What is up with Essex in Irvine? Why do they constantly have VP/Director AM positions available? I thought AM is pretty stable and people don’t usually leave, is it just a revolving door at Essex or are they farming resumes?
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Based on the most helpful WSO content, asset management (AM) is generally considered more stable compared to other roles like acquisitions or development. However, there are a few factors that could explain why Essex in Irvine might constantly have VP/Director AM positions available:
Industry Trends: The asset management industry is experiencing consolidation, automation trends, and fee pressure, which can impact headcount and compensation. This might lead to higher turnover or restructuring within firms.
Career Progression: In asset management, career progression can vary. While some firms have stable career paths, others might have more frequent turnover at higher levels due to various reasons, including better opportunities elsewhere or internal restructuring.
Job Stability: Although AM is generally more stable, it is only as stable as the assets being managed. If a firm faces challenges with its portfolio, it might lead to changes in management roles.
Company-Specific Factors: Essex might have its own internal dynamics that contribute to higher turnover. This could include company culture, management practices, or strategic changes that lead to frequent openings.
Recruitment Practices: It's also possible that Essex is actively expanding or restructuring its AM team, leading to more frequent job postings. They might be looking for specific skill sets or experiences that are hard to find, resulting in continuous recruitment efforts.
In summary, while AM is generally stable, specific circumstances at Essex in Irvine could be contributing to the frequent availability of VP/Director AM positions.
Sources: Career advice needed: Acquisitions vs Asset Management, Asset Management vs Investment Banking 101, Life as a Top Asset Manager, Life as a Top Asset Manager, AM vs ER vs IBD
I interviewed for the Director role with the hiring manager, it is a real role (replacing someone who left), but they have gotten to the offer stage with someone and then they backed out. I backed out as well in the interview stage mainly because it was a lot of responsibility given where I am at in my career (AM of 50+ properties / 10k units). Interview process is HR, Hiring manager, Hiring Manager's boss, Excel Test, then In person with a number of people.
Excel test for a Director level role is a new one
Jesus, all this for a $150-175K base? And what was the excel test going to be about? Because the excel work you do on the job particularly with AM there is pretty simple right?
I think the base can go a bit higher to like $190k but yea the responsibility to pay ratio is a bit crazy. No idea what the Excel test was about I bailed after the hiring manager interview.
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