Hey guys, as I start to progress in my career I am starting to think about more ways to add value beyond the analyst level to the acquisitions team at my shop (MF developer).
What did you do to start taking a more active role on the acq/deal sourcing side?
Currently I do everything, but it is all funneled through the more senior acq guys on the team who are the boots on the ground finding the deals.
Additionally, as an analyst what are some projects or things I can do to help add more value to my team?
I will be bringing this topic up in my review in the coming weeks but wanted to get WSO's take on the matter as well.
Note that this advice applies mostly at a well-established shop, and not a more entrepreneurial company with fewer people and more room to create your own role or do your own thing. I am also still relatively early in my career, and don't know what I don't know.
The best way to get promoted is to be really good at your current job. A lot of people feel like that in order to be successful and move up that they need to start bringing in deals. In my experience this is not the case. Focusing on being good at your job and helping the person above you move up is the most sure fire way to keep getting promoted. Obviously keep learning and be a sponge as you work with the people above you, but patience here is key. If you keep focusing on trying to do the role above yours it will impact your performance at your current role and how senior leadership views you and your potential.
That said, be vocal with your boss and let him/her know that your goal is to eventually bring in business (they of course know this) and you want to learn that from them. Most institutional shops don't just promote you one day and say "Stoo start making it rain!"; it is a much more gradual transition that requires more patience than a lot of folks have. Let them know that is what you want and ask your boss to help you road map a plan to get there. If he/she is a good manager they'll help you get there because if you can do their job than they can continue to move up to more senior roles (i.e. CIO, capital raising, managing multiple deal teams, etc).
I personally struggle with the patience piece and have been tempted to move to other places to make more money and have more responsibility, but I've been honest with my boss about my goals and he does a good job of making sure I know what my path is and make sure I'm learning the nuts and bolts well and easing into things like contract negotiation, working with counsel, managing broader teams, leading the acquisition process, and others that will make sure the foundation is there when the time comes to begin sourcing deals and be more outward facing. Those nuts and bolts things are always needed and you need to have them down pat. He is also good about bringing me to meetings, supporting professional development stuff (i.e. ULI, NMHC, etc.), and generally making sure that people internally and externally know who I am and the quality of the work I'm doing.
All of that is just my personal experience, and from knowing a bunch of folks at different places around the county, every company does this differently and everyone's experiences are different. There are a million ways to skin the cat here.