PGIM Real Estate(Equity Asset Managment) vs Balance Sheet lending (Capital One, PNC, Key Bank)
Thoughts on which one would be better in terms compensation and long terms career opportunities? Feel free to share any other opinions. These are for entry level positions. Both in Major cities like NYC and DC.
PGIM easy compared to those banks.
Now if it was JPMorgan, MS, or Citi then it's a different story, but I still think PGIM gets the nod since it will look great on the resume early, and will provide you with many opportunities.
Really even though capital one and key have a great name in the multifamily agency lending space (they are top ten lenders)?
The big thing here, beyond name value on your resume, is that at PGIM you'd be on the GP/LP side of things as opposing to being a lender.
Why limit yourself to just agency financing? If that's what you want, PGIM also has a great name in the agency space.
What I'm trying to say is that PGIM will open you to far more opportunities compared to those lenders down the road. You could go and do agency work for someone else, or you could potentially join a top tier REPE/Development firm. You can't say that Key Bank or PNC would offer those same exits.
Im assuming the same applies to capital one?
when you say those exits not possible from pnc/keybank, are you implying more they aren't as likely given that you'd be coming from a debt lender or because of size / how they're viewed in the market?
If you want to be in the principal real estate investing world, the PGIM gig is that exactly! If you want to work in lending/banking, then take the other.
Maybe personal bias, I'd take the PGIM gig 100x over and the bal sheet lending gigs are good gigs. This is where I 100% align with WSO orthodoxy, I think pay and long-term career ops with PGIM are great. Seriously, PGIM is probably one of the best institutional real estate firms that actually offers legit entry level positions (and yes, headhunters will target you, they have a HUGE alumni effect in the industry).
Would headhunters reach out even if I’m on the AM side ?
Of course, asset mngt is a universal function for firms at all levels in real estate, and PGIM will a well known name. After all, far more roles in AM than other functions as not all firms do continuous acquisitions or capital raising.
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