EB vs MF REPE Offers
Got 2 offers from EB and MF REPE for 6-mo internships. Have both RE and regional IB boutique experience. See myself as someone who wants to be on the buyside LT, don't know where yet (PE/credit/RE, etc.)
Both brands are very good. Pros and Cons for each:
IB
- Better learning opportunities (let's admit, RE is niche)
- Generalist exposure
- Better conversion rates to analyst (don't recruit An1, convert 50% historically)
- Better optionality (if no offer, can always do IB/PE etc)
MF REPE
- More intelectually rewarding/buyside experience (modelling heavy, investor mindset)
- If converted to analyst (say 20% chance), not having to do dull IB ppt admin and start from the buyside would be amazing
Tiliting towards the first, maybe I'm risk adverse (macro RE situation is awful). Would love to know your thoughts.
Both great options, depends on whether you see yourself in real estate long term or not. EB Generalist will be the safer bet if you’re not sure about a career in RE.
RE isn't niche it's just a different asset class than alternatives. RE macro outlook isn't bad - certain sub sectors (eg office) are doing poorly, but data centers for example are great. Keep in mind, when you're at a MF all of it is gonna be at a corporate and not property level, so it's really not as different as most people here seem to think. Once you learn to model out RE, you can learn to model another (non industrial/FIG) company in like a week. Take the better brand because BX and KKR are worldwide amazing brands for anyone who is making an impt decision but nobody outside our weird little niche finance community has heard of centerview, for example.
Nah man overall RE is in a shitty situation rn with interest rate raise. Might get better fast but a lot of people have subprimes vibes. As for datacenter I think there are more infra than RE. EB is the safest bet for someone not sure about his career + generalist in current economy
sure, it’s a shitty situation…that’s what creates
opportunities. You don’t think the dudes at Blackstone are salivating at the thought buying up all these properties that were acquired by other funds at a 7% cap rate and being able to get a 17% cap rate in a few years when refis come due? The good times make millionaires but the bad times make billionaires…also think there is benefit to the strong brands of BX/Starwood/Brookfield etc. and actually being on the buyside even for corp PE down the line, though you’d have to do a lot more legwork on your own.
MF easily
Was in exact same situation as you and took MF offer. Bankers grind for 3 years in hopes to get a look from a MF, we get opportunity to virtually skip 2-3 years of 80+ hour weeks. I was also 100% set on RE. Also the comp is $200k+
For what it's worth, RE is not as niche as you might think. I worked at MM REPE for a very long time and switched over to a corp dev role doing corporate M&A and strategy at a F500 company recently. Took maybe 3-5 days to nail down the intricacies of their models and business model since at the end of the day finance is just thinking through what drives revenues (sales or rent collection) and what are expenses in the process of achieving that (COGS/OpEx) and forecasting the future of those through historical performance and value-add measures. Finance isn't rocket science and most people realize that the later on you go into your career. The only differences would be industry specific knowledge that you can get caught up on pretty quickly if you actually take the time to sit down and read what's going on and ask appropriate questions. If you want to skip IB hours and mental fatigue, then I would recommend going REPE route and pivoting from there. Corp PE, Infra PE, and REPE are not too dissimilar that you can never switch later on.
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