Anybody make the move from repe to development, whether major developer or smaller sponsor, and regret making this move? Anything you would do different, specific firm type or size you wish you had targeted? Thinking specifically at the Associate/Analyst level here. Appreciate any thoughts.
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I’m sure someone out there made this move and regretted it. Not sure why anecdotes are relevant though. If you made this move and regret it...move back.
Exactly. Every individual will have differing and personal reasons for disliking/liking it.
You want to know that every little item is run to completion every day? Dislike having to wear different hats all the time? Don’t like councilman Bob? Then don’t do Development.
General observation... Most people I know who have left REPE or I-banking generally did so, in part, because they hated the hours/work-life balance and found the work generally unfulfilling. Development is often one aspirant destination, but not the only one. To date, nobody has ever expressed regret, but who would? Regret is useless and people don't like to admit mistakes, but I think most people do not regret such decisions.
That said, I personally think people make a mistake jumping too soon. Associate and especially analyst level generally only allows for lateral/re-start type moves. These can be good moves at time, but they can easily be sub-optimal. I often recommend sticking it out 5 years or so (room on either side of course, and if great opportunity arises.. take it) before making jumps like this. The reason is simple, you need that time to actually get good and get the benefit of time spent a field like I-banking or PE. Then you can transition with promotion or higher up set-up. Lots of exceptions to this, so I would not call it a rule and this is not just for IB or PE, I could say same for brokerage or other "service" fields.
It is easy to get impatient, but making a early jump before you really reach your full marketability can be a mistake. Here is an example, you jump early to the "first" development gig you get offered... but it is at a smaller/regional firm. You could maybe have been competitive at a top tier shop in a few years, where lifetime earnings could possibly be double with even greater exit ops, but you jumped early to "get out".
NO guarantees that sticking it out leads to better exit ops, life is all balanced risk taking!
Curious to hear an elaboration on your 3rd paragraph. Currently work at a brokerage shop as an analyst, with just over 3 years on the job. Ultimate goal is development. Currently have an opportunity in asset management with a development group, who has told me there may be a chance to transition to the development side in a few years - nothing finite, though. Unsure if I should be a bit more patient and find the right opportunity directly in development, or take the leap to be on the ownership side.
My general advice in a situation like that is only take the role if 1. like the firm a lot, 2. like the actual position offered, and 3. see a direct career path with said firm (or there are really obvious exit ops). The caveat is if you think your current role is shaky and at risk (non trivial item with pandemic), in which case any decent job can be a legit great job. Also, a "switch" in a downturn is more like a free pass for making a move later on.
If you like your current role and are progressing, you can and should be somewhat discerning. Three years is a good minimum point to capitalize on your experience, so between now and end of year 5 is generically a good time to make a move. I don't think asset mgnt is a bad gig at all, gets too much hate on WSO, but not sure it really is a good bridge point to being on a development team relative to brokerage. The internal transfer option is something only you can really evaluate.
Appreciate the advice!
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