Just wondering what areas in Real Estate have the highest pay?
Is it REPE or Development? I'm talking in the context of working for someone. I think personally developing Real Estate is probably the most lucrative. But in terms of working for someone what is the highest?
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Investment Banking at the REGL groups at BBs (BAML, GS, MS) or REPE at top institutional shops (BX, Starwood, Brookfield). Both places pay around 180-200k at the analyst level and 250k-500k at the associate level. Both offer great names and business school placements.
Also do not listen to some state school real estate folks on the site. Your college matters, grade matters, and work credentials matter.
I wrote a response about the state school thing but I’d like to keep those toxic conversations quarantined in the IB forum.
I agree with the above answer although I think you’re a bit high on the associate pay. $500k is more like first year VP in IB
Yes, you're right. But for IB associates, after recent pay increases (+25000 at CS/BAML), the base is more like 175/200/225 for associate year 1/2/3. Assume a 100% bonus, you're looking at 450k for an associate 3
Isn’t Associate comp at a BX/Starwood place less than a vanilla PE associate comp? Wouldn’t that make them more like 200-250k all in?
there is just no way an ib analyst, regardless of industry group, is taking home 200k
It’s kind of flattering to read comments like this. I used to work at a non-BB / non-EB investment bank (so not even one of the crazy prestigious banks) and they always shared the range of pay for your group (analyst, associate, etc) across the bank so you would know where you stand.
I only pulled $170k my last year (2019), but the top analyst pay for that year was $200k. Banking pay has to be that high to encourage people not to go to the buy side.
Granted, whoever pulled $200k was certainly being promoted to associate and had been there for at least 2-3 years. Not like first years make $200k
For analyst 2, base 105k + bonus 80%-100% base.
Doing your own deals.
What about development compared to REIB/REPE then?
From what I know, at the "name brand" developers (Related, Hines, etc), the pay at the junior levels is a far cry from IB / PE. At the senior levels, it'll depend on the deals you do / the carry you get, but I'd imagine it'd be more comparable
This is an interesting philosophical question... but honestly, you know there is no answer...
"top" private equity shops will out pay an "average" developer
"top" developers will out pay "average" PE
You can think about this all you want, but no answer will mean anything.....
And not to totally burst your bubble... but profitability of development or high-yield fund mgnt (what I assume you actually mean by "REPE" in your questions) are often based on similar metrics of fees, promotes, leverage, deal/fund size, etc. So, I mean, when you actually boil down to "earnings", are you really differentiating anything?
Exactly, Pay at senior levels is just a bunch of math. Like the person who gets paid the most is the person who has x% of promote from the $Xbn fund that beats their target returns by X amount
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