Going from Canada to US
Hello,
I was wondering if any of you have made your way to the US coming from Canada and how that transition looked like.
I'm mostly interested in REPE and outside a couple of firms that specialize in this there aren't many players in this space and quite a lot more developers within Canada (which IMO are going to face a huge challenge in Canada given crazy construction costs). I've got a couple years of experience with a boutique RE investment firm and know my way around a model, but I don't have any experience outside of Canadian RE nor would my company even be known outside of our local market.
I'm happy to keep my job in the interim as I know how hard it is to find a new one as it stands, but we are not doing any more capital raising and undergoing some instability ourselves, which means that I won't be touching/learning acquisition models for a long time. I'm also getting slightly underpaid and can't see this changing with the firm's performance.
Any tips on someone looking to transition to the States or for someone looking for some general career advice?
Based on the most helpful WSO content, making the transition from Canada to the U.S., especially in the realm of Real Estate Private Equity (REPE), involves navigating several challenges and leveraging specific strategies to enhance your chances of success. Here are some tips and insights that might help you in your journey:
Networking is Key: As highlighted in various discussions, networking is crucial for Canadians aiming to move to the U.S. market. Utilize any connections you might have, including alumni networks from your university, professional contacts, or even reaching out to professionals working in the U.S. REPE space on platforms like LinkedIn. The importance of physically being in the U.S. for networking cannot be overstated. Making trips to the U.S. for networking purposes shows commitment and can significantly increase your chances of landing a role.
Highlight Your Expertise: While your current firm may not be well-known outside of Canada, your skills and experience are transferable. Emphasize your proficiency in financial modeling and any specific projects you've worked on that demonstrate your capability in the REPE space. Tailor your resume and cover letter to showcase how your skills can be applied in the U.S. market.
Understand Visa Requirements: For Canadians looking to work in the U.S., understanding the visa process is crucial. The TN visa under the USMCA (formerly NAFTA) is an option for certain professions, but it's essential to research if your specific role in REPE qualifies. Alternatively, finding an employer willing to sponsor an H-1B visa is another route, though this can be more challenging.
Prepare for Interviews: Be ready for a rigorous interview process that may include technical assessments, case studies, and behavioral interviews. Since you're coming from a boutique firm, preparing to demonstrate your technical prowess and understanding of the U.S. real estate market will be crucial. Brush up on U.S. real estate market trends, regulations, and financial modeling specific to the U.S. REPE sector.
Consider Further Education: If making a direct transition proves challenging, pursuing an MBA or a Master's degree in Real Estate in the U.S. could be a strategic move. This not only enhances your credentials but also provides a platform for networking and recruitment opportunities directly within the U.S.
Stay Informed and Flexible: Keep abreast of market trends in both Canada and the U.S., and be open to roles that may not be your first choice but offer a pathway into the U.S. REPE market. Sometimes, taking a slightly different role can provide the necessary foot in the door to transition to your desired position later on.
Remember, persistence and a strategic approach are key. Utilize every resource at your disposal, from WSO forums for advice and networking opportunities to professional development courses that can enhance your skill set for the U.S. market. Transitioning internationally, especially in a specialized field like REPE, is challenging but certainly achievable with the right preparation and mindset.
Sources: IBD Barriers to Entry For Canadians and How to Overcome Them, Canada to NYC Lateral, IBD Barriers to Entry For Canadians and How to Overcome Them, Lifetime banker: Cost of temporarily switching countries?, Any fellow Canadians going to the States in 2019 for FT/SA start? How confidant do you feel about your visa?
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