Hey everyone, thanks for reading.
For some context, I recently studied economics at a notable state school and have since been in the process of exploring some entrepreneurial opportunities relating to a family business in the manufacturing sector. The reason for the career change is primarily motivated by an overwhelming amount of interest in the industry, and some exposures i've gained from the investment perspective of the business. I'm also well aware it's not the normal route into the business.
After meeting with a local upcoming developer I was offered an internship/job as a development analyst. After attaining certifications it was mentioned that my value would be $70k and upwards in my particular market. The offer was to find intern tasks to do in the meanwhile at an hourly rate until I get certified. Seeing as how an intern adds much less value to the entire equation, i'm motivated to get the courses out of the way and get to work as soon as possible. I anticipate that I will be able to attain 1-2 certifications (REFM, ULI, ARGUS) very quickly, while then progressively begin working towards a CCIM over the next 1-2 years. What is the average level of certifications for starting out in this position? Once certified are the majority of people fully capable of developing JV/Waterfall models for clients?
While researching the different certifications, it appears that there is a tiered system between the classifications (REFM, ULI, ARGUS) and the CCIM designation, which is why I was wondering if at small boutique firms, is this significant in terms of relative compensation? If for example, I were to attain ULI alongside ARGUS, should I still be able to expect compensation in a similar vicinity to the range that was initially discussed? I'm sure my lack of prior directly relating experience will factor into the compensation structure somehow, but I'm also writing this to learn more about the nuances of the certifications/designations and the relative weight they hold.
Any advice, general or otherwise is greatly appreciated. Let me know what you guys think.
Perspectives on the different certifications and their relative functionality/shortcomings are also welcome.
I started as a development analyst with none of those certifications and personally have no motivation to pursue any of them.
You sure as hell don't need a certification to build a waterfall.
Haha thank you! I know my competency level in excel is quite solid to begin with, but it seems like everyone i've met in CRE development loves to throw around the words Pro-Forma and waterfall as if they have some mythical aura attached to them. I understand that there are some complexities when modeling and I see the value in getting certified, but it is all still just excel.
agreed, I was a development analyst. No need to waste your time and money unless you want to some day get into a big institutional shop. If you are itnerested in regional, local players, they won't give two shits about certs.
I could understand some of the certs for modelling sake, but CCIM would be useless to you on the Dev side. More important for brokers
That would make sense. I will need to look at the CCIM designation more in depth, but I hope you are correct about that so I don't go have to drop the coin.
I've never seen any cert but CCIM, and this guy didn't do anything special.
Don't get CCIM, it probably won't help you too much. ULI's courses are expensive, if you want some good experience just buy REFM while you're still a student and work through that, it'll give you a some familiarity with those things.
Graduated currently. I looked into REFM and it seemed to only allow you to operate model templates without actually getting into the bulk of how to put them together from scratch. Also I haven't fully be been informed about the developers capital structure yet, so I don't know if any problems will arise with only being allowed up to 3 equity partners in the model. These are just notations I made from reading the information available on the websites. I haven't used their software, so my bad if any of information is incorrect. I would be willing to drop some money into ULI too, as long as it shows returns...
None of those certifications mean shit except for Argus, and even with that it's the ability to use Argus, and not the certification, that matters. On top of that the number of developers who use Argus is far, far smaller than the number who don't, so even then it's a crapshoot.
By all means take some ULI or REFM courses, especially if your internship pays for them, but do it for the knowledge, not the piece of paper.
I don't really understand this, he's offered to let you intern and once you complete a certification he'll either take you on full-time or you'll apply for full-time positions elsewhere? Listing one of those programs might help fill out your resume, build your RE story and get that initial interview, but it's not going to make you any more or less valuable.
I've been through most of the REFM & CCIM material a while back, and I would suggest purchasing or borrowing a component of the REFM material and work through it, that way you can list on your resume "Completed REFM Level 1 Training Material". Nobody other than REFM cares if you pay the extra money to take the test and get a piece of paper with your name on it, but showing that you are taking the time to self-study can be helpful on the resume and their program will give you some skills for that interview excel test.
In my opinion, CCIM is more of a networking community for brokers, and may provide some skills for those without a financial background, but not of significant value outside of brokerage, and certainly not worth the time or money. You would be better served buying a development text book in order to pick up some lingo, terminology, "development process", etc., so that you're able to have a decent conversation, but ultimately development is a learn-on-the-job position and every project has its unique challenges that throws a curveball to the "process", so you need to prove that you can be a problem solver.
Doloribus autem quibusdam laboriosam est. Atque possimus ipsam maiores officiis aut. Eos tenetur dicta iure nobis fuga dolor nulla iste. Magnam error quas perferendis.
Repudiandae neque et provident eum. Voluptatem quae velit maxime vel blanditiis dignissimos. Voluptatem quas modi qui illo inventore ab.
Necessitatibus cumque numquam porro ad libero molestiae odit. Dignissimos eius rerum id sit commodi voluptatibus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...