BB CRE Lending FT vs RE Cap Advisory Internship vs REPE Internship
Would appreciate a gut check here. Senior at Low Ivy, want to eventually end up in MM REPE (acq). Deciding between:
– BB CRE lending (BS + CMBS) FT
– MM IB RE cap advisory (6mo internship)
– REPE 100 6mo internship, “investments + AM”
Concern is taking the FT seat vs better training in advisory / actual investing. Any suggestions?
Full time BB position 100%. I’m at one now as a senior associate doing balance sheet lending and I’ve seen many analysts leave for the buyside throughout the years. It’s a pretty common exit especially if you are doing institutional quality deals for well known sponsors.
Plus you are getting consistent, real deal reps very early in your career. Which has been rare for many recent grads.
Take the BB gig, you’d be retarded to take a 6 month internship over a locked in analyst gig.
In this market? You'd be absolutely insane not to take a BB lending role. If it's Wells? Doubly so, as they're the biggest CRE lender out there.
Are we really comparing full time roles and post-grad interships? Take the BB and start your career already.
Take the BB and run - starting in lending will give you way more reps anyway and is a better place to learn. If you want RE investing, MM IB most likely isn't better, as there are 5-6 REIB groups that actually win deals, and they are all BBs or ES. In today's market, your "acq + AM" REPE 100 internship will probably be mostly AM, as things are still slow on the equity side.
Think I would take the BB lending role over the others even if they were also FT roles. Great branding, good reps, and strong exits.
As someone who did BB BS lending and is now on equity side, I will say just go straight to the REPE 100 investments internship. If you know where you want to go, why not just get your foot in the the door off the rip? Doesn’t sound like you can go wrong with either one.
Poor advice especially given where the market is today. Don’t listen to this guy.
Do you not think that the market will improve in the next 12 months? Obviously it wont be ripping like the low interest rate times but that wasn’t normal. OP sounds like he has his stuff together and companies always need new people as people leave, etc. I think starting at a bank is great because you see a wide variety of sponsors and assets but I do think switching to the equity side was a bit of a curve (underwriting upside opposed to be concerned about downside, able to pull different levers, etc). Net net I think OP is in a great space but am surprised how everyone said BS lending.
At the analyst level it really doesn't matter that much what role you start in: originations, acquisitions or equity AM. If you are at a name brand company in any of those roles you will get interviews for associate roles. From there it is mostly up to your ability to translate what you learned to the new role in an interview. Take the BB lending role, not really a close decision.
As someone who has done both I would also lean towards REPE if you think there is a decent chance to return. Obv doing this theres a chance you end up with nothing and spend a long time recruiting in what could be a terrible market.
I'd also lean towards trying to do both by seeing if you can delay your start date to jan for the full time role and take the internship in the meantime.
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