Is it possible to stay within capital markets for the long term at a big broker like JLL/CBRE/CW? If so, what would type of career progression would you have? Also what is the progression difference/lifestyle/comp differences between IS and equity and structured finance teams in capital markets?
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Correct me if I am wrong, but aren't you talking about what are essentially commissioned sales roles? I.e. the progression is essentially doing more activity/sales and/or becoming more of a 'manager'. Lifestyle/comp will be all over the place (and vary a lot year by year....) depending on asset class, market, firm, etc.
I mean, tons of people do this, plenty of career brokers out there. Some just do the 'business' and add on team members and some want to be the MD of the office or higher.
You absolutely can make a career. Looks like you prefer debt/equity brokerage over investment sales. (You can make a career in either one).
"crewbf: should I be looking to come in as an analyst or senior analyst? Also, why isn’t it more competitive then? If there is potential to be pulling in hundreds of thousands early in your career working flexible hours I’d assume a lot of people would want it? Is it because it has a lot of sales elements?"
The title isn't important (except perhaps for comp) and differs at each outfit. It is competitive, because there are limited spots. It will take several years "to pull in hundreds of thousands". In most shops you're an analyst for about two years and then you transition to producer over time. The tiughest aspects probably is that producers are all commission and can have highly variabe income, and that success takes networking and sales. So the career is not for everyone.
I appreciate the response, and do you think it'd be possible to break in after only one year in real estate? I'm working as a PE associate at a firm in the EU, but I've been networking for the past couple months with a lot of these brokers. I guess the problem now is just that no one is hiring.
It's definitely possible after one year. They're looking for the right fit primarily (ie you'll fit in on the team and be easy to work with). This toughest thing right now is what you mentioned, they're not hiring. Keep networking and be patient. Try to think of options, and networking will help you become aware of other options. For example, there are going to be several firms in major markets beyond the big brokerages. Two of them are Northmarq and Grandbridge, which just do Debt/Equity (no sales, though one of these, I think, recently entered a sales relationship of some kind.) Also, there are boutique firms. Probably, brokerage firms are more ideal to start, because of the sales pipeline, but as an analyst you won't be responsible for production, so cast a wide net.
The most important thing is being with the right mentor, rather than what brand they are under. Also, ideally you want to get placed in the market where you want to make your career. It can be challenging moving markets because most of yorur contacts will be in that market. You could try a nearby market instead of your target if it's nearby, ie San Diego or Orange County instead of LA. So, try to meet all the players and realize that it may be several months or more before there is a spot. But you could get lucky. Other options could be a Life company (also competitive and probably not hiring, but a good related gig).
"Can you make a career in capital markets?"
What kind of question is this? HFF built their entire empire on capital markets. Do you think all the people at HFF are just part-time workers that moonlight as D/E brokers?
I think D/E brokerage is really interesting. It’s highly competitive. I think building a strong relationship with up and coming sponsors is important to get some loyalty (there is some of that; but also loyalty is fleeting in the heat of the moment too).
Brokers tend to beat their chest (not really me). The art of the deal and months of work can come down to closing the deal; being the wedge; pushing terms.
End of the day, I have the most respect for intermediaries who would rather me do the best thing for me.
Just a note about your question here- there are shops that run large national teams where IS and equity structured finance are combined. I work on a large team that does IS and we do all our own debt and equity work. It's very easy to flip a sales book into a debt book and double your fee.
Is the large national teams within these big 3/4 brokers? I know some teams in NY or SF do run both at CBRE/JLL, but wasn't sure if there are others.
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