Assuming you're dealing with the same asset class, how are these positions different from each other? Can you move back from being a debt underwriter to an acquisition role and vice versa? Is one more "prestigious" than the other?
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Here is my take and this was told to me by a mentor of mine: If you can fund it you can fund it and buy it, if you can buy it you can buy it and fund it, if you can build it you can build it buy it and fund it. All are great positions, but being a development analyst will provide you with more flexibility, BUT WITH THAT SAID development shops run lean + some people enjoy straight up acquisitions. It all really depends on what you want to do long-term. For example, I want to work eventually at an equity/debt shop so being a development analyst is the best path for me. If you want to run an acquisitions group/buy up large properties then debt underwriting/acquisitions would be your best bet. There isn't a whole lot of "prestige" in real estate, yes people work at Goldman IB making X amount of money, but the 3 partners running a lean shop in the city backed by private wealth can make 3x the Ibanker. It all depends on the platform.
Edit: Assuming the same asset class I would go: Development Analyst, Acquisitions, Debt underwriting BUT that is subjective and career transfers can be made pretty easily within that framework
We should circle up on this point later. I would like to get some additional color.
Acquisitions > development > debt underwriting.
However, earlier in your career especially, as a general rule, your debt shops will be more well known (which is good for the resume early on) because debt is generally at more structured (no pun intended) and well known companies whereas development is often at no-name companies. You could have an amazing job in development at John Smith, LLC or a less amazing job at PNC Real Estate in debt underwriting. Who do you think will immediately catch the eye of the recruiter/hiring manager? Which position automatically gives the hiring manager a baseline for what you actually do (and not what you SAY you do)? However, I would almost always pick acquisitions over development/debt underwriting and over firm reputation early on in my career. Fair or not (and I'm starting to think it's not), acquisitions gives you automatic credibility to do anything in the future.
Agree and disagree - Development at a top shop > acquisitions
Agree with @"DCDepository". Acquisitions gives you automatic credibility. It isn't fair, but I've often felt that there is a bias towards acquisitions almost to the point that it doesn't matter where you work or what class/size of properties you work in over debt (and I type this as someone who has spent the majority of their career in debt and is transitioning into acquisitions over the next 3 months).
Disagree with you that it isn't fair. I moved from one of the large banks originating structured debt to an equity shop so have a decent view from both sides of the table. The mindset you get in acquisitions is fundamentally different than what you are taught in debt. Th learning curve was huge for me and I had to completely change how I thought about the asset class. There are many more moving parts in the equity to execute on the investment. Everything is more complicated, the modeling, legal, negotiations, etc. This is why guys who spend a long time in debt will often get pigeon-holded as a lender and won't be able to make the move.
Don't get me wrong - working on the deb side at a good shop teaches you invaluable asset-level underwriting skills that are requisite for a jump into equity. Further, if you're at a good shop, it affords exposure to some of the largest deals in CRE with the top sponsors. But financing commercial real estate and deciding whether you're safe at 60% of the cap stack is most definitely not rocket science and the experience will be treated as such in interviews. Debt is a great place to start a career in RE, just realize early on (if you want to move to the equity side) you need to be proactive and have an exit plan day-1.
i don't really think there is a concrete answer to this question. everyone who posts here is going to be predisposed to stating their role lays the best foundation. it would be easier to answer your question if you can provide some context about what you want in the future, unless you don't know yet. in that case, and assuming you know you want to work in real estate, I would personally say development or acquisitions with no preference for either since both will keep you close to the real estate and teach you a lot about real estate investment fundamentals. if you want to run a RE private equity shop funded by big money pension fund investors, your answer is likely acquisitions. if you want to reposition properties or have a more focused physical interaction with the real estate it's probably development. that's not discounting the value of debt underwriting as the use of debt is a very important way to generate value and enhance leveraged returns in real estate investments. but, debt is typically going to be one step removed from the actual nitty gritty of RE which is generally what this forum is about.
I've said this before: debt is the vitally important, but unsexy side of PERE. It is kind of like being the CFO of a company, nothing would happen without you, but the CEO gets all the credit.
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