Making the switch from principal side to capital markets?
Currently at a very small and clandestine private real estate investor as an acquisitions analyst. West Coast, >$1B AUM. All GP capital.
From networking and teaching myself the technicals, I've realized what I really want to do is work in RE capital markets doing debt placement. I'm much more interested in the transactional work and I want a serious challenge. I feel that I want a serious challenge for personal reasons and for my career.
What is the best way to go about breaking in? When networking with capital markets analysts, what is the best way to pitch them on going FROM principal side TO a brokerage house.
Would you suggest REFM certs? MBA? CFA?(lol)
For background, I'm already a "breaking-in" success story once over. Came from an absolutely no-name school with no background in CRE. I did modeling courses, networked, and pounded pavement for 6 months before I broke in. I am not opposed to doing it all over again.
Just start chatting with people in that role, you've done it before I'm sure you will find something.
Unrelated to your question, but what modeling courses did you use to break into acquisitions? I am currently looking to switch from the LP side to GP side acquisitions.
I did Justin Kivel's courses, but I don't think it matters which one you do. His were reasonably inexpensive and it was easier to listen his voice over all the others. A modeling course just shows initiative and a desire to learn more. At the end of the day, wherever you go will have their own way of doing things. Having the basics is all you need. With that said, I never had a modeling test so my skills were probably shite :-|
$1B+ AUM doesn't sound that small to me. Sounds like it's large/reputable enough to get you some traction from just applying cold on websites (see a lot of debt placement job listings floating around). But the straightforward answer is networking / informational interviews
how long have you been working at this firm? total time in industry (or since UG graduation)? Your best method will depend on how "senior" you are in your role/career....
Very Junior. Been at it just a year
Okay, in that case you are pretty much in the same position as a new grad with a really good internship (or set of them). Not to say your experience won't help/count, but given its a first job, you are pretty much going to viewed as entry level.
Side note, jumping so fast (and resetting back to start essentially) can be sub-optimal, if you made same move in one or two more years, you could possibly level up into higher order position. The jump to sellside may make that less relevant, but still, consider this closely. You may wish you had done a few more years to cement your "buyside cred" on your resume, if you jump today, you can pretty much call that erased.
So, networking, cold contacting, applying direct, etc. that's all the stuff you need to do. If you met firms via your job, you can approach, just be careful for sure. I really think you should use same basic approaches a new grad would use. A lot of pounding the pavement, apply for everything. etc.
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