To take the opportunity or stick it out in a role for a year that I already don't enjoy?
This is my first post to WSO but I ultimately don't know where else to get appropriate guidance with perspective regarding my career growth.
I recently graduated from a non-target (that gets roasted on this forum often) with a 3.6GPA and participated in a few clubs and educational internships. I began working for one of the Big 4 in their (client facing) RE Valuations group after interning at the firm the prior summer. I knew from the start that my work was not in any way affiliated with the deal process despite that being my overall goal. I took the offer as I needed to get into the industry in any capacity. What I didn't anticipate was just how accounting oriented my line of work would be (insert: wow this kid joined the Big 4 and didn't think he'd be doing a ton of accounting related work). I know I haven't been in my first role for long, but I have an opportunity to interview at an IB for their investment grade DCM team and the opportunity at a front office position, although unrelated to my industry, is very enticing. I think at the very least, staying for a year would be a smart choice, but this opportunity won't be around for that long.
It's important to note that if I wait 2-3 years for a significant pay bump/ promotion, it'd be less that what I'd be making in the new opportunity - before bonus.
This bank I have a chance to interview at is not held in the regard it used to be, but it's still a good shop with good deal flow. The team is smaller, more intimate, but looking to grow. Additionally, I'd be getting paid significantly better than what I am now, with the prospect of a bonus. I have a pretty strong interest in the fixed income markets and from some conversations with friends I was told that I would enjoy the line of work more than I am now. My main concern is that if I take the interview and the role, how would I get back into my actual passion, real estate? Does anyone have any insights of career paths from IG DCM to REPE, family offices, or RE Hedge Funds?
On one hand, I know that some of the exits from my current role have been into asset management roles in some bigger REPE shops, but if I truly don't like what I'm doing and the exits aren't to roles I want to work in, is it worth staying? Personally, I'd like to get into acquisitions, not AM.
If two applicants were applying for a REPE, RE hedge fund, or family office role, who would get an advantage? My instinct tells me the one with the IB experience over the Big 4 experience. What I second guess is that IG DCM is unrelated to Real Estate.
Can anyone shed some insight on which path to choose?
TL;DR: I am currently working, to some capacity, in the Real Estate Industry in the Big 4. I have a chance to interview for an IB in their investment grade DCM team. Should I take the chance to interview and subsequently take the role? Is there a way back into RE from there?
Start applying to developers or IS/debt roles in the RE industry if you want to do acquisitions or REPE. Real estate is so much about the asset that transitioning to a world outside of RE to only transfer back may put you behind others who have the same YOE just in RE.
My advice is to not overcomplicate what you want to do. If you currently want more money and the more interesting job, do it and make it work later. Truly, especially true for RE, it’s about people skills, competency, and ambition. The trick is getting the opportunity to relay that to people who can hire you, and the trick there is to network and apply a lot and that’s going to be the case anywhere you go.
One benefit from even entertaining the idea is that I've gotten over the fear of leaving. So far, I think that this is the course I'm leaning towards. I'll find work within the industry and take it from there as opposed to going into a different world. Thanks for your input.
I would definitely stick it out at the Big 4 for at least a year - it will look amazing on your resume down the line. I also work in valuations at a Big 4 and don't find it to be too accounting focused - are you doing PPAs or what?
I do agree that waiting at least a year is beneficial. I might consider getting through busy season and plan my exit shortly after. Going to put a lot of though into this.
Take whatever opp you get, I left big four after less than a year and currently on investment team. People don't even question it when you leave big four for banking/pe/pc/whatever
Straight and to the point with first hand experience. This is something I've weighed a lot too. I just don't want to give the impression of indecisiveness in the resume. I don't know how hiring managers perceive that sort of thing, but regardless, in my naive opinion I believe that REPE shops would take someone in banking over big 4 despite being in an unrelated field until someone makes a case against it.
I’d say fuck em and leave. If shit slows down, hiring for investment jobs will slow even more. Take advantage and get a job in the industry you want to be in while you can. And yes, obvi there’s the risk you could get laid off as a newbie (but that’s somewhat the risk you take by being in this industry). Otherwise you could be stuck in this big 4 job longer than you want. And life’s too short to do something you don’t want to do.
Heavily considered these factors. Appreciate the insight and the fuck em mentality. I care too much.
It's not impossible to get an acq job straight from Big 4 RE, so why not stick it out and recruit for those roles? You can even take an AM role; I bet those will be easier to find in the coming months. Don't sleep on AM -- these folks have more job security in down markets.
I don't think leaving before a year to go to a job you're more passionate about is an issue (unless you're like 2 months in, I'd say 6 months would be absolute minimum). What is an issue is leaving that soon for a job that isn't in line with what you want to do long term. DCM is not going to help you get roles in RE.
You aren't going to be labeled a job hopper just because of one short stint, especially since it would make 1000x sense to leave big 4 for an investments job. Everyone will understand that.
What people question is if you get to that investment job and then start hopping every 6 months to a year. That makes it look like either you couldn't handle it or you are a mercenary for hire.
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