Can someone working in real estate investment and/or development please shed some light on career options for an entry-level Acquisitions Analyst vs. an entry-level Development Analyst?
- What is compensation like at lower levels and as one advances in their career? My impression is that investment roles have higher salaries in general, but you can ultimately make more in development if you are in a principal position. Would you have to raise money and develop yourself in order to make good money in development? (ie $500k-$1mm+)
- What is a better entry-level role, acquisitions or development? Would one set you up better for the rest of your career?
- Is it common to move between acquisitions and development? Is it easier to move from acquisitions to development?
- A lot of developers tout their development pipeline. If a developer says they have a $2 billion pipeline, does that mean they have $2 billion under construction, entitled, or at least acquired? How aspirational is the "development pipeline" number? I am wondering because I've come across smaller shops that build $100-$200mm projects (total value after disposition or refinancing) and yet advertise a development pipeline that is over a billion, which makes me believe the so-called development pipeline doesn't consist of very concrete (pun!) projects.
- Any thoughts on working for a debt fund? Would you later be an attractive candidate for a position on the equity side?