Large Family Office Superday
Hi Guys. I have a superday coming up this week with a large NYC family office (think Rudin, LeFrak, Durst) for an acquisitions/capital markets analyst role. I'm currently an undergrad at a "target" school, had an on-campus first round interview, went through an extensive modeling test, and was selected to come into the NYC office for this final round of interviews. I was hoping you guys may have advice for me regarding superdays for a family office vs. a reit, fund, etc. Is there anything I should touch on in particular in these interviews? I currently have an offer for an investment sales position at a major brokerage (CBRE, Eastdil, etc.) in Los Angeles - what would the pros and cons between these two opportunities be (considering I'm fortunate enough to get this offer)? Thanks!
Relevant Resource: Family Office Database
Bump.
One of my close friends recently started back in July at one of the firms you mentioned........I would expect the same thing as you did for your IS interviews: There will be mostly fit-based questions and they may pepper in some technicals. Also, know what a 1031 exchange is because I guarantee that's how they do most of their acquisitions.
As for the differences between that and the IS opportunity? If you want to be on the equity side then I don't see why you wouldn't work for the family office, especially since large family offices often do strictly institutional sized deals. Great exit opps from both but I would personally want to work at the family office AS LONG as they have decent deal flow and are looking outside of JUST the NYC area (like my buddy's firm does). All of the families are you mentioned are highly regarded in the industry so congrats on landing the interview and good luck!
I'm an Associate at a family office in the Texas. My office has a very small staff, but it has a large AUM. My path was Middle Market Debt -> IBD -> now associate.
The big thing about my office and interview was trust. Depending on the role and the office you will access to a lot of family members and their money. Remember these are typically very private people. So office fit and culture is important, along with "trust and transparency".
In regards to technicals; if you completed the modeling test, and have some internship experience I imagine you'll be okay. I was asked extensively about broader capital markets; macro trends; causes of the financial crisis; and asset allocation. My role is very comprehensive so they wanted someone with a more diverse background. Of course you also need to on point for the actual role. Based on your description: capital market moves; M&A trends; general deal structure considerations.
Pros: - Again depends on the size of the FO, how involved the family is, and your defined roll. My family is heavily involved so the relationship becomes a bit more personal, which means they're more inclined to take better care of you. - Introduced to very exclusive social circles - Work life balance. I still crank out about 55 to 65 hours a week. - Job autonomy. I do my job well so my CFO pretty much leaves me alone. - Compensation. Strong compared to a more hectic, and time consuming role like IBD. - Exposure to a lot of funds, transactions, and other investments that anyone outside of the 1% don't get to see.
Cons: - No clear exit path or career path. - Not a lot of professional development, unless you can sell them on it. - Hours. You may be at the families every demand. I still have to work late and weekends. If you're working weekends its usually scheduled so its not a big deal. - You may be asked to do a lot of random tasks not related to your job at all.
Also echo what REStudent commented. Hope this helps. Good luck.
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