Full Court Shot
Just finished my internship and didn't get a return offer (joining plenty of others recently lol). Going through recruiting again has forced me to actually think about what I want to do rather than blindly following the traditional path, and I've realized I really don't care about the standard IB exits.
Not saying I'm above banking whatsoever. I just can't convince myself that doing two years of M&A solely because it's the best starting point makes sense when I already know I don't want most of the exits people do it for.
The one thing I've kept coming back to is CRE. I've been looking at development analyst / acquisitions / asset management roles at developers and owners, especially in regional markets, but even a lot of the analyst postings want 1-3 years of experience and my internship was not related whatsoever.
For those of you in RE, if you were coming out of undergrad with solid experience but zero RE background, where would you look/start?
Is going directly to a developer realistic? Or is there another entry-level CRE job I should be targeting first that can get me onto the development side after a year or two?
Not looking for a shortcut, just want to make sure I'm going in the right direction or whether I should realize that solely focusing on RE is ridiculous and I should cast a wider net.
Based on the most helpful WSO content, here's how you can approach breaking into CRE with no prior real estate experience:
Start with Leasing Brokerage: Leasing brokerage is often recommended as an entry point into CRE because the barriers to entry are lower compared to other roles. It allows you to build a network, develop sales skills, and gain exposure to the industry. While it may not be glamorous, it can serve as a stepping stone to roles in development or acquisitions.
Consider Smaller Firms: Breaking into a large developer or owner directly might be challenging without prior experience. Smaller firms, however, are often more flexible with hiring and may provide opportunities to wear multiple hats, giving you broader exposure to the business.
Target Analyst Roles: Look for entry-level analyst roles in areas like acquisitions, asset management, or even property management. These roles often require financial modeling and analytical skills, which you can leverage from your internship experience, even if it wasn’t in real estate.
Network Aggressively: Networking is critical in CRE. Attend industry events, reach out to alumni, and set up coffee chats with professionals in the field. A soft introduction from a meaningful contact can often outweigh a lack of direct experience.
Build Relevant Skills: Learn the basics of financial modeling for real estate, property cash flows, and returns. Understanding how different asset types (e.g., multifamily, office, retail) generate income is crucial. You don’t need to be an Excel wizard, but having a solid foundation will make you more competitive.
Don’t Overlook “Lesser” Positions: Roles like property management, maintenance, or even internships in CRE can help you get your foot in the door. These positions provide valuable industry exposure and can lead to better opportunities down the line.
Be Open to Regional Markets: Regional markets often have less competition compared to major hubs, making it easier to break in. Plus, they can offer a more balanced lifestyle and opportunities to grow quickly.
Apply Strategically: Even if a job posting requires 1-3 years of experience, apply anyway if you’re close to meeting the qualifications. Many firms are willing to train the right candidate, especially if you demonstrate passion and a willingness to learn.
Focus on Development as a Long-Term Goal: Development is entrepreneurial and often considered the “exit opp” within CRE. Starting in a related role like acquisitions or asset management can help you build the skills and network needed to transition into development later.
By targeting entry-level roles, networking effectively, and building relevant skills, you can position yourself for a successful transition into CRE. It’s not ridiculous to focus solely on real estate, but casting a slightly wider net within the industry (e.g., leasing, property management) can increase your chances of breaking in.
Sources: Career Path to become a Real Estate Developer, How do I get that experience that you are requiring for your job?, https://www.wallstreetoasis.com/forum/real-estate/qa-real-estate-analystassociate?customgpt=1, Looking for guidance finding my path in commercial real estate, Best Places to Start in Commercial Real Estate?
With zero RE background, I’d try to network my way into one of the top brokerages.JLL, Newmark, CBRE, Cushman, another name you’ll see floated around here is Eastdil but I’d say they’re the most technical of the three and likely would want to see more of a RE background (still worth applying as they have a dedicated analyst program for new grads).
Honestly, development might be a hard sell with no background but trying to go over to an asset management role could be doable.
TLDR; developer/owner jobs would be difficult with no experience, try a respected investment sales/capitalmarkets team
What does the timeline look like for FT recruiting?
Have friends in uni that interned in IB for junior summer but pivoted to CRE debt roles across originations and AM (think platforms like Starwood Property Trust / Rialto / PGIM) as they didn't like IB. Some technical and modeling skills overlap so could quickly pick up. Just finished my MF AM internship and really enjoyed it.
That said, recruiting for CRE is a lot more of a vibe check with some technicals but should definitely network your way in. FT recruiting cycle is roughly now with some BB already having AM/REB roles open - interviews/superdays are going to occur in the next month.
Thanks for the advice, I appreciate it. Is there anything you’d recommend to get up to speed/technically sound before interviews, or should I just do typical IB studying? (Sounds oblivious, but I know just about no one who’s taken this route)
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