Investment sales analyst vs <1B REPE firm analyst

Hey everybody. I’d love to hear some opinions on whether it is best to start out as an investment sales analyst with a top tier/mid-tier brokerage, or to start out as an analyst at a smaller REPE firm.

For context: I am a student graduating in December. I know that at some point, I want to strike out on my own and act as a GP or purchase deals out of pocket (long way to go obviously).

If my end goal isn’t being a producer at the brokerage where I begin, would it be better to take an REPE role? I want to start at a smaller REPE so that I can gain experience with the type of deal that I would likely be pursuing in the future.

On the IS side, the high deal volume, increased networking opportunities, and the chance to see a lot of different deals getting done intrigues me. However, I am wondering if it would be more beneficial to start at a smaller REPE so I could get hands on experience in acquisition decision making.

I’d really appreciate any advice on the following:

-Which pathway do you believe would help me get a better framework for understanding the industry in general

-Which would likely lead to better exit opportunities in 5ish years

-Which path you would take

Thanks to anyone who takes the time. Appreciate yall.

 

If the small REPE is active, has an investment thesis you jive with and can learn from before striking out on your own, has growth potential as a company, and gives you growth potential as an employee... then take the REPE role 100%. If not all of these criteria are met, reevaluate.

 

Go where they’re not gonna screw you on comp and you will also learn. Sometimes I see associates at smaller shops with like 6 years of experience. To me that’s too long to only be an associate. I need we need more info. You don’t need 5 years in investment sales tho that’s just be a waste. Max two then leave to buyside

 

My thoughts...

  • Do you know what the role would look like at the REPE shop? Smaller firm... are they cradle-to-grave? Will you need to wear different hats and be involved in the whole acquisition (sourcing, DD, execution) and asset management (capex, strategic leasing, financial reporting/budgeting/forecasting, etc) process soup to nuts? That type of experience would be extremely valuable for eventually going out on your own.
  • Is comp a deciding factor? Comp at smaller REPE shops can be a wash depending on various factors. I assume the IS role would be a base with bonus pool on staffed deals? (could be significant depending on the team)
  • Are you passionate about a specific product type that either role aligns with?
 

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