Top Broker Vs Big Four - Real Estate Corp. Finance
Hi all,
I currently work at one of the biggest brokers in their Corporate finance division - we basically do portfolio/whole-co/op-co sales/acquisitions some company M&As, JVs and also equity investment raises.
I have recently been made an offer by a Big Four firm to join their RE Advisory unit - includes corp. fin.
I was wondering if anyone has any thoughts on such a move - is it worth it? I get a pay rise but that is because I am underpaid as it is - going in roughly same level.
Main reason I had applied is at the time my position was a little vague/unknown.
Long-term probably full on REIB or REPE. I just am not sure whether it is best sticking out here or leaving to the Big Four.
Note at the Big Four there may be some advisory work which is a little mundane but I have expressed my interest to do mainly corp fin work., whilst in my current role I am dragged into some IS work here and there.
Are you in JLL/Eastdil’s Corp fin? Also, will the city play a role in your decision?
In Europe actually. UK
I think is the first brokerage to big 4 advisory post I've seen on WSO, most are in the reverse.
Odd question, you mention "REIB" but you describe pretty much all the REIB functions in your first "what we do" paragraph... did I miss something? Or are you already in the REIB unit of a brokerage house and you mean may want to shift to one based in bank?
If you want to go for a buyside role, I'd think your current firm and job would be 100x better at facilitating that than big 4 advisory. Not entirely sure what you will be doing at the big 4 (and for who), so this may not be a fair thought (is this in the US??). Maybe I am missing something here, but your current gig sounds way more aligned with your career goals and honestly I've seen people in big 4 advisory roles dying to get into big broker house REIB roles, you are first to seek the reverse that I know.
Oh really - well yep I guess you hit the nail on the head - I either want to eventually go back to bank-side (I was in Debt at a BB previously) but to their IB RE team OR a solid REPE. I am severely underpaid at the moment.
Its PWC - their RE Corp.Fin Team and the only reason I think it could be worth is name, everyone raves about Big 4 in Europe/UK - the role at the broker mainly has me doing CF with a few other deals etc.
Should I stay here for a year or so and try the banks /pe later - I do not want to jump across and then jump again so quickly.
Just to answer your question - I think I am aligned to the broker's REIB mainly (like I said we operate a pool for analysts) but essentially yes want to go solely reib at a bank and wonder if big 4 is better place to be or not
Okay, all this makes more sense!
So, like you mention, the Big 4 and even the big brokerages operate differently in Europe/UK than in the US in this space. To be honest, I've heard of this, but can't say I really understand it all that well (I am US based). If you were in the US, you would not ask this question, you would be in the right spot. In Europe/UK, I am not so sure.
I'd think you are in a good role now for a move to buyside, can't see why not given what you said. Getting in to big bank REIB desk is difficult in the US and I've heard even harder in Europe/UK due to smaller team sizes (this may just be with the US based BBs, tons of Euro centric firms I am clueless on!). To that end, I am not sure which, if either is "better". Still, what you are doing sounds very very close to true I-banking (granted brokerages play in differently, almost like a "dumbed down" version..), so I'd think what you are doing now would be better. But, I would try and see if you can find someone who actually made such a jump, or just knows what the Euro/UK banks want from lateral/experienced hires; I would want some really solid info before taking this job if this really is the goal!
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