Miserable Day in the Life: Commercial Real Estate Broker

“I don’t see you as someone who loves Real Estate,” my one Principal said. Wrong…

I took a sip of my coffee and thanked whomever that we were outside and I had sunglasses on.

“I think you’re just in this to make a quick buck,” he continued. Wrong, again. There is nothing quick about the sales or leasing process in commercial real estate and I am certainly not making any money of note yet.

“I just don’t think you’re very loyal.” Ugh.

This was all during what he called an apology, mind you.

Some days you are undeniably the man. Women want you, men want to be you, the stars align, and everything goes your way. This was not one of those days.

Whether or not it was the absolute worst day is debatable, because rarely are ENTIRE DAYS bad, but there were many aspects to last Tuesday that were undeniably awful in a stupid sort of way.

Make sure you check out a slightly more normal Day in the Life of a Commercial Real Estate Broker as well as my 6 networking tips and my blog in general.

6:00am: I woke up in a bad mood. The afternoon before I caught shit from one of the four principals of my company for work I had submitted to him. The work had been on point, but in the interest of time (which he had stressed was the most important factor), I submitted it to him in parts via email as I completed it instead of all at once. All he had to do was copy and paste it into one, one-page Word file. It was quite possibly the least complicated and least time consuming thing ever. But instead of taking a minute to do it himself, he lectured me for 30 minutes about why I should have, even though I was doing this last minute work via my iPhone…while driving home. Caffeine, shower, shave, and I’m on the road so that I can get in early to copy and paste this info.

7:28 am: Turn my computer on

7:29 am: Load email & Word

7:30 am: Copy and paste emails into word

7:30.5 am: Re-email Word file.

7:35 am: Principal decides that we only need the first part that I sent him, rendering the work, the lecture, the bad mood, and everything else associated with it absolutely pointless.

8:45 am: The same Principal and I have a 9:30am tour of a new construction office park we represent in a high-end suburb. 15 minutes before we are even supposed to leave, the tenant rep broker emails both the Principal and me saying that he is way ahead of schedule and will be at our site within minutes. Terrific. My Principal emails him back seeking clarification and direction. He doesn’t respond. My Principal calls him. No answer.

This is incredibly annoying for a couple of reasons. Times change – that’s life - , but as a tenant rep broker, you are supposed to set a schedule and control your client’s expectations and pace during your day tours. More importantly, you are supposed to be responsive, especially when times change. Instead, this guy thought being a clown was a better game plan.

8:55 am: We powerwalk our way to the parking garage only to finally get a call from the tenant rep broker to say that his client liked the space, that it is in his top 3, and that he will be starting proceedings soon. This is good news, because he liked it, but also frustrating news because we weren’t there. No relationship was formed. No questions were answered. No questions were asked.

Dumbass broker was from a top three firm, as are we. You don’t expect these people to fumble along.

9:00 am: So, now we have an hour and a half to kill. My Principal asks if I want to get coffee, and considering the week and a half he and I have had, I know what’s coming. Still, like the proper caffeine addict that I am, I can’t turn down an invitation for coffee. Well, plus he’s one of the bosses, so I can’t turn down an invitation for coffee.

“I’ve been kinda hard on you lately,” he started. At least he doesn’t beat around the bush. “I think I’ve been unfairly busting your balls.”

You see, my good friend who is a couple years older than me got an offer from an elite boutique real estate financing firm in NYC. This guy went to college with me, introduced me to the industry, got me a call with his managing director that I used to get an interview, and everyone at our office knows we are close. Usually, that was a good thing – he’s a smart guy. Since he announced he was leaving, however, it has not been a good thing…with this one principal. While everyone else in the office, including the other three principals, thinks it is a great opportunity and are proud of him…my principal feels betrayed.

“I’ve been guilty by association for almost two weeks now,” I said, matter-of-factly. “You even told me I was disloyal. …I didn’t do anything.”

“I just meant your generation,” he tried to explain. “You guys jump around too much. There’s no loyalty to those who give you your opportunity.”

“You specifically said, ________, I don’t think you are very loyal, professionally,” I replied.

“Oh, well, uh, I apologize,” he said. “That was unnecessary. I’m sorry.”

What came next was a long time coming.

“____,” I shook my head. “I drive an hour here and an hour back every day. I work longer than most of the office on top of it. Since I got promoted, I set us up for what will be our biggest tenant rep account in our branch’s history if we get it and work on our largest landlord rep account as well. At the same time, I still do absolutely everything I used to do as Head Research Analyst, because my previous position hasn’t been filled. I also check all of the admins’ work, if not do it myself, because it is awful.” I tried to pause, but I was pissed. “I’m getting paid for half of one job while doing three.”

“We’ve talked about this,” he countered. “Come January you’re going to get a raise. Maybe five thousand more.”

“No,” I shook my head. “I’m almost 26, living with my Dad and stepmom in the middle of nowhere because I don’t make enough to live on my own, I’m spending $350 a month on gas, I’m paying a fortune in student loans, I can’t afford to do anything, and day to day I’m miserable.” Oh, why not… “I need a 100% raise in January. Double.”

The conversation twisted through all sorts of topics from there, including other people in the office, how my principal thinks I’m going to bolt to a competitor or something, how he thinks I don’t actually like real estate, how he thinks I’m too egotistical, and a million other things.

Ultimately though, a couple of things stood out:

1. He was 100% receptive to my demand, making me think that they knew they were fucking me on pay and it was just inevitable that one day I would wise up to it.

2. I’m pretty much in an abusive relationship. I get told I’m egotistical and out for myself but then I get told how amazing I am. I get told I’m not doing enough but then get lauded for how well I’m performing. I’m the girlfriend my boss hits for washing the dishes wrong but then tells me how much he loves me and buys me a designer purse or something.

Sigh

11:30am: The awkward “heart to heart” lasted two and a half hours. Two and a half hours. Two and a half…well you get it. It ended well, with my role more defined, my boss more aware of my expenses versus my income and how horribly unsustainable my income in, and the foundation of a plan for next year started. I of course have to talk this all over with the other four principals, but the ironic thing is that the one I work for most is of course my biggest proponent and supporter…to the other principals at least. It is a very weird relationship.

I tell this story not to make a diary entry to but to illustrate a main point about commercial real estate brokerage that doesn’t always come up: You are a pledge.

You make no money starting out, you don’t do anything cool, and when you find a way to do cool things, as you’ll see a couple paragraphs down, they get taken out of your control and then messed up.

While in banking you are an Excel slave, you at least get paid well for it and you aren’t expected to produce until the VP level. Here, you’re supposed to produce right away and you don’t get paid much of anything, if at all.

I am 25, poorer than dirt, and live with my parents an hour outside of the city. I work 60-70 hour weeks and can’t afford basic things.

12:00pm: Back at the office, I order food. It comes late and it sucks. I spend some time browsing MBA, MSRE, and MSF programs as well as WSO and twitter while I eat. I’ve heard girls call shopping when they’re unhappy “retail therapy.” I have “grad school therapy” or “post grad school therapy” where I daydream about not being pissed off.

1:00pm: I find out from another principal and VP that the major tenant rep account that I personally sourced and everyone loved me for and would have been the biggest ever for the branch fell through. It went to another top three brokerage firm. I had a terrific relationship with the CFO and he loved me but because I’m a younger guy I was only marginally involved in the account winning process. We didn’t win it. Probably not because I wasn’t more involved, but I did source this company myself…

Worse, this one account would have made me about $250,000 over the next 12-18 months. With $2,000,000 in fees, 25% of which would have been mine, and a 50/50 company split, that $250,000 pre-tax would have made all of the difference, not to mention deals after the original 12-18 month timeframe, and not to mention other smaller deals.

Also, in my short career, sourcing this client had been my claim to fame. It made me a badass in the office. People looked at me like a hero. Now, well I suppose I still sourced it and I wasn’t the one who didn’t land it, but it still doesn’t carry anywhere near the same weight. Results matter.

2:00pm: Cold calling is not something that is very effective when you’re in an awful mood. You need to come across immediately, within seconds, as someone worth listening to who can help the other person’s problems.

Lucky for me, I’ve been practicing fake happiness routinely as of late so this shit comes easy. I dive into the phones and score some meetings.

5:30pm: I’m about ready to leave. Early, sure, but it’s been a long day with a long week coming up. Predictably, at this point, my phone rings. All of the admins and staff are gone but my Managing Director needs a project done ASAP. Remember, I am not the head analyst anymore, but of course I am still the head analyst when a head analyst needs to be found but not paid for.

The senior analyst at the national level is FREAKING OUT because CoStar changed the classifications of industrial properties and it is messing up all of the numbers. As I look at the email my MD forwarded me, I realize immediately that I had noticed the discrepancies when running the end of quarter industrial market report (because again, I am still in charge of that for some reason), adjusted the previous quarters accordingly, and everything was fine. Literally, everything in my report, using the format provided, was accurate.

However, this senior corporate guy made a new report that EVERYONE HAS TO CONFIRM. Time to play in Excel for a bit.

8:30pm: Done. Email it to the Managing Director and explain to him how stupid that all was on the part of the senior analyst. He was impressed that I caught it beforehand and he thanked me for doing it again. Maybe my day will finish strong.

9:15pm: I drive through a yellow light. There is another car right beside me that does the same thing. I am not speeding or drunk or anything. A cop flies out of a speed trap, driving in the middle of the two lines, lights ablaze. Doing the right thing, I pull over. The other guy drives on ahead.

I get a ticket for “running a red light.”

Fuck everyone.

 

For what it's worth, feel real bad for you, bud. Just try and forget it, remember the good days in the work (might be a good time to start writing up "Good Day in the Life...", or just hit the bottle, that always helps! Also as someone not even remotely interested in real estate as a career, I can say that these posts are still really entertaining so keep them coming!

 

Absurd.

I can't believe that guy thought a 5k "raise" was something to write home about. That is like, 400 a month pre-tax. He basically offered to cover your gas to and from work.

The article I wrote that is coming out next week ties into the section of your article regarding loyalty and raises. The older generation is really confused on that topic.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 

Seems to me its a matter of time before you catch a big break. Keep at it.

When a plumber from Hoboken tells you he has a good feeling about a reverse iron condor spread on the Japanese Yen, you really have no choice. If you don’t do it to him, somebody else surely will. -Eddie B.
 

Enjoyed the post, sorry about the bad day. Unfortunate how all the bad things often happen all at once.

@Nefarious- looking forward to that post, especially after the last one you put up that was excellent.

Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."
 

5k raise can be significant if you make 40 or 50k. 10% isn't bad? Though when your base is just low if you get 10-20% then it's kind of just a slap in the face. Should get 20% just for having to sit through a 2.5 hour meeting about why you should be getting more.

 
mojo12:

5k raise can be significant if you make 40 or 50k. 10% isn't bad? Though when your base is just low if you get 10-20% then it's kind of just a slap in the face. Should get 20% just for having to sit through a 2.5 hour meeting about why you should be getting more.

Look, I understand it is a rough economy and people are trying to get their foot in the door to start their career; however, if you are working the hours that he just outlined and only making 40-50k, you're a sucker. I made a grand a week in tips bartending my way through college. At some point the idea of a "prestigious career" needs to be shelved if you aren't making enough money to live somewhat comfortably while paying down your debt.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 
CRE:

9:15pm: I drive through a yellow light. There is another car right beside me that does the same thing. I am not speeding or drunk or anything. A cop flies out of a speed trap, driving in the middle of the two lines, lights ablaze. Doing the right thing, I pull over. The other guy drives on ahead.

I get a ticket for “running a red light.”

Fuck everyone.

That's why the Chinese stop on yellow. I've had people honk at me for NOT running a red light.

"He that hath a beard is more than a youth, and he that hath no beard is less than a man." ― William Shakespeare, Much Ado About Nothing
 
Nefarious-:

The article I wrote that is coming out next week ties into the section of your article regarding loyalty and raises. The older generation is really confused on that topic.

I could not agree more

Commercial Real Estate Developer
 
Bobb:

And have you thought of leaving at all?

Yes, I have.

Picking grad school, another real estate firm (not brokerage), or a complete industry change is the question.

I don't want to screw over my grad school prospects (for what I do, I work for a top 3 firm, and I'm assuming that name recognition would matter) but at the same time I don't enjoy what I do. I'm good at it, but I don't enjoy it. It's frustrating and I need to find out why I don't enjoy it.

Commercial Real Estate Developer
 

Not even a bit high-brow: The pay. Doesn't matter what you do. When you make so little you can't actually DO anything, and you know your same effort would be rewarded elsewhere, it's really hard to give a shit.

 

Also, thanks guys. It's kinda weird to be getting consoled now because I wrote this on Tuesday about the previous Tuesday hah but I appreciate it all the same.

For someone getting into brokerage or someone who is interested in it, the take away is that it is incredibly frustrating and that it's an emotional roller coaster. My next blog will be a "best day in the life" (granted it will be about a couple months ago) and it will be so different. It's a wild ride.

Commercial Real Estate Developer
 
VanillaGorilla:

So, silver lining, you stood up to your boss/company and might be getting a 100% raise in the somewhat near future?

Yup. Shit day - but possible triumphant future win.

Yes and no. I might not be around then hah

We'll see

Commercial Real Estate Developer
 

"I have “grad school therapy” or “post grad school therapy” where I daydream about not being pissed off. "

Sorry for your bad day, but this part was hilarious hahahaha. daydreaming about not being pissed off LOL

 

If you're already in debt, fuck grad school. Sounds like you've been a broker for several years, have a strong understanding of your local market and are personable.. leverage that into a buy-side gig. Your current bosses will become your bitches, you'll make more money, and, once you pay off your debt and rise up in the ladder, hopefully you'll be able to co-invest and get some equity in deals. Unless you're a top broker, or run your own shop, equity in deals is the only way to make it big in CRE.

 
Nefarious-:

Absurd.

I can't believe that guy thought a 5k "raise" was something to write home about. That is like, 400 a month pre-tax. He basically offered to cover your gas to and from work.

The article I wrote that is coming out next week ties into the section of your article regarding loyalty and raises. The older generation is really confused on that topic.

And I think whoever said fuck loyalty is right to an extend today. This is just my intuition but we're in a completely different environment than the older generation. Over the last 25-35 years, the older generation's careers have coincided with the bull run in the bonds market, the massive increase in commercial real estate values, and the creation of structured products. These guys didn't need to jump ship or go around hunting for better gigs because, for the most part, their professions experienced incredible growth during their careers, as did their compensation.

This isn't the case for our generation. All the careers WSO focuses on are built on relationships and networking so you obviously can't display 0% loyalty but at the same time, I don't feel as if you should deny yourself opportunities to grow professionally/personally or become wealthier because you're supposed to remain loyal, aka be the firm's little bitch and make peanuts whilst your earn the principals enormous sums of money.

Do what you've got to do, go where you need to go, and do your best to learn as much and create as many positive relationships at every shop you're at, but, shit man, if the marginal benefit to you is less than the marginal cost to them then gtfo and forge your own path.

My two cents...

 

I agree

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 
aerp14:

"I have “grad school therapy” or “post grad school therapy” where I daydream about not being pissed off. "

Sorry for your bad day, but this part was hilarious hahahaha. daydreaming about not being pissed off LOL

Hah, I'm genuinely glad you enjoyed it.

I wish I was kidding though

Commercial Real Estate Developer
 
Take_It_To_The_Bank:

CRE, how much do you make? Certainly anything above $70K would be adequate to comfortably live on your own even in the NYC area.

Not in NYC and not making $70k hah

Commercial Real Estate Developer
 
CRE:

12:00pm: Back at the office, I order food. It comes late and it sucks. I spend some time browsing MBA, MSRE, and MSF programs as well as WSO and twitter while I eat. I’ve heard girls call shopping when they’re unhappy “retail therapy.” I have “grad school therapy” or “post grad school therapy” where I daydream about not being pissed off.

Had to chuckle when I saw this, I do the same thing. Just keep on keeping on man

Give me a kid whose smart, poor, and hungry...............
 

Just a suggestion.

I notice you love to remind us that you work for a top 3 real estate firm. Hate to break it to you, but nobody really ranks these firms. It's like being in the BO and bragging about working at GS. You can't tell an IB analyst at a boutique that you're firm is better. You do different work. Ditch leasing and get into investment sales. I'm not trying to sound like a douche, but I can tell you like the industry. You just hate leasing aspect of it. Working for a "top 3" will not do much for you. Believe me. Learn argus and get underwriting experience. If you're going to work for little money, at least get experience that buy-side firms seek in analyst.

Let me put to you this way: Would a regional REPE firm hire you with leasing experience at a "top 3" firm or an analyst from XYZ brokerage who is proficient in argus, can underwrite, and has worked on a few nice deals? Again, if you're going to work for nothing, make sure it will help you make the jump. Leasing wont do much and grad school should be your last option. I'm just being completely honest with you.

 
Best Response
fez:

Just a suggestion.

I notice you love to remind us that you work for a top 3 real estate firm. Hate to break it to you, but nobody really ranks these firms. It's like being in the BO and bragging about working at GS. You can't tell an IB analyst at a boutique that you're firm is better. You do different work. Ditch leasing and get into investment sales. I'm not trying to sound like a douche, but I can tell you like the industry. You just hate leasing aspect of it. Working for a "top 3" will not do much for you. Believe me. Learn argus and get underwriting experience. If you're going to work for little money, at least get experience that buy-side firms seek in analyst.

Let me put to you this way: Would a regional REPE firm hire you with leasing experience at a "top 3" firm or an analyst from XYZ brokerage who is proficient in argus, can underwrite, and has worked on a few nice deals? Again, if you're going to work for nothing, make sure it will help you make the jump. Leasing wont do much and grad school should be your last option. I'm just being completely honest with you.

hah, dude you don't have to clarify that you aren't trying to be mean. No worries.

I reference the ranking because it is a reality and to show that my plight isn't at some hole in the wall. I'm at a good firm and it still blows from time to time. Also, there are definitely rankings, both in deal flow and brand recognition.

I am learning Argus at the moment and I am working on big deals, but honestly I'm not sure that the industry is where my future lies. It very well could be, but who knows?

Commercial Real Estate Developer
 

CRE, sorry your day sucks. We all been there. I am in IB and we work with RE companies all the time. As for a switch into PE, I am going to be blunt and say leasing experience will not help. You will need actual underwriting on acquisitions/developments. However, I think there is a silver lining to being a CRE broker. You can make a ton of money even at a young age. You seem like an extrovert, based on your post, so making relationships shouldn't be a problem for you. Hell you build one or two good relationships, you'll be making bank. My suggestion is to stick it out for alittle while longer. Build these relationships on the side. If your firm does not value you, fuck them, the CRE brokerage business is a huge business. Take those relationships with you. Lots of players you can go to. I met a guy at HFF, which is probably one of the best brokers. They are way smaller than the top 3, but these guys are brokers to the largest trophy assets in the country. His group is making bank and he seems to enjoy it.

Array
 
Yakehito:
Nefarious-:

Absurd.

I can't believe that guy thought a 5k "raise" was something to write home about. That is like, 400 a month pre-tax. He basically offered to cover your gas to and from work.

The article I wrote that is coming out next week ties into the section of your article regarding loyalty and raises. The older generation is really confused on that topic.

And I think whoever said fuck loyalty is right to an extend today. This is just my intuition but we're in a completely different environment than the older generation. Over the last 25-35 years, the older generation's careers have coincided with the bull run in the bonds market, the massive increase in commercial real estate values, and the creation of structured products. These guys didn't need to jump ship or go around hunting for better gigs because, for the most part, their professions experienced incredible growth during their careers, as did their compensation.

This isn't the case for our generation. All the careers WSO focuses on are built on relationships and networking so you obviously can't display 0% loyalty but at the same time, I don't feel as if you should deny yourself opportunities to grow professionally/personally or become wealthier because you're supposed to remain loyal, aka be the firm's little bitch and make peanuts whilst your earn the principals enormous sums of money.

Do what you've got to do, go where you need to go, and do your best to learn as much and create as many positive relationships at every shop you're at, but, shit man, if the marginal benefit to you is less than the marginal cost to them then gtfo and forge your own path.

My two cents...

I agree. I hear that old "your generation.....disloyal....entitlement" BS all the time. Not only did they benefit from a continued long ass run (and run up in debt), times are changing. Information is disseminated at break neck speed. In my line of work, a person would have to travel to other countries and build a relationship with foreign banks to get financial statements. Now their audits are posted online along with commentaries from rating agencies. Plus we see how the money is made now. After being humble and learning for a while, eventually we be like, "fuck that, how you gonna keep the money from the shit I helped to do?". There's a good book on this I'd like to read about this called "The Fourth Turning". I read through the synopsis on wiki. It explains a lot. Check it out.

OP, keep on pushing. At the end of the day, you've already learned how to source large deals. Also, keep that relationship. Trust me, that guy will remember you for your help. And he'll also know you didn't fuck up the deal either. That was the other guys!

But let me be honest tho, dude you 26! I know you're tired of hearing this, but "you've got all the time in the world"...haha. But seriously, you'll eventually get it. It takes being honest with your principal like you did to make it happen. Next time one of those deals closes, instead of asking for and getting 0% of the 25% or asking for more salary, ask for 10-50% of that 25%. It might show that you're not just looking for more administrative pay, but that your willing to eat (just a piece) only of what you helped to kill. That's fair, right? Plus, they ain't gonna make you into "power broker" and voluntarily pay you all that money. They gonna let the cream rise to the top all by itself....

Good luck.

 
Bobb:
Take_It_To_The_Bank:

CRE, how much do you make? Certainly anything above $70K would be adequate to comfortably live on your own even in the NYC area.

70k is definitely not enough to live comfortably on your own in the NYC area

I've already done it, even on less than $70k. Please. If you have no clue how to manage your money or believe you deserve $1000 suits and steakhouse dinners then obviously no, but otherwise it is more than manageable.

@OP - Are you looking for a career change? There are positions available at my firm (a credit rating agency) which are perfect for someone with your background (CRE) in the CMBS group. You can make $70k and you can have a beautiful work/life balance. This would limit your upward pay prospects however. It's up to you what you want to get out of life, but just letting you know there are things you may not have considered yet.

 

Sorry to hear that you hate your job man. I'm interning for Citi in Shanghai this summer, and I talked to a lot of real estate brokers. I don't know how real estate brokerage works in US, but based from what I saw you got to deal with a lot of bad stuff. It seems like now you're doing three persons' work and not getting paid a lot. So now you not only do research but also set up meetings and cold call clients? How is it possible that they're still paying you this little? If you quit wouldn't they need to find another three persons to replace you?

 
IntlPlayer:
Next time one of those deals closes, instead of asking for and getting 0% of the 25% or asking for more salary, ask for 10-50% of that 25%. It might show that you're not just looking for more administrative pay, but that your willing to eat (just a piece) only of what you helped to kill

Hah, what? I'm not getting administrative pay and I would have gotten 25% if it closed. Re-read, my man

Commercial Real Estate Developer
 
Take_It_To_The_Bank:

@OP - Are you looking for a career change? There are positions available at my firm (a credit rating agency) which are perfect for someone with your background (CRE) in the CMBS group. You can make $70k and you can have a beautiful work/life balance. This would limit your upward pay prospects however. It's up to you what you want to get out of life, but just letting you know there are things you may not have considered yet.

Ya I'm looking for a career change, just not sure how drastic of one. Could be real estate, could not be. Not looking to work at a credit rating agency though. Thanks for the heads up

Commercial Real Estate Developer
 
CRE:
IntlPlayer:

Next time one of those deals closes, instead of asking for and getting 0% of the 25% or asking for more salary, ask for 10-50% of that 25%. It might show that you're not just looking for more administrative pay, but that your willing to eat (just a piece) only of what you helped to kill

Hah, what? I'm not getting administrative pay and I would have gotten 25% if it closed. Re-read, my man

Ok. Gotcha. I was thinking that you were complaining about them taking the deal and claiming it for themselves....if it closed.

Play on, playa.

 
Alekz:

Not even a bit high-brow: The pay. Doesn't matter what you do. When you make so little you can't actually DO anything, and you know your same effort would be rewarded elsewhere, it's really hard to give a shit.

Ya it definitely has a large impact

Commercial Real Estate Developer
 

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Commercial Real Estate Developer
 

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Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

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success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”