Laughable Job Posting
Scrolled past this on LinkedIn and laughed out loud. This is a joke even for a fresh grad… 100+ applicants and they want 3+ years of experience. I would rather caddy at a golf course and bartend at a classy restaurant and make double. Sad that so many companies can get away with it right now just for the experience and because of the competition. Chicago ain’t cheap either. Go to a 4 year, take on debt, major in finance or real estate, just to come out making less than most blue collar and fast food workers. Brutal environment and industry.
not to say Citi Services has over 6000 applicants according to LinkedIn
Worse than Heitman! Yikes. I also saw a posting from GGP awhile back where the estimated comp was $65-75 for 1+ YOE. What is going on with Chicago.
Second, the last sentence. Actually, more like "what the HELL is going on in Chicago?!?!"
One of the worst job markets in RE as of late.
Just as the market is undergoing a correction, I suspect compensation will be undergoing a bit of a correction.
I have a VP+ level friend who made $500k plus at a big shop and he’s sitting idle unemployed at the moment. The idea of going backwards sucks, but at some point there may need to be a one step back, two steps forward progression for job seekers.
Given the inflationary environment, this sucks, but the number of applicants proves that the demand exceeds the supply for roles, so companies can pay less.
I always hated the idea that experience was more valuable than compensation when you start, but seriously having a meaningful role right now will pay dividends in the long run.
If I was interviewing for that Chicago role, I would want clarity and proof that the seat could evolve to multiply that comp over time, otherwise it probably is a dead end.
What do you mean, "step backwards!"
Whether the company makes money or is profitable doesn't matter - the entire industry exists to make sure mid-20 something year olds get paid hundreds of thousands of dollars. Paying WSO monkeys is the point, everything else is just details.
Another bad take by the grinch of WallStreetOasis.
You think we should job-hop to market rate before comp corrects even more so? Feels like at my company the raises have been brutal, and I expect the same this upcoming year.
Or as it's known in Canada, a competitive position
Supply and demand. Apparently, it's not a scarce skillset right now.
hard to be scarce when every school has a real estate specific program now.
100%. Every year, another real estate masters program in the US
My first job out of college was $45k base (I’m not that old). I lateraled to a higher paying firm a year after and made $130k. Smart people know to take low paying jobs when you’re fresh out of school to get experience. Obviously this pay for someone with 3+ years of experience is bad, but it’s not going to go to an experienced analyst from a reputable firm.
This was my first impression but perhaps I am wildly out of touch. I was making $40k / year and I don't consider myself that old. I think after two years was up to $55k / year. My friends slaving away in i-banking in New York were at $100k / year.
What is starting compensation like now for an Analyst at a blue chip firm in real estate if $75k / year + bonus was laughable enough to post?
You must be older than you’re letting on or were working at a very small firm.. the market in Chicago the past few years has been $75-85k + bonus (20-40%) for first year analysts. An analyst with 3 years is probably in the $100-110k range with a slightly higher bonus. Also, your friends in NYC may have been making $100k in IB, but they also had a 80-100% bonus target so their all-in was closer to $200k. Not comparable at all.
Either way, we should all be pushing for higher comp. Just because you started at $45k doesn’t mean others have to. It’s only benefits our employers.
I’m over 40, and between those numbers and you double spacing after a period, I think you’re older than me even…
Yup this is equity lifestyle properties. I don’t understand who they will get for 60k especially…. That has to be a joke. It should be 75k MINIMUM for a new grad.
Yeah lol, if it were entry level in a LCOL or MLCOL city, it would be reasonable ballpark comp. For Chicago w/ 3+ YOE, that’s ridiculous.
The only upside is that it looks like it at least gives an opportunity for professional experience in financial modeling. Probably that’s why they think they can get away with it - people desperate for any kind of professional buyside modeling/forecasting experience might apply.
Still crazy for Chicago though.
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