Former CPA trying to break into commercial real estate
Hi everyone, This is my first post here and just wanted to see if anyone had any guidance. Apologizes in advance for the long read. I want to break into commercial real estate and have a ton of passion for the industry. However, I come from a different background. I went to a non target school for both my bachelor’s and masters where I went for accounting and tax respectively. I also earned my CPA as well. After finishing school in 2014 and completing my exams I’ve worked at a few different places. Firstly, I went to an accounting firm in NYC to focus on tax (not big 4 but in top 10) in order to fulfill my one year work requirement to obtain my CPA license. I had to stay for roughly a year and a half to fulfill the requirement and find a new place. Subsequently, I left tax and joined EY’s structured finance transaction team to work on new CMBS issuance. I remained at this position for a year. Lastly, I moved to my present place, my uncle has a small portfolio of commercial properties where he allows me to work on acquisitions and property management. Additionally, he also runs a commercial real estate brokerage, which he started recently, where I focus on investment sales. I’ve been at this position for roughly a year and a half time. Does anyone have any advice as to what a good next move would be get myself in a reputable commercial real estate firm? Do you guys thinks it’s worth going for my masters in real estate? Additionally my market in New York. Any thoughts and comments are very much appreciated. Thanks.
EDIT: I’ve also completed courses including REFM, ACRE, and Break into CRE.
I did the accounting to the CRE route. Your experience will translate smoothest to asset management roles where there is emphasis on lender/investor reporting, from there it will be easier to pivot into more deal oriented roles if that is your ultimate goal. You might need to lateral/take paycut into a associate/analyst type role at a smaller shop. I am glad I bit the bullet pivoted out of accounting and into something I find more interesting, but I still use a ton of accounting knowledge in my day to day when I am underwriting, reviewing financials or loan docs.
If you want to get into more of a deal role, I'd also consider just getting your modeling certificates and networking til you find someone to give you an analyst role in the department you actually want to be in. You can basically make your pitch that for the cost they'd typically pay a college grad, they can take a chance on you, someone that has more real-world maturity and clearly has the finance acumen.
I'd go the ER side REITS or REIB way and try to get current engagements on REITs at your current company/real estate advisory. Your experience will be much more transferable and make your CPA worthwhile.
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