Expectations for after graduation in CRE
Hi Everyone,
This is my first post on WSO so sorry in advance if anything I'm saying seems out of touch. I've been super interested in the CRE industry broadly over the past ~1.5 years in undergrad and done 2 relevant internships one being at a large REIT and another at a small multifamily developer. I recently got an offer for a rotational program in a city that isn't my end all be all with all in comp being around ~80k. I don't know what I should be expecting frankly but being that the offer is at a reputable firm I suppose I expected more. I know that from reading all these threads entry level CRE seems pretty tough right now, but I'd be lying if I said I wasn't thinking about recruiting elsewhere. Are my expectations too high? Should I be grateful just to have an in somewhere? Would love any advice from anyone who recently graduated into CRE that might be able to provide some color into how I should approach the next 4-5 months if I were to look elsewhere. I know recruiting and such differs for CRE vs. IB but feeling a bit weary that not many other things I'd be interested would show up over the next few months for 2026 roles.
What city? HCOL? 80K all in seems a little low if that's truly base + bonus in HCOL or MCOL. I'd take what you can get.
I've seen recruiting be really tough for those graduating recently. Mostly rotational or debt spots. Few equity spots.
With your background, I would assume shops would be more willing to take a shot on you rather than the no internship 4.0.
Not even a true 1st year analyst and my base is around 90k + 15% Bonus Minimum outside a major city.
Trying to move toward a serious analyst role, but my WLB + Comp is just too hard to walk away from shit is so addicting.
Don't get how these kids are willing to take such drastic pay cuts and burn themselves out to get into the space at shitty shops.
What kind of shop?
$85K + +/- 15% for reference. Not tier 1.
Seems fine. Play the long game and go somewhere active and get reps. I started at 70k base + 10% bonus in a non-NYC HCOL with heavy internship experience and I am very happy with being in CRE.
I started off in multifamily AM in 2023 for $80k + 20% bonus - It'll be 3 years in January. Expecting to end 2025 at about $170k all in comp. My advice is to get in where you can, work hard, and you can get some growth under your belt pretty quickly. View the first couple of years as getting paid to learn.
Dam that’s impressive, same company?
Switched shops in June. To be fair - I'm including a few 1 off bonuses for dispo and refi closings in that number. Could be back down a touch in 2026 depending on activity. Just trying to illustrate there's no need to get hung up on the initial salary number.
When I was first starting, I was given the advice "CRE is like a runaway train right now. The important part is finding a way to get on it. Once it settles, you can move across the carts."
I think it would help to get some more context. Is it a brokerage job in a market you're not interested in? One of the rotation programs at one of the larger traditional capital allocators? Given the fact that there's only really a handful of firms with legit rotational programs, I'm assuming the latter. My 2 cents, but it would be best to bust your ass, learn how and WHY they operate, and see what comes next.
Tbh if I was helping you out with a job search I would be very nervous you are asking this. I am not saying don’t try to get paid but I do not think you get into this industry for the junior comp.
I think I’m paid fairly. However I’m still making less than an average IB analyst next year. It will take a long time to crack what my peers with the same title make in finance and my all-in comp barely touches their base. I don’t have the work life flexibility that f500 / consulting offers.
Point being - you have to want to do this to have success because it is not a very rewarding industry to a 20 something.
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