Feeling Duped at new role
Started a new role at a decent sized REPE firm as an analyst a few weeks back, and kind of feel duped. My role is a ton of reporting and ad hoc requests. Has this ever happened to any of you? I like the firm and enjoy the people I work with, but in the interviews it sounded like I would be working closely with the deal team and helping to set the strategy and direction for the funds (on the PM team). Not sure if this is just typical analyst stuff or not…Any advice would be appreciated!
I would give it a bit more time than 2 weeks. On boarding new people, especially analysts, where people need to figure out how they want to use you/what your true skill set is, takes time.
Honestly.. I hate to say it but this is pretty much what I imagine most PM work entails (if I'm correct that that means portfolio management). Jobs are always a bit slow when you first start at the junior level, and I'm sure you will get involved on refinances and dispositions on the like. But just my 2 cents.
Do you think it could lead to moving into a different role? Or moving firms would be the best option? Not sure how plausible that would be given the role..
That's what PM work entails for the most part.
I feel like you probably work for my company. Of the 3-4 people I know that have been on the junior side of our PM team, all were told something similar to what you heard, and all of them have changed roles. One of them moved to a deal team after a long time, but the rest just dipped in order to make it over to the acquisitions side. The role seems glamorous when you're younger (setting direction, managing a fund, etc.), but the reality is that you're a powerpoint monkey, with some IR bitchwork sprinkled in with a dash of fund modeling. Also depending on how small the PM team is, transitioning over to acquisitions (internally) or something is tough because you do become critical but not promotable. Tough row to hoe.
Thanks for the insights. Do you think it’s easier to move internally to the deal team, or leave the firm and get an acquisitions/development role?
Leaving is definitely easier. More immediate, less politics. Suck it up and do your job for 12-18 months and then jump. Keep the network fired up.
Doesn't seem particularly realistic that a new hire in a junior position is going to be "helping to set the strategy and direction for the fund(s)" after a few weeks. Sounds like OP just had wildly unrealistic expectations for what he was being asked to do. Usually that kind of language means "this is what your role could evolve into, if you're good at it"
I think that’s probably fair. I guess I am just worried that my role will be a dead end in the industry.. but I really probably shouldn’t be complaining
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