Are there any exit opps in this field? Assuming I get exposure to the asset management side of the business, would this hold any weight into getting close to the more lucrative side of the industry- analyst opps in REIT, REPE, or asset management?
Would this absolutely close any doors of potentially getting into Equity Research or Corporate finance after this role?
Thank you so much!
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Short answer is an exit to buyside will be quite hard. I had a similar opportunity at GS last year and turned it down cause you are not analyzing any transactions. At best, you’re reviewing models but you yourself may not have a clue what they mean.
Just hold out for better roles. They will come online sooner than you think.
Oh man, this is tough to hear, but thank you for your response!
Investor Relations/Capital Raising/Capital Markets are one of the three core functions/units of any principal investment business (the others being Acq and AM). So, it is a pretty deep field as it is, lots of upward potential with earnings potential on par and even exceeding other roles relative to rank (this begins when comp is aligned with monies raised/AUM). At smaller shops, you are more likely to be part of a deal team/portfolio mngt team by nature, large firms can be highly segregated.
If you are not a deal/property/fund/etc. "quant" type, then moving into those roles can be a stretch (at least in the lateral move sense), you may need to go get an MBA/MSRE/D to do a reset (this can totally work btw). I wouldn't call it impossible by any means, but it is more of a "jump" and you will need to prove your hard skills if you want analyst type roles.
You mention equity research/corp fin, I can't see why that would be much different, but not easier as you are leaving CRE. Frankly, and this is personal opinion, I can't see why someone would want to do that type of move, seems like a downgrade to me (personal opinion, I've never worked outside of the CRE universe). The pathways of IR can be pretty cool, well paid, client facing, and totally align someone or senior leadership roles, so unless you just hate it, I don't see the need to jump.
Thank you for your thorough response!
The other principal investment businesses you mention other than RE would be AM- Asset Management and what is Acq?
It is nice to see that there is correlated comp for some shops.
I don't have any "quant" credentials, so I'm not sure if that would work for me. It is good to know that an MBA would help, however, I am looking to stay away from further ed.
And thank you for that information! My main concern for exiting would be if I don't see a lucrative career path in RE viable, or if I don't like the nature of Investor Relations (FP&A for example is more analytical).
Would I be able to jump to IR for F500 companies?
And to give more clarity on the role, it is a crowdfunding RE startup, so I don't know if my depth of the role would really be the same as a typical CRE IR role.
However, it may give me more exposure to the Asset Management side, but I know that you did say that that would be difficult to transition to, so that may water down this benefit.
Any opinions on these thoughts would be very helpful! My biggest fear is going into a dead end job and having to start fresh later. It would give me a ton of peace of mind to know that I can hop to F500 CF, or ER, or something else, rather than being pigeonholed in potentially a role I don't like, or an industry that I don't like.
Thank you!
Acq = Acquisitions
As for jumping to a F500 in IR, I would think the "ease" of that jump would matter a lot on the type of CRE firm you are doing IR for. If it is a publicly traded REIT, should be very easy, as publicly traded firms (i.e. most of the F500) generally have same needs/types of IR. If you are doing IR and that means private fund investors or something like that, then it's not nearly as one to one, but I doubt so far off you couldn't move if you wanted to bad enough.
The crowdfunding RE world is potentially an odd hybrid of private (Reg D) securities and sometimes limited public offerings (Reg A or S-11 filed REITs/funds). So, harder to say, if you work on public vehicles and have to understand public reporting requirements, you should gain some transferrable skill to anything publicly traded, including firms looking to go IPO.
Honestly, I think the unique nature of "crowdfunding RE" has more translatability to the general start-up world, and even venture capital, than anything else (it is far from the corp side of CRE that relates more to the general world of F500 industry). There are also a lot of "crossover" function with the fundraising/IR side of small-scale private equity, hedge funds, as well as the HNW/family office investment and financial advisory world. I've see the fundraising/IR types move between these type shops before, if you gain skills in getting people to invest in private offerings, there is a wide world in the "private" space. There is also the whole world of publicly-registered, non-traded REITs, this actually has massive crossover with "crowdfunding RE" (I've worked as a consultant on a few non-trade REIT IPOs, interesting world for sure, even more so with BX now in the game with BREIT).
Personally, I don't know why this is any more "pigeonholing" than any other job, if you don't like it, I'm sure you can find your way into something else. IMHO this sounds way more interesting than corp fin or corp IR, but I've never worked those roles and never really considered it to be fair. I've worked along side people in this world in the non-traded REIT space, check out the the role of "external wholesaler", these folks were often 7-figure earners and didn't even have to live in NYC, but for that you have to be really good at sales/relationship mngt.
Good luck!
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