Hi guys,
Currently in my 3rd year, the following are all summer internships, which one would be the best from the POV of finding a REPE job once graduated? What about a development job?
- Commercial Banking - Commercial Real Estate , at a top 5 bank
- A large lifeco/pension fund - investment analyst for real estate
- Large insurance company - real estate asset management
- Enterprise real estate (What is this btw?) - Top 3 bank, this sounds like just figuring out where to put bank branches kinda job. Job description basically says supporting retail operations.
Thanks guys!
My opinion is that the asset management job would be best for development, I should basically cut out Enterprise real estate unless I want to work as a retail investment sales broker, and that Pension fund investment analyst is best for REPE?
is the AM role on the debt or equity side? Hiring managers for acquisition roles like people with some AM background. Investment analyst role for a lifeco is also good for REPE.
I can't really speak to commercial banking-->repe
I looked at the job description and I'm not too sure, I'll copy it below:
""""The asset management group services assets for both the General Account and Third-party mandates.
Insourcing property management and reporting of a large portfolio of assets onto the companys platform Direct involvement in the Yardi target operating model and integration Development of a capital spend tracking program Development of an asset strategy ongoing tracking program Property recovery revenue project Designing value-add analysis for the portfolio.""""""
Thoughts? Which one is better, debt or equity side?
It appears to be debt asset management. General account loans are funds that derive from the insurance co's assets that is uses to pay claims for the insured. Insurance companies also have equity groups which is why I ask. It can be pretty boring from what I hear, but it is still a good opportunity.
IMO, option 2 would be the best as you will do the same type of underwriting and investment analysis that you would at a REPE shop.
Commercial banking is a good career with less hours than IB. You could probably still end up in REPE with a higher salary out of college, albeit not by much.
However, if you know you want to do REPE, then Commercial banking will not necessarily grant you any better skills than you would gain at Option 2 as 2 correlates most with REPE.
TL;DR - If you know you want to do REPE, then Option 2 is the closest thing to it and would make for an easier lateral into REPE, but commercial banking still highly regarded.
Not too familiar with RE and its different roles, but IMO option 1 should give you good foundation into underwriting, financial metrics commonly used in RE and perhaps even modeling out RE valuations, which going in the REPE route later may come in handy.
2-3 would be good candidates for REPE, but don't take my word for that.
4 would be a good candidate for development. However, if 4 is just monitoring existing leases and expenses, then forget that one.
You should post the job descriptions for each of these roles and property types. They are too vague aside from the lifecos.
2
IMO:
1 would be best for Development if the bank does a good amount of construction loans
2/3 would be best for REPE
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