Is it possible to lateral into non-entry level positions in CRE without direct industry experience? Specifically thinking about acquisition or asset management roles, maybe at the Associate level. My background is 2 years investment banking (non-real estate group) and 2 years within the asset management arm of an offshore company doing M&A and principal investing; so no actual real estate experience. That said, strong financial modeling skills, lots of M&A deal flow, know how to run a process with a lot of stakeholders etc. that seems like it could have some overlap.
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Why do you want to lateral into CRE instead of staying in principal investing side?
It's only one of 3-4 different mandates within my group and it's far removed from the operational focus of the broader company. Deal flow on the principal investing side is also pretty light, 1 deal a year if that and the sourcing and diligence is largely done by one senior member of the team. I spend a lot of time on normal M&A and then monitoring existing investments in the portfolio.
Edit: I'll also add that CRE seems to have a lot of the same upside. Seems like there's good deal flow, interesting work, upside with carry / co-investment type comp structure, and broad geographic presence (don't necessarily need to be in NYC).
There are certain CRE groups would be open to your background. But I usually see it happen after (non-RE) banking rather than after you have non-RE banking + principal side experience.
Real Estate isn’t complicated, but there are lots of little things you wouldn’t know that someone with 4 years of RE experience would already know. So you’d have to put in some leg work to close the gap, and even then you’d likely have to take a year or two step back. If you have the chance to lateral internally, the odds of it happening go up
Thanks, this is helpful feedback. In terms of the knowledge gap, sounds like a lot of this would happen on the job. What would be the best resources to utilize while networking and trying to break in? Seems like the Adventures in CRE website has a lot of free content, models, etc.
i replied to your comment twice but I can't see it in the thread. Maybe they're filtering it out because I recommend a modeling service other than WSOs... not sure what the deal is
A move like this is certainly possible, in fact, I always think 'lateral' is easier than going from a higher level back to entry level (firms question why someone would do this). If you go to REPE, or a major RE investment manager (PGIM, Nuveen, AEW, type) they may appreciate the background given that they are in so many business lines. There are also 'real asset' funds that may like a diverse background.
You didn't say if you have a grad degree, clearly an MSRE/D could be a transitional path that would probably make laterally easier as it would fill your real estate knowledge gap.
Thanks. No graduate degree, but I've considered it. Have also heard mixed things about MSRE. My understanding is some of the better programs might prefer applicants with RE experience and that it's hard to get a lot out of them without having already worked in the industry or at least having a strong existing network. Could maybe do one part time in NYC, otherwise not sure I could justify the lost income from my current job. Are there specific ones you'd recommend? Have heard MIT, Harvard, Columbia, and NYU are up there.
Edit: scratch that last question. Just found a bunch of threads on WSO comparing the schools.
Georgetown’s MPSRE program is decent from what I hear too.
Any thoughts on the best MSRE if you want to end up in Texas, or the south more broadly? I lived and went to school in NYC, very little interest in returning there. Seems like the best programs are on east coast (Columbia, Cornell, NYU, Johns Hopkins, etc.) but what if you're interested in different cities? Do the more well-known programs carry weight outside of the large coastal cities or are you better off doing something local (SMU, UT Austin, etc.)?
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