looking to make a career transition at 29 years old. probably impossible, but who knows.
anyway, if i did want to get into underwriting and modeling, what would be the easiest way to do that. (i am coming from middle office trade management at MS).
thanks!
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Yes CBRE does have a FCG in the New York Region. For the Financial Analyst positions, almost all hires come from the wheel program or straight from undergrad. They do hire Sr. Analyst's with 5-7 years of experience every so often, so that may be something you can look into.
You don't need to have experience in CRE to get hired in this group. All you need to do is be able to network. I would suggest trying to network with people in the group or even the brokerage professionals. The consulting group supports all brokerage activities and if you hit it off with a broker, the broker can put you in touch with the appropriate contacts in the consulting group.
Many financial analyst hires do come from undergrad, but, at CBRE in NYC, it is who you know. 100% tried and true. Network with the office and you can get what you want. If you are really interested in this, JLL, Cushman, Avison Young, all have consulting groups where you will get a similar experience.
You will definitely learn underwriting and modeling within this group. You will support the tenant reps and landlord reps. On occasion you will support a team selling a building, but that is probably more rare. Within this group, however, you will be working on the largest and most complicated leases in the city assisting with modeling lease cash flows and finding the appropriate space. It is a great way to meet people throughout the firm and if you play your cards properly you could move to the investment sales team or equity / debt brokerage teams.
If you just want underwriting and modeling experience, and want to be on the sell side, target the investment sales teams and debt / equity brokerage teams. Cast a wide net, you will learn to analyze the properties from all of these areas. Another route, though difficult, is go do investment sales brokerage for a few years and transition to acquisitions eventually. This is something that I know many people have done - it is hard, but very doable. You won't get the modeling work right away, but once you move to acquisitions you will begin to model.
"Another route, though difficult, is go do investment sales brokerage for a few years and transition to acquisitions eventually. This is something that I know many people have done - it is hard, but very doable. You won't get the modeling work right away, but once you move to acquisitions you will begin to model."
Also, why is this a hard thing to do? Acquisitions is probably the most reasonable and applicable transition from investment sales. An analyst of the sell side and buy side do the same exact thing except the buy side underwrites their expenses more conservatively and vets the build outs more specifically along with the tax implications. Investment sales -> acquisitions is extraordinarily common in every market.
In my opinion, skill set. Most brokers understand a pro forma and finding appropriate comps, but they can't model. I know many brokers who have made the transition, but it was extremely difficult. Many of those that did make the transition (that I know) did not end up at a quality firm.
No mean to offend but what is an example of "The most complicated lease in the city"?
I assume FGC is similar to a GCS type gig (Global corporate services) where you're on a team that reps large companies all over the world (there are brokers on the ground and brokers at HQ who coordinate everything-- financial analysis, build outs/project management, red-line leases, clients requests/issues etc). Yes?
Although CBRE recommends the consultants are brought onto all deals which are 20,000 square feet and above, what you normally find is the consultants are working on the leases which are 100,000 square feet and up. A 100,000 square foot lease is a lot more complicated. Source: I was a broker at CBRE in NYC.
There are also only about 20 people in the consulting group. The financial analysts will work on anything but as the analysts learn, they focus on larger and larger projects. It's actually a great way to make a living. Worry less about killing as you are brought onto deals. Make a salary and a get a nice bonus from the commissions the deals you work on generate.
If you go to CBRE's website and look up the professionals in the Consulting group, you will see that the consultants have worked on monster deals.
I was a tenant rep at CBRE. I have also spent time on a top investment sales team in the city. I can say on the team I worked with, the only one(s) who could use argus properly were the financial analysts. Not going to say where I am currently as I will out myself.
So what did the associates, senior associates, directors etc do if they couldn't model? Stacom and Shanahan were doing the sourcing---what was everyone else doing in-between the Financial Analysts and them 2?
How were you involved in this group if you were in Tenant Rep? Did they bring you in for pitches to show what the demand was for the space or did you just get quoted on rents?
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