Real Estate Consulting/Investment Position with CBRE/JLL/etc
Hi there, I'm currently planning a 1-year MBA with Kellogg or Emory and would like to concentrate in real estate. I wanna ask if it will be hard to get a consulting/investment/valuation position with CBRE/JLL/Colliers/etc after graduation? I am a management consultant in Big 4 now with 3-year experience. My only real estate industry experience is implementing a budgeting system for a local major developer. Wondering the hiring criteria for these firms and will I have to start from the entry level even with my MBA degree? Thanks for your help!
I can't necessarily comment on getting into the firms, however, I would suggest reaching out to senior level people. Also, for CBRE, there is a major difference between their consulting and investing arms. Consulting is really a financial analyst role. Broker's will pull in the consultants to run numbers for them and different scenarios in regards to taxes, depreciation, etc. They will also do more complicated financial lease analysis and lease vs buy scenarios. Then there is CBRE investors, which is a whole other area of the company.
Thanks for your information pudding! It seems like the consulting side requires more of financial modelling and analysis skills. Wondering where the consultants move up to in terms of career, is it easy to jump to investment or Asset Management area? Can you also tell me more about the investment arms? Thanks!
Emma Lin, I only know about the Consulting arm. Consultants have the ability to jump to brokerage roles - leasing and investment sales, however, I don't know much more. They also receive a paycheck, at least as an analyst. The consulting team usually takes a piece of the commission generated by the deal as a bonus. I do not know if it is possible to jump into investment or Asset Management. I don't have much info about the investment arm, sorry.
Thank you very much for your information pudding! May I ask if you know what kind of people do they usually hire for the consulting arm, such as educational background and work experience? And also do you mind sharing the average salary/promotion path? Thanks!
Emma Lin, they normally hire MBAs, CPAs, etc for the consulting arm. However, you can get in without advanced degrees too. People do get in out of undergrad too. I don't know the salary / promotion path. To get these positions you must network. I would try to form a relationship with a senior level person or reach out to your contacts to see if you know anyone who knows anyone at CBRE, JLL, C & W, etc. These firms are all about relationships and the best way to get in is through a relationship. You can even cold call a senior person and ask them for a quick 15 minutes for coffee. Many will do it - it is just the industry. People will give others there time if they warrant it can / will make them money. Granted, you won't make them money, but down the line, you may be a contact.
Hi prospie, I'm really interested in working in the real estate area, however I don't have very solid industry experience or related educational background, so I'm not sure if it will be realistic to aim at REPE or Asset Management. That's why I'm thinking to start with real estate service firms such as CBRE or JLL. Not sure if an MBA will be overqualified for these companies, or help me get a higher pay. Any suggestions on other potential post-MBA options?
You will be pretty over qualified to work in many of the roles at CBRE/JLL! At least in terms of brokerage/valuation. It can then be tricky to move across, so I would recommend against it.
There are a variety of different roles at funds/investment companies etc. that you could work in. Generally there are asset managers who do the real hands on property stuff (rent reviews, organising refurbishment etc) which you might find it hard to do without any experience. But there are lot more investment/fund analysis/research roles which you could easily do. Many job adverts in RE will ask for big 4 experience, or at least look favourably on it. Add a decent MBA into that and you should be able to get some decent job offers. RE is actually a pretty easy asset class to learn so many teams are happy to take people who have a solid finance base but little actual practical experience.
Emma Lin, you could also go work for the asset managing arm of the bigger firms. The experience you will get will be valuable, just know it could be an uphill battle to leave. Additionally, a master's in real estate could be a good option if you don't do the MBA. You will take focused and targeted courses on real estate and be able to decide part time.
Additionally, if you do break in, and you can only break into the brokerages (CBRE, JLL, C&W), I would highly recommend only doing work on the capital markets side and not the leasing side if you are looking to leverage your experience to a more finance / investing type role. If you work in capital markets, whether it be lending, loan sales, investment sales, etc., you will see a few things: 1) reasons sellers sell and buyers buy (valuable to learn to think like an investor even if you are not investing yourself) and 2) basic modeling in real estate if you are at a larger firm such as CBRE, JLL, C & W etc. This is because these firms are dealing with the largest assets in terms of value.
If, let's say, you get into a brokerage house but only get a leasing role, another option is to take the job and break into the industry. From there you will see and hear about many facets. Use that time to network while you work, or take a Master's in Real Estate program part time at night if the city you are working in has it. That way, you can work and not lose any time, break into the industry, and get the finance / modeling skills you need on an academic level which should be enough to get a job.
Emma Lin, I work in one of the property consultancy firms you mentioned. I think we're in the same city.
I don't mind giving you a rundown. Send me a PM and we can connect further.
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