Hey guys, I am really enjoying reading the real estate forum for all of the insights and comparisons of career fields within it. I am still in undergrad at a midwest regional school (ACT avg about 30) and am doing very well so far with classes and meeting a lot of interesting people. The school is well known by employers in the geographic area, but I am not sure about its prominence in the Chicago/NY/DC area and I felt that for me, to get the best quality work experience out of college in terms of exposure, going to a prominent REPE or REIT would be the best option (I could be wrong, but from what I have seen, most are in Chicago or NY).
My question is this: Would it make sense for me to apply as transfer to a target school (ideally wharton) for junior and senior year or stay at my current school and continue to excel here. This is assuming I got in, I know how competitive it is so I am weighing my options.
I like to plan my life out so my ten year plan at the moment is:
Complete undergrad
Work at a REIT/ REPE firm for experience and networking
Either go back for an MBA (top ten) or continue with career
After getting a good amount of experience in the field I would like to start my own RE firm, my family has one on a small scale basis ($5M-25M), so ideally it would be to expand this company.
If anyone could give me insight on how much more difficult it would be for me to break into the REPE/REIT scene with my current situation. I have a good gpa (3.8+), speak 4 languages (chinese, german, spanish, english) and have already had exposure to real estate via family business (This past year I helped with the acquisition of a 48 unit multi family building through simple finance calculations like NPV and estimating the market value after improvements). Would adding a target school to my resume significantly improve my chances of getting into a prominent RE firm?
you're right that there are funds and REITs in NY, DC, and Chi, but they are all over. don't forget SF, for example.
if you can get into Wharton, i mean, i'd say do it ... just make sure you'd be happy there. I've seen some really smart guys end up with terrible GPAs because they ended up at a school that was great but way too cut-throat/competitive/intense/etc.
but if you dont' get into Wharton, not the end of the world. just like with i-banking or any other selective, sought-after job, even if you're at a non-target, if you have good grades (which you do), get the right internships, etc., you can still manage to weasel your way into the industry. and just keep in mind, getting into a REIT is not like getting into KKR.
oh and one more thing ... start networking today. it's never too early to reach out and build relationships so that by the time you graduate, you'll already have solid contacts where you need them.
Lol no one remembers what the industry was like back in '09. RE is so dreamy!
If you can transfer, it definitely wouldn't hurt, but don't kill yourself over it. I got a very good position coming from a school that isn't even on the map for RE recruiting. Your experience sounds fantastic otherwise - you're way ahead of where I was at that point. There's no reason that you can't get to a buyside shop if you put the effort in.
PM me if you have any questions, i was in your shoes just a few months ago.
Just curious, but I just completed my undergrad in Finance and my uncle is funding/wanting me to get my construction engineering degree and work for about 10 years on the construction side. Would it be hard to jump into PE RE after gaining engineering experience like that? I would go so far to say I would maybe stay with the construction company and head towards project management and then I would be dealing with more of the financing decisions rather than structural decisions. But now we are talking 15 years on the construction side.
Would I be a good candidate to move into the investment realm if I got perhaps a top 10 MBA or CFA??
I would qualify for some of the top MBA programs after some of that experience and my engineering degree. But I know for a fact I wouldn't stand a chance as an applicant with just my finance degree!
A friend of mine got into a top 10 MBA with an eng degree and only a COUPLE years of construction exp., and that makes a lot more sense.
Also take into consideration that if you do select to transfer to a more prestigious school like Penn for your junior & senior year, if you want to graduate from Wharton / other bschool at another university, you would most likely have to go an additional year of college just to get the required courses. Not to mention that a lot of your current credits may not even transfer.
If you don't mind going to school for an additional year & really busting ass by taking 18+ credits, I'd say having a target on your resume would make you more marketable for your target industry. On the contrary, you can stay where you are, network your ass off, and make it in through the back door. Both are going to be tough, but doable for sure. Good luck!
Thanks everyone for the advice, it is helpful to see things from another point of view. I will keep this all in mind as my academic experience continues and transcends into the job environment.
OP. Definitely keep your mind open to different paths. CRE is hot now, a few years back it was energy. Get some great experience and don't plan too far ahead.
It'd be easier if you go to a top target in a big city. Like in London, there are some REPE recruited straight out of undergrad at my school (BX/M3/GS REPIA etc.).
I know that Macquarie recruits for MIRA (infrastructure and real assets) for undergrads, and I think they do internships too. I don't know about the transfer: I'm just an undergrad so I don't feel qualified to comment on that.
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