Should I be doing REGAL IB ? need advice of what to do
Hello I am in b school rn. I am not sure if my thinking makes sense here but should I do REGAL IB for two years then recruit for a developer ?
I was a civil engineer before but now I’m not sure if I want to do repe/development I should first do IB for two years then recruit for like a repe job or a development job. I talked to this one alum who works at Starwood and he recommended that the big name shops like the “pedigree” or banking. I am not sure what is he saying here would love some help please
Based on the most helpful WSO content, your thinking aligns with a common strategy for transitioning into real estate development or REPE (Real Estate Private Equity). Here's a breakdown of your situation and advice:
Doing REIB (Real Estate Investment Banking) First:
Transitioning to Development or REPE:
Alternative Pathways:
Key Considerations:
In summary, pursuing REIB for two years can be a smart move if you're aiming to build a strong foundation for a career in REPE or development. However, if you're certain about your end goal, you might also explore direct pathways into those fields through networking and leveraging your MBA.
Sources: Career Advice: Family Office (RE Developer) --> MBA --> REPE, Real Estate Career after MBA, Ask Me Anything: REPE Investment Professional, Real Estate Investment Banking, Military to RE via MBA
He is essentially saying a lot of these top tier PE shops like to see banking experience for a few big reasons.
Now, how important is banking experience? I am not sure what b school you are going to but lots of these REPE mega funds recruit at strong MBAs and I would think you would have a leg up given you engineering background. If you want to do development I am sure the megadevelopers like Hines and other groups also recruit from MBAs, which would be what you are targeting anyways.
I neither did banking nor an MBA and am currently on the buyside. Solid shop but definitely not a mega fund, where pedigree does matter more, and what he is getting at.
Might be a dumb question to ask here but what exactly did he mean by pedigree…new to finance world
Background, can be firms (are they well respected), schools (ivy, higher end schools), work experience (IB,consulting,trading, etc). Frankly if you are looking to do development, I would think a lot of those firms would prefer the civil engineering background to banking, especially if you are getting an MBA
Can't speak for REPE but at least for development I don't think you need to. I know several people at greystar who went engineering -> mba -> development.
You can definitely recruit directly for top development shops from most top-20+ MBA programs (depends on location you want to be in). Recruiting directly for REPE is a different animal and totally depends on your MBA program/network. If you're in a top top program, I imagine many large/mega funds are a possibility. If you're in a more regional program, then I think MF is extremely difficult/impossible, but regional REPE isn't out of the question.
IB to Development doesn't really make sense versus going straight to Dev, where you can spend your time actually building a long-term skillset/market expertise instead of rearranging logos and pitching inactionable REIT mergers that will never occur (this is coming from a post-MBA REIB associate). Also, you will need to swallow a huge pay cut to go IB >> Dev.
IB to REPE post-MBA is pretty tough. Again, totally depends on your MBA program and type of bank you go to. NYC IB to regional REPE is a lot more feasible than NYC IB to NYC MF/large REPE. You'll likely be competing against REIB Analysts for the same job title at Associate, maybe be eligible for Sr. ASO, depending on how long you stay in IB. Also, many recruiters who won't even show post-MBA candidates a role at the likes of a Brookfield/BX/etc.
IB sucks but it's not all negative. You will add some pedigree to your resume, if that's attractive to you. You will gain valuation skills, formatting, etc. that can be attractive to REPE firms who appreciate that stuff. If you want to spend some time in NYC with good pay and insane hours, but leverage that experience to land at a solid REPE firm closer to your long-term geographic destination, then maybe it is worth it. This is sort of my plan and its actually hard af to land a new gig.
If you go the REIB route, I would be fully aware that it is a massive uphill recruiting battle to find a REPE seat. It is definitely possible, but you must grind. You'll need to network a ton and be okay adding a full-time job of recruiting to your already demanding banking hours.
Okay I am at UNC Kenan, came here because I wanted to do dev. Is it reasonable to go to dev directly in the northeast ?
Def possible, check your alumni network/LinkedIn. Job market especially for dev is tough right now. Must network network network.
What about going to a REIT acquisitions or capital markets role?
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