Hey fellow monkeys,
I have an interview lined up with Tishman for their analyst program (after Undergrad). What do you think are "must know" topics that they will test me on?
Also how would you answer the dreaded "if i gave you 100Million $, what would you do with it" question?
I am very thankful for anything you guys can contribute and I promise a large debrief after the process is over.
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| +9 | Cambridge MPhil Real Estate Finance: Are Graduates Still Staying in the UK? | 3 | 1d |
| +9 | Debt Originations Comp Structure? | 0 | 2h |
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Are they expecting you to know how to model going into the job or is that part of training? May want to review model-based questions, as well as general real estate concepts.
I am guessing a large part of it will be character-based questions. Prepare to answer the typical job questions (strengths, weaknesses, etc.), why this company, why real estate, etc.
Know the position and know yourself. Be honest and confident. Don't refer to the company as "Tishman" during the interview.
Just curious- Is there a story behind this one? Or is this just a known thing?
I suppose its disrespectful and frowned upon given Rob Speyer is the CEO and Jerry Speyer is his predecessor
Short debrief. Very friendly talk, first interview is mostly informational and some motivation. Mainly to see where you fit in in the company. (more relevant in offices where there is no rotation during the analyst programme). 2nd stage is 2 interviews and a modelling test. Last stage is an interview with the man himself.
Any color on what the modeling test was like?
Any feedback on the modeling test? Curious how in depth it was and what the two interviews in the beginning were about.
Turn the tables - ask the what they would have done differently on the Stuyvesant Town deal.
Have worked with TS as an LP and their models are insanely complex and thorough. I call the analysts/associates just for them to walk me through it for a good 3 hours.
Be very prepared on the modelling.
false precision leads to unhappy investors, I'm not familiar with their models but would be curious where the need for complexity comes from in our rather simple and straightforward industry
I can't agree more with you on this. Unfortunately, this is becoming the norm as the industry becomes more and more institutionalized.
To answer your questions:
1) On a development deal, every cost line item has it's own timeline on when it goes out. It can even be changed where a certain percentage goes out xx year. Again, this is for EVERY cost item
2) Model transitions from land residual > development > post-development (all those models work in harmony)
3) Sensitivities...shit load of them. This drills down to state taxes, costs, cap rates, rents, etc.
4) Unnecessarily complex waterfall model where they model out different structures so the LP's can have a clear vision on how to structure the LPA
5) Toggles for everything. I have to turn off automatically update functions on excel or else if I changed something it would take 3 minutes to update.
Lol if developermonkey ain’t the try hard of the office. Sheesh buddy.
I have friends and family in banking and law that make my work ethic look like a complete joke.
You must be a loser in real life developermonkey .
Now go update my models and sensitivities you monkey and make sure my project that complete 7 years from now is on track to your initial underwriting within 0.0001 bps. Yes, I do care because this is what makes me money...making sure my IRR is exactly what my original underwriting is when it completes. Also, make sure when cash calls come in that all the costs timing are updated by the day. I need you to verify with our cost consultants that you recommended. If they're off, you're done.
You're a development manger. You're smart. Grind harder. You said your buddies work harder than you? Not acceptable. WORK HARDER. How are those lease reviews going? Are proposed rates in line with your underwriting? They better be. By the way, why the fuck did you underwrite the project to be complete by 2021 three years ago? Didn't you fucking forecast covid would push out our timelines? You should've atleast baked in some contingencies.
Listen, I don't have time for this. WORK HARDER.
Uh oh, looks like I hit a nerve with this sensitive guy.
Your #2 says it all: you’re surprised one of the biggest developers in the country uses a, um, development pro forma. What a revelation. Your firm must be top notch..
Looking at ur post history you’re trying to break into investment banking. Somehow I kind of doubt you work at a top firm.
I considered it (but decided against it) because my brother made $750k last year as a VP at an EB in his early 30’s. So yeah, that’s tempting compared to the 10+ years I’ll have to grind in order to get close to that.
Also, correct, I don’t. I work at a regional developer. Such is life. I’m trying to move up the ladder.
Ah....the inferiority complex has become clear now. Must suck being the REEEEEEEal estate peasant with a CHAD VP EB brother.
Btw don't disagree with your posts but they are a bit insecure and this particular comment exposes you a bit.
I'm a little late on this but for the sake of the modeling test, it's not super complex. You get 4 hours to build it out. Office model that you need to build out variables for lease extensions, rent escalations, other rent factors, the usual variables (purchase price, exit cap rate, etc.), and debt. No waterfalls (at least not the one that I had to do).
To Analyst 2's point, you DO need to build out some sensitivities on the model, but if you can't, don't sweat it. Just be very prepared with knowing how & why the inputs affect the outputs and how certain factors affect the returns.
Oh and make it look clean. They like seeing a clean model (I know this is obvious but just thought I'd mention it since we spoke about my layout on the call). Good luck!
Since you're building out variables, are you not given access to Argus during the test?
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