MM IB vs REPE out of undergrad
Currently deciding between two offers in tier 2 market
- deciding between IB offer at MM shop and REPE that also plays in the midmarket
- not crazy excited about real estate but would love to be in an investing role (only issue is that REPE pays lower than Corporate PE at the same aum) and current REPE offer is currently 15-20% higher comp than IB MM role
- I'm not sure if I'm looking at the IB role and only considering the best case scenario (exit to MM corporate pe and get higher salary) but not factoring in not being able to convert on buy-side recruiting
Ideally would love to be in corporate PE but I have a buyside offer out of undergrad and I don't hate real estate, not crazy passionate about it but I could see myself warming up to it as I've taken commercial real estate courses in undergrad and have been exposed to it in internships so I'm not completely lost
do you hate real estate? No? pick the REPE offer
if you do, pick the MM IB offer
I was in the exact same position coming out of undergrad and chose REPE because I was an idiot and didn't think beyond "PE > IB". This is 100% not how you should look at it. If you like real estate and working with assets, do REPE. If you like corporate finance and working with companies, do IB. Don't chose REPE just because it has PE in it. For myself, it left much to be desired as what I was really into was corporate finance and working with companies. I felt like I was missing out on a ton and frankly I was.
Not shitting on REPE at all, I just personally don't have much of an interest in asset-acquisitions or commercial real estate. I like corporate finance. If that describes you, OP, I would def go with IB.
so then what happened after you accepted the offer? did you switch out or stay in repe
I did REPE for about two years, found a REIB role at the Analyst level (wasn't easy) and then lateraled to a different coverage group at the Associate level (very easy). Have never looked back.
do you think you took a hit on comp in the long term from doing this? feel like at a buyside role, if you were ~6 years in at the time, you could get eventually get access to coninvesting at the fund and maybe not too many years away from getting some bps of carry where the buyside role really starts to take off
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