Currently three years in at a REIT on the LAM team doing servicing and underwriting. I love everything about my setup besides my job function itself. Is it hard at a certain point to switch to something else? I don't want to get pigeonholed.
How would you recommend I transition, and should I wait until the market improves?
Ah, the old career transition conundrum! It's a tricky one, but not impossible. Based on the most helpful WSO content, here's what I'd suggest:
Identify Your Transferable Skills: You've been in Loan Asset Management for three years, which means you've likely developed a strong understanding of financial analysis, risk management, and underwriting. These skills are highly transferable to other roles within the finance industry.
Networking: Start connecting with people in the roles or industries you're interested in. This could be through LinkedIn, industry events, or even reaching out to people within your current company. Networking is a powerful tool when it comes to transitioning roles.
Education: Consider furthering your education or certifications. This could be an MBA, CFA, or other relevant qualifications. This not only boosts your resume but also gives you a broader understanding of the finance industry.
Timing: As for waiting until the market improves, it's a personal decision. However, remember that opportunities are always out there, and sometimes, it's about creating them rather than waiting for them.
Remember, it's not about where you start, but where you end up. So, don't worry about being pigeonholed. With the right strategy, you can successfully transition to a role you're more passionate about. Good luck!
Sources: Asset Management vs Investment Banking for exit opps into value-based hedge funds, Moving from Asset Management into IB / PE, Stepping Stones to Asset Management, https://www.wallstreetoasis.com/forum/asset-management/will-asset-management-industry-just-wither-away?customgpt=1
What do you ultimately want to do, or where do you want to land? I started my career in servicing and managed to land in development. I would say it was definitely hard to transition out because it's always been seen as back office. However, I really made sure to kick ass in that role and show that i was just as capable as those with the true front-office work experience
Our special servicer is definitely a front office role and is very lucrative and hands on too. But it’s just not my personality.
It really depends on the servicer in my opinion. But I know plenty of former LNR/Rialto/CWCapital people go to Dev, REPE etc. most of which are former LNR people. Personally, I think it’s easier than you think to break in. The negotiation skills and writing skills you pick up I think are very underrated.
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