Hello All,
I'm currently a senior in college at a North-Eastern semi-target school deciding on two offers for my full time job. My long-term goals would be to work in acquisitions at a top real estate private equity fund / hedge fund but was unfortunately not able to break in out of college.
I'm currently contemplating two offers: One with Eastdil Secured's investment sales team based in a tier II market (Chicago, Boston, Washington DC) and another with a top megafund (BX, Starwood) working in multifamily asset management. Compensation between the two roles would be similar ($140k - $160k all in), but the asset management role would require significantly less hours (closer to 50 hours a week compared to ~80 hours a week with ES)
However, I'm afraid that taking the offer at the private equity firm will pigeonhole me in multi-family / asset management, which I don't want to do at this stage in my career.
Any thoughts or advice would be greatly welcome, along with any additional color as to the exit opportunities coming out of REPE MF AM and brokerage.
You're making ~$150K All-In out of college in brokerage and/or Asset Management and not based in NYC or SF? Not sure Eastdil, BX, Starwood, etc offers that level of compensation for that experience level. Especially in Chicago / Boston / DC.
None of those three firms discriminates based on location (ie ES would pay its Dallas analysts basically the same as its NYC analysts.)
My friend joined eastdil as a first year analyst and the comp was ~70k + up to 100% bonus. This guy is assuming he's getting the full bonus
Yeah, not sure what you were promised but I would not expect that pay...
Anyways, my two cents is Eastdil. You'll learn a lot more than AM.
Agreed. I would take Eastdil over REPE AM. Depending on the firm, the role might be more portfolio analytics and surveillance than any bricks and sticks type AM.
what if the role were sticks and bricks AM? would your recommendation change?
It really doesn’t matter where you start, the co-head of Blackstone started out as investment banker and made it to the top at Blackstone real estate by her 40s
She went to Yale, Goldman M&A, Goldman Principal Real Estate Principal Investment Area, and then Blackstone. Unless this was a joke, I'm not sure she is an example of it not mattering where you start.
She didn’t start out in real estate, once you made it top, you can be placed at the top of anywhere
It’s not a joke. Posts like this are why this guy is my favorite WSO user
Go with Eastdil, you’ll learn much more
If your end goal is acquisitions, 100% go for Eastdil. Skills much more applicable than what you'd learn in AM. Not to mention the significantly better networking opportunities at Eastdil IS.
As someone who enjoys AM, definitely Eastdil.
You can pretty do whatever the hell you want with Eastdil IS experience on your resume.
What do you want to do long term? Asset Management will teach you a tangible skill that you can use to market yourself. The brokerage might pay better, sooner, but it's way more of a grind and if you don't stick with it, you've wasted whatever time you spent there.
Long term I want to start my own real estate private equity firm (that may be very long-term though; I see myself in an acquisitions role at a solid REPE ideally in the next 2-5 years.) Thanks for the advice man.
±0.25 of exit cap rate
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