Need realistic advice
I currently work in fund accounting, in hedge funds, at a larger fund. I make 100k all-in/year. I can realistically get to 125k-150k(?) if I jump companies. I'm 28-29 years old.
I'm pretty close (they're checking my references) to a potential entry-level CRE role and need advice. The entry level role sits on the investment team (acquisitions, dispositions, everything), and works with basically everything (argus models, etc) and no cold calling or sales. It's likely the pay would be about 50k all-in. Small team, firm has been around for >15 years so hopefully I would see and do a bit of everything.
I need some advice based on realistic expectations and potential path going forward and how to approach this since this seems to be way outside my area of speciality and WSO is a bit all over the place.
Thank you!
Is this a buyside or sellside role (the "no cold calling or sales" is confusing)? You should give some detail about type of firm, asset class, etc., can give better insight then.
Buyside. I think they included that to comfort people that they aren't looking for a sales oriented role. They buy/sell/lease properties in a bunch of various sectors and do value-add.
Okay, I can't say why they would make a "no cold calling" pledge, but I won't attempt to guess further. So my two cents...
"Jumping" from a back office role to front office role is never easy, and it's not uncommon for people to take reductions in pay (at least on the onset) for such opportunities. It is also not uncommon for people to take roles with smaller, less known firms to make such a jump also. Thus, the move you considering is well.... normal.
Presuming this is in fact a legit buyside role (and not brokerage), then it is a "foot in the door". That said, $50k all-in is bottom level buyside pay. New hires direct from UG can get that in secondary markets. Are they including long-term comp as part of the offer? Meaning parts of the deals/fees/promotes/etc.? Your experience is not directly related, but still you should be able to get more (like $70k all-in or more).
Jobs with small firms can be great if you get to see enough deal flow to be interesting. Still, lower amounts of deal flow with wide range of activities can be a decent trade off.
Thus, what should you do?? I don't know, but if you hate your job in fund accounting (which I can't blame you if you do), then this is a role worth considering. I would want to make sure the firm has legit funding, stability, and the ability to execute. The low pay, all over the board job description, and even "no cold calling" pledge, has me wondering tbh. If they pass your risk tolerance threshold, then it's just you deciding if you like them and the role.
I think you will want to advance beyond this firm, so you probably still need to engage in heavy networking and skill development. Not sure if you've been to grad school, but doing that part-time while working this job is not a crazy idea if you feel like you want to "level-up" the type/class of firm you can reasonably get hired at.
Pretty much all I got, good luck!
I'd ask you how bad you want to be in CRE. Seemingly appears like you will be taking a pay cut by half, is it worth that? Do you want a career in CRE and not your current path?
I've seen people your age take analyst positions before so don't think you are an anomaly. These people usually had a revelation at some point in their late 20s and realize CRE is for them and they attack it head on because they know they want it 100%. Basically what I'm trying to tell you is to be sure this industry is what you want. You don't want to be that 30-something-year old senior analyst who realizes CRE is lame and wants to transition to another industry; you'll have wasted time on yourself, your firm and your career. So make sure the move will be personally and professionally worth it long-term.
Is it ever really possible to be absolutely sure about something I don't have professional experience in? Accounting feels too risk-averse and I feel like I don't really add any value doing the work, it just feels like busy work. Review these trades, monitor XYZ, ensure controls are being followed, make sure financial statements foot, make sure work has completeness, etc. It's mind numbingly boring and doesn't stimulate a single cell in my brain. I don't work with any investors, I just work through like 5 intermediaries and give small solutions.
Personal opinion..... NO you can't be sure. Take the risk or lose the chance!
Do it! Ask for more money; your years of prior work experience count for something, and your base pay should reflect that.
As guessed, they offered the 50k but hourly, so allowing me to be eligible for OT pay.
That arrangement would be outside the norm for acquisitions/capital markets at a owner/developer.
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