Cpa to real estate acquisitions
Is it a possible career move to go from Big 4 audit as a cpa into a real estate acquisitions role? Has anyone seen this done? And this would be having only worked in audit for 1 year out of college.
This has been done, CPAs can do well in asset management, or the general finance (CFO type track) side of real estate principals. Whether direct to "acquisitions" is how best to frame it is something else, I think making a move to a principal real estate firm (not in a pure accounting role) is how to frame it.
But, if you are really trying to do this one year out of college, you are essentially just looking for entry level positions, your work history will have little relevance.
This can be done, but if I were you, I'd broaden my search from acquisitions only to asset management, development, investment sales, debt and equity placement, and even appraisal. Any of these opportunities will provide a good junior and valuation skill set. This may be a 2 step jump for you (i.e. Big 4 > Appraisal > Acquisitions). Hope that helps!
Yes, it's possible. I've even met who made that transition. It might require an intermediate step like one of the other posters mentioned but you can get there. I've even seen some job descriptions list Big 4 experience as a plus.
I did B4 Audit -> CRE group of a Bank -> Investments @ Mega Fund Developer.
It's easier to get a role in capital markets or investment sales then lateral to buy side but I'm sure it can be direct depending on your network, UG and skill set. You will learn the RE business well in one of these roles and many investment firms like to hire from the sell side.
I can say that spending any extra time at a B4 won't increase your chances of getting a better role in CRE despite what the firm will tell you, it will only make you more of an accountant in their eyes and they have no idea of the difference between a staff and senior. Too many people fall into the trap of waiting until senior or manager to leave and think they will come out as a CFO when in reality they are equipped to be a senior accountant. The faster you get to the industry you want to be in the better.
This is very similar to what I did, except not to MF after.
+1 on being in industry. The only caveat is if you're able to transfer internally to the advisory arm of a Big 4, but even then still you're really only doing that for the exits. In my experience it was easier to get interviews outside than to transfer internally, even after I had my partner's approval.
I work in acquisitions and my MD made the transition, but not direct.
He went to AM, ran the AM dept, then took over the acquisitions dept.
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I did this. Big 4 audit to REPE acquisitions. Although I think it is a lot harder now given supply/demand for this role compared to 15 years ago, I think the following helped me stand out:
- I had a Masters of Accounting plus one year of Big 4 audit, so I did not look as “fresh out of the box” (perception of maturity).
- I worked for real estate companies as an intern while a student at the Univ of Hawaii, and the market was within the REPE’s market. I also got to know the SF Bay Area while I worked as an auditor on numerous engagements so I at least tried to show familiarity of the market there.
- At the time, I downloaded the trial version of Argus and taught myself. I think this was a minor plus.
- The hiring manager was an ex-Big 4 auditor (think this was big plus in terms of bringing me in); also had a favorable view of my hometown and people from there.
- The firm spent 6 months looking for the right analyst, so I might have been someone good enough to pass the bar when they needed someone in the chair.
- I guess I did well in the interviews and case study.
Anyways, I’m supportive of CPAs in CRE. I think it’s a great skillset to start your career. Feel free to DM me if you want to discuss further.
One more thing, in audit you normally will see the inner workings of several companies / industries. I think a great mindset is to think about trends, demand, capital flows and see historical data on cycles. For instance, FIRE industries (Finance, Insurance, Real Estate) normally are cyclical with the overall economy. How about other industries? This all affects employment thus housing and office or demand of goods; thus need for commercial / industrial space. I left the audit profession pretty early but thought the experience nevertheless was useful to gain a wider lens. Also since you use a laptop and travel, develop that 10-key by touch. Helpful in cranking.
TLDR: Yes possible but do not wait long and leverage your network.
Any more than 1-2 years in Big 4 audit and you start to peg yourself as an accounting professional. I've seen it done: CPA Big 4 Accounting --> large IS broker as an Analyst --> acquisitions role. May or may not have mattered but this individual was in a RE Masters program as well during some of the transition period. If you followed that path or something similar, I imagine you could end up in a pure acquisitions role somewhere but may need the stepping stone in between like others have said. However, don't be shy of a pure acquisitions role at a lower-level analyst level that may be a step backwards in money.
This is a move, one year out of undergrad that you're trying to make to set you up for the rest of your career.
Totally possible, but not necessarily easy. I did it after spending 2.5 years in Big 4 audit, followed by 1 year in corp fin/fund management.
Crow Holdings in Texas really pushes for past accountants/CP's to start in their starting analyst roles.
Do you mind if I PM you to ask about this? I would be interested in learning more because I am familiar with this firm.
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