Hi, I am preparing for front office roles at acquisition/development shops.
Is BIWS good enough to prepare for one of those jobs?
Aware A.CRE is another popular option, but it seemed to have a lot of contents and wasn't sure if A.CRE is suited for job preparation. For those of you who've done it, would appreciate your insights on BIWS!
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Heard Linneman's book is a good resource/primer on RE investing, at least for REPE (can't speak for development). ACRE was helpful for modeling related questions.
Most job interviews will require you to do an excel modeling test, as well as verbal technicals.
Technicals should be a blend of RE-specific questions and general finance, so a blend of BIWS and Linneman should be enough
Thoughts on BIWS vs WSP vs A.Cre (for BIWS and WSP, I'm referring to just the RE course)? How would you rank them best to worst? In my case, I have a job lined up but don't come from a RE background if that might change your view
Frankly, if you already have a job lined up, they’ll teach you everything you need to know about RE on the job.
Regardless, if you still want to read up and practice, I’d recommend ACRE since the resources are created by RE practioners. Highest ROI would be getting familar with their models and understanding how they think about valuing/investing in RE.
You also tend to focus on specific product types in RE (MF, industrials, retail etc.). so my approach after getting the job was to read/learn all that I could about the firm’s specific product focus and familiarizing myself with the lingo. Despite there being similarities across asset classes, there are nuances to how you value an industrial warehouse vs a shopping center.
Hope that helps! I’m sure you’ll crush it
I have heard from some that they consider the ACRE models a little "too cute" and that they are immediately recognizable as being from that program. I have also heard good things about REFM (https://getrefm.com/) but don't have any personal experience with it.
^Agree about the ACRE models. WSP is good for learning CRE underwriting basics, and pairs well with Argus (assuming you can get access to Argus Enterprise through your school while still an undergrad).
REFM is good for more asset specific/in the weeds modelling. Definitely read Linneman's "Real Estate Risks and Opportunities" but you can generally ignore his stuff on office - I think his forecast and overemphasis on the asset class is antiquated.
For a more high level, light read "The Real Estate Game" by Cruishank is good for learning the industry. Best of luck kiddo
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