I refused to take the Excel Modeling Test
I am sure you can notice this from other threads I have posted, but I am a well qualified applicant with around 4 years of experience, $3B+ of direct real estate experience, and hold prestigious degrees (Not ivy league, but target schools).
For this reason, I am told by experts (Recruiters, HR, and Employers) that I am a $100k base candidate (not NYC market).
A recruiter connected me with a brand new firm in the US with established Europe presence. They haggled me (before an offer came) to see if I would take a $90k base, then came back with $85k base. I agreed since its 1 mile from my house.
I was asked to build an over the top, complex and dynamic model that needed to be completed as the potential employers "Test". Argus not available. It required a full dynamic model (principal amortization, market leasing assumptions, CapEx schedule, TI/TA/LC, multi-property, multi-property tax ID's, Waterfall (& EM driven), and even a full investment summary with tables). Imagine the templates you create for your current employer to create efficiency when underwriting.
Crazy enough, they asked me to model an exact portfolio that I already modeled in my current job and put together a beautiful marketing package for major LP's ($150MM + deal). So, I sent them my underwriting and my dropbox of all my prior work through my career. They still asked for me to complete the model, I refused to do it.
Did I do the right thing?