Finding The First Job After College
I graduated college in June and I’m currently seeking an analyst role in CRE in NYC. I have 3+ years experience(worked full-time in college while still attending classes) and I have all the necessary skills for a 1st year analyst -Proficient at Excel, Experience with Underwriting, Familiarity with Key Terms such as Cap Rate, IRR, DSCR, NPV, DCF, etc. To be objective, the only weakness in my profile is I have never been trained to use Argus and I went to a non-target school. I’ve been consistently applying to entry-level real estate positions at banks, investment management firms, and private equity companies that I am well-qualified for, if not overqualified considering all the experience and skills I have. However, I have not received any type of interest from any company whatsoever. It’s really frustrating and I’m lost as to what is preventing me from getting an interview and receiving an offer. I don’t want to use the current economy as an excuse because I have seen and applied to plenty of roles(probably 50+). I’m just not getting selected and I’m starting to believe it’s because I don’t have a famous, private school on my resume.
Okay, so not to burst your bubble, but you just graduated in June, I doubt you are objectively "overqualified" to an analyst at the types of firms you list. Qualified, sure; but in fairness, that is not the bar.
Most of those type of firms have desires for people with grad degrees and some experience in the field or a related one (what was your 3+ yrs exp doing? depending on how that is framed on a resume, may be part of your issue...). Further, simply having a fancy name degree doesn't guarantee those type of jobs either. Many do not get them despite applying, they are competitive, especially at the UG level. Most UG hiring is due to and from internships, that tends to be the pathway. They don't venture outside of the former intern pool unless forced (and sadly, this is where 'do you know who my dad is' stuff happens, especially NYC).
I would look at entry level research roles in brokerage, appraisal, and lending. Those tend to allow new people in and give a way to build experience. Also, are you a member of all the big real estate orgs in NYC area? Like ULI, NAIOP, MBAofNY, YREPNY. Those are places to find leads on internships and jobs. You should be applying for internships along with jobs at these firms, especially in this market going forward.
Finally, don't fixate on the lack of a private school name. Does it give people advantages, sure. But it doesn't imply a disadvantage. I only went to so-called "non-target state schools" and manged to make my up and past people with so-called "target" degrees (FYI, people fail to understand these concepts, did a post a while back, personal pet peeve alert). You need to work harder, and it may take longer, but be humble in your approach. You can do it.
Thank you for your input. As for my 3 years experience, I indulged in a myriad of roles but mainly I was involved in : 1. Underwriting - Constructed Pro-Forma, DCF, Loan Amortization Table, Loan Sizing, and Sensitivity Analysis from Scratch. 2. Conducted Market Research and Wrote Reports to Present to Investors. 3. Drew Up Investment Strategies Based on The Type of Property We Were Looking At. EX : Buying Property X at 60% of ARV then putting in 150K for value add creation which then allowed for an increase in expected cash flows and property value. 4. Was Involved In Asset Management & Disposition Duties Once Property Was Successfully Repositioned.
I'm not trying to make it seem like I'm Einstein but after doing thorough research and speaking with industry professionals, most 1st year analysts do not possess the experience I have with underwriting & transactions. I only say I am frustrated because 97% of the time when I apply, I completely meet all the requirements of the position but for some reason, I do not get contacted by hiring managers.
Why couldnt you return to one of the several places you worked at before graduating?
Also, im not sure what the specific problem is in your applications/resume, but I can tell you that its not just people at "famous private schools" getting jobs. You're definitely not overqualified
Well of the two positions I held during college, one was in brokerage and the other was at a boutique shop. Going back to my old brokerage would be a step backward for me considering the skills and experience I possess now. The boutique shop that I was a part of has seen a slowdown in deals as they usually leveraged debt for their value add deals and there is currently is a credit crunch. Plus, it wasn't really an ideal long-term position for me. It was more so a great fit while I was in college because I had flexible hours while also getting hands on experience.
Agreed. I think it's safe to say a lot of guys in real estate don't come from "famous private schools" - there's more non-targets than an outsider might think.
I came from a real non-target, such a non-target, my boss thought I went to school in the Virgin Islands!! Lol but I made it to a top 10-15 REPE firm despite my educational background. OP - maybe it is your resume. If you want to DM me to take a look, I'd be glad.
Thanks for the help. Will DM you now.
Well of the two positions I held during college, one was in brokerage and the other was at a boutique shop. Going back to my old brokerage would be a step backward for me considering the skills and experience I possess now. The boutique shop that I was a part of has seen a slowdown in deals as they usually leveraged debt for their value add deals and there is currently is a credit crunch. Plus, it wasn’t really an ideal long-term position for me. It was more so a great fit while I was in college because I had flexible hours while also getting hands on experience.
If you had gone to a good school, the jobs will find you
The issue could also be the way that you are applying for these jobs. How are you applying? Through online portals and websites like Indeed, Linkedin, etc..?
I am applying through LinkedIn, Select Leaders, and sometimes directly on the company website. However, applying online is feeling like a blackhole. I’m going to try to get in touch with human resource managers directly in order to have a better chance at a position. Do you have any additional advice?
Yeah, not to sound harsh, but when people tell me they applied through the company website and other portals like LinkedIn, indeed etc... I basically tell them that they didn't apply to anything because its unlikely that a person will even see their resume. You should be reaching out to someone at the firm/on the team that you want to work for and cold email them to learn more about the position/firm on a 15min phone call or something. In my experience, the person at firm knows that I'm interested in the position and will usually give me an idea about the interviewing timeline or will pass my resume to whoever is in charge of screening resumes
You should really try networking with some people at several different firms. This is probably your best way of getting to the interview stage. Look for alumni first, and if you can’t find any, then just do some look ups on LinkedIn and reach out that way. Do some research and be personable once you set up some calls, and hopefully you’ll have some luck moving from there. Good luck.
Thank You !
Not to beat a dead horse, but networking is your best bet. Coming from the other side, a kid who lost his internship due to COVID reached out to me earlier and I found him high quality enough to pass his resume to HR. That's how you get interviews--though it's not to say cold applications won't work (I actually landed my job through cold website application). Good luck and check out the discord link my sig if you have any more questions.
Thank you
I will be looking to refer a few candidates to replace me as I make a move in the coming months. Family office in Southern California. Analyst role (0-3 years) covering acquisitions, development, and asset management. Feel free to message if you're interested - same goes for anyone else. I'll make a full post about this in a few weeks.
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