I am currently a first year associate at a BB CMBS shop in NYC working in securitization. I started off in the structured finance group at a Big 4 Accounting firm and was able to network my way into my current role. My current experience entails:
-Undergrad degree at a non-target
-CPA license
-2.5 years at Big 4 and 2 years at BB CMBS shop
-Passed Level 1 of the CFA
My goal is to eventually end up in an acquisitions/dispositions role at a PERE shop. Since I am coming from the lending side, I was considering either finishing my CFA or pursing a MSRE at either NYU or online at Georgetown to break in. Does anyone have any insight on which route (if either) would be my best bet in landing a role on the equity side?
Thanks,
I think MSRE content is way more relevant to your goals than CFA level 2 and 3 and I don't see how doing online degree is a good idea.
Have you even tried networking/applying for roles yet? You really shouldn't need an MSRE with your background just to break in.
Pretty sure I've only ever seen one REPE/REIT list the CFA as a "bonus category" on application.
The MSRE is definitely what you should be looking at, while I've never seen it as a 'requirement,' many job postings list it in the "bonus category."
That being said, when looking for an entry level (analyst to associate) guy, most shops look for someone with a minimum of 1-5 years in Finance, Accounting or Real Estate. You are probably qualified without a masters, just have a good story on why you want to move over to the equity side.
I am definitely tilting to MSRE. CFA would never hurt, but with doing an either/or I would with MSRE.
Nearly finished with my MSRE degree, caveat; not a top 10 school. Super disappointed with the program and the quality of students in the program. Gonna go for the CFA because i'm into BDSM and want to suffer for 2 years. On-topic, you don't need either. You've got the qualifications to get where you want, I'd do neither or just the CFA.
Why would you ever want to leave that CMBS securitization life? Won't you miss setting up rating agency calls and updating the tape?
Jk good on you. I would think MSRE would be the way to pivot. That said, is it the most efficient way to get there? Think you could network your way onto a b-piece platform or does that not interest you?
If you can avoid going back to school to get where you want to go (via networking, crafting your compelling narrative, and truing up your hard technical skills with REFM's type programs) then this is by an incredible margin the way to go.
Paying 80k++ for a degree when you can get the analogous opportunities (some would argue better given how important network really is in RE; it's 85% of the war. And, even at the top MSRE programs - you are going to have to hustle hard to get an opportunity anyway given the competition in this space) doing the above is not the credited move.
I floated my resume to a few recruiters regarding REPE acquisitions roles but most of the feedback I have received is that I lack the equity experience. In addition, I would have to move back to an analyst role and take a large pay cut.
Another option i would consider is moving over to a debt fund that invests in B notes, mezz, pref equity and/or CMBS B-pieces. If I was to move over to a role in that space would a CFA be more beneficial?
Another concern I have is continuing my career without any sort of graduate degree. Do you think only having an undergraduate degree will limit my opportunities later in my career?
I'm going for an advanced degree in RE for the last reason you mentioned. UG is the new high school diploma; I'd hate to not get a senior role 20 years down the line because my competitor checks the grad degree box and I don't.
does anyone have any insight on the above?
MSRE or RE MBA. I was debating the same thing as you are a while ago. CFA might show a potential employer that you're disciplined enough to pass those tests, but they touch on RE so lightly that it would be hard to argue that they provided you with the RE skills/knowledge that you need for the job.
I'd think you'd be surprised with the complexity of the CFA coursework. RE models are child's play after CFA level II
if you want to be a CFO/ financial analyst for a RE firm...CFA. Also if you work at all in finance/operations for a public REIT - CFA.
If you only want to do development or Acq - MSRE.
Honestly - I believe anyone that can obtain the CFA certification is smart enough and driven enough to easily grasp all concepts that would be taught in a MSRE program. Also it's much cheaper. Bang for your buck - also the CFA.
I think the perfect combination would be working at a reputable firm, gain industry experience, and concurrently obtain the CFA (where you would find the time who knows). This will check all boxes for any employer or boss.
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