Blackstone RE vs top IB as first job
Fortunate to be a position to consider a top BB IBD (think MS M&A/GS FIG/TMT) and a Blackstone real estate position straight from undergrad. I am very conflicted because I know both are really privileged positions in terms of gaining exposure and I don't want to make the wrong decision. Here are some things I'm thinking of:
- Breadth and optionality: I am broadly interested in multiple industries and at this point in life I don't know which I want to do. I am interested enough in real estate investing (the physical asset and architectural aspect, the more focused work and faster mastery associated) to know that I will be quite happy doing this. I just don't know at an undergrad level that it is the thing that will make me the happiest. It feels like people who go into RE very rarely leave RE and the IBD option buys me a broader perspective and more time and optionality. But I also don't know if that optionality will actually make me happier — the IB analyst path feels quite cutthroat and if I don't know if I'll come out of that happier than I can feel starting at Blackstone. Does being from Blackstone RE make a difference relative to general RE?
**- Sell side vs buy side: **as said very well by OP in am-i-missing-something-about-buyside-exit I've also realized I'm not sure if "I am that interested in picking apart how a company operates and how to improve that". If I do go to IB I'm not dying to exit to corporate PE or HF/MFs and am considering moving to corporate roles or staying in the sell side (if I make it and haven't died from the lifestyle yet). I know RE isn't like corporate PE at all but not having had that much RE experience, would really appreciate anyone's perspective on what makes someone stand out in REPE especially at the junior level.
- Succeeding at the junior level: I have a small sample size for RE but it feels like a less competitive field with better work life balance compared to the IB analyst path. That said, I'm willing to suck it up and do IB if the outcome is worth it, I just don't know if it is at this point because I don't even know what is the outcome I most definitely want.
Would appreciate anyone's perspectives on the above and other factors that may come into play. Thank you!
I’m not sure how you are considering both of these given that internship offers haven’t gone out yet and most of FT recruiting hasn’t happened either, but nonetheless will share my 2 cents.
If you don’t want to be in real estate, then go the IB route and keep your breadth of options open. The brand names of all of these places are fantastic, and the comp won’t be too different at a junior level. IBRE groups are pigeon holing, and starting off in a REPE team even more so, as everyone you’re working with (from associate level up) has decided they want to specialize in the sector as a career.
yikes, OP
I think most people regard Buy Side>Sell Side, and BX is clearly a top player. This presumes you want an RE career, but you could move to other areas of PE or even IB with BX on your resume for first job.
Plus, you have the option of hitting reset with an MBA. I would personally pick the BX deal, I-banking is actually not that interesting at the end of the day (personal opinion).