PGIM RE vs. Morgan Stanley IB vs. PNC Capital Markets

REIkachu's picture
Rank: Baboon | 124

Hi all,

I've been fortunate enough to be offered roles at the places mentioned above for their summer analyst programs and I'm having a hard time deciding. Long term, I'd like to do REPE and eventually venture off on my own to do developments and build my own portfolios; however, i've never had experience and I don't know if i'll like REPE, yet, except for two internships at brokerage and development shops. I was wondering which would be the wiser choice? I'm also trying to make as much money along the way and go to a top bschool. Please help me with the decision, if you worked at any of these places, feel free to provide some input.

Input on offers, in order of preference:

PGIM - Pros: 3 year investment analyst program after internship could be with market research, acquisitions, or Asset Management. Opportunity to move to their REPE fund after the 3 years. More inclined to do this program as it's such great exposure to RE as a whole. Cons: Starting salary is kinda shitty, wont be getting the 6 figure compensation of my IB peers. Madison, NJ sucks. I could potentially be stuck in a shitty role throughout the three years and bschool options afterward are not so great.

MS IB - Pros: 2 year analyst program after internship in their IB division, aiming to be placed in real estate group. Probably best set up to jump to larger REPE fund such as Blackstone, or Starwood (they were recent advisors in the Starwood / Blackstone Waypoint homes merger). The pay is going to be great, plus if I get into the RE group, i'll be doing something I enjoy. Better exit opps if I really dont stay in RE. Cons: Hours will be brutal. Might not be placed in RE group. Not much exposure to RE operational side or true fundamentals. Chances are that its a lot of capital raising.

PNC Capital Markets - Pros: 3 year analyst program. The people here rock and are great. I'll be getting much exposure to debt. Salary is good for PITT, PA. I also enjoy working with debt and would be a backup plan if I don't enjoy RE. Also, could jump through ranks a lot quicker as I noticed I'm a lot more driven and ambitious than most peers at the bank. Cons: Doesnt align with my long term goal, but it is definitely worth considering. PITT is a shitty city, at least compared to my hometown in the West Coast.

Thanks!

Comments (18)

Oct 10, 2017

I would take MS IB. You will have much better job prospects as well as business school opportunities and make make more money while doing it . The hours will suck but its only a couple years.

I know some people who did PGIM, and it seems good but not that great. I think you can get the same experience at many other REPE funds as an analyst. You could even do the MS IB internship and then recruit for a full-time analyst gig at a REPE shop upon graduation. You will get exposure to a lot of deals, but living in NJ after college would suck. You will still be working 11-12 hour days there and if you want to live in the city then you are commuting an hour each way.

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Oct 10, 2017

I second the MS IB role. Better opportunities in the long run and probably a better shot at more lucrative RE roles if that is where you decide you want to be.

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Oct 10, 2017

As good as each option is, with MS REIB on your resume for ~2 years, you can pretty much write your own ticket to whatever exit op.

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Oct 10, 2017

PGIM RE already offered SAs? I thought they don't normally start interviewing until late october.... but yeah take Morgan Stanley how is this a question.

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Oct 18, 2017

You're correct. I was a rare case, been talking to HR and some VP's since summer.

Oct 11, 2017

Since you don't know if you want to do REPE for sure, I would pick MS all the way, it gives you the biggest range of exit options for later.

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Oct 16, 2017

Just to echo what everyone has been saying. PGIM is a great role, but is 3 years and pigeon-holes you in a real estate career. MS IB is obviously prestigious, is only 18-24 months, and allows for a wider range of exit opps. Go with MS. If you find you do love real estate, exit opps with be there for you.

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Oct 16, 2017

Do the MSIB. From there you can jump to other opportunities when you figure out what you want to do, but you can go the other way around

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Oct 16, 2017
PiedraNegra:

PITT is a shitty city, at least compared to my hometown in the West Coast.

No sure where your "west coast home" is, but Pittsburgh is a pretty cool city. It's not New York or SF, but it's hardly shitty.

Now the women on the other hand...they are worth complaining about...

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Oct 16, 2017

I was only there for two days - would've loved to explore. Also, PITT would most definitely be a better city than Madison.

Oct 17, 2017

For some reason all I can imagine is Ben Rothlisberger with long hair.

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Oct 16, 2017

How does the salary for PNC capital markets differ from their RE banking group development program, which I think its 2 years. Can anybody with familiarity with the program chime in?

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Oct 16, 2017

Capital Markets pays more, how much more depends on location. What they will pay you in Pitt will be more than enough to live very comfortably. Less so in NYC and Philly.

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Best Response
Oct 18, 2017

Devils advocate in me says PGIM acquisitions especially if MS IB is a lot of capital raising. I'd rather work on real investment committee approved transactions then create a proforma model and polish an OM, and repeat for pension fund managers to put in $500mm into a fund. It's a bit too macro for me.

As an analyst, I would rather crank and understand the investment thesis and risks, capital allocation of a Target anchored shopping development in Mesa, AZ and then switch over to a TOD apartment development adjacent to a train station, while doing due diligence on an up and coming developer who could be you one day.

They type of investors you'd be raising money from at MS, won't even take a chance on you until you are already very successful. Just my contrarian thoughts. Also I think PGIM analyst program is more hands on than MSREF's, meaning a bit less focus on modeling and more freedom to "touch the dirt."

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Oct 18, 2017

Capital raising for IB skills are great if you want to become a portfolio manager say at PGIM

Oct 18, 2017

My inner self wanted to hear this from someone else.

I think it'd be easier to jump to their REPE fund once I've proved myself as an analyst.
I'd hate to get stuck in some sort of financing role with MS REIB.

Oct 18, 2017

Feel free to PM me. I've experienced some of these things in my career.

Oct 21, 2017
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