Real Estate Fund Accounting - How bad is this going to be?
I left my fund accounting (credit) job at a mega fund (Apollo/BX/KKR) and now I'm fielding offers for real estate fund accounting roles. Should I expect a similar experience at Farallon, Iconiq, or Strada to the one I had previously? I'm not sure how to rank my options and I know you guys are experts at rankings. I'd like to get out of the accounting track into Ops or some type of middle office role at some point but need to continue to do accounting to pay my bills. Has anybody seen any sort of horizontal movement at these firms or do I need to take a pay cut and do a hard reset to get out of this accounting trap?
I appreciate all responses, don't hold back
Try to get in contact with Covid19Brah. I saw a comment of his saying he went from accounting to asset management. Maybe he can offer some advice.
Definitely feel free to PM me.
I went from Real Estate Fund Accounting to M&A. Firstly, my jump to M&A was mostly luck/networking so wherever you go I would signal to people around you your ambitions. This has caused me strife with some colleagues as people sometimes take it as the role you/they are currently in isn't 'good enough'. However, I would always try and explain that I was just always interested in actual deal work and push forward with my own plan.
I decided to join a big pension firm on their Real Estate Accounting team after working in multiple accounting roles previously (Leisure industry and then Corporate Services). I worked across a few different funds (industrial, offices, shopping centres etc.) and then managed to jump into an Analyst role in an Investment team within the pension firm (internal moves are much easier). The accounting background with Real Estate experience and mortgage portfolios (Corporate Service job) helped me make this leap. I then spent a few years working in that team always looking for ways to progress (secondments, extra qualifications like CFA and doing modelling courses etc) and I was on a good track to progress in that team. However, a contact from my Leisure days reached out as they'd moved to a new firm that was looking for an Associate to join the acquisition team to assist with acquisitions and asset management. I have been in that role for 2 years now and love it.
I basically 'manifested' my own luck by telling people throughout my career I wanted deal work so even people in the early days of my career knew that was my ambition. I then kept pushing forward in anyway possible to get myself close to a Front Office role. When the call finally came I was prepared to take the leap as I had spent the last few years working as an Analyst while also teaching myself things like modelling etc. outside of work.
I went from property accounting to acquisitions at an owner/operator. The hard truth is that a lot (if not all) of that move was driven by luck/timing and size of my company. The acquisitions guys liked me and had a need and I was the devil they knew. I will say that same as above I made it clear/manifested my desire to work on deals.
I honestly don’t think middle office would be hard at all if you applied for analyst roles in asset management or corporate finance at a developer/owner/operator.
Hard for me to comment on private equity or mega fund world as it’s one I’m not familiar with.
But if you’re willing to go smaller and take a pay cut, and you come across as someone people would want to work with in an interview I can’t see why you wouldn’t be able to go into a MO role in CRE. Deal role would be tougher and more luck dependent, especially with the market.
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