Looking for Career Advice (3+ Years)
Hey WSO,
I recently transitioned out of fund accounting and landed a role as an acquisitions analyst in a small real estate firm.
From what I've read here and elsewhere, this is somewhat of an unique position. The firm does both market and affordable multifamily, ground up construction and development, value add and opportunistic plays, and is also a REPE, so there's plenty to learn. I would like to become well-rounded in all aspects of MF. The team is tight and I am grateful for the experience.
I also started my CPA journey late 2015 and have one exam remaining that I plan to complete before the year end. While I don't plan on returning to accounting, I think I've come far enough to finish it, and I hope it'll be of some value to my career.
So I think I have my 3-4 years planned out, but I'm also looking for exit opps afterwards and I would appreciate any advice or guidance. I've considered these options:
1) Continue to stay with the firm or even lateral to a more established REPE after awhile. I'd probably be learning more with this current firm because it's so lean, but I also want to rapidly advance in my career and add recognition to my resume.
2a) Go for a MBA after 3-4 years learning and try to transition into PE if possible, or IB then PE.
2b) Or return to real estate and down the road attempt to start my own firm. I realize a MBA isn't absolutely necessary for this route.
3) This one is out of the blue, but I actually planned to learn programming and take classes in algorithms and machine learning starting 2018 after finishing up my CPA as a hobby. I like to stay busy and don't care much about sacrificing social life.
I see a lot of potential in combining something as traditional as real estate and programming/data analytics in the future, so I would go the entrepreneurial route with this plan.
I know this seems all over the place, so I welcome any advice and criticism.
Thank you in advance.
So you are about to finish getting your CPA, you are working at a real estate firm that does development and value add deals but you are not in an accounting role, you want to get your MBA, you have an interest in working in IB or PE, you also are interesting in machine learning and algos and potential starting your own firm that goes something TBD.......
I don't mean any offense by this, but it sounds like you have no idea what you want to do. Give yourself a few years in your current role to see if this is something that you find interesting enough to make a career out of it. If not the MBA would be a nice way to pivot into something new. If I were you I'd do some real soul searching and figure out what you want out of a career. Your post makes it incredibly clear you are just drifting all over the place.
Thank you. I definitely agree I need more focus. The CPA is more for my own ego's sake to finish what I have started.
I do find real estate interesting. I guess I'm being overly worried about becoming pigeon-holed down the road and finding out later I don't like it.
I would give your current role a shot for a while before you 'what-if' yourself into oblivion. Sounds like a pretty good gig with a lot of exposure/learning... I understand the fear of getting bogged down, but as mentioned above, it sounds like you are all over the place. You don't want to get pegged as someone who can't make up their mind and has 7 different careers by the time they are 30. Trying to avoid getting pigeon-holed could ironically get you pigeon-holed in a different way.
Biased advice on a forum dedicated to real estate, but it sounds like your best bet is to stick around at the small firm for a while. You'll get experience in every phase of the life of the deal, you'll meet valuable contacts, and you will most likely have the time to pursue the other hobbies/interests you have.
And even more bias showing, I don't understand the point of the MBA for someone in your position. You'll have plenty of experience and accomplishment to show for your career, and what is the MBA giving you that you don't already have? You'll have to spend a few years and a ton of money to transition into a rat race on the IB/PE side, and at a lower position with less responsibility and (likely) less pay than you'll have by the time you're done at the RE shop.
I agree with your points and I realize if I were to continue with RE, a MBA wouldn't necessarily make sense.
Maybe I'll establish a strong network through RE without going to business school, but I feel compelled to pursue an MBA regardless for the doors that might open and pay dividends 5-10 years down the road, and the chance to re-brand myself if I want. I could always return to RE if it doesn't work out, right? I would have 4-5 years before entering, which would be enough to at least reach seniority and know enough to call myself a professional in CRE...I hope.
Not arguing with you, because you know yourself and what you're looking for, but what doors are the MBA going to open, and what re-branding do you want to do?
You say you started on the CPA path in late 2015, which means at the youngest, you're 24-25, maybe a year or two older. You are going to spend another 3-4 years in real estate, which means going to B school at age 28 or so, and you're out at 30. That isn't crazy... but if you plan on getting out of RE, why not do it now, so you're starting as a IB/PE Associate at the same time as many other folks who did 2-4 years in a BB bank and then went for an MBA, instead of waiting an extra three years? And if you want to stay in RE, then the MBA is pretty useless except for networking, which you can do equally effectively while working and gaining more experience.
I don't know. Don't listen to me if you know what you want. But it seems to me like planning for the ability to jump between industries in your mid-30's is a good way to get stuck at mid-level positions, especially when you consider that non-career questions like families and kids begin to exert a real inertia at a certain point when it comes to making drastic career/life changes. If you want the MBA and think that is a real value for you, do it now; you've made that decision, so why continue getting experience in a field you don't think is for you? And if you're uncertain... well, they optionality the MBA gives you is a diminishing return, in the sense that no one is eager to be an associate at age 35 in any industry, whereas even a handful of years earlier it's a much different story.
Ozymandia, I appreciate the insight. I didn't consider a possible career switch in my early 30s could prove fatal. But beyond the cost, spending two years at a top level program could only benefit my career, right? I don't see how it would close doors even if I returned to RE after or decided to switch careers. I'm not too worried about my personal life hitting me fast in my mid-late 20s as I don't have desire to start my own family for a long time.
How long have you been in RE? I'd like to hear your story.
Another reason why I'm not going for a MBA now is because I'm really enjoying CRE and gaining some valuable transaction experience although it's not traditional finance deals. I also don't think I would qualify for any of the top MBA schools I have looked into because of my lack of experience and mediocre undergrad grades. I think 3-4 years in RE would give me a focused direction and story if I apply later down the road.
I did initially look into getting into IB from accounting, but it's nearly impossible with a non-target background. My original plan was actually to get my CPA, take a Big 4 assurance position, and get into their transaction services group for another shot. In the end, I felt it wasn't fast enough. I sort of ended up in CRE, but I'm now gaining deal experience and I find it genuinely interesting.
I’m a former CPA. You get 18 months from your first exam pass to finish all four. Finish it. During the Great Recession, when all the transaction work dried up, I did accounting to survive.
I think your planning of different paths is a good thing, I made an 18 year plan before my first kid was born. Things will change but the things you want to do need some “seeding” over time for it to grow. Plus you need to gage how old you are and how old you’re kids will be when you eventually make your moves. Right, life is about timing.
Depending on the city you are in, you could either stay at current small REPE firm or if there are lots of companies maybe apply to get a bigger brand on your resume.
I don’t know your age but consider a MBA full time or part time. Will help you get an Associate position at a larger company after MBA and you have a couple years of CRE experience.
Finish your CPA and then move on with life. It’s a great credential. There is some inherent credibility for judgement, ethics, and quantitative skills associated with it. For some reason, CPAs and Mechanical Engineers have done well in real estate. Join the club!
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