Consulting to RE Acq/Dev

Hi all,

I am currently a b4 consultant working for RE, doing some strategic work as well as your typical process improvement / back office interfacing projects. I'm interested in transitioning to the RE acquisitions or development side soon (1-2 years out) if possible and would appreciate opinions on the following:

1) Is consulting > RE FO a typical career path? Have you seen it happen?
2) It seems like RE FO pays kind of shit at least in the early years compared to other areas in finance. I'm at $107k in a T3 city... is there any chance of not taking a pay cut?
3) What experiences can I pick up within consulting in the next few years to differentiate myself?
4) is a Masters helpful here at all?

Thanks!

 

Interviewed for a MetLife RE lending job at their NJ headquarters. This was 2017 but they said to expect something in between 60-70k (I had 6 months experience). Your pay seems really good compared to that

I dropped out because of the location though. The commute from nyc seems brutal.

Array
 
Most Helpful

I came from BO consulting - first transitioned to D/E brokerage, then worked in REPE acquisitions, now in development. I've meandered because I'm trying to find my ultimate niche, not because I planned this exact route to end up in development. My thoughts below:

1) I would not say it's typical, but obviously possible. Per my career trajectory above, I think any lateral move in RE is attainable if you're a good networker/interviewer and hustle like a champ.
2) Yes, but honestly I would expect to take one in order to not further narrow the minimal job opportunities you might get serious looks for. You will price yourself out of most entry level roles, which is really what you need. You have minimal to no applicable skills to a development or REPE acquisitions role. I assume you know how to model but you have no deal chops. Why should someone overpay you over a cheaper analyst that actually know what he's doing? 3) Make sure you're a modeling whiz. Read Real Estate Game and Linneman's textbook so you start to understand the lingo and investor/developer thought process. Get REFM certification. Get Argus certification. Read bisnow / real deal to learn local players and deals. Go on adventures in CRE and learn how to do waterfalls and how real estate models work. After you do all these things you should be ready to crush your interviews 4) Will let others opine since I didn't get one, but I assume it will be helpful in getting most of the items from #3 above done in addition to getting a brand/network to help in your job search and transition. Both/either items 3 or 4 will signal to your networks and potential employers that you are committed to doing RE which was a key item I noticed i had to prove during my transition.

Hope this helps. Good luck.

 

1) It's definitely a less common career path, but very doable especially since b4 consulting will look good on a resume. I can't think of anyone who took that exact path, but I have a roommate who's recruiting to move into CRE from corp fin and he's getting a lot of interviews.

2) There is such a range in compensation, it's hard to say for sure. But in a T3 city, chances of taking a pay cut are pretty high IMO. That said, you could get paid similar or more at a lot of firms. When I was recruiting earlier this year for analyst jobs in a major city, most employers were throwing out a number around what you're getting compensated.

3) Since you're already at a b4, could you lateral into one of the RE-focused teams? Transaction real estate at EY is legit and would set you up for acq/dev. Also have a buddy that worked in hospitality financial markets for PwC and had a lot of options in hotel RE when he looked to move on.

4) It could be! Not as familiar with how helpful it would be, I'm sure there are others who can provide more color.

 

Et dignissimos voluptates quidem et distinctio quia corporis. Nam est et ut ut et ea vel optio. Et sit quos sint velit quo.

Autem iusto perspiciatis ratione omnis maxime aut sunt. Aut quo occaecati quam. Neque dolores dolor qui. Modi soluta libero eos sunt optio. Rem iusto repudiandae suscipit maiores debitis.

Id ea non velit eos ratione illo. Molestiae earum porro eveniet qui minus nostrum error inventore. Tempore vel et earum sint. Nobis inventore sit molestiae. Dolorum nihil in totam hic. Aspernatur est beatae enim ut consequatur iste tempora.

Suscipit ratione rerum quis consequatur dolorem. Consectetur qui voluptatem nostrum. Repudiandae et nisi vel quasi excepturi labore qui.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Betsy Massar's picture
Betsy Massar
99.0
5
dosk17's picture
dosk17
98.9
6
CompBanker's picture
CompBanker
98.9
7
kanon's picture
kanon
98.9
8
GameTheory's picture
GameTheory
98.9
9
DrApeman's picture
DrApeman
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”