Career Change - Tech (Microsoft) to CRE
Hi All -
Hoping to get some advice here as my attempted career transition from a Senior Business Analyst at Microsoft to a role in Commercial Real Estate is slow moving.
I've got ample Financial Modeling experience through my time at Microsoft (have been the primary business partner for Finance for several roles) and recently completed the REFAI certification through REFM. Currently am working through getting my ARGUS Enterprise Software cert, too.
My ideal role would be in Asset Management, specifically multifamily if I could pick, but open to other asset classes, too. I've been networking my ass off in Chicago (that's where we want to move to), but it's been a lot of cold LinkedIn messaging, since the majority of my network is in Tech, Law, or Healthcare. Not super fruitful, thus far. Good conversations, but not a lot of opportunities.
For context, have applied to the likes of LaSalle, Waterton, Heitman, etc... but I get the sense they're looking for someone fresh out of school and ready to plug away 80+ hours a week, so am getting overlooked as a mid-career person. I'm not terribly keen on those hours at this stage of my life, but am open to doing ~60 hours a week for a few years to make a name for myself and build some sweat equity.
Am I crazy to think I can land a role in Asset Management? Should I change my focus to Brokerage? Have heard that a few times. Or do I go for an MBA - Real Estate or MS - Real Estate program? In looking at curriculum, doesn't look disimilar to what I've already learned, albeit more in depth. Def paying for the networking. If that's the best option, suggestions on where?
Thanks so much!
Probably the worst time to pivot into CRE brother. There are only so many seats available, and companies would rather not have to train you. It's gonna be an uphill battle.
Lol, appreciate the honesty. I've been getting that feeling over the last month or so.
Any thoughts on the Masters route?
MBAs are great for signaling a switch and the brand name usually helps a lot (together with an alumni network). It also gives you the benefit of basically taking a two-year pause on full-time recruiting (you'll need an internship for the summer though) so hopefully when you come out you're in a stronger market.
The downside is the cost. It's a lot of money if you aren't really sold on going back to school. I can't really speak to other masters programs, but from what I've heard on here some of the 1 year MSRE/MRED programs are helpful, with fewer drawbacks regarding cost and time out of the job market. They can be a bit tougher for a full transition because you don't really get a lot of internship experience to showcase your transition. You can get academic internships (internships during the school year) but they're harder to get and will only be for 2-3 days a week.
Another downside is it might just be overkill, CRE is in a tough spot right now but who knows where it'll be in 12 months. Locking yourself into a 2-year program might not be what you need, or want. MBAs are generalist programs so there is a lot of coursework that won't be relevant at all (but they are interesting, imo).
If you're seriously thinking about it, I'd go to a few recruiting sessions, schools put them on pretty regularly. The first round of applications usually close around August/September, so you'd have to pull your act together fairly quickly (GMAT, references, essays, resume, etc.).
What exactly is your reason for wanting to switch? What about CRE interests you more than what you're currently doing, genuinely curious? Also, I can't really imagine that you would be making more money in CRE asset management than you're currently making as a senior business analyst at Microsoft but maybe I'm wrong...
If you have the time and money, then you can look into doing a masters (either MBA with a specialization in RE or MRED). But you need to be strategic with this depending on where you ideally want to get a job and live for the foreseeable future. Cornell, Columbia's MRED program, NYU are all good for NYC/northeast, USC is the best for SoCal, etc. Networks/connections are really important in RE.
Not passionate about tech. My career up to this point has been about making a living and I'm wanting to make a change sooner rather than later to an industry I'm genuinely passionate about. Love the objectivity of success metrics in CRE, it being tangible, and how dynamic it can be in comparison to corporate life. To your point, yes, my deal at Microsoft is great. But I just don't have the passion / interest to just keep trudging along. I'm willing to take a pay cut to do something I enjoy.
Re: your comments on the masters program, yeah that's what I figured. With our desire to live in Chicago, have looked at Northwestern - 2-year MBA with real estate focus - and DePaul which actually has a 1-year MSRE program. Could save a ton of money but doesn't come with the same prestige. Need to do some research on their alumni network and engagement with local firms.
Sidenote* - I would love LA, but the wife isn't the biggest fan.
You should also take into consideration that you may also not be genuinely passionate about most roles in CRE. For example, if you're in an asset management role, you might be behind a computer all day, combing through excel and on never-ending boring zoom meetings. Is that tangible and dynamic (what you're looking for)? I would say no, it isn't. Many roles in CRE are probably not substantially different than what you're currently doing - as in many CRE jobs are behind a computer all day. The roles that are "dynamic" and "tangible" are more so in RE Development and project management IMO. As a development manager or a PM, you're going to be much more boots on the ground and at the site making decisions and seeing a project get built. What is your total comp right now? Because I genuinely doubt you're going to be making anywhere close to that as a first year development associate or PM.
My recommendation would be similar to the other commenter. Get a part-time MBA at Northwestern with a specialization in RE (if you're planning on staying in Chicago). Then try to work on the Microsoft corporate RE team on datacenters or something similar to that. That's actually something I'm trying to do right now since the comp/perks/benefits are so much better.
Is there a possibility of internal transfer to Chicago within Microsoft, so you can keep the paycheck?
From there, Northwestern (Kellogg) has a great part-time MBA program where you can eventually take RE electives and seek new employment (or find another industry that interests you).
My VP is very anti remote work, so wouldn't be able to keep my same role. Have looked internally but not finding much that'll give me any more enthusiasm then where I'm at now. But I hear you on the job stability part during this career change pursuit!
Can we trade jobs?
As others have said, I would go to a strong part-time MBA in a city that you are willing to live/work in long term.
Very tough market right now to get a job, like maybe the worst in a decade.
I would do an MBA, ideally from a prestigious school and can specialize in real estate. If for some reason you hate real estate you'll have an mba vs an msre which is not as transferable. Unless you have incredible luck networking into a role and someone gives you a shot, going to be very hard to get an AM role with no experience.
Good call and thanks for the reality check! Do you think starting in Brokerage first will be just as hard as AM?
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