Titles in Development
I am a development analyst/associate/project manager and am looking to make a lateral move. I do not have enough experience to move up in seniority. In terms of title, does analyst, associate, assistant project manager or project manager look best on a resume? If the responsibilities are the same (ground-up or value-add MF/retail), which should you want for boosting your resume? I think there is some room for negotiation with a company I have been speaking to. Thank you in advance.
This is my quick reaction to this (and yeah titles are pretty BS most of the time in real estate, and development no different)..
Analyst = most junior OR someone specializing in the "financial analyst" role (still junior connotation, but maybe more equal with associates at some firms)
Associate = base level/junior person on a development team (generally means a solid real role on a dev team in context)
Project Manager = TBH, my first thought is this = construction mngt (i.e. maybe not the "best" title for resume), so I'd substitute as = Development Manager (more common)
That said, many "development managers" are equal to "VPs" at some firms, and others "VPs" are like all very senior 20+ year types (again, no fixed rule!).
All that said, what you actually do, for how long you have done it, and for what type of projects/markets you have done it for.... THAT is what matters, title is not the issue, but agree, if negotiating a position, might as well be accurate.
Side note, it is actually generally not a smart move to seek out title inflation (unless it also gives pay inflation lol).... why.... if you are "too senior" by title, it could be hard to get headhunters to properly place you or get your resume taken seriously on future moves. Plus... it is easier to get a bump up from a lower level be that at current firm or next firm!
Thank you for the thorough response. How long does it generally take to move from associate to VP/development manager/more senior roles? Do you see staying at companies for only 1-2 years as a problem towards getting to that end? And at what stage does carry/incentivized bonuses begin, and what salaries in a major metro are the norm at this level? I know this ranges a lot. I am looking at smaller 5-20 person firms/funds.
On the Dev/finance side at my firm (large name brand shop) it goes as follows:
*Dev management side of the firm is different
Analyst: Very uncommon, reserved for new grads. Just a handful across the firm.
Associate: Also uncommon. This is the title for juniors that have a little bit of experience and are 2-3 years out of college. Typically where a lateral hire comes in.
Senior Associate: Primary entry point at the firm. This is the post-MBA level which is how most people join. Very few laterals at this level, and after 2-3 years as associate you end up here.
VP: there’s a little bit of attrition to get to this level, but roles and responsibilities match up to VP roles elsewhere in finance. Lots of focus on execution and quarterbacking a deal with a bit of sourcing.
SVP: More equivalent to the principal or Director/ED job title at other firms. More focus on sourcing and running your own deals to establish a track record. Each office will have a few, and it’s somewhat of a stopgap title before principal. This is where senior people are typically hired to before they get promoted to principal as well. C
Principal: Equivalent to partner elsewhere I would say. At this point fully running your own deals start to finish and getting the economics to match. Pretty common for each office to have a few. Assuming you have a good pipeline and have been at the firm for a few years, this is where you will start averaging >1M in compensation.
MD: More senior partner. This is effectively the peak level without being at the right place and right time. Each office has at most 1 or 2 of these not including senior MD’s. Usually leading a number of deals at any one time and fully focused on sourcing.
Senior MD: Long track record as MD. Bringing in significant revenue for the firm for many years on end. At this level you are the head of one of the major offices at the firm, and have already been the office head for awhile in order to get this title. Only a small handful firm wide
Above senior MD all that is left is just the executive team and regional/functional heads.
Thanks for a very helpful response! What is the breakdown for the development management side of a large firm like that?
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