'd accept the TC in the UK.