Deciding between two offers
I recently received two offers for summer 2025. One will be at a top 5-10 U.S. bank in corporate banking real estate focused on multifamily. While the other will be in a small commercial real estate shop in Texas. The corporate banking has credit related tasks, providing debt and tax credit equity loans, and other responsibilities. Commercial real estate would be a smaller shop focused on leasing up CRE. Which gives better exit opportunities, career trajectory, etc. The banking pays more, but in a T3 city, while CRE will be in large city in Texas. Which would be best for a career in capital markets, banking, "high finance".
Based on the most helpful WSO content, the corporate banking offer at a top 5-10 U.S. bank focused on multifamily real estate would likely provide better exit opportunities and career trajectory if your goal is to break into capital markets, banking, or "high finance." Here's why:
Relevance to High Finance: Corporate banking, especially with credit-related tasks like providing debt and tax credit equity loans, aligns more closely with the skill set and experience valued in capital markets and investment banking. This experience can serve as a strong foundation for transitioning into roles like real estate investment banking or REPE (Real Estate Private Equity).
Brand Name and Prestige: A top 5-10 U.S. bank carries significant weight on your resume, especially when networking or applying for future roles. The brand recognition can open doors to larger firms and more competitive positions.
Skill Development: The analytical and credit-related tasks in corporate banking will likely provide a more rigorous and transferable skill set compared to leasing-focused work at a smaller commercial real estate shop. These skills are highly valued in high finance roles.
Exit Opportunities: Corporate banking roles often lead to opportunities in investment banking, private equity, or other capital markets roles. The smaller CRE shop, while potentially offering a more entrepreneurial experience, may limit your exposure to larger, institutional opportunities.
While the CRE shop in Texas might offer a more dynamic or hands-on experience in a large city, the corporate banking role's structured environment, brand prestige, and relevant skill set make it the stronger choice for a career in high finance. If compensation and location are secondary to your long-term goals, the corporate banking offer is the better option.
Sources: Small(er) town finance jobs, What internship will help set a junior year internship in Real Estate investments/REPE better: Fortune 50 or boutique IB?, Why corporate banking instead of investment banking?, Collegiate Real Estate Network | Summer Internship Supplement Series, Credit Suisse Summer 2020
I'd say the banking position. Will get a lot more experience there than leasing up CRE.
What exit opps could it provide in your opinion? It is a top shop for syndication
If your goal is to work in real estate finance then definitely the banking opportunity
Where do you think this could lead to in real estate finance?
Honestly anywhere except for major REPE firms like Blackstone etc... It's a solid starting point. Maybe you work at the bank for 1-2 years, then lateral to IS/Capital markets at a JLL/CBRE and then lateral to a mid-size REPE shop or developer.
Banking is pretty great
What type of exit opps could it provide? Is REPE possible? The bank I will be in is a top syndicator for Multifamily but not sure what that could open doors for.
any CRE credit role, private credit e.g. blackrock. Maybe REPE, but there are more exciting things in CRE in banks, like structured finance, back leverage LoLs. ABLS and CLOs.
So essentially the Texas gig is a leasing broker position? I would 100% go the banking position due to the fact that it will be salaried and the leasing gig will be commission. (a guess). Also, I think that the banking position would give you better exit opps and access to different fields within real estate.
Yes, it would be similar to a regular CRE shop where it is focused on leasing, renting, etc. What types of exit opps could the banking position openu p?
Both are great opportunities. You need to determine if you want to be in leasing or finance.
Leasing will teach you how to figure out what good real estate is. It is also going to be a sales role. Most of your time will be prospecting for new business (cold calling).
The banking role will teach you excel and how to value real estate. You will also learn how to perform due diligence.
Both roles can be great.
So would leasing be more focused on commission based jobs rather than a salaried banker? I am not too keen on sales.
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