Ex-NYC BB IB intern going back home to Toronto, REIB or REPE?

Based on the most helpful WSO content, here's what you need to know:

1. REIB vs. REPE for Maximizing Compensation:

   • REIB: If you choose REIB at a Big 5 bank, you’ll likely have a more structured career path with higher initial compensation compared to REPE. REIB roles often come with strong bonuses and a clear progression, especially if you stay within the bank or move to a senior role in real estate finance. However, REIB tends to focus more on company-level analysis rather than asset-level, which might limit your exposure to direct real estate investments.
   • REPE: Starting at a firm like Fengate or Starlight can provide you with hands-on experience in real estate acquisitions and asset management. While the initial pay might be slightly lower than REIB, the skills you gain in REPE are highly transferable to pension fund real estate investment divisions (e.g., QuadReal, HOOPP, Oxford). Pension funds often offer excellent compensation packages, including strong base salaries, bonuses, and long-term incentives.

2. Long-Term Career Path:

   • If your goal is to maximize earnings while transitioning to a pension fund’s real estate division, REPE might be the better choice. Pension funds value direct real estate investment experience, and REPE roles align more closely with the work done at these institutions. Additionally, REPE provides exposure to asset-level investments, which is a critical skill for pension fund roles.
   • On the other hand, staying in REIB could lead to a lucrative career if you remain in banking or transition to a senior role in real estate finance. However, the transition from REIB to a pension fund might be less seamless compared to REPE.

3. Lifestyle Considerations:

   • REIB typically comes with longer hours and a more demanding lifestyle, especially in the early years. REPE, while still challenging, often offers a slightly better work-life balance, which could be important given your desire to spend time with family and your partner.

4. Recommendation:

   • If your ultimate goal is to transition to a pension fund’s real estate division and maximize long-term compensation, starting in REPE at a firm like Fengate or Starlight is likely the better option. The experience you gain will align more closely with the skills and expertise sought by pension funds.
   • However, if you prefer a more structured career path with potentially higher initial earnings, REIB at a Big 5 bank could be a strong choice, especially if you plan to stay in banking long-term.

Ultimately, both paths can lead to a successful and lucrative career, but your decision should align with your long-term goals and lifestyle preferences.

Sources: Career Advice: Family Office (RE Developer) --> MBA --> REPE, Ask Me Anything: REPE Investment Professional, RE at Pension Funds in Canada - What do they do?, Real Estate Investment Banking, Military to RE via MBA