Entry level Investment Sales vs LIHTC?

Thoughts on entry level roles as a financial analyst in a niche asset class with a solid investment sales/cap markets team (CBRE, etc) or investment analyst/underwriter at a MM bank in their LIHTC fund team?

Long term, I feel I would enjoy the LIHTC role/work more. But, if I were to seek an exit opp down the road, I'd like to be on the lending side at a LifeCo for example.

Any thoughts on the better experience intrinsically and also down the road in terms of marketability?

 

As someone who went the LIHTC route, gaining a mastery (or even beginner's understanding) of that space would be far more valuable if you want to do something on your own. Affordable housing in general is a submarket with high barriers to entry and very little capital needed to really get started. So if you want to start/own your own business, that can actually be a really attractive route to go. Once you know the regulations and know the people, and once you have a good grasp of the risks and how to spot them, it's a market in which you'll be one of the few players. Even in NYC there isn't a big community of tax credit developers.

If you want to be on the lending side, though, then go with the path that takes you there

 
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