CMBS vs Capital Markets (REIB)
I'm curious what everyone thinks would be a better starting point in RE: CMBS at a BB (GS, BAML, JPM) or Capital Markets at a brokerage (HFF, Eastdil, JLL)? I know both are excellent opportunities but I was wondering if someone could compare and contrast these 2 in terms of long-term potential. Thanks
This is partly personal preference. Capital markets at Eastdil could be great, but I guess if I had to come up with my own personal bullshit ranking, I'd rather do CMBS at a BB than any job at JLL, HFF, etc.
Agree
I'm in Capital Markets and I love it. Unlimited income potential, great resources for learning, and good name for the resume. I'm a senior analyst. That being said, I do wonder what it would be like on the other side in a CMBS BB job.
Are the exit opportunities similar for someone who is an analyst at either a top CMBS or Capital Markets firm?
Exit options for my role (Analyst Capital Markets--office, land, multifam, industrial anything) would be to latch on to a client in an acquisitions/Asset Management role. I plan on going REPE or MSRED in a couple years. Maybe JPM Asset Management or another BB asset management shop. I have a ton of underwriting (excel, argus etc.) experience, relationships and marketing material experience. I've taken advantage of our educational programs-- RE Excel classes, and real estate certification classes. This wasn't my first job in the business- I was an analyst at a major REIT for 2 years prior to my Capital Markets gig. I like Capital Markets a whole lot better-- the culture, the people, the potential, the exposure, everything. My REIT position exposed me to only one asset class and it was very corporate. Towards to the end of my stay, I was essentially a reporting analyst because acquisitions were so few and far between.
What's the level of difficulty in landing a role in Capital markets for a brokerage vs the banking route?
@rj1443 - Having worked in two of the biggest RE markets in the world, one on the lending side and one capital markets side; I found it much more difficult to land a role in capital markets. Capital markets firms are especially selective. You need to be a numbers and bravado guy... which is few and far between. Those who have those qualities are most likely in a secure position for those reasons.
@cre123 is right on with exit opps for capital markets. The deals you do make you, end of story. Real estate related, your options are virtually limitless if you are capable and driven.
OP - I started on the lending side and found the transition much easier than most when I moved to capital markets. That being said, the learning curve is still quite steep. I'd recommend going into lending at a BB, saving some cash then making the move.
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