Possible for a post-MBA consultant (1 year out) to pivot to RE Acquisition/Dev role at Related/Hines etc?
Thinking I'd like to make this transition next year. I have done some investing with my family and would like to pursue a FT role with one of the big dev shops. (Not at a place in life where I can take a big pay cut so would like to aim for the bigger shops).
How tough will this be? I have a T15 MBA with a RE minor. Have a network I can try tapping into. Also have big 4 audit and valuation experience pre MBA.
Also, am I being foolish in thinking that CRE will be lucrative over 10 years compared to pursuing partnership at a top consulting firm?
You might be able to transfer into a bus ops role but it'd be pretty tough for a RE specific role. Also you're cutting your salary from 175ish to 140ish. Bonus will help mind the gap.
Thanks. Comp at my firm is 190 +25% target bonus. So looking at 240k, ramping to ~300k in 2 years.
I do sense that bonuses over a longer horizon seem to have the potential to make things up.
Yes. You can make the pivot. Network though. That’s how you open the door. Will it be possible to get into a Hines - sure. Would it be likely? The job market is tough. You may need to be open to different firms. With that said, many firms will be able to pay like Hines (many will not be able to!) but be open. Hines doesn’t actually pay top dollar. They know you’ll come over for the brand.
Thanks! Appreciate the encouraging words. And that makes sense. Definitely going to be open to other shops too. But I know that MBA isn't a big input in RE recruiting and I know shops like Related have a bit more of an MBA dedicated pipeline with base comp in high 100s, which is appealing as I'm almost in my 30s and would like to live a bit nicer (scarred from being severely underpaid at big 4 lol).
Do you have any thoughts on roles? I find development interesting but with my background and the consulting role (which is valuation heavy), I think it makes more sense for me to focus on acquisition roles. Are there major considerations here?
I would re-think your position that going to one of the giant firms is the best way to minimize a pay cut. They tend to pay less for equivalent experience. I think your best bet is a more nimble firm that is a bit of a blend between a true developer and an entrepreneurial GP.
My concern is also that I don’t have the experience to go to a smaller firm where they may want someone to hit the ground running. I assume that larger shops have a more structured training and mentorship program making it friendlier to those starting out. I could be wrong though. Regardless, I’m seeing that it makes sense to network with smaller firms too.
They don't really. This is not like IB or consulting where you are bringing in a fresh class of 6-12 people each year and training them up. Even at the biggest firms the development teams are relatively small and hiring on an ad-hoc basis.
I don’t see why this wouldn’t be feasible. Start networking with these contacts now.
One thing to note is that the market is extremely sloshy rn. It may take longer than you would wish to make this transition as a result.
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