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I did a detailed write up here: https://www.wallstreetoasis.com/forums/development-skillset-0
This is a great explanation.
The only point I'd add is that while at smaller firms you'll probably see the whole process, at larger firms you're much more likely to only deal with certain parts (i.e. some firms use analysts to deal with underwriting/DD, maintaining the model and tracking budget as the project progresses, and keeping track of the project timeline, as well as market research and writing reports for management, while the higher up guys deal with the actual project management and consultants, your capital markets team deals with financing, etc. etc.)
I've never worked for a "large developer," so can't speak from experience. But with my interviews at Skanska and UDR (which in my opinion are pretty large companies), the dev teams are pretty lean and what I gathered from my interviews was that it is one development team and not a separate acquisitions team and and development team. It also depends on what you consider "large". Development is a local business, so there are "large players" for a local market that competes with the tishmans and relateds in that market. I think with these types of "large players," it is usually just one development team as opposed to separate acq and dev teams. At least this is what I gathered from my research and interviews when I was job hunting.
I'm a first year Development Associate at a mid-sized local development company in a gateway market. My role is more finance based like you describe, but most "Development Associates" are more involved on the project management side of the business, I am not. Here are the things I do on any given week:
My company also open to me spending time learning and asking questions. Ultimately, you aren't adding much value at a development shop your first few years- your pay will reflect this. They are investing in your growth so one day you can be in a management position. I make $60k as a first year but work only 40-45 hours per week.
Can you explain why you have to "update construction draws MANUALLY" ?
Are these residential subdivision (tens / hundreds of homes ) type deals?
Thanks!
If your firm doesn't have a cohesive back end system for accounting it can be difficult to automate cost tracking and cash requirement schedules.
Tracking. The systems that are out there to track draws are exorbitantly expensive. If you don’t have that, draws are a manual process monthly. Plus things aren’t always cookie cutter. Your capital stack may be odd. A consultant who is supposed to bill $10,000 per month may forget to bill you for two months and than you need to pay them $20,000. Excel is prone to errors, but it is what most firms use.
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