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Investment Banking Discussion Thread - Page 31

post #451 of 619

Not necessarily IBD, but here is the best place to brag.  I just received word that I passed L1 CFA exam. /brag

post #452 of 619
When did you take it? They don't tell you right away like the FINRA tests?
post #453 of 619
Currently a last-year undergrad, been looking to break in into IBD these past years but no luck so far. However, I have a offer lined up working at a real estate investment manager; job description has a lot of transferrable skills to what you'd do as an analyst anywhere basically, including IBD but just wondering if its a smart choice it being real estate or would that pigeonhole me in that category? Just wondering since it is analyzing illiquid properties instead of corporates.. and the position is in general more on the AM side I guess.
post #454 of 619
Quote:
Originally Posted by Khayembii Communique View Post

When did you take it? They don't tell you right away like the FINRA tests?

 

No, I took the exam Dec 1, 2012.

 

Quote:
Originally Posted by makker View Post

Currently a last-year undergrad, been looking to break in into IBD these past years but no luck so far. However, I have a offer lined up working at a real estate investment manager; job description has a lot of transferrable skills to what you'd do as an analyst anywhere basically, including IBD but just wondering if its a smart choice it being real estate or would that pigeonhole me in that category? Just wondering since it is analyzing illiquid properties instead of corporates.. and the position is in general more on the AM side I guess.

 

Are their holdings primarily MBS or actual properties? Real Estate finance is a huge part of finance, especially agency MBS.  Definitely depends on the position and role, but thats a fine place to start a career if you cant get an analyst role at a bank. 

post #455 of 619
Wow that's some shit. When I took my FE exam it was the same way. Archaic practice. I don't know why they don't just have you take a computer test and tell you right away like they do for the FINRA licensing exams.

My other post got buried on the bottom of the last page so if you know anything about it I'd appreciate some insight.
post #456 of 619
Quote:
Originally Posted by makker View Post

Currently a last-year undergrad, been looking to break in into IBD these past years but no luck so far. However, I have a offer lined up working at a real estate investment manager; job description has a lot of transferrable skills to what you'd do as an analyst anywhere basically, including IBD but just wondering if its a smart choice it being real estate or would that pigeonhole me in that category? Just wondering since it is analyzing illiquid properties instead of corporates.. and the position is in general more on the AM side I guess.

I think that sounds like a very good opportunity and much more interesting than a corp fin analyst job-
1) you're already on the buyside which tends to be the goal for a lot of people starting in corp fin
2) you develop a very similar skillset - modeling, DCFs, etc
3) you'll likely wind up doing an MBA with either this or an IB and that would be an easy / logical time to switch if you really want to be doing corp fin instead
4) you arguably broaden your prospects since you could transition to distressed on the trading side, move to an IB associate role or stay with real estate investing
post #457 of 619
Quote:
Originally Posted by Khayembii Communique View Post

Can anyone else please weigh in on using a position at a valuation firm like Duff & Phelps to transition from engineering to IBD? Specifically I'm looking at a machinery appraisal position but am interested in the question generally, too.

Getting into IB isn't so much about knowing something or else they wouldn't recruit liberal artists at places like Princeton and Yale, they'd only recruit finance students.

Getting an analyst job is about having a good record at a great school. Best thing you can do is set yourself up for a top tier MBA or maybe MA in accounting / finance. Brand name will matter a lot more than what you actually learn there.

Do everything you can to get into the best grad school possible.
post #458 of 619
Quote:
Originally Posted by makker View Post

Currently a last-year undergrad, been looking to break in into IBD these past years but no luck so far. However, I have a offer lined up working at a real estate investment manager; job description has a lot of transferrable skills to what you'd do as an analyst anywhere basically, including IBD but just wondering if its a smart choice it being real estate or would that pigeonhole me in that category? Just wondering since it is analyzing illiquid properties instead of corporates.. and the position is in general more on the AM side I guess.

I work for a developer and do acquisitions/development modeling. I find it very interesting - and my background prior to this was not in real estate. You'll still be doing modeling on the AM side - and even if you were doing it on the acquisitions side you'd likely be using a lot of ARGUS - more so than excel. In my case, I would use a combination of both. We would likely model the acquisition in ARGUS and then probably copy and paste CF before Debt & Taxes from ARGUS into an excel model and work down from there to determine our IRRs after debt, resale, payment of equity partners taking into account promotes/waterfalls for IRRs over a certain threshold, etc.

Your hours will be much more manageable, and the pay should be decent. Granted, it's not IB and it's nowhere near IB pay (what is?).
post #459 of 619
Quote:
Originally Posted by Cantabrigian View Post

Getting into IB isn't so much about knowing something or else they wouldn't recruit liberal artists at places like Princeton and Yale, they'd only recruit finance students.

Getting an analyst job is about having a good record at a great school. Best thing you can do is set yourself up for a top tier MBA or maybe MA in accounting / finance. Brand name will matter a lot more than what you actually learn there.

Do everything you can to get into the best grad school possible.

Meh, don't want to go to grad school until I have experience in the field. I'm gonna keep networking. Maybe this case competition will lead somewhere, who knows.
post #460 of 619
Thanks guys for the replies.

As far as I know, they are actual properties (commercial). To specify, it is a large RE fund with divisions in asset management, corporate finance and fund management. Some of the pointers on responsibilities sure sound intriguing, such as being involved in transactions, modelling cash flows on asset deals, budgeting and reporting, analyzing the portfolio etc.. Of course very valuable buyside and analytical experience that hopefully I can use to my advantage applying for IBD/PE in the future which has been my ultimate career goal. I don't feel like I want to pursue a career in RE and in the future would prefer doing such things with corporates but I hope working now with RE won't hinder my chances with working on the buyside or in advisory for corporates in the future. Definitely will try to use this experience to leverage an offer in IBD, PE (not with RE investing though even though I'd have that skillset more or less) or corporate restructuring..

Yeah, hours should be definitely less than in IB and naturally pay is less than in banking, but thats how it works.
post #461 of 619
Real estate acquisitions is good work, but I wouldnt think of it as a stepping stone to corporate finance. Once you get on the real estate track it could be a little tricky to transition unless you get your MBA.

The good news is its a very lucrative career track with great hours. If I had things to do over Id probably get into real estate investments rather than banking.
post #462 of 619
Quote:
Originally Posted by makker View Post

Thanks guys for the replies.

As far as I know, they are actual properties (commercial). To specify, it is a large RE fund with divisions in asset management, corporate finance and fund management. Some of the pointers on responsibilities sure sound intriguing, such as being involved in transactions, modelling cash flows on asset deals, budgeting and reporting, analyzing the portfolio etc.. Of course very valuable buyside and analytical experience that hopefully I can use to my advantage applying for IBD/PE in the future which has been my ultimate career goal. I don't feel like I want to pursue a career in RE and in the future would prefer doing such things with corporates but I hope working now with RE won't hinder my chances with working on the buyside or in advisory for corporates in the future. Definitely will try to use this experience to leverage an offer in IBD, PE (not with RE investing though even though I'd have that skillset more or less) or corporate restructuring..

Yeah, hours should be definitely less than in IB and naturally pay is less than in banking, but thats how it works.

This sounds like Real Estate Asset Management rather than Acquisitions. Acquisitions is more sought after (it is what i am targeting), hours will be worse but pay is better (it is deal based - so similar to IB in that regard). AM handles the assets after they've been acquired... some find that work interesting but i'm more of a deal junkie.

To sum this up - it is not a bad way to enter RE finance if that is where you want to be. Once you're in you will get a feel for the different sides of the business and where you want to be. I am learning the business in the brokerage arm of a top-three real estate co (globally), having a hell of a time and it's allowed me to figure out where I actually want to be.

be warned that comp is usually very low for buyside RE analysts.

I have found the WSO board to be quite good for reading up: http://www.wallstreetoasis.com/forum/real-estate-finance-investing-careers
As well: http://www.mergersandinquisitions.com/real-estate-investment-banking/
http://www.mergersandinquisitions.com/commercial-real-estate-brokerage/
post #463 of 619
Won our case competition, if we win the next round we get a pile of money and bragging rights haha. I also now have a sample pitch book that I can bring to interviews, which includes all the valuation methods, strategy, etc. Gonna clean up our Excel spreadsheets so I can use that, too.

I spoke with our mentor who is a hiring manager at a boutique bank. He told me that training progs like IBI can actually leverage you into an interview, so I'm considering signing up for the Chicago one.

My GPA still is going to drag me down but I'm thinking that an alternative transcript and networking might trump it.

PS are there any banking hiring managers in this thread I could PM?
post #464 of 619

Is your mentor helping you get an interview at the boutique?

post #465 of 619
Unfortunately, they filled their open positions in December. He said he personally thinks they're overstaffed by a few heads right now, but that's because they hired based on future workload. I told him I want to get my resume to a point where, if he received it, he'd want to interview me, so he's giving me tips on how to get it there. The GPA thing sounds like a pretty big killer, though.
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