Just a little background on me. Graduated recently and got a gig in PWM investment research department. I then quit to go and trade Forex for about a year. With that said, Real Estate is something that has interested me for a while and I was recently offered a position in CRE Valuations at a top firm (JLL/Cushman/CBRE).
I know that valuations is not the most prestigious of jobs, however the position does seem like a great way to learn the industry.
I was wondering, would working in valuations for a year ---> MSRE at a top college (NYU/Cornell/etc) be a feasible career move to get into Distressed Debt funds/CMBS Products be a feasible move. Mainly as a research analyst/trader in these types of products.
I have heard that NYU and other top Uni's are very finance heavy which is why I am asking if it is possible to make this transition fairly easily.
Look forward to hearing all of your thoughts!
I don't think an MSRE is necessary to go into CMBS.
Also I don't think an MSRE would help you in trading CMBS paper, I think that's mainly bond guys and working as a trader within a CMBS group is somewhat of a middle office role. If you want a role that combines RE and trading I would recommend joining a CMBS B-Buyer or joining a group that trades REITS, CMOs, etc... An MSRE would definitely be helpful for the former, not so much the latter.
I think valuations is potentially a good way to get a foundation, but as I always say in RE, it depends on the office and the team your placed on. If you do this I would recommend staying ~1 year if possible. That should be enough time to get a foundation.
Thank you for your insight. Just wanted to see if I could get a little more clarification. Why do you believe an MSRE would be more beneficial if I were to go into B-piece buying as opposed to REITs and other RE asset classes?
No sorry, I meant to say it’d be beneficial for all of those things. I was saying I don’t think it’d be beneficial for buying/trading cmbs bonds unless you’re a b buyer. B buyers tend to be a hybrid of RE / bond guys while AAA and traders are only bond guys.
MSRE would be good for a CMBS group for sure. With experience at a top brokerage in a valuation group, doing an MSF program would get you an offer at any debt shop. Understanding of the collateral is important for a REMIC.
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