Hey All,
I'm currently a senior at a senior at a semi-target school and am in the process of interviewing for both Goldman Sachs' Realty Management Division and a Big 4 Real Estate Transaction Advisory Services team. I'm having a tough time deciding which I would go for. Anyone have any experience with either? Any advice or experiences are appreciated. Thank you!
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I'm assuming Goldman is in Irving. I just let go an offer from RMD, and here's why: you can be pigeon-holed so hard into Real Estate, you'd have to at least get an MBA to shake yourself of it. From a lot of research, I came to realize that analysts in RMD never really left the RE industry, and when I asked a few of them, they said they could not shake themselves of the RE image planted on their resume. Now, it seems like you want to be in RE, so this might be exactly what you're looking for. If you want to go into originations IBD, I'd say that you may want to take Goldman.
Okay, thank you for the information! I'm looking to stay within the RE industry, and at some point possibly advance into REPE. Any thoughts on RE Transaction Advisory? Thanks again.
Okay, thank you for the information! I'm looking to stay within the RE industry, and at some point possibly advance into REPE. Any thoughts on RE Transaction Advisory? Thanks again.
Don't get me wrong, it's a fantastic place to work and 'end up,' (if you could call it that). They seemed to be very happy, nice, and pleasant people, and while I'm no fan of that part of DFW, the office was nice.
What part of the RMD are you interviewing? I assume the RE Asset Mgmt division. If so, I'd take Goldman. In Big 4 RE transaction advisory you'll mainly be reviewing appraisals. In my opinion, this is not the best experience. RMD will give you exposure to underwriting assets and Asset Management (relevant for whatever you do in RE). Big 4 will not give you that experience.
I'm interviewing for their Residential Mortgage Asset Management practice. It seems that there's a lot of exposure to different groups within RMD. Thanks for the info!
If REPE is your goal, I'd take Goldman hands down. RMD can be a feeder right into REPE, if you network with the right people. One last word: you seem to not have offers yet. Don't start counting and comparing offers before you have them. I know plenty of absolutely brilliant, and hardworking people who were turned down by RMD. There doesn't seem to be any real rhyme or reason to who they choose and why. Good luck OP.
Yeah aside from the people I've talked to and what I've gained from online research of RMD I'm still looking for that complete picture of it. I'm not putting all of my hopes into receiving offers from either, just wanted more information if I were to receive an offer. Thank you for the advice!
Knowing that I'm interviewing for Goldman's Residential Mortgage Asset Management group, do you think it would still be a better opportunity than TRE as far as exit opps go? I feel TRE will offer a more broad range of experience. Thanks
I will definitely go for TRE
I am not familiar with Goldman's residential mortgage group so this isn't necessarily a recommendation, but TRE does offer a great range of experience for the beginning of your career. Get good exposure to a variety of asset classes all over the US (and some international depending on client). You will learn valuation methodology and build a decent network. Try to work with the other offices and get on a wide variety of engagements as much as possible to enhance your exposure and network. As far as exit opps, they vary significantly but there are definitely some very good ones. Not sure how big 4 looks vs GS on ur resume, but I think that if REPE is your goal, having solid experience in commercial is probably going to be more helpful.
You can find several threads about TRE on WSO. My thoughts on TRE are as follows:
Your experience will vary a lot based on the office and partner that you end up working for. Some offices bring in a variety of work for non-audit clients, and I would consider those groups "real estate consultants", while other groups rely heavily on audit teams to provide work, and those groups end up being "real estate auditors". If you're a real estate auditor, you will spend most of your time doing appraisal review and the real estate takeaways will be minimal. Conversely, if you can get your hands on a variety of consulting projects, this can be a great way to figure out exactly what about the real estate industry interests you most, as you will have the opportunity to work on multiple asset classes doing different types of analyses. I highly recommend doing your research on what type of projects your group works on most, and don't let them sell you the "national platform" pitch unless you're interviewing for the NY office (or possibly Chicago). The NY office is large and has a lot of analysts, if the home office is slow, they will lend out analysts to other offices, but the small regional offices are rarely slow enough to loan out one of their 2-3 analysts.
I felt my TRE group struggled to keep quality talent because they didn't have an "up or out" mentality, it was an "up or up slower" mentality which meant that people became complacent knowing that the next promotion was going to happen eventually, and in the meantime, the salary is fairly good for a low cost of living city and the benefits are very good.
I came out of a non-target with a mediocre GPA and needed/wanted a big name on my resume to help get my foot in the door at groups that I otherwise wouldn't be appealing to. I spent a little over a year in TRE, learned more about excel and gained some real estate experience that I could talk about during interviews, and this was enough to make me stand out compared to other applicants going after analyst positions at the investment firms. I don't regret spending a year at the Big 4, but I'm not sure that I recommend it either, it all comes down to the specific group and your background. If you're on WSO, you're probably career oriented and won't be fulfilled with TRE in the long run, but it's not necessarily a bad place to start.
Yeah through my research I've concluded that half of the group's work is committed to audit assist projects. What kind of opportunities came up with your TRE experience? Do you think TRE really helps with the transition to other investment firms? Thanks for all of the information.
What are the Big Four Transaction Advisory firms?
Wish I had a SB to throw you for this one, Prospie.
I thought Peat Marwick merged with BCG
@studio let me help
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Hi question, I'm a soph and I have a quick question. Were your internships more RE Private Equity focused or Development focused? Thank you & congrats on TRE.
Thank you! I've been working at a small commercial real estate brokerage since my sophomore year, doing mostly research and mapping. At TRE, they want to see that you have a strong interest in real estate and I think that experience helped me convey that. Let me know if you have any other questions.
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