CMBS Exit Opportunities?


I accepted a FT offer as an analyst in CMBS after graduation and was curious to know what exit opps I can take 2-3 years down the line. On a day to day basis, I'll be working on pricing, trading, securitization, and distro. Ideally, I'd like to go to the buyside (REPE/Infra PE/CMBS focused hedge fund). How would I go about breaking in - do I take the head hunter/networking route? What skills do I need, and how would you recommend obtaining said skills? Would another degree after my analyst stint (MBA in RE/Finance or MS in Fin Engineering) help? To provide some more context, the group works on a ton of deals for REPE MFs.

Any insight is appreciated!

Real Estate Modeling Course

  • Real-life RE Modeling Tests from actual Interviews
  • Various asset classes including multi-family, commercial and more
  • Huge discount - until more tests and cases added

Comments (13)

Apr 9, 2019 - 7:40am

Ill go against the trend and say exit opps are limited in CMBS - the most i see folks doing is going into debt funds, but even that is difficult without some sort of solid connection.

It is true that a good number folks go do a number of RE-related things are doing CMBS Underwriting/Origination, but that is usually due to family connections or what not - this is really just based on what I have seen.

Apr 9, 2019 - 8:47am

When it comes to CMBS, you want to be the guy who's doing the structuring and securitization aka "capital market" stuff, that'd set you up not only for real estate but the whole strucured finance field as well

Origination/underwriting is same everywhere, nothing special about cmbs origination/underwriting

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
Sep 12, 2019 - 3:17am

As a college student, this sort of thing really interests me any book recommendations or things to research? What would this title be called at a company, what concept is this?

Apr 9, 2019 - 12:33pm

From my experience, the guys in securitization found their skill set to be virtually non-transferable. Everyone that left went to do the same things the guys in originations did, except they didn't have a client book or solid relationships. Junior level securitization guys mostly fix the origination guys underwriting to conform to rating agency standards and help put together the prospectus. Not much structuring until you get to senior level.

Also, sec. guys don't arb. the traders arb.

Apr 9, 2019 - 12:56pm

Our structuring and securitization are all run by junior analysts, each person is responsible for one deal from end to end

And for prospectus, we outsource that kind of tedious work to investment banks

Start Discussion

Total Avg Compensation

April 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (34) $348
  • Associates (183) $233
  • 2nd Year Analyst (104) $151
  • Intern/Summer Associate (95) $145
  • 3rd+ Year Analyst (26) $145
  • 1st Year Analyst (390) $132
  • Intern/Summer Analyst (317) $82