CRE Accounting to CRE IB
I recently graduated college with a Bachelor of Science in Accounting & Finance with a Finance Conc. from a non- target school. After a month of applying I landed a job at CRE firm Colliers international in Boston. I wanted to go more into the CRE Investment banking, Valuation, or finance side but got a job as a property accountant. Is this experience relavent to go into these feilds in a few years?
Thanks
No.
You need underwriting and financial modeling experience.
^^^
So will this job be worth anything in the future? Will it at least be decent foot in the door type deal on my resume?
Most property accountants are the classic back-office "fuck this job" kinda people. If I were an accountant, I would want to work for an accounting firm, not a property manager.
The experience itself is worthless (sorry but I'm being honest). This is what you should do: work at Colliers and learn as much as possible. By the end of the year begin to network. Tell others how you enjoyed the accounting aspect of real estate, but have developed a strong interest for whatever it is you ultimately want to do. Working at a firm that focuses solely on real estate will give you credibility and serve as an indication you're actually interested in the industry.
It's a job at a reputable firm, you can definitely use it as stepping stone for other roles. I've seen it in work history of people I work with at (IMs, REPEs, lenders). However I wouldn't stay for more than 1.5yrs.
If you have access to P&L, you get a sense of how the building is operating. If you have access to balance sheet, you get an idea how the deal is structured. Don't limit yourself to your job title, and try to learn about as many buildings as possible. RE is not difficult, don't be concerned about the FO/BO tag with an entry level position.
a property accountant is pretty much a bookkeeper, and I wouldn't say you necessarily need a college degree to do it.
Im in REIB and our recruiters would not give the resume a second look. I am sorry, it's tough to hear, but there may be ways where you can transition, but it will take time. My suggestion start looking into accounting for REITs or funds. This will atleast help you get a step closer, but until you have real underwriting experience, then its very very difficult.
Do you guys look at people from large banks doing commercial real estate banking?
No it's not really relevant.
Rerum quos suscipit modi ea. Id officia non eos non quia.
Qui laudantium nostrum dolor vel quo molestiae exercitationem. Vel ipsa ut sit totam molestiae. Aut ea recusandae facere beatae est. Et libero accusantium rerum voluptatum. Ut corporis aut consequuntur eos illo.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...