Hi everyone!
I graduated from undergrad in May as a finance/accounting major. I secured a job right after graduation as credit analyst on a CRE team at a small bank ($5AUM). Within the next few months, I will also be getting to help underwrite some deals. My dream would be to end up in acquisitions eventually.
I am determined to be very successful in CRE, and want to be doing more to propel my career path as my work schedule is not very demanding (9-5). What should I be doing now to set myself up for success later?
My bank does not use Argus. Would it be worth it to get my certification for future job prospects?
Any RE modeling courses I should work on?
Thoughts on getting CFA? I could study for 6 mo and take the first exam in June.
Long term, is there a benefit to getting a masters/MBA specialized in RE? Alternatively to the CFA, I could study for and take my GMAT and have the test scores be good for a few years.
And of course I know to network! Any other suggestions would be greatly appreciated.
I'd disagree that there's urgency to move to a bigger bank asap. You've only been out of school a few months. Figure out the lay of the land before you make a move. I'd imagine at a bank that size loans are $5MM to $20MM, which is good size (unless you're in Manhattan). Try to get involved in client facing opportunities as often as possible. Usually the lender will be happy to take you on meetings/lunches.
In my opinion a CFA won't give you much of an advantage in CRE. An MBA though would be of value, especially if you're thoughtful about which program. Both prestige and location matter. If you know where you want to live long term, a school in that area is a good option if you're not going to one of the top MBA schools. For example, in Texas, the Texas A&M Real Estate school is well regarded and their alumni network is very strong.
I agree with everything HotelCREwiz has said here and would like to add a few points since I started as a Credit Analyst at a bit larger bank but definitely not a BB:
I'm sure someone will disagree but I just don't see the value of the CFA in CR. It takes a massive time commitment that I don't believe is worth the reward, since it covers so many other subjects that don't apply to our field. Instead, I would recommend you spend that time developing modeling experience and networking. Studying for the GMAT is another avenue, which brings me to my next point:
I personally believe the MBA should be a last resort, especially considering how early you are in your career. If you want to study and take it so you can potentially use it later, that isn't a bad idea since you're fresh out of UG and have some of those topics fresh in mind, but taking 2 years off and spending $150k+ should be a last resort in my opinion. The opportunity cost is just too significant considering it isn't necessarily a requirement to advance in CRE.
The (2) points above don't carry as much weight if you're really drawn to the idea of working for a prestigious PERE50 or developer.
I would recommend using your first 1-2 years at your bank to completely immerse yourself in your work. I started at a smaller bank in a niche CRE Underwriting group, but my Directors saw I was hungry and took me to industry events, introduced me to our partners, and heads of other departments. It was hugely impactful for me as I was able to attend sit downs with VC & PE Firms, heads of major brokerages, etc. In my opinion, this type of experience and attention is much less common at larger banks.
The experiences outlined above helped me find my direction for my next opportunity and were incredibly helpful in networking, since I was able to meet all sorts of people at each of the companies we met with.
TLD - Bust your tail at work, and use your free time to keep learning about different product types and parts of the industry you're interested in. Meet as many people in those parts of the business as you can, preferably ones that compliment what you currently do or want to become (Sounds like for you it would likely be debt producers, acquisitions and AM professionals, etc.).
If you're still having trouble getting where you want to be by year 3/4, consider planning for a MBA. I've always really wanted a MBA, but have a hard time justifying the cost and time out of the office, assuming you plan on attending full time. Feel free to PM if you want more info EDIT: Grammatical typos... posted while eating lunch