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Fit with some technicals. If they say the position is in Jersey, you will be working in Jersey. It could be 1 week, it could be 3 until you hear back. If you get a super day, it'll be 5/6 interviews with one of them going over a case study you complete prior to the interview. The case study review is where you will get tested on technicals. Doesnt mean it won't happen elsewhere, but it's where the majority of technical questioning will be.
Their case is fun. Good underwriting tester
Case is a joke imo - very basic. Interviews very laid back with about 6 people, all fit no one even mentioned the case. The thing with PGIM is the process takes ridiculously long, I finally got an offer after like 3 months and by that time i'd moved on already. All PGIM guys I believe are in Madison NJ, the mortgage guys are in NYC/Newark.
Right on point. Madison has a nice downtown (if you want to live there), better than Newark imo
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The case is 90% qualitative, the real only math you need to do is back a cap rate into NOI. At the same time the case is so simple that not acing it is an automatic ding.
Thanks everyone!
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Interestingly enough I was invited for a first round phone 1st week of February. I guess they did not fill all the slots. The position would be New Jersey, but that is ok I would like to get my foot in the door. Any specific technicals that you remember or good links to practice cases? Thanks!
Before I start a new discussion, can anyone tell me more about the PGIM REF analyst program? I am a senior and there may be a promising friend of a friend situation. What's the timeline? How many analysts? Will they review transcripts?
Pru. The Rock. Trainer of the Street. Things change over time, but it is one of the best analyst programs out there. This is where you can develop a good network and lifelong friendships. Great stories of analyst travel. Lots of cranking. Deal flow. Geographic diversity. Product type diversity. You will have an impressive deal sheet in a normal market. You'll understand "buckets of money" and the associated capital behavior (differences between core, core plus, opportunistic, open ended, separate accounts, etc). You will understand what makes an asset and sponsor institutional, worthy of Pru.
If you're in Transactions/Acquisitions, you'll be an investment thesis wizard. LPs will know your background with the mention of the word Pru on your resume. Developers will want to pick your brain as you've seen the inner workings. If you can get in, and the bar seems to get higher and higher, you will be set for your next job in real estate. Great career brand and legit 3-year analyst program.
For you MBA types, Associate program also good. Pru doesn't necessarily only hire out of college undergrad. Some hiring managers like their analysts to have a year or two of seasoning/maturity. I've seen mainly targets and semi-targets, but occasionally non-targets too. So, you didn't totally miss the boat. But you have to be in the right place at the right time. The 3-year nature means there is periodic churn, but they will wait for the right candidate. Buy a HP-12c. Have an investment philosophy but be ready to learn from others on live deals. I think you need to be a good business writer and quant (IC memos). You need an outgoing personality but self-aware. Demonstrate you have good judgement and rational thinking. I think for analysts, real estate quant ability over salesmanship. If there was ever a "VC for real estate development" this is your training ground for a few years. Good luck.
I already wanted it so bad, now you're just making me crazy . . . . . . I know two "alumni" who are sharp as tacks and super successful developers. Another guy I know who started in lending is a VP at a top firm. I am absolutely meeting with them to cry about how bad I want it. And I was referred to a managing director.
Can you share any other specifics about recruitment? Who is the ideal candidate? What is the recruitment timeline? Can I network my way in?
Thanks for the fun post.
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