Hi guys,
I’m a rising junior at a non target and I just a landed a CRE Summer Analyst 2023 role under the real estate banking group at (BofA, WF, JPM.)
my question is basically, what should I do to prepare? And more importantly, what does real estate banking consist of?
i’d appreciate a high level overview of real estate banking, things to read, videos to watch, etc.
Thanks guys, I appreciate it.
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Congrats brother, is this on the debt side?
Thanks man, and yes it is
Real estate banking is just commercial loans. Equity teams come to you for money, you underwrite the deal and see if the deal and numbers make sense. If you’re an intern there will probably have a summer project and present to whoever the senior leaders are with a recommendation on a deal
Thanks, I appreciate this.
Is working on the debt side at a big bank a good starting point to a real estate career? I'd probably aim for a move toward the equity or development/acquisitions side of things in the future.
Also, would you consider subscribing to the real deal? It's like $200 a year, so is it worth it? A lot of contacts I've spoken to said it'll help with industry knowledge, especially in San Fran, where I'll be. If not, what free shit can I watch/learn?
Lending is a great place to start, especially as early as you are. TRD is ok but don't think I'd personally spend the money. I would see if they have any thing available when you start, they likely have some subscriptions
If you want to prep and haven't done much financial modeling, go do REFM or something similar to get familiar but otherwise you'll be set. Banks tend to like to start fresh with interns and teach them their process
Also, make sure to do your Argus cert before you finish undergrad. It's way cheaper then and will be huge for FT roles
It’s overall a good place to start and get a good baseline of knowledge. If your goal is to be on the equity side, after the 1 year mark, you should start prepping and trying to make the move. Equity interviews are a lot harder than debt ones and depending on your luck of the draw, you can get an interviewer grill you harder than others. A lot of people make a good career out of lending as well, especially at big banks and probably don’t work a ton of hours either.
The real deal is great for news and articles but for free stuff there’s podcasts out there like America’s commercial real estate show, break into CRE on YouTube, and adventuresincre which is more like a blog than a pod
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