Quit or Keep my back office job to pursue MS Real Estate program? - Help
I just got accepted into NYU's MS Real Estate program, and I am currently considering the following options.
- Quit my current job and study full-time
- Keep my current job and study part time
Can you guys please provide your insight into the two different strategies? Either cases, I will be looking for a new job in RE and networking.
My Goal:
Job transition into Acquisitions, or Asset Management.
My background:
- Currently 2 years in Private Equity fund adminstration (back office, working for pension clients)
- Previously had acquisitions intern (exposure in financial modeling and Argus)
- Undergrad from non-target university
- CFA level 1 passed
I think it would be best to keep my current job for financial reasons. However, my current job is dead-end career and I am concerend that longer I stay harder I can get out. I've been putting efforts to get out of my current job, but had no luck. I am now pursuing Master degree as contingency plan (rebranding) in the hope that I can increase chance of getting an Acquisitions or Asset Management job.
I would appreciate any inputs!!
Thanks!!
Congrats on getting into NYU. Honestly, I think you could go part-time. Real estate recruiting is a shit show. Outside of big REITs, big Life Cos and big developers there aren't internships. And then even if you have an internship it's unlikely you'll get hired at that same place full time. Secondly, I've worked with "top RE MBA" interns and their amount of skill and knowledge is frankly embarrassing. My experience is if you take an undergrad, improve their presentation skills, subtract some of their drive / increase laziness and increase cockiness you have an RE MBA intern. I hope at NYU you'll do better.
Are you in NYC now? Or planning on taking classes online? Have you tried looking for other jobs in acquisitions/AM already? How has that experience been?
What have your "efforts" been to get out of your current job, and how long have you been at it? I wouldn't reccomend going for your MSRED in the hopes of "increasing your chances", when you seem qualified enough to move into Acquisitons/Asset mgmt.
Thank you everyone for your comments. I have been actively looking for real estate acquisitions job for 1.5 yrs. I got several interviews throug directly applying and networking via linked in. Most hiring managers brought me in for interviews because thay initially think that my job is somewhat relevant, but they are not interested in my candidacy after they realized that my current job has nothing to do with "deals". They are looking for someone who has at least one year of directly relevant experence. This led me to pursue MS degree to boost my candidcy as I had no luck in the past 2 yrs in getting the job to build "directly relevant" experiance. I am currently in NYC now.
The hiring manager's opinion is completely irrelevant. Just check with me next time.
Bump, any more opinions?
Accept admission to the program part-time and keep working. IMO only a top 5 MBA program is worth the opportunity cost of not working and getting real estate experience for two whole years. leverage what you are learning in the program and use your industry contacts to keep networking and generating more leads. if you keep your head down and continue pushing for meetings I bet you will find something that you want within 6-8 months. Spend your extra time self-teaching modeling; LEED Green Associate; Argus; and more networking. Also just my opinion but CFA is an enormous time suck that does not pay off if you intend to make a career in real estate, unless your involvement leans heavily on the capital markets side of the business. Not to say you shouldn't pursue it (do you) but if you are trying to get a new job now, your time at the moment is better invested elsewhere
Valid point. I have similar background as bewhithy, except for I'm in fund accounting in top REPE firm (but not in RE group currently). Any good advice to get into RE closer to deal position?
I have the same thought. I could stick it out for a few more months and collect the measly $5k bonus, or jump now to CRE investment sales on 100% commission and hope I close a deal before I run out of money.
I would spend a couple of months networking aggressively to figure out what role you see yourself in specifically and see if you can generate some leads. After some time, it may make sense to approach your current employer (direct bosses first), let them know you value the company and your experience there, but that you need more direct real estate experience to be satisfied in your career path. Let them know you want to make it work at your current company and ask if there is any way to transition laterally. Losing good employees is costly and exhausting for smaller firms, and if they know you are not happy they may be willing to accommodate you. This can pay off but you must be able to live with the risks--namely, your employer knows your days are numbered and may start looking for your replacement.
Part-time 100%. I am a student at NYU MSRE and am doing a part-time but my course load is full-time. I started January this year and went full throttle - 3 courses in January / 4 courses in Summer / 4 courses now. I should be able to graduate next May upon doing 3 courses in Spring.
Since you have work experiences in RE right now, MSRE should give you an access to acquisitions opportunity. However, I always caution people that there are MANY people with acquisitions experience in the market, especially in NYC because the size of RE firms varies - but they all have "acquisitions" divisions. Also, if you look at any decent RE company's website, many people have MSRE either from NYU or Columbia. Thus, I would not think of MSRE from NYU as silver bullet. For that reason, you should hedge it by going part-time.
Hi! was it spring semester that you started in Jan? And when did you apply? and how long did it take for you to hear back a decision? I am leaning towards part time, and are most classes in the evenings and nights so that students can work during the day and take the evenings classes? Or are there same classes also taught during the the day that full time students can take ? Last q- with the number of classes your taking, do you feel overwhelmed or is it manageable, are you also working? Thank you so much for the help!
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