Challenges faced when starting out as financial analysts
Hi all, I'm starting out real estate finance as an analyst and was wondering if you'd be able to share some of the challenges [technical (excel - finance concepts) and/or soft skills] you were faced with when you started out.
Also, how long did it take you catch up to speed at the firm?
Thanks!
How much experience do you have with real estate? Or Excel in general?
Regardless of your answers to the above - every firm does things differently. They use different models, forms, systems, processes, etc. etc. Even if you're the best analyst in the world, starting a new job as an analyst will be an adjustment.
The best advice I can give you is to be patient, and to try your best - but most importantly, make friends with your co-workers (more specifically, the other analysts or the senior analyst), and don't be afraid to ask for help or pointers. From my experience, if you're friendly enough, people will generally be happy to show you the ropes. That said, pay very close attention so that you don't ask the same questions twice.
Depending on what exactly you're doing - you'll probably be about 95% comfortable by the end of your first month.
+1. Especially the point that every firm does things differently. For me, I had learned Argus while in school, but a single semester class was only scratching the surface. Not to mention, even once you know it, there are subtly different ways to model stuff. It was incredibly frustrating learning how to wrap my head around all of the sub-menus, etc. I still don't know every corner of Argus. But again, +1 on the being nice, asking for help, and not making the same mistake twice. It def took me longer than 1 month though. Take a lot of notes!
My Excel modeling comes from what I've learned while doing Ms. (which is not much) and from taking the REFM and BIWS RE modeling. If you're familiar with those courses, would it be possible to estimate the "steepness" of the learning curve? (thanks)
I second the two comments above, all good advice. To add to that, if you have no experience at all with RE, expect a very steep learning curve. Definitely took me longer than a month. There is so, so much to learn, so just be patient, work hard, and ask lots of questions (if you're new to the industry it's expected, just don't ask the same thing more than once as already noted).
One key piece of advice in terms of soft skills is - don't be afraid to pick up the phone. You'd be amazed at how much quicker you can get things done by calling people. Don't be afraid of it, get comfortable with it and you will acclimate and advance quicker.
Good luck
I couldn't agree more. I assume you're a millennial like me, so naturally we hate talking on the phone or in person. Learning how to pick up the phone and call someone is so important.
I would also add that assume you know nothing. Voice your opinion/knowledge, but I would always caveat it with "I don't know if this applies." You're only as valuable as your deal experience, and unless you grew up in a RE family, you have none.
Also, to be a good analyst, the one thing I always tell my analysts is the best analysts make the MD's life easier. If you know they are going to ask for something, then run/produce/get it before you get asked to.
Lastly, spend extra time knowing firm's model. Learn how all the important cells are calculated.
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