Junior student looking for career/education advice (Dallas)
So after everything thats happened this year in in regards to Covid-19, I am very interested in how it has affected the commercial real estate market (particularly retail, multifamily, and office spaces). Currently I am an Accounting student but plan on changing my major to Finance with a concentration in real estate. I want to be involved in the acquisition/investment side of commercial real estate (particularly interested in retail). 

Is there anyone here that began their career in commercial real estate straight out of college with a similar 4 year degree? Any insight on which entry level jobs are out there? What does the career path look like for someone like me?

I have done my research before making this decision and found that I want to get an entry level job as an acquisition analyst. From there I want to move up to a more senior analyst role and eventually become a manager/director of acquisitions. By then I feel like I would have built a strong network of brokers and lenders allowing me to invest in deals for my self. Is this a realistic view of a career in commercial real estate? Can someone point out any flaws in my understanding?

Im in the DFW area and I feel like when I graduate (Spring 2022) the market will have bounced back very strong since Dallas has a great commercial real estate market with lots of potential to grow even better.
[{"id": "gen5oef", "text": "Have a 4 year finance degree, but am working on a CFA charter and and an MS in investment management and financial analysis. \n\nTo be honest, I got lucky. Out of school I landed a job as an analyst on the private equity side of acquisitions. The jobs exist, just be patient. This isn't even what I was looking for at the time honestly but needed some sort of investment experience with the CFA charter pursuit. Be patient, network, and interview well.", "replies": [{"id": "gen7sc6", "text": "So when you say you got a job in the private equity side of acquisitions you're talking about like working with mortgages/lenders right? Is there a distinction between an analyst that works with figuring out loans vs one that does research on the property like generating pro forma numbers based on projections (modeling)? Or does the same analyst do all of that work?", "replies": [{"id": "gen7ysa", "text": "I'm the analyst working with pro formas and forecasted models. By private equity, I mean our firm raises capital and places it into deals.", "replies": [{"id": "gen8ito", "text": "You work on a team right? Do you think that the position you hold makes you capable of pivoting your career towards becoming a broker if you wanted to? Like the people that get paid commission for making a deal go through?", "replies": [{"id": "gen8qbw", "text": "My team is small, we're lean and efficient. About $50 million in deals this year. I do believe my position would be a great transition into brokerage if I so choose, I just won't go that route myself post grad school. Would like to get into the portfolio management/equities world. \n\nWith that being said, I personally would much rather strive for partner at a firm like mine than being a broker.", "replies": [{"id": "gen9u84", "text": "I want to get out of accounting and into finance because I don't really like how the job opportunities with the accounting degree set you up to be an employee doing bean counting activities. I wanna get into CRE by becoming an analyst then eventually onto the broker side because to me it feels more entrepreneurial. Have you seen anyone do it like this? Eventually I can go back to school and get my MBA if needed to move up to the manager role in acquisitions. Is this how it usually works in this field?", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "genaxjg", "text": "An entry level CRE analyst typically spends 2-3 years in a sad cubicle solely crunching numbers the first year and then getting crucified on a regular once you get the opportunity to get exposure to how CRE actually works. The pay typically isn\u2019t all bad though. \n\nUnless you have an exceptionally pretty face and know exactly when to open your mouth, you won\u2019t have any genuine, meaningful client interaction for at least 5 years. **Keep in mind that CRE investors will have zero interest grooming you into becoming their competitor. Zero.**\n\nBecoming the manager/director of acquisitions occurs in your mid/late 30\u2019s if you are truly exceptional at your job or work at a place that awards job titles in lieu of salary increases. \n\nRegarding the market \u201cbouncing back\u201d in 2022, that really depends on the definition of where \u201cback\u201d is specifically. The Dallas market (my hometown) will experience less of a dip than other parts of the US, but the Dallas market isn\u2019t as lucrative as it may appear to be due to the low cost of real estate.", "replies": [{"id": "geng1jm", "text": "I think I'm a little confused about the brokerage side of CRE vs the principal side. Is there a difference between an analyst that works on the brokerage side vs an analyst that works on the principal side? I figured all entry level analyst positions in the CRE industry do the same work. \n\nIf they are different then I think I'm interested in the brokerage side because I want to learn how deals are done and structured. (are there companies in Dallas that focus on acquiring properties that hire entry level analysts? Or should I try to find a job at a big firm like CBRE/JLL) Could you explain what a career path would look like for someone that wants to start as an analyst and become a CRE broker? \n\nI understand that learning sales is really important to being a CRE broker and I have no problem being personable and building professional relationships. \n\nMy end goal is to become someone who can leverage their CRE industry experience/position in order to open themselves up to investment opportunities like syndications. I wanna make my money work for me, I wanna have equity in big deals one day.", "replies": [{"id": "geo0lod", "text": "Same underwriting. Different perspective. From personal experience, go the principal route from the jump if you can. Those jobs will be harder to land but more lucrative. You can always jump to brokerage from the principal side, will have a much harder time doing the opposite.", "replies": [], "depth": 3}, {"id": "geokudh", "text": "The best way to learn the industry and how to structure deals is to get exposure to as many deals/transactions as possible . . . and watch carefully how it happens, **and that\u2019s only going to happen on the financing side**.\n\nThe percentage of \u201cskin in the game\u201d is a direct reflection of how much you can learn and earn, and that\u2019s always going to lean in favor of whomever is providing the financing. \n\nBrokers have zero skin in. They just take a sliver of the purchase price, and walk away. Brokers  **talk alot** about how much they are making on deals, but I can tell you with absolute certainty, that\u2019s not where the money, or the industry knowledge, really exists. Brokers don\u2019t structure anything more than offering memorandums that no one really reads. \n\nStarting out as an entry analyst with a CRE investor is, meh? At best, they\u2019ll teach you how they run their business, but they will never tell you the entire recipe for how the sausage is made.", "replies": [], "depth": 3}, {"id": "geq4tx3", "text": "&gt;My end goal is to become someone who can leverage their CRE industry experience/position in order to open themselves up to investment opportunities like syndications. I wanna make my money work for me, I wanna have equity in big deals one day.\n\nFirst, stop typing words such as \"wanna\".  Present yourself in a professional manner at all times.  This includes online posts.", "replies": [], "depth": 3}, {"id": "gesu54q", "text": "I recommend watching this video/channel, this guy basically started in brokerage then moved to principal side: [https://www.youtube.com/watch?v=iEb6E7FXk9w&amp;list=PLfxDRyDHjoX35ObuI9F3kC5SbCjmWH4FW&amp;index=1&amp;ab\\_channel=BreakIntoCRE](https://www.youtube.com/watch?v=iEb6E7FXk9w&amp;list=PLfxDRyDHjoX35ObuI9F3kC5SbCjmWH4FW&amp;index=1&amp;ab_channel=BreakIntoCRE)\n\nI don't work in CRE, my background is I just graduated this May from a state school in California, and currently work in finance as an analyst, but like you I want to eventually transition to principal side or brokerage like CBRE/JLL as an analyst to learn everything I possibly can about CRE\n\nMy understanding is if you start in brokerage, you'll learn a lot of how to structure deals and your network is only gonna grow, and definitely more entrepreneurial in the long run. However since you are studying finance (you're probably good with numbers) if you go principal side you have better chances of joining big companies like Blackstone or Brookfield where they do a more in depth valuations and financial modeling", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "genl973", "text": "Go into multifamily especially in Dallas. For what side of the deal you want to be on, that\u2019s your own preference. Brokerage is what guys like JLL, CBRE, and the like do, and they\u2019ll take guys straight out of college. Because you\u2019re a junior I\u2019d start reaching out about maybe interning with them this summer (apps just opened). For multifamily brokerage, long story short, all the shops line up when somebody goes to sell a property and basically pitch to the owner why they should be the company picked to represent the seller. The market research usually done for this and offering memorandums is where you really learn the market as an analyst. There\u2019s massive commission $ to be made here (can vouch for the big shops in Dallas-the power brokers absolutely kill it and they pay their analysts very nice bonuses generally from my experience). You don\u2019t see many people moving around or leaving the CRE shops like some people in accounting do with big 4 firms or similar type positions so I think you\u2019re making a good choice.", "replies": [], "depth": 1}, {"id": "geotapv", "text": "Also in Dallas, check out ACRE on the career section.", "replies": [], "depth": 1}, {"id": "geppxl4", "text": "I did this and started at a retail/multifamily private equity fund focused on value add and ground up development.\n\nIt's going to be tough to start on the principal side right out of school. Buy side usually wants to see several years experience first. Gotta get lucky. Your best bet is to target an analyst role at a brokerage or in investment banking and transition 2-3 years down the road.\n\nI disagree with the guy who said to start in a financing/capital markets role. It's easy to get pigeon holed there, and you don't get a holistic understanding of the investment thesis and the strategy behind structuring the equity side of the capital stack.\n\nIn terms of your long term career goals, don't try to plan so far ahead. Plenty of people think they want to be in acquisitions forever but burn out and move to a cushier job in asset management or research.\n\nGoing out on your own in the long run is the goal of EVERY SINGLE PERSON that goes into the industry. It's a good goal to have but always remember that very few people are ever able to successfully do it, so be sure real estate is a career you're willing to work in under somebody else if it doesn't pan out that way.", "replies": [{"id": "gepxq2k", "text": "&gt;Your best bet is to target an analyst role at a brokerage\n\nThis is what I feel like I want to go for. If I start networking now I can hopefully land a position at CBRE or JLL when I graduate. My understanding is that an entry level analyst at one of these firms sees a large transaction volume and that would be a good way to get experience in the industry. Thats my main goal right now and I will see what next step I should take career-wise once I have 1-2 years working experience.", "replies": [{"id": "gepy5ev", "text": "Exactly yeah, you will see a ton of transaction volume and begin to learn what separates the good deals from the bad.\n\nThe it downside is you have no skin in the game and don't get to look at much in terms of structuring the capital stack, which to me is one of the most interesting parts of the job (as a GP clever structuring can take you from a 15% IRR to a 40% IRR after accounting for your fees and promote).\n\nBut that aspect can be learned later, better to start at the property level and go from there.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "geq4nuz", "text": "Bouncing back by 2022 is wishful thinking.  It's projected to take 4-6 years.", "replies": [], "depth": 1}, {"id": "geq52l0", "text": "I have been in the CRE brokerage industry with a focus on retail for almost 30 years. I am the owner of a CRE brokerage firm in SoCal. Brokerage is a great platform for achieving a lot of financial success and eventually leading to investing opportunities. Most brokerage firms do not advertise that they are looking to hire people because it is just so time consuming to deal with all the applications (of which 95% are not qualified), but most owners/managers of brokerage firms will gladly engage in dialog with a potentially qualified individual who reaches out directly to them. A well written email explaining your interest in an informational interview should get you a response. Do this enough time and you likely can get a good internship either while you go to school and/or during the summer. I have a great relationship with one of the leading CRE Retail firms in Dallas. If you want an introduction, send me a DM and I will do a quick intro.", "replies": [], "depth": 1}]