REPE Recruiting Question
Hello All.
I am an incoming intern at a large lifeco and am in the Global RE Equities investment group.
I am hoping to transition into traditional REPE (Starwood, Blackstone, etc.) long term. Would it behoove me to recruit for full time analyst positions this summer during my internship? Or would it be smarter/easier to break in after completing my 2 year rotational program at the life co? ( re equity, cre debt).
Any insight you could offer would be greatly appreciated thanks !!!
Are you starting an internship or a 2 year rotational program? Did a double take, please clarify.
Working internship this summer (2021)
Since you are just doing an internship, you should approach FT recruiting wide open as well as pursue return offer from the internship. Until you actually have offers in hand, not much to discuss.
All that said, the "big name" PE shops like you reference often have very few direct from UG slots in any given year/cycle (like could be single digits), so getting an offer for a 2 year traditional program at a lifeco or especially one of the major real estate investment managers is a big win direct from UG. If you really care that much about the big name PE jobs, I'd suggest you save up for that M7 MBA as that is where they recruit the most (maybe aim for I-Banking out of UG, but really I'd take the 2-yr rotation program at an actual real estate shop any day, personal preference!).
Don’t say behoove.
Don’t recruit during your internship. No jobs for Starwood etc will be out anyway. Generally, real estate hires March / April / may. Though some larger firms will do it in the fall. Focus on the role at the Life Co. after your internship, if you don’t like it or don’t get an offer back - focus on recruiting for your next gig. If you take time off during the summer and make up a BS excuse, it might be harder to get the return offer. Don’t be so focused on Starwood and other MF REPE. Sure, it’s a great name brand. But 99% percent of people won’t work there, and of the people that work there, 99% leave. Look for growth. Real estate is much less about prestige. Your exit ops from a Life Co in 2 years will be just as good as from a Starwood. And honestly, you won’t make that much more money at a Starwood. The additional money you do make will be hard earned via the 80 hour work weeks. At a Life Co expect a 40-60 hour work week with senior people making sure you get time off and focus on your life outside of work.
Something many people don’t look at but I’ve learned tells you a lot about a company as I’ve gotten older: look at employees on LinkedIn at the firm you are interning at or firms’ you’re interested in. See how long they’ve been at the company. Also look at past employees and see how long they lasted. That generally is an indicator if the culture is good or if it’s cut throat and crazy hours. The latter will have people who churn through every 1-2 years.
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