I refused to take the Excel Modeling Test
I am sure you can notice this from other threads I have posted, but I am a well qualified applicant with around 4 years of experience, $3B+ of direct real estate experience, and hold prestigious degrees (Not ivy league, but target schools).
For this reason, I am told by experts (Recruiters, HR, and Employers) that I am a $100k base candidate (not NYC market).
A recruiter connected me with a brand new firm in the US with established Europe presence. They haggled me (before an offer came) to see if I would take a $90k base, then came back with $85k base. I agreed since its 1 mile from my house.
I was asked to build an over the top, complex and dynamic model that needed to be completed as the potential employers "Test". Argus not available. It required a full dynamic model (principal amortization, market leasing assumptions, CapEx schedule, TI/TA/LC, multi-property, multi-property tax ID's, Waterfall (& EM driven), and even a full investment summary with sensitivity tables). Imagine the templates you create for your current employer to create efficiency when underwriting.
Crazy enough, they asked me to model an exact portfolio that I already modeled in my current job and put together a beautiful marketing package for major LP's ($150MM + deal). So, I sent them my underwriting and my dropbox of all my prior work through my career. They still asked for me to complete the model, I refused to do it.
Did I do the right thing?