Moving to Real Estate Investment firms (MBA vs MSRE)
I'm trying to move to Real Estate Investment industry from FICC trader. (I'm currently working as a trader in FICC of a well-known US bank, and I'm a VP and 33 yrs old.)
I know they are totally different industries and different skillsets are needed to move, but I really want to break into real estate investment industry.
What would be the best way to move to the industry?
I'm thinking of ..
**
1) MBA
2) MSRE or MRED
(looking at firms below, I know it's really hard to get a big name - such as Blackstone / Lone Star / Carlyle etc. but I just want to step in any of those names below as a stepping stone career.)
Blackstone
Lone Star Funds
Brookfield Asset Management
Global Logistic Properties (GLP)
Starwood Capital Group
Tishman Speyer
The Carlyle Group
Oaktree Capital Management
Westbrook Partners
Rockpoint Group
KSL Capital Partners
Ares Management
Angelo Gordon
LaSalle Investment Management
Fortress Investment Group
Invesco Real Estate
Colony Capital
GreenOak Real Estate
CBRE Global Investors
CIM Group
Northwood Investors
Walton Street Capital
Aermont Capital
Crow Holdings Capital Partners
Harrison Street Real Estate Capital
PGIM Real Estate
Just to set expectations...all of these firms are top notch and extremely competitive. I will say however that I am in an MBA program right now and 7 of these firms have formal recruiting channels on campus...and most if not all have some connections with my school. Feel free to DM me if you want to discuss further
Thanks for reply. So you think MBA might be better choice than MSRE for those who have no real estate background?
Not necessarily. There are a lot of variables. My pre-mba experience was in real estate so I didn't feel the need to be in a program as focused as an MSRE/D. It also depends on the school. My school has a strong RE focus.
Not necessarily. There are a lot of variables. My pre-mba experience was in real estate so I didn't feel the need to be in a program as focused as an MSRE/D. It also depends on the school. My school has a strong RE focus.
What schools are you thinking of?
Yeah, I am afraid that employers would find no clue in my real estate interest from my CV, if I don't add any of real estate stuff..
I'm thinking of 1yr MRED in MIT or Columbia for masters, and any of 1yr MBA program...but I think Kellogg is the first rank school which is not real estate focused..
Any advice?
At least in MBA, if you are in a program with strong real estate ties, prior real estate experience is not THAT critical. It is more about showing your interest once you are in the program. However, I would be sure to target schools with strong real estate ties. Wharton and Columbia are obviously two great choices, but also McCombs and University of Wisconsin for example have great programs. I am sure you are early in the process but I would think very carefully about the schools you target. And yes agree either MIT or Columbia have really great MSRE/D programs. What do you mean by 1yr MBA programs?
For the best chances of placement in any of those firms, you will need a MBA business schools ">M7 MBA (but realistically HSW would be the path of least resistance). As someone above mentioned, these are jobs that people coming from real estate backgrounds (going back for MBA, MBA business schools ">M7 or better) are fighting over and industry experience is IMO the key catalyst of landing a gig like that (unless you are REIB background). I'd go to the top MBA you can (that has real estate coursework / not just any MBA) and if you cannot land a MBA business schools ">M7 or T15 and are dead set on those shops above, you might as well get the MSRE, go work at a smaller shop for a few years and then try to lateral to megafund if that is your end goal. Good luck.
That is spot on +sb
Yes, my first goal is breaking into any of real estate investment firms (which are not much bad), and then I'm glad if I could move to top RE firms eventually. So, do you think I can get into mid-level(reputational/size perspectives) firms right after graduating MSRE program(MIT/Columbia/NYU/USC)?
One question to ask yourself before transitioning into real estate is are you willing to take a salary drop. Given that you are at the VP level now, without real estate experience, you won't be hired as a VP in real estate. I also think that your seniority will make it difficult for real estate firms to figure out where to place you. You are too senior for an associate and not experienced enough for a VP role.
With that being said, moving into real estate is still possible. Most likely in would in a smaller shop. Getting started in brokerage or debt is easiest. Consider commercial mortgage brokerage. Gain a few years experience and then figure out where you want to go next in real estate.
I'm neutral on MBA or MSRE right now. Try brokerage or debt first and then decide.
Whats everyones views on Cornell Johnson MBA to break in to such firms as listed above? If im not mistaken on your second year you can take all electives in Real Estate at the Hotel School and Real Estate program.
What everyone is ignoring in this thread is your age. 33 years old is old for an MBA program, some military guys are that age but they have a reason to do an MBA and will be hired effortlessly. HWS - Wharton will be key, Stanford is west coast tech and they struggle to get REPE connections. You will be milking the network, Stanford might be a good school, but pretty fucking useless if no alumni work in REPE... Harvard is Harvard and they seem to have people placed in every good fund so that's a +
mar711 it's extremely hard for someone with no RE experience to do an MBA and then enter RE. Even Columbia or Wharton. MBAs try to sell themselves as a career changing tool, I know for a fact that unless you are trying to do IBD or Consulting you will have a massive struggle. That said, if you are looking to work for a developer or small operator the MBA can help you, not for the funds you listed.
You will also need to explain to people why you are looking to change. Why real estate. You might be good, but why should they hire an old dude like you when they can get a 25 year old that will have much lower expectations than you.
Long story short - an MBA is not the answer to every problem. That and you will also struggle to get into a goo MBA program due to your age. Harvard will not look at you as you are too old and by the very little information I have on you your background seems pretty standard. Also MBA programs worry about job placement, they won't be too keen on someone who is a career switcher and who might fuck up their employment numbers for their US news ranking...
That said everything is possible in this life. Good luck - it's tough to change career. There might be a better way to break into real estate if that's what you want to do, but Blackstone might be a bit of a stretch, but who knows...
Yeah I don't disagree though I think I'm a little more optimistic. Like I said these firms are extremely competitive. Even folks who landed those types of jobs who did NOT come from a RE background were likely IBD in previous life + maybe some RE work during the school year. BUT I can tell you for sure that there are two firms on that list that will take you with no real estate or IBD background if you can demonstrate interest and modeling chops in an interview (I saw this happen this year). The reason being they are massive and have their own training programs and want to teach you their way of doing things.
If you're going down the path of an MBA, especially in real estate, I'd focus on Harvard/Stanford/Wharton/Columbia. Both Wharton and Columbia have stronger programs in real estate than Harvard or Stanford, but you will still place extremely well coming from Harvard/Stanford. You made need to do a little more networling. Also there will be less competition from your classmates if there is OCR. All four of the schools most likely have people at most major REPE shops. Someone could do a quick check. Beyond those four schools, I would then focus on schools in the region you want to work and live. For example if you want to live in California, I would recommend USC over Kellogg/Booth due to USC's strong real estate network. The same could be said if you want to live in Texas where UT would be the logical choice.
Finance as a very pedigree heavy where in the upper echelons of REPE this very much exists, but then it becomes much much more about your network.
Curious people's thoughts. I am transitioning out of Public Big 4 accounting, where I worked on real estate funds (one mentioned above) and transaction advisory. I got into Booth part time and a job in the accounting department at a RE fund mentioned above. Hoping to use my MBA to improve my finance and strategy skills but also join a RE group to network. Goal is to get into Asset Management or portfolio management. Thinking MBA can help round me out. Is this realistic?
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