Excuse my ignorance here, but are there entry level/junior roles at brokerage firms that are closer to deal advisory than straight up brokerage? I don't have interest in being a broker and I am wondering if I should eliminate these types of firms from my job search. Thanks!
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Generally they fall into one of the below categories:
Junior leasing broker - sales/relationship support for tenant and landlord rep Junior Capital Markets broker - sales/relationship support for investments sales or debt Capital Markets Analyst - financial analysis support for investment sales or debt Research Analyst - random grunt work, gathering comps and making stacking plans and stuff Marketing - random grunt work, making brochures and OMs and sending out email blasts
It's common to see hybrid roles, such as a CM analyst also doing research/marketing, or a junior broker learning both tenant/LL rep as well as investment sales if their broker does both. I think CBRE likes to start a lot of their junior people in research before moving them to junior brokers.
If you're on this forum, then the only role you should target is a CM analyst role.
Here is a list of possible entry level points within brokerages (though not all encompassing):
REIB
True RE IBanking can be found at BB banks (GS, BOA, etc) and in parts of Eastdil Secured and in HFF Securities. You start as an analyst advising on M&A and raising capital for portfolio level deals/ company (REIT/ REPE) buyouts.
Capital Markets/ Debt
Starting title is typically some sort of Analyst. I have seen Debt Analyst, Production Analyst, and Capital Markets Analyst, and Underwriting Analyst titles. You're modeling for debt day in and day out.
Investment Sales
Very similar to the debt side, except modeling from the equity side. Great exposure to meeting lots of great people. Many people make the jump from this to REPE as discussed countless times on this forum.
Research/ Valuations
Research analyst and Valuations analyst are a decent start in most major brokerages. Not as ideal as the ones above but (no matter what anyone else may say) not a bad start either. You can definitely move up.
Junior Broker
What you seem like you are avoiding. This is just starting out as a broker either flying solo trying to cold call or on a team trying to cold call.
Only thing I'd add to this is that if you are just starting out/getting a feel for the industry, one of the salary/bonus routes is probably the way to go. Only caveat would be if you are from a well-off family/can live at home for a while and/or have really good connections in the biz, starting off as a broker can be much more lucrative up-front. If you don't have these things going for you, though, the burn/wash-out rate is very high.
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