What do you RE folks think?
Recent finance grad - started at Big 4 7ish months ago in their Structured Products/Securitization advisory group. I make about 85k~ all in based out of Florida. I went to a less than stellar school with a less than stellar GPA. Although I did a number of quality internships gained mainly through networking.
Most of my work is based around Agency MBS transactions. Cash flow modeling, building term sheets, tie-outs with respective investment banks and their accountants.
I know I want to jump ship from Big 4 and be more aggressive with my career. As you grow in the firm it seems you work more and are extremely underpaid considering the other long-hour careers out there. I also have a finance degree, and would like to stray away from the accounting folks (no hate).
What are my possible exits? What’s realistic considering my academic background? What would be your next logical steps?
Thanks in advance!
It depends - do you want to do real estate, or do you want to do finance (and are indifferent whether that's a pure finance role or real estate finance)?
Would like to stay in RE space
I'd say focus then on deciding what part of real estate do you want to be in 5 years. Development? Balance sheet lending? Brokerage? Institutional, REPE stuff at a fund level? Going to need to narrow down a little to be able to give you advice - just saying you want to be in real estate is incredibly broad. Could mean anything from an appraiser to working at your local Caldwell Banker (I'm assuming you're saying you want to stay in commercial real estate).
Unless you network a ton locally, might want to explore getting an MSRE if you're trying to break into a more institutional role - would likely need a "brand refresh" from an MSRE or MBA if you're eventually trying to end up at a REPE or national developer given that you said you went to a non-target with a mediocre GPA. if the time and money commitment there are unappealing, considering a CCIM wouldn't be a bad idea. Know a couple of people who were able to lateral well after a couple of years in appraisal - you'll get great at valuation.
you could literally go to phoenix university for a degree in basket weaving graduate with a 1.2 and still end up at the top of anything but highly institutional REPE
This is real estate not banking. The only thing that matter is 1) your experience / jobs over time serving the career path you are aspiring to and 2) your network. everything else is noise.
If you wanna be an MD at blackstone then that's probably not in the cards for you unless you get a top MBA
This was very close to my all in comp during my first year. I think you’re in a good spot at a young age to learn. Not to earn, but to learn. I’d sit here for 1.5-2 years while you learn about the business before considering a transfer. Just my 2 cents
Here is the magic bullet. If you want to break into real estate and come out 3-5 years later with an amazing job. Ratings Agencies. I have no idea how, but I have seen this a lot in my career.
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