From IB to development?
How should I navigate this potential move for someone that knows very little of the construction side of development? Any good resources to leverage?
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Coming from IB you are 100% going to have to target financial roles to start - Development Analyst or an acquisitions analyst/associate role at a development shop. You won't get hired into a technical/project management role from IB unless you find an outlier shop and get lucky.
With that in mind, you won't need to have a tremendous grasp on construction, you can learn it on the job. The ULI text on development finance is helpful to get a handle on it from an underwriting perspective. Construction itself is hard to learn other than from experience.
^Agreed. Have learned more from construction site walks every week with my boss, our architect, and super than I ever could from a class or book. Really helps conceptualize the sequencing of trades, understanding how issues arise and result in RFIs or change orders, seeing the impact of weather, etc. You’ll get much better at reading CDs too. So I’d try to target roles where you’ll be learning the construction side as part of your job rather than expected to learn it in addition to your actual responsibilities
What’s the best way to prepare for a development analyst role?
Lots of good info on this topic in forum already, but making sure you’re smart on re finance terminology, can build a ground up development mode for property type that the shop specializes in, have some localized knowledge of deals happening/current pricing in your market, know relevant industry players, etc. Basically showcase you’re fully in on re development and can use your IB presentation and finance skills to add value day one to developer (this is big and why they typically don’t hire new grads), with the ability and desire to learn everything else as you gain more experience. Aka you can be “molded” into a Dev manager one day.
You can definitely make the switch. You would probably actually have an easier time landing a role at a Hines/Brookfield/Related than a smaller shop.
I have seen plenty of times someone from REIB make the leap to Development. As others said, it would have to be a very financial oriented role opposed to more project management.
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