After a few middle office roles I finally found myself doing M&A in-house for a very niche real estate company. I'm in a pretty small team with only a few people who would be considered associate/MD level so the progression is highly limited (it is an operator). However, the benefit of this role is that within my first year I have been involved in every process in the M&A life cycle. I have been told that this is incredibly atypical for first year analysts. For example, I help manage our due diligence partners, review and interact with the legal docs, assist with financing and buying structure blah blah you get the picture. I don't spend all my time in models although this is quite a big part of my role. Now onto the point of my post, I love my job however it is in a very niche part of the real estate industry and I don't currently work in London. I'd preferably join a traditional REPE firm based in London (where I actually live). My question is, for people who are already in a REPE firm, is there anything you'd suggest I'd do to make myself more competitive? I'm worried about the niche nature of my experience in general (hence why I'd want to move after 2 years). However, I'm also worried about falling in between two roles if I leave after 2 years. I wouldn't have been as model focused as other analysts so I'd probably say it would almost make more sense to move for an associate role. It seems like I will have more direct deal work experience then some associates but probably less model work. Any others out there who have made a similar leap with any advice on what I could focus on in the next year or so to make this leap a reality?
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Have you tried recruiting for REPE roles yet? If so, what has been the feedback so far?
No I haven't started applying yet! I have quite a substantial pipeline this year so I'm not planning on looking until at least early 2023.
By 2023 it looks like I will have worked on around 10+ deals so I'm pretty hopeful. However, I am now looking for opportunities to start networking as I am getting the feeling that might be the best way to go for a lateral move, especially from somewhere so niche.
I’d probably just bite the bullet and start as an analyst somewhere ASAP. As you said your experience isn’t incredibly relatable to REPE so it’s unlikely to pivot at the associate level without an MBA (in my opinion). Have heard great things about the MS programs at Cambridge, LSE so not sure if you’ve considered those or if you’re too far past that point (these seem more like an MFin and people go right after uni or 1 year working give or take).
Could always do an MBA at LBS if that’s an option. I heard they place very well in Europe at the larger funds. All of that said I think just hopping on as an analyst somewhere would be the most cost effective and efficient
Hmm I thought this might be the case however my experience is a bit more extensive than my initial post let on. I am trying to keep details vague as my experience is quite unique so I am quite easily recognised by those that know me.
I know you're not my personal mentor but it would be great if you could read below and see if you still recommend the analyst/MBA route.
I am a qualified accountant with 3 years of middle office experience across securitisation accounting and property fund accounting.
I have a further 3 years of experience in an pension investment team where my role was blended between middle office and front office. Basically helping the team manage the portfolio (corp bonds, gov bonds, securitisations, equity, alternative investments/real estate etc.). Before I left this role I sat and passed CFA level I.
Finally, in my current role I have a REPE partner who we work extremely closely with. We build models together for initial prospect after our operators have found a target. My team are then responsible for creating the investment memos that go to IC (which get signed off by the REPE). Then my team are the ones responsible for engaging and running all due diligence across the target. We are also responsible for all of the legal documentation during this phase (we don't literally create HoTs/LDD/SPAs but it is our responsibility to ensure everything from the deal is captured by the lawyers). We then update the model based on all DD and create a roll up report for the REPE for final sign-off and funding. Obviously I've skipped over the dealing with multiple issues that spring up during DD but it's hard to quantify that as a phase in the process ha. Onto top of this we also assist with the financing although the discussions are mainly between the REPE and any funder.
I was led to believe the majority of my experience (at my current role) is directly attributable to what an associate would be expected to do at a REPE. The models will change and there will be slightly different DD but fundamentally the process is the same or am I a million miles off? Also, I don't think my previous experience adds all that much directly but it does mean I'm well versed in the world of finance and wouldn't benefit from an MS in Finance but maybe an MBA.
Honestly I think you should go the MBA route if you’re dead set on getting an associate position. Your prior 2 jobs are not really relevant. And at 7 years in (didn’t realize you were this old) I would agree that being an associate would be ideal vs. starting as an analyst. The reason I say MBA is because your experience is kind of “mish moshy” for REPE (for lack of a better term). I’m sure that you are well rounded and understand finance based on your experience but think about it from an REPE fund perspective. Do they want to hire the 24 year old REIB analyst with 2 years of direct/valuable experience for (probably) cheaper than you just based on your age, experience, etc. ? I would say yes. At my firm anyone that we’ve hired who had extensive non-direct RE experience has been post-MBA. You kind of need to rebrand yourself IMO. Not to say it couldn’t be done but unless you have some great connections I feel like it will be an uphill battle.
If I saw your resume come across my desk for an associate role I’d be a little confused tbh. First three years - sounds like you did some property “fund” accounting? I guess that’s somewhat relevant. Next 3 years / CFA level I not really relevant at all. Building models, IC memos, running DD (current job) sounds relevant. But you are only really worth your relevant experience.
Have you had any traction applying to associate roles? That will give you a better feel. Also, maybe talk to a headhunter they’ll probably shoot it straight with you.
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