Comments (26)

 
Sep 3, 2019 - 3:05pm

NJ or SF office? Or other?

I've had friends pass through there...

Pay is competitive for sure. a 2nd year was making about $120K in SF. Unsure what starting is.

Hours are long from what I've heard. Especially on the Acq side. Think 60 minimum, probably closer to 65.

With PGIM on the rezy your exit opps will be strong. You'll likely be able to get a role in whatever discipline you'd like with appropriate networking.

Yes there is travel.

If I am not mistaken you'll be doing both debt and equity deals as part of the investment analyst program? I may be mistaken or the program mayve changed recently..

 
Sep 6, 2019 - 8:17pm

NJ is either Newark (REF) where there are no originators, or Madison (RE). REF only does Core and some Core+ debt regardless of property type, though the obvious choices are Industrial and MF. Nothing crazy - no bridge, mezzanine, value add. RE is the equity side. They have a bunch of funds. They are more likely to do mezz/value add, etc.

 
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Sep 3, 2019 - 6:39pm

I believe total comp is ~$75k starting (in southern markets at least)

You'll be working 50 hours plus or minus 10 depending on the week.

Don't expect to travel except for the annual analyst trip to Dallas, or if one office is lacking analysts they'll forcibly move you there.

Prudential is as exciting as their name gives away, it doesn't help that it's on the debt side either, but it's got decent exit opps to REPE and development. Most people leave after the first year, you should too

 
Sep 4, 2019 - 1:34pm

I believe the debt team pays less and the exit ops are worse. PGIM REF focus primarily on multi family and senior housing. They have a debt fund but I think that falls under PGIM Real Estate (the private equity side of prudential) whereas PGIM REF invests their balance sheet

Array

 
Sep 4, 2019 - 8:44pm

Compensation is the same between the two. PGIM REF does do a lot of seniors and MF, but also a lot of industrial and a decent amount of office (with a small amount invested in retail/hotels/alternatives). The debt fund is jointly run by PGIM REF and PGIM RE, though REF is currently getting swallowed up by RE to make one real estate platform for investors.

Array
  • 1
 
Sep 4, 2019 - 8:51pm

The numbers for year 3 and 4 are more speculative below, but 1 and 2 are pretty certain.

Year 1: $80-85,000 all-in (excluding signing bonus)
Year 2: $85-95,000 all-in
Year 3: $100-120,000
Year 4 (associate): $110-150,000

There may be occasional travel depending on team, but probably not more than once every 3 months. Hours ~50 a week +/- 10 as mentioned above.

Both are extremely well established and invest a TON in a variety of different markets/asset types. If you want to exit into equity go with PGIM RE, if you think a career in debt is more for you go with PGIM REF- there's benefits to both and you can make a killing on either side. I think because being in REPE is generally more desirable than being in lending, PGIM RE is more prestigious. That said, analysts from PGIM REF move over to good equity jobs all the time.

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  • 2
 
Sep 7, 2019 - 11:26am

Your comp figures sound about right (factoring in inflation from several years ago).

Why 3 years, not 2? Pru wants you to focus on the job. 2 years is short and one year in, you're already looking for your next job.

PREI vs PMCC (now all the new acronyms which I won't bother to learn - equity vs debt): both have great exit options. I know a PMCC alum in acquisitions, so there is lateral mobility career wise.

Travel: might have changed over the past decade, but analysts did travel to "kick the dirt", at least compared to MSREF (Morgan Stanley) way more. I know the frequency of analysts attending conferences has went down. Might have something to do with maturity factor.

Internal power dynamics changed as the generation that helped start PRISA passed the baton, and passed baton again.

That said, the moniker that "Pru trains the Street" rings true. It's a great place to cut your teeth and have a rock solid brand on your resume.

Have compassion as well as ambition and you’ll go far in life
  • 3
 
Dec 6, 2019 - 9:46am

I'm curious about this one as well. I thought most insurance firms invest primarily in debt. If someone is the in the RE group (so private equity) they are paid more then their peer part of the same analyst program who is investing in lets say high yield bonds??? Anyone know about specifics and can pm me as well I'd love to learn more.

Array
 
Apr 13, 2020 - 4:51pm

I can't comment on the smaller insurance companies, but the big ones (NYL, PRU, AIG, Barings, NML, SunLife, PacLife, etc.) have so much money to put to work that they pretty much invest in everything. They need to in order to get the returns they need. Insurance companies invest in mostly the least risky assets but have small parts of their books be in the risky assets.

 
Apr 13, 2020 - 6:48pm

redever:

The PGIM name is great and they have 'alumni' everywhere and in very high places. I used to work for a guy who got started at PGIM, he is running a major fund on the west coast now. Great place.

"Pru trains the Street"

Have compassion as well as ambition and you’ll go far in life
  • 2
 
Apr 13, 2020 - 8:08pm

I received an offer for PGIM REF awhile back so thought I'd dump most of what I know here. I was interviewing with a non-NJ office for an agency MFH underwriting role. It was just rubber stamping what the originators brought in and channeling it to the right agency underwriting program to skim the fees.

They offered $70k (got them up a couple k) with a 20% bonus . I was lateraling from another CMBS/CRE role where I was already making over $100k, which made it a different story. Coming right out of undergrad makes that a different situation though and seems reasonable for that specific job. Also, hours didn't seem bad at all (50sh max with usual eb and flow).

Your last two points:
Travel: seemed extremely minimal (occasional conference) for REF if not non-existent
Exit ops: Pretty much have to make your own plays from the debt side whether its having to go to b school or just networking your ass off to get to a debt fund or another institutional team with higher return targets. Positively, staying on there was a real possibility if you're okay with working on first mortgages for the most stabilized property type.

PGIM's a great resume name, as all have stated, but REALLY try to land on their equity (RE) side. Avenues will open up a lot easier after 3 years that way and you should get a deeper skill set. That's just generalizing from what I was going for awhile ago though.

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