BX RE AM / BREDS (NOT ACQ) vs. IBD
I've seen this topic discussed a few times already, and it's got me thinking. How would you approach starting your career in the Asset Management Group or BREDS (Debt) at Blackstone Real Estate versus getting a decent gig in Investment Banking?
To be honest, I'm not sure if I'm really into real estate. I want to explore other options like credit, distress, and buyout stuff.
IBD seems to offer more possibilities, but it's tough to break into MF (especially if the gig is not for a top group).
I'm also curious about the pay. How much could I make if I stick with AM / BREDS at Blackstone compared to going the IB route? Given they just raised the largest buyout fund ever, does it just make sense to stick to RE?
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BX AM people make a LOT apparently, higher salary than any BB from what I've heard.
BREDS can be interesting if you want to be on the credit side, guess you could probably end up moving to other credit roles and a career in BX itself would be pretty lucrative as you can imagine.
Elaborate on AM? Curious
have a few friends at BX and that's what I've heard, AM professionals at the junior level are on the same base salary as investment professionals and the bonus are quite high (assume +80%). They work a ton but hours are still better than most BB/EB groups
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Work in real estate now and if you’re not sure if you want to do real estate do not do it. I’m trying to exit right now (in a T10 shop) and it’s very hard to get looks, unless you’re at MF acquisitions roles. Way easier to do banking into real estate than vice versa
Can you speak to why you’re trying to leave RE? I’m a college senior heading to an opportunistic cre fund full time so curious to hear your thoughts
Deals aren’t as interesting, fewer levers to pull on analyses, has made the UW process feel pretty cookie cutter to me over my first year. Heard my friends talking about deals they’re working on in IB and non RE PE and it sounded more exciting. Figured if I got out and didn’t like it, it wouldn’t be too difficult to get back into REPE but if I waited until ASO years to exit, would be much harder and would probably have to get an MBA.
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