New Grad in Development, Not Loving It
TL;DR: Just graduated and working in development, I'm mainly a finance guy. I'm not a big fan of my project management duties which I have no experience in. I'm also not very engaged with the work and would ideally like to switch to something more transactional like lending/acquisitions since I think my skillset would be more valuable there. Only been working a few months so I'm not sure how this would reflect on me or if I should just stay, so open to any advice. Thanks!
Hello everyone. I just finished my undergrad back in April, and I started as an Analyst in Development shortly after graduating. It's been 3-4 months now and I'm not really liking this job, and I don't know if it's for me at this point in time. Some background: I studied business and I'm primarily a finance guy. I've had a couple real estate internships which were in lending and acquisitions.
My biggest dislike is that I'm working in a project management role. I didn't think I would be managing/coordinating so much when I'm only 22, nor do I know if this is the right thing to be doing at this age. I don't know anything about planning, engineering, design/architecture, legal, etc. I also have zero project management experience, and my limited knowledge makes it so difficult for me to coordinate things with the experts in these fields. I don't even know what questions to ask to be a good coordinator because I know so little about their disciplines. It feels overwhelming to build up a skillset I don't have in several knowledge areas I have no knowledge in while also not being especially solid in any one of those areas. It's not like I'm an expert in finance/ modelling/ being analytical because I'm still at the start of my career and haven't had tons of opportunity to grow those skills.
Also, I don't really feel like an Analyst in the true sense because it's so much project management/coordination. The skillset I've built throughout school and my internships is barely being used here. It makes me feel like I could be more valuable on a different team or a different company which would expand on my current skillset. I also don't like how "in the weeds" development gets in executing tasks. It's a never ending stage of going very nitty-gritty on a ton of different topics just to meet the project plan, budget, and schedule for years on end. From my experience I liked that in lending/acquisitions, once a deal is closed, my involvement is mostly done (company/team dependent of course).
I know it may sound like I want to leave, but my big issue is I've been working for such a short period of time that I don't know how I would look to potential employers, so I'm here for advice. Would you recommend sticking it out in this role? How can I become better on the project management side? What other skills could I expect to learn in development, and how useful are they if I were to switch after a couple years? How do I adjust from the fast-paced transactional work nature in lending/acquisitions over to the multi-year project nature of development? Any other advice you think could help?
If you think I should leave, what's the minimum time I should spend here? How would I look to other companies? I have an idea of the companies I'd be targeting and I have connections at some of them that I would need to catch up with, but none are really hiring. Most jobs I'm seeing aren't super interesting at the moment but that could change in a few months as more postings come up.
Thank you very much if you read this long post, I would appreciate any advice.
I would keep at it for at least 6 months to a year. Even if you’re not enjoying it, I would still stick it out for a bit longer as your development experience will help you a lot specifically the feasibility/zoning/entitlement learning.
That being said, I was sort of similar. I was in a more Construction/Project Management oriented role with a developer prior to my more finance role now and I was just not into it. I love RE and the physical aspects of it, but at the end of the day, I just didn’t care about the nitty gritty finer design details. I don’t care if my carpet looks like X or kitchen cabinets like X…if my project doesn’t achieve Proforma it’s all moot and I enjoyed the underwriting, returns, and overall finance side way more.
Thanks a lot. My role is quite heavily involved in all aspects since that's how my team/company operates. Any advice on how to maybe care more about those aspects? I can't simply ignore it.
You are probably working at a smaller shop with less granular roles. I would absorb as much as you can, especially in topics outside of your studies. Once you know enough to be informed and slightly dangerous in conversations you can decide where you want to take it.
Interesting, I’d say I’m the opposite. I’m working in a finance capacity in construction lending but find myself more interested in the actual projects. I don’t really like heavy modeling nature of the job and think I’d do well in the project management aspects of development. I’d recommend you stick it out and put your time in just to get the experience on your resume. Employers will take you more seriously with at least 1 year of experience.
That's fair, learning about projects is cool, but I'm not exactly enjoying the work behind it. If all I had to do was learn, this would be the best job for me.
It sounds like you have been thrown in the deep end your first day out of UG! So, I think everything you are feeling is super rational, and honestly..... if you said or thought you were a master of project management a few months into your first job..... would anyone believe it?? You are self aware and in a difficult place with a steep learning curve, hopefully your managers know this and have realistic expectations. Some places like to sorta throw people to wolves as it were, others hold people back for long-time until they are "trusted". In fact, I'd say the bulk of the posts from first year people on WSO are like "I hate my job, it's boring/rote, they don't let do anything". You have the opposite!
I would try and find some legit mentors in the firm, peer level, maybe in your manager. You need guidance and multiple people should be willing to provide. I would be very hesitant to quit. Beyond the short tenure effect, do you realize what an amazing opportunity this is? Guess who are the highest paid people in development, like the ones who make MD/EVP/C-Suite..... those that know both finance and project management. The challenge many have to making up the ladder or starting one's own firm.... they lack experience/skills in one of those dimensions. So, there is a pretty big prize if you fight this upwards and win.
Thanks for the advice. There are definitely people who are willing to help, and the expectations aren't that I'll be doing everything the role requires right off the bat, but they do want me to get there in another 3-6 months. I have confidence that I can meet their expectations if I want to, but I don't really think I want to. Maybe development isn't for me right now, which is why I made this post.
I know the reward would be great if I stayed. But if I'm not enjoying it, is it worth staying a while? I guess it's not fair for me to ask you about my motivations.
I think I will stay for a bit, try and get the experience and learn what I can.
redever is 100% correct here.
I was in a similar situation when I started my career - a few pieces of advice to add here;Go online and get some CM textbooks on means and methods, civil engineering basics and basics of contract law. These will help you with the terminology.
That being said, most of project management cannot be learned from textbooks but these will help you to ask better questions which is the best way to learn - just be humble and most people will be happy to help explain things. This is especially true with consultants and contractors - most I've met are happy to explain things so long as you show them respect and humility.
Remember your job is not to police your project team (most of the time) so much as it's to make sure that everyone understands the business objectives, are sharing information between parties, and are working together not in silos. Over time you'll develop a good bs meter and will learn how and when to crack the whip so to speak.
Hot take alert - modeling deals is honestly the least important skill. Even if you are a mortgage broker or lender the way to manage real risk is to understand the actual mechanisms of the projects so even if you ultimately choose this path this experience will put you way ahead to of most in the industry.
^THIS.... seriously, one of the best points one can make. It is so true.
Thanks for the input! I never thought of reading books on these topics. I'll definitely look into that, I appreciate the advice.
I believe you that modelling is overrated. I'm developing modelling skills here, but there's too much coordination for my liking and not enough "analyst" responsibilities (i.e., I'm hardly analyzing/evaluating things, mainly just coordinating/executing tasks as the project plan and schedule require).
Haha having that much experience on the project management side in my first role would be a dream. I'm 8 months away from graduating and worried I'll just be modeling deals all day in my first role.
Not saying you're wrong or anything, everyone has preferences. Hope you can make it into a role you love.
Thanks! Different strokes for different folks I guess. I feel like the same role in different firms can have pretty different responsibilities, so try your best at getting what you want.
The same thing happened to me. The experience did not get more enjoyable, I’d advise you to leave when you get the chance. Now work on the equity side and while we capitalize developments, we don’t get nearly as involved with the PM and construction. Structuring and executing deals is far more rewarding if that’s where your interest lays.
Good to hear! How long would you recommend staying to get some experience and learn processes? I definitely think I would enjoy the "deal" side more but there is value in staying for a bit.
Actually sounds kind of cool that you have those project management responsibilities. Is this a smaller/regional developer?
What’s funny is this is a similar story as someone I worked with this summer with ~10 years lending actually started in development. He was there for under two years but told me that he always enjoyed the finance/number crunching more so he was interviewing and networking while he was working the development job he really didn’t like.
From my understanding these development roles are harder to land than investment management/lending roles because there’s way less positions available and you usually need the planning/construction experience which most fresh out of college applicants don’t have so I think it’s still a unique experience. With finance/modeling you can just learn it online and mock model as close as real ones, not the same for the project management stuff.
I'd say I'm at a pretty big developer. We're very vertically integrated but one manager+junior employee from Development manage a given project. Higher ups and other teams are there to help with their specialties. That's why I have a fair bit of project management responsibility.
Modelling definitely seems easier to learn since project management takes experience. But it's probably not for me, I relate to this guy you've worked with more.
I think I'm in a really similar position to you in that I just graduated this past Spring and ended up in a role that is much more project management/the day-to-day of asset management than actual Finance. I am at a relatively small-scale vertically-integrated operation (for the market) and I see you're at a larger firm, but I totally understand the sentiment. I'm hoping to transition to lending at an institution or acquisitions at a larger development or PE shop too (it sounds like that's your goal?), but it's really hard to know how long to stay/when you can start looking around and interviewing at different places. Definitely super grateful for my opportunity here and learning a lot, but it's hard not to look toward the future when you're unsure of your current role. Send me a DM if you want to talk about it further.
Stick it out for two years! You will become extremely dangerous and bring a different perspective if you switch jobs later.Most people grind like hell to get a job in development, but you want to quit for a more sexy role in less than a year?! If you landed the job through a connection than actual skill, tell your connection so they can help you pivot.As long as you are learning and don't work for assholes or toxic managers, stick it out for two years!! See it as an opportunity to help craft your story for your 6 figure job in 2 years!!!Also, you now have more time to really build a dynamic skill set for acquisitions and JVs while being value add in project management. One if the best development managers I work with comes from acquisitions!! He is able to talk the finance talk as to how it would impact the project and pivot from what the folks who come from architect / engineering might do!!!On the acquisitions side, it matters more to understand JV structuring, carve outs, and the various ways to skin the cat. Most folks only know if the 3-tier water fall or syndication pref. Reading docs and knowing how to negotiate stars to matter more, and other soft skills that isn't talked about to move a deal forward!!All roles have their pros and cons, nothing is perfect. Make the best of the current role, it will set you up for long term success!!
Thanks for this! Do you mind explaining how the project management/coordination skills in development can transfer over to an acquisitions role? In which types of scenarios are they useful? I see that you said "moving a deal forward", but I don't know what that means and involves.
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