I am a senior majoring in finance with an interest in RE Development. I have spent a significant amount of time networking and will be working an internship with a firm this summer in a growing southeastern market. I am hoping to break into Development FT after graduation and have been doing as much research as possible. I do still have two questions that I have been unable to pin answers to. I thought I would come to you all for a little color on the following...
What does an entry level position at a Development Firm look like? Title?
What comp can I reasonably expect as a recent graduate?
The group I will be working for this summer is the largest player in my hometown (Low COL southeaster city) with current deals around 2.0B,
Any help with this is much appreciated!
Title is usually analyst. Responsibilites will vary greatly by the size of the firm. Comp I would expect 50-60k with a 10-20% bonus, maybe discount that a bit for smaller markets and inflate it a bit for major ones
Comp could definitely be in the 40s for a first year. 50-60 is probably the fair amount but I have heard of a few places in the 40s (Dev, Acquisitions analyst, IS analyst)
I'm just talking development, I know nothing about IS comp. If by in the 40's you mean like 48k then sure, that's just splitting hairs. But a dev analyst position below like $45k? Idk I'd personally be seriously questioning that offer.
But like I mentioned, if you're talking about a market like Boise or something then it's obviously a different story.
I'm thinking more in the line of home builders/ small condo/townhouse builders.
There isn't really a standard answer on this questions. No two companies will structure themselves in the same way, especially in secondary and tertiary markets. A lot of developers are one or two man shops who work on a deal by deal basis. Some are in for the equity upside and some are in it to offer a service and collect a fee. There is no blanket job description , title, or salary. Some "analysts" work on identifying deals, some work on process management through the lifecycle of the development, and some work on deal underwriting. Most of these positions aren't budgeted for and filled by a manager. They are created on an as need basis and the developer hires somebody who he thinks will save him time now and hopefully allow him to do more deals in the future. You will have to find somebody who is willing to groom you and also pay you a wage you determine is worth it.
Maineiac42 couldn't be closer to reality... Comp will primarily depend on previous experience, your general disposition and location so it can range a bit. I pulled a headhunting data report that I can send if you want to shoot me a message. Basically 0-2 years experience you would normally look around 60-80k with 5-15% bonus and 10% annual raises for the first couple years as you began to take on more responsibilities.
Normally in the beginning you need to be able to help assist/take over their tasks, free up their workflow by assuming responsibility of modeling, underwriting, etc. Fostering of professional growth and competencies will serve you further than a couple extra bucks in your pocket starting out...This is what I would negotiate for in my opinion... Anyways best of luck man! .
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