Breaking into RE - Passion vs. Grind
I'm a Big 4 CPA, and have worked here for 2 years since college. I'm currently trying to find an entry point into real estate, and I am having the toughest time figuring out where it is. A bit of background - upon completing college in Canada, I chose accounting over real estate, thinking it would provide a "foundation" to business like so many. My heart has always been set on being an entrepreneurial commercial/multi-family developer, and/or work for a fund. I chose accounting to build a base for this.
I've done a dozen coffee chats so far with industry professionals, and many have suggested I go the REIB route to get to where I want to go. While I agree that I would learn an immense amount, I don't know whether two years of grinding is necessary. Opinions on whether it's worth it, please? Also, I can't see any other paths to my end goal, and it's causing immeasurable stress. I want to make better money than I am now.
Can you help me understand what paths are available that would allow me to not take a step backward and render the CPA/2 years of work experience a waste? Is REIB as bad as people say it is? I am no stranger to 16+ hour work days - I will do it if it's with purpose, i.e. it serves my end goal mentioned above. I am more than happy to grind in IB for the end goal I have and the life I want, but what I am not willing to do is to do it blindly.
I don't think REIB is necessary, I would try to get an analyst position on an investment sales team at a big brokerage shop such as CBRE/JLL/C&W/Colliers.
You can also look at debt brokerage. Look at First National in Canada. Also Canada ICI has openings for 2 full time mortgage analyst positions in Toronto (Commercial mortgage underwriting).
I think REIB is too far removed from asset level (if you're talking about actual REIB). Especially here in Canada.
These brokerage shops or debt shop jobs set up analysts really well for buy-side recruitment, so I would focus on those.
Edit: also if you're in Toronto, sign up for the GEMSgta email group. This is a free bi-weekly email that only curates commercial real estate job openings.
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