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"One of my potential options for next summer is an internship at a top REPE firm, and if I get the offer I will most likely stay at that firm.
My question is, which option is better? Although moving into REPE straight out of school will give me the job I actually want, it seems that most people prefer candidates with some level of IB experience."
I am not understanding what you want to hear..
You want to work in REPE? You have an internship in REPE? You would stay with that same company in REPE? Why would you then aim to get experience in real estate investment banking?
Also.. "it seems that most people prefer candidates with some level of IB experience." As junior in undergrad, how are you coming to this conclusion?
"one year of REIB experience can make 150k all in at an REPE firm as an analyst" This is false.
I'm saying that I want to work in REPE straight out of undergrad. There is a top REPE firm that recruits for summer analysts (and full time hires) at my school.
Based on posts and comments I've seen on WSO, it seems like analysts who go straight into REPE out of undergrad aren't regarded as highly as those who go into REIB for 1-2 years and then make the switch.
IB to PE is usually what is done and recommended in more "traditional" finance. This is mostly because you'll gain more exposure to deals, transactional experience, better learning platform, training programs, networking with your class, you're sitting in a seat where you see debt, equity, and M&A deals, etc. All of which provide you with a better platform to give you more tangible and mobile skillsets to start off at. There are also SIGNIFICANTLY less spots for analysts directly out of UG in PE than in IB, so most people go that route out of default as well.
That is what is usually done in more "traditional" and corporate finance IB to PE roles. That said, I think you're reading these posts at the surface and not seeing that in RE it is a completely different environment. I think the above about traditional IB can be applied to REPE IB, but IMO you should just go straight into REPE and start out as soon as possible in what you're ultimate goal is. I would do the best that you can at the REPE, get the offer, and stay FT. Maybe even use it to leverage to a better shop FT.
Once in REPE after 2 years as an analyst, you can lateral to a "better" REPE shop if you're interested in doing that. I am sure they'd rather hire someone with direct REPE experience as an associate over an IB monkey analyst. You have direct exposure and have already been in an investor environment as opposed to the sell-side.
Ok thanks appreciate the feedback.
"I want to play in the NBA, should I sign the offer I have from the Celtics or should I go play college ball?"
Well I should add that part of my concern is there are very few REPE firms that hire directly out of undergrad. So if I can't get an internship at any of those, I'm pretty much screwed. However a couple of years of REIB opens the door to far more REPE firms than I have access to now.
I mean .. isn't this whole decision contingent on you having an offer in the first place? If you can't secure an offer from an investment shop then that's clearly not even an option to choose from.
Why not apply to both and see where you are once you start getting offers
I just graduated so I'll give you a little insight on my experience. I'm working for a developer right now. We're spinning up a fund in probably 2 years. Getting experience in all sides of the development then hopping over to the fund level (basically helping maintain a REPE fund). Not sure if this gives you insight but I'd be happy to answer any questions you have.
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