Job Search Dilemma

Like many others, I am currently facing difficulties in my search for a CRE analyst position. I graduated from a small liberal arts university in December 2022 with a major in Finance (3.8 GPA). During my Sophomore year in school, I started working at a small RE firm that primarily focused on single-family fix-and-flips and acquiring class B value-add multifamily properties. While I'm involved in acquisitions at the firm, my focus has been more skewed toward the residential side. Fortunately, I have gained experience in analyzing and modeling numerous multifamily deals, which should be valuable transferable skills. After graduating, I reached a point where my progression stagnated, and I decided it was time to transition to an analyst position. Due to the slowdown in deal flow, they haven't been able to offer me substantial compensation. Although they have been supportive as I explore my next steps, I know I can't stay here for much longer. 

Since beginning my job search in April, I quickly realized that the job market was more challenging than I expected. To increase my competitiveness, I have been taking modeling courses to bridge my knowledge gaps. These courses have been immensely helpful, and I am confident in my Excel and general modeling skills. While I believe I possess the qualifications, it's disheartening to see over 200 applicants for most job postings on LinkedIn. I have applied to 400+ positions and have had less than 10 interviews. I am not picky on where I end up although I would ideally be working with MF. I have been applying for analyst positions with Asset Managers, Developers, Lenders, REPE firms, and everything in between.  Another obstacle is my location in a relatively small Midwest town, where the specific positions I'm targeting do not exist. This makes it hard to find school alumni, peers, or others within my network to go to for advice. 

I recently received an offer for a commercial credit analyst role at a local credit union, but I'm not particularly excited about this opportunity. My mind is set on a career in real estate. Due to the state of the CRE job market, if I was interested in any other path I would absolutely be open to pursuing it. Additionally, I don't believe the skills and experience gained as a credit analyst would translate well into a real estate analyst position. Credit analyst roles typically do not heavily rely on Excel and modeling, and my goal is to avoid finding myself in the same position a year from now after dedicating my time to a job that doesn't align with my long-term objectives.

This brings me to Option 1: Taking the Commercial Credit Analyst job while continuing to save money and applying to other jobs in the meantime. Although this position offers a higher salary, it doesn't ignite any excitement within me. As I mentioned before, I am not convinced that this opportunity would lend me any transferable experience. This position is also located in my current city which is far from any analyst opportunities.

Then there's Option 2: Continuing to work remotely at my current firm while relocating to a market such as Chicago, where I can actively network for jobs within real estate. I realize this might sound drastic, but it is the direction I am leaning towards. Being in a state without entry-level analyst opportunities has been challenging for me. I'm uncertain about whom to approach for advice regarding my current situation. However, I believe that by moving to a market like Chicago, I could network my way into a position. I consider myself sociable and charismatic, and I believe my technical skills are sufficient. The challenge with this option is that I would need to find a second job, such as bartending, to cover the cost of living while I search for real estate opportunities. Although my current firm would allow for remote work, it would only be part-time and would not provide sufficient income to cover expenses.

Am I crazy to even consider the second option? I am determined to pursue a career in commercial real estate, and it's disappointing to graduate in a challenging job market. I have only been applying for slightly over 4 months and I don't think it's time to give up. At 22 years old, I believe this is a prime time to take a risk and bet on myself. None of the aspects of the Commercial Credit Analyst position excite me; it was merely an opportunity that fell into my lap. Currently, my primary concern is making the right decisions that will set me on the right path. I am focused on ensuring I make choices that align with my long-term goals. I apologize for the lengthy post, but I genuinely appreciate any and all advice provided.