Quitting to do REPE

Hi everyone,
I'd like some advice on quitting my current BB IB job to go do REPE.
Some background: started in August and have been consistently working 70-80h weeks and almost every weekend. The work is interesting and I like my group but the hours are soul crushing. I barely have time to work out during the week and every weekend I'm just one email ask away from ruining my very limited social life.
Ever since starting I've just been dreaming about how to make it on my own and have gotten into real estate investing.
I've realized I am going to need experience in the RE industry before I can start something for myself and was wondering what an analyst/associates life is like in REPE.
Do you still have intense hours & weekend work? What is comp like? Do you think you are gaining the knowledge to break out on your own in 3-5 years time?
If I stay where I am I'm expecting a $60-100k bonus on top of my $100k base.
Thanks for any responses!

Comments (9)

Jan 8, 2022 - 9:36pm

Ping bellcast, HSP, Oxbridge and other top recruiters and let them know you're looking for REPE. Lots of good options for BB REIB analysts 

Array

  • 1
Most Helpful
Jan 9, 2022 - 1:35am

Hi,

To answer what I think is your main question here, yes. You CAN break out on your own within 3-5 years, and the work-life balance CAN be many times better than what you are experiencing.

I'll explain what I mean below, but it sounds like you have the interest in real estate, which is the most important part of enjoying whatever amount of hours you are working in anything and avoiding the "soul crushing" feeling.

As far as comp and hours go, REPE is great because there is a pretty large spectrum and elasticity to both comp and hours (much larger spectrum than IB at least). The great thing for you is that if you are currently in a BB IB role, you will have your pick of the litter in terms of what point on that spectrum you want to be in for the most part. Comp can range from above IB to way below it, and hours can range from 80+ to 45/week. Comp will be best at the 80+ hour roles (Megafunds & Elite/Boutique UMM funds), and tend to be the worst at the shops where you work 45 hours a week. However, if you want a good balance of both, talk to recruiters about that, and you will likely be looking at solid UMM REPE funds (there are gems in this group that pay very well and work around 50-55 hours/week).

However, if you want to break out on your own in 3-5 years, you should go to a smaller entrepreneurial shop that does deals below 100M that may have ok comp and 50 hour work weeks, and choose to work 65+ hours anyways. You will be a rockstar for them, and you can learn everything about the process and build relationships with everyone in that space that you will need to break out on your own after those 3-5 years.

Hope this helps!

PM me if you want to talk more about it.

  • Associate 1 in IB - Cov
Jan 9, 2022 - 1:49am

Do you need to be coming from a REIB group or could you get in from something like FIG? Is it still doable for a mba associate?

Jan 9, 2022 - 2:10am

If you are in FIG at a BB bank pm me and let's start a fund together. Just kidding (but seriously).

Yes, you can get in from FIG if ur at a BB bank. Honestly, FIG is probably one of the best group types to come from with your goals in my opinion and I also want to revise my original advice to you. The reason is because of your network value. Most of the larger funds raise institutional capital for deals/funds, so if you have a strong network in the institutional space, you could be a "golden goose" for them to bring in capital. However, as you may know, there's money falling out of people's ass right now and most groups that want more capital can get it. But that's not always the case and people in the industry will recognize that and see value in it. Real estate is by no means rocket science and a young hire with BB IB experience and FIG connections is a perfect person to bring on to any REPE team in my opinion.

For my advice earlier, I would look at the solid UMM fund option. Find one with good pay and fair hours (below 65). If you keep & build strong connections in the institutional space over the next few years, it could be possible to start a lot bigger fund out of the gates than what I mentioned before.

Do you need to be coming from a REIB group or could you get in from something like FIG? Is it still doable for a mba associate?

Jan 10, 2022 - 3:49pm

At a smaller entrepreneurial shop, very small. I'm the only analyst amongst MD, two VPs. I work fairly shitty hours (65-75+) & every weekend, BUT I'm involved with every aspect of every deal we pursue. I'm responsible for underwriting, all due diligence (on site), sourcing debt, etc.. It's very tough to manage, but now I feel when time comes to exit firm I'll be able to leverage my experience in deal flow from the very day we receive an OM to closing.

Jan 11, 2022 - 1:37am

Possimus tempora molestiae quibusdam aspernatur eveniet. Ducimus a nam excepturi sequi tenetur placeat.

Hic quia officiis animi temporibus iure. Saepe ducimus repudiandae similique asperiores. Delectus nostrum ut est dolores. Vitae numquam possimus dolores culpa id ullam sequi. Labore numquam dolorem labore. Excepturi possimus architecto magnam provident est saepe id expedita.

Start Discussion

Total Avg Compensation

January 2022 Investment Banking

  • Director/MD (5) $604
  • Vice President (20) $379
  • Associates (143) $238
  • 2nd Year Analyst (84) $153
  • 3rd+ Year Analyst (15) $150
  • 1st Year Analyst (294) $142
  • Intern/Summer Associate (63) $143
  • Intern/Summer Analyst (225) $90