Hi Guys
Hope you're all well and wishing you a happy Easter.
I currently work in a large RE consultancy doing appraisal and was offered two positions last week. The first is an acquisitions position in a multifamily subsidiary of a PE fund with approx $9 billion AUM. The investment criteria is for large schemes in European capitals and will therefore involve lots of travel which is quite cool. The only issue is that it is at the same seniority I am at now and is therefore a lateral move. As the fund is very closely interlinked with the subsidiary (they share the same office), they said I would also do work for the fund from time to time on industrial and office acquisitions. It only pays slightly more than I am on now (5%) and is effectively an entry analyst position, while I have 1.5 years experience. Additionally, they made it clear I would have a heavy workload and would have to occasionally work on Saturdays due to them having a huge pipeline of deals.
The second is a Portfolio Analyst position at an RE investment manager with $4 billion AUM that only invest in assets domestically. It is a step up in seniority than the other position and consequently pays 33% more. The hours would also be much better (9:00-19:00 Mon-Fri). My understanding is that the role will track portfolio performance, monitor KPI's and report to investors etc as well as making decisions on dispositions.
In terms of actual work, I would prefer to do acquisitions and hopefully I could eventually move to the PE fund after working in the first position for some time and consequently get the PE salary. However, at the same time I am aware I can earn 33% more in the other job and have less stressful working hours. Although after slugging it out at the first place I imagine my salary would rise quite rapidly.
What would you guys do? Worried if I took the PM position it would be difficult for me to go to acquisitions later down the line, although the pay is much better.
Thanks all!
What do you enjoy more? Fwiw, Portfolio work is a pain in the ass. It's constant reporting, reporting and more reporting.
Personally, I would take the acquisitions role because I find it much more interesting and the skills/experience you build are very coveted in the real estate finance industry. When I was job hunting, I actively avoided portfolio analyst positions that were focused on reporting and tracking metrics. I just didn't see how it would help me in my career. Since you have 1.5 years experience, your all-in comp is probably around $100k, +/- $15k, right? ~$30k/year this early in your career is pretty negligible in a ~40 year career. The skills, experience, and reputation that you gain at the acquisition firm will likely lead you to much higher earnings in the mid to long-run.
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