Exit Opps from BREDS
Have been exploring RE related roles and was curious what kind of exits are achievable from an Analyst role in Real Estate Credit.
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Career Resources
Based on the most helpful WSO content, transitioning out of a CRE (Commercial Real Estate) credit analyst position can lead to various opportunities. The skills and knowledge gained in this role can be very transferable, especially if the bank you're working for has a significant focus on CRE.
Some potential exit opportunities could include roles in general business loans, Investment CRE, and Owner-Occupied RE. It's also worth noting that gaining client-facing experience can be beneficial for future roles.
However, it's important to remember that the specific exit opportunities can depend on various factors, including the size of the loans you're working with, the regulatory culture of your workplace, and your own career goals and interests.
In terms of further education, an MBA could be valuable, especially if you're thoughtful about the program you choose. Both the prestige of the program and its location can be important factors to consider. For example, if you know where you want to live long term, a school in that area could be a good option if you're not going to one of the top MBA schools.
Remember, every monkey's journey is unique, so it's all about finding the right path for you!
Sources: Career Path Starting as Credit Analyst, Credit Analyst in CRE, CRE Credit Analyst Career Path
You would be able to get an interview at pretty much any shop. The rest is all up to you.
A MF like KKR / BX / STWD is the exit opp everyone is chasing, could you shed some light on why you would want to leave?
Is that the exit opp everyone is chasing? Lol
I’m in vanilla corporate MF PE but have some friends in RE strategy and am also trying to lateral over. So, I could be biased but would assume so. Relatively new to the RE industry but I’m assuming being at a top developer would be an exit as well? In any case, I would say OP is currently one of the best seats in finance at BREDS
This is what most college kids and first year analysts on this forum assume, but I don't think "everyone" is chasing these opportunities. The people exclusively focused on acquisitions and who care about prestige, sure, but real estate is not traditional finance. People who want to do their own thing, be closer to the assets, or be in development are generally not looking to go to these shops.
Definitely fair. But don’t most people looking to spin off their own shop down the road look to get a pedigree and build relationships at these funds first? I only ask because that is what I am interested in when I’m more established in career.
I think that's where most people go wrong - I look at those funds as a place to build a career, not to learn how to go out on your own. Do some people from those shops go out and do their own thing? Yes. But it's like <1% of employees who are successful in doing so and usually its after being a partner for years. They generally are also going out and starting their own fund which is the most difficult way to get started as an entrepreneur in this business.
Why is that? Because these shops train you to invest at an institutional level and find deals like an institution. You're also used to working in an extremely well-capitalized organization with cream of the crop technology. That's great, but now you're equipped to go raise money from institutions who are already dealing with these shops - how do you convince them to give you their money instead?
It's a lot easier to go out on your own at a smaller scale and syndicate deals to get started, and to do that you need to understand real estate and how to operate it more than the macro investment thesis. Working at a reputable mid-sized shop in your market of choice is way more beneficial from an experiential perspective for this skill set. It also gives you regional expertise which both large LPs and HNW investors are looking for when they're investing in smaller deals. It will be far easier to go out and raise money from less institutional investors with a hands on background (read: wearing a lot of hats and not just buying stuff over and over again).
It is definitely not the exit opp everyone is chasing, hours are hella rough with high intensity workload at entry level and occasional 100+ hours workweek. Only slightly better than ib. BREDS Team has great camaraderie though.
100% never trying to work at any of those firms. Terrible lifestyle. Not worth the money.
Personally, I’m sure it’s because of my environment (relatively new out of UG) I would rather have the elite brand name on the resume if you are early in your career. You can always move downstream down the road if working at a behemoth MF is not what you are looking for, vice versa is more difficult. As I’m sure you know, the comp is also top of finance (outside of entrepreneurial paths), in line with other MF corp / infra PE / PC strategies. You have to decide if you want to sell your soul in this case, because the hours are also in line.
The comments above are true, a smaller shop has its merits and could be a better launchpad for a spinoff. However, I would opine that it certainly will not close doors if you were capable enough to get into a MF in the first place. Steeper learning curve? Sure, but things you will be able to pick up if you make the choice to move downstream to a smaller shop or go off on your own. Like most of finance, it’s not rocket science.
Exit ops will be whatever you want them to be assuming you can network into it. I’ve done: office leasing tenant rep->life co asset management / acquisitions / lending -> PE firm -> developer.
The whole notion of ‘exit ops’ is flawed. Mine your network to get where you want.
LOL BREDS IS the exit opp for most people here.
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