Decision: Entry-level development role or Investment Sales at Eastdil
Hi everyone,
This is my first post, but I am a longtime lurker. I will be graduating from a target school this semester and need help deciding between two entry-level offers:
- Junior role with a Midsized Developer in a major metro (NYC/Los Angeles/London)
It's not Hines or Related, but I'd be involved in everything from acquisition to disposition.
It's possible I'd be assigned to multiple projects simultaneously, waiting for them to get back to me about that.
or
- Analyst role at Eastdil (same location)
This is the only "brokerage" I would consider over a development role.
My goal is to develop projects of my own in the long run (10+ years from now), so I am leaning toward the first option. However, I feel investment sales would provide me with more "disposable" income in the interim.
I am open to making a lateral move after getting my feet wet, but I am not sure if it's easier to go from Development to IS or vice versa.
Eastdil is a fantastic option, but if you want to be a developer (and it’s a quality shop) I would 100% go work for the developer. More fun too :)
Edit - I stand corrected, follow others advice and don't follow the money fresh out of school
Candidly I'm a broker in one of those markets not at a Eastdil type shop. Go with the developer, I know people who started at Eastdil and ended up at a developer. It seems to be the end goal for a lot of people, so why when you have the opportunity to start at a developer you forgo that to work at a brokerage shop with hopes of switching to a developer in a year or two anyway.
Going with Eastdil seems to be a step back, you're a glorified bitch putting together OM's and Powerpoint pitches probably similar to IB. I'm doing the same shit at my lesser shop, also I don't even know how client facing you are at Eastdil so you may not even be making relationships with these great groups that Eastdil interacts with.
Both are great opportunities, but if you want to do development go starting out as a developer. You don't know where the market will be in 2-3 years if you go to Eastdil and now the market is fucked wherever you are and you can't get into the level of shop you want.
I really agree with the above, I doubt an analyst will get much client facing time at all. I mean, our firm has used Eastdil to sell assets in many markets... but we hire development associates from other developers most of the time (or related fields of architecture/construction mgnt, sometimes invst. mngt. buyside shops), I don't think and Eastdil analyst would get to far in the recruiting and we ARE the client.
If you are 100% on development go with the developer. If you aren’t 100%, I’d choose Eastdil because you’ll basically be able to work for any firm you want in the industry, both debt and equity. 2 great options to have tho.
This is the right way to think about it. Development is niche so if you're set on that, starting there is a no brainer. If you're not sure then Eastdil will give you a great foundation that translates well to all other roles and exit opps will be plenty. I started at Eastdil as an analyst and now work for a developer so speaking from experience.
I have to say, I have not seen this, at all. Development is the exit opp in this industry. And due to the full cycle of a deal you work on, if you don't like being in development it's a lot easier to transition out. Eastdil is a good name and won't close any doors, necessarily, but speaking as someone at a development shop, we just won't hire a broker. They don't have any relevant skills. Even on the acquisitions team, someone coming from a development background is a much stronger candidate than someone coming from investment sales.
I'd tell OP to take the development job every time, but I'm biased.
So a few points in reaction to the above...
1. Chasing the money is a horrible motivation, especially early in a career, you really just need to learn more than anything
2. If you want to have a career in development, having a job in development should be pretty obvious as the smart play (I mean, it is 100x easier to move developer to developer than IS to developer, even if Eastdil, that seems very obvious to me).
3. The Eastdil role can open a lot of doors, no question, but a development job that lets you work full cycle (acq to dispo) is really the "exit goal" of people who what max flexibility in the development industry, especially doing deals as a principal (the multiple projects may or may not be good, depends on firm and projects tbh).
So to summarize, it sounds like you are debating the "exit op" vs. the step to get to an "exit op".... and IS with a firm like Eastdil is great, but not a guaranteed entry to development at major or midsized firms, really only moderate (maybe even minor) overlap of skills.
If you are mixed on development as long-term career, the Eastdil job would give you better wide latitude with buyside shops, only reason I would personally consider Eastdil over developer personally.
^^^^^
To repeat what others have said, I would take the development job. Currently work at a small debt/equity shop in a strong market but have worked alongside analyst/associates from bigger shops like Eastdil & JLL. Wasn't overly impressed, their understanding of the brick-and-mortar side of the business was weak at best (sure their Excel and Powerpoint skills were great but that's about it). If development is the end goal than go for it, you'll enjoy it more. I'm looking to make the transition myself for that very reason (job got boring to me, after a year or two of churning through deals it all starts to feel the same). Sure the money is good but who cares at the junior level. 20s are for learning, 30s are for earning. The key is to learn and get better at work you actually find enjoyable, the money will follow later.
I would just go straight to development if you want to do that.
Thank you all for the advice. I accepted the development job and will be teaching myself any relevant modeling skills. I am more interested in assets at the granular level anyway.
Congrats - for other monkeys reference, "modeling experience" should never be a major deciding factor for a job. Remember you always control your own destiny in terms of modeling ability. What I mean by that is I got good at modeling by always taking it a step further as I was learning - really taking the time to understand the concepts and inner workings of a model (so you understand how important/drastic each input it) and improving all models I have ever used to make them do what I wanted them to do. You can do this on the job/at home etc. THe team, deals, experience, culture - literally any other job factor is infinitely more important than the modeling reps you will get.
I would have chosen Eastdil due to the fact this is your first job out of school and no matter how much you say you want to do X right now, that can drastically change in even a year. Eastdil gives you a broader range of options, top sponsor exposure, and experience in a number of asset classes. I was dead set on acquisitions right out of school, but I am now in AM and love it.
That being said, you are still starting out in a tremendous role and development gigs right out of school are extremely tough to get. You will learn a ton regardless. Congrats.
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