Hi all,
I've been working as a project engineer at a fairly large GC in NYC for the past 1.5 years, and have been realizing more and more that my interests lie in the development side. I studied civil engineering at a top 3 Ivy and decided to go into CM postgrad because I was more interested in project/cost management, but still wanted field experience. My passions are in high rises. Now that I've worked in this industry for a bit, however, I'm realizing that in terms of both my interests and career goals, I should have gone for an analyst role at a development firm instead. I feel really behind and lost about what to do.
What should I do to make the jump into real estate development? It seems like not many real estate firms hire analyst roles (from my research, most seem like undergrad/MBA internships turned full-time offers), and many of them are looking for a finance background rather than a construction/engineering one. I keep getting headhunter messages for other construction engineer roles, but in terms of development analyst, I'm reaching nothing but dead ends. Would it be smarter to stay in my current role, get promoted, and then look into getting an MBA/MREA? Or, should I try harder to make the jump to a development/owner's rep role now? What companies would you suggest I look into? Any others who have made the pivot, what advice would you have for me? Any input would be much, much appreciated.
To transition from construction management to real estate development, here’s a clear roadmap based on the most helpful WSO content:
1. Leverage Your Current Role for Development Exposure
2. Network Strategically
3. Target Development Analyst or Owner’s Rep Roles
4. Upskill in Finance and Real Estate Modeling
5. Consider Grad School Strategically
6. Start Small
7. Companies to Target
8. Be Persistent and Patient
By combining your technical expertise with new skills in finance and networking, you’ll position yourself as a strong candidate for development roles. Remember, the path to real estate development is not linear, and your unique background can be an asset if marketed effectively.
Sources: Making The Jump - Construction Manager to Development, Career Path to become a Real Estate Developer, Thoughts on getting into real estate development with an urban planning degree?, Switching from Big 4 to Acquisitions: My Story
Think you'd be a great candidate for a 1 year real estate masters (ie MIT, Harvard, Columbia, USC, Berkeley)
Hmm, why a 1 year masters in real estate compared to an MBA? It seems like most associate internship roles in development are looking for MBA's. A 1-year masters would be ideal in terms of time and cost, but just trying to understand how much value one would give me over the other.
I agree with a 1 year masters and would even suggest NYU Schack since you can get in eyes closed. Your background in construction for development is very strong; however, I would say to really be on the development side, you do need to know the finance aspect. Now you can try to just self study RE financial modeling with an online course, which I highly recommend whether or not you pursue a masters, and just list that course on your resume and see if you can gain some traction. If not, a 1 year masters at somewhere like NYU can lend you a bit more credibility even though it is a joke and also you can take on some internships to help pivot your resume towards development. I have a friend i met at NYU who had an architecture background. She did the NYU program to learn the finance side and now she's a VP at a top developer making $500k+. Now you can also do an MBA if you want to, but it's not really that necessary. With your background coupled with the ability to financial model, you should get a lot of looks when the market recovers
I’d personally go MBA - most resl estste programs are kind of a joke.
Don’t take my word for it though - look at positions you want now/in the future and see what these folks have done.
Other than tuition money and opportunity cost, I'd say the MBA isn't really necessary for you unless you wanted to do the internship at firms like Trammell Crow or Tishman Speyer. I'd honestly apply to both masters and MBA and see. Like if you got into HBS or GSB you probably should just go to those
Like the other comment said, if you’re dead set on real estate, I’d also recommend a Master of Real Estate program. If you want more optionality, go for the MBA.
The only truly competitive programs are MIT and Harvard. Each takes only ~35 students a year and has top-tier faculty. Harvard also guarantees an internship (called the practicum program) lwith shops like Tishman and Hines.
Hmm, I see. I'm definitely leaning towards going back to school, whether that be for a master's in real estate or an MBA. Would you have any advice on whether I should stay in my current role and build a few more years of construction management experience, or try to jump to more of a bridge role like owner's rep now?
You want to make the jump as soon as you can, but it’s nearly impossible in this job market. Hence why going to grad school makes sense for you today. FYI grad school application deadlines are fast approaching so you should start hustling now.
Are you able to have candid discussions with your clients from past jobs? I know of many people who made the jump that way, but it was a different market then.
Unfortunately, not really, I've only worked with one client so far on a 2-year-long job. They're also a developer breaking into NYC, not an established one here. I posted because I've felt this way for a few months now about my job in CM, and when I started looking for entry-level analyst jobs in RE development, I found that most large, established firms were only hiring for internships out of undergrad, and most associate-level jobs were also internship programs out of a graduate degree. Granted, I haven't done too much networking in this field yet, so I'm not sure if my current networking efforts would lead to something, but I would love nothing more than to work on large skyscraper projects, which (correct me if I'm wrong) I feel only large firms have high-impact access to.
Any advice on networking you might have to share?
Don't have much advice, only that I know it can be done (I've seen it as a first hand experience). Roles were never posted, as the talks were done in advance such that when there was a need to hire, they just snagged the person versus publicly posting a role. In a sense, that person was ahead of the ball game for the firm's need for a person.
It would be for a developer that leans in on people with more GC /Project Management experience if that helps.
I had the same background as you and came to the same realization while working for a CM. I looked at both MSRE and MBA programs and ultimately went down the MBA path—there are just more resources in an MBA with a real estate focus. You have to go to a school where the MBA program is known for real estate; most MSRE programs I looked at and applied to were weak. I was accepted to Columbia, NYU, and Cornell with a ChatGPT-generated essay that I didn’t even review. Those programs also have no on-campus recruiting, so finding a job is left entirely up to you.
I’m so glad I decided to do my MBA. I got to meet with TCC, Greystar, Brookfield, RXR, Silverstein, Hines, and many other top developers who came to campus to recruit. It was tough having to work for four years to be competitive for a top MBA program, but I think you can make the switch after three years of experience. Take the time to ace the GMAT and, most of all, start networking! Unlike engineering, this industry is relationship-based. I hope this helps.
Wow, thank you so much for this, it's so encouraging to know that there's also someone else out there who's had a similar path as me! I would really love to hear more about how you positioned yourself for an MBA while working in CM, what programs you applied to/ultimately chose, how post-MBA life has been for you, etc. If you're open to it, can I please message you? Either way, thanks for the insight - very highly appreciated!
Following because I have the same background CM in RE Dev to MBA.
Follwing
I followed the path you’re considering, and went full time MBA (top 15) with specialization in RE Finance and PE. You’ll have an excellent skill set for development when you graduate—land a couple internships during school in investments / dev roles if at all possible.
So great to hear this! If you don't mind, would you be willing to share a bit more about the exact path you took? When did you decide to apply to the MBA (how many years of work, etc)? How did you frame your application? What was your path like post-MBA? Any insight would be highly appreciated! If private message would be better, would love to chat more
Good for you for wanting to make the switch to development. It will be like going from 2D to 3D. Many smaller development shops need both a development associate/ director AND a Construction manager but cannot afford both on a project- that is your opportunity. But you will need to do boot camp and take the following: 1) basic accounting, 2) Real estate finance- you need to understand all forms of debt, waterfalls and equity syndication and you HAVE to be able to model well, 3) RE law and 4) RE marketing. You can self study all of these with free resources. Go for it and good luck!
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