Career path: Debt AM, Equity AM, or UW at a CRE Shop?

I am currently at a formidable CRE shop in CA. I do loan servicing/debt asset management type of work right now. 

I was wondering if I should continue to pursue the debt side of things in the CRE industry as an AM or should I pursue a different career path such as UW or equity side? Which one is the most lucrative and respected?

What does comp potential look like for Debt AM, Equity AM, and UW? Thanks guys.
[{"id": "hrv32bu", "text": "It's going to be an uphill battle going into the equity side, let alone debt underwriting, from a loan servicing / operations role.  But to answer your question, equity shops and the equity career path are generally more lucrative than debt.  As far as prestige goes, I would say debt and equity careers are both generally respected based on the shop you work for.", "replies": [{"id": "hrvfjb3", "text": "Well since I am already working with debt and CMBS stuff, should I just focus on growing my expertise in that aspect of CRE? I do debt asset management", "replies": [{"id": "hrvgahp", "text": "Forgive my ignorance, but what does your work exactly consist of?  Are you providing administrative support for the debt post closing?  If so, I would think the most strategic move would be to try to break into an underwriting role where you are screening deals and determining their creditworthiness.  Depending on how old you are, the best way to get into debt underwriting and eventually private credit is through formal bank training programs.", "replies": [{"id": "hrvgrgl", "text": "I am assigned to 30+ loan portfolios to oversee. I make sure that each loan/property associated with the loan is performing as intended and making sure nothing is wrong with the property/loan performance. \n\nIf something is wrong, I report it and see what exactly is wrong with it accord you CREFC standards. It can be anything like DSCR problems and maintenance issues with the actual property. Lots of layers.", "replies": [{"id": "hrvh67i", "text": "So a portfolio management type role.  I would again suggest you move over to the debt underwriting side of things where you can screen deals and run with live deals rather than servicing the portfolio of loans.\n\nSome shops let their analysts do both.", "replies": [{"id": "hrvitwx", "text": "Is it just me or does underwriting not sound that lucrative tho. Maybe I don\u2019t have the best idea of how integral underwriting is?", "replies": [{"id": "hrvj0gb", "text": "I don't understand your question...What sounds lucrative?", "replies": [{"id": "hrvlytl", "text": "I said underwriting does NOT sound lucrative. Can you change my opinion? Maybe idk much about what it is", "replies": [{"id": "hrvms2w", "text": "I guarantee that all front-facing senior management in all CRE equity and debt shops have done underwriting in some capacity.  Couldn't say the same for portfolio management.", "replies": [{"id": "hrvsmza", "text": "Is portfolio management not a strong career then? I always thought this was the top", "replies": [{"id": "hrvtflp", "text": "So there's front office (revenue-generating), middle office (front office supporting), and back office (handles the day-to-day operations of the company).  Portfolio management is considered middle office.  You want to be in the front office to get the $$$.  An analyst / associate in the front office will screen deals and underwrite memos of deals that pass the initial sniff test.  VPs and above bring in deals and relationships and will generally put together terms, pricing, and structure in a deal.  The above roles also vary across small, medium, and large firms.", "replies": [{"id": "hrvtoba", "text": "What are some good front office roles that I should think about getting into and what does money look like (base + bonus)? I am definitely middle office right now if that helps.", "replies": [{"id": "hrvtza9", "text": "There are plenty of resources online that describe front office roles and pay ranges.  I'm an Associate at a debt fund and pull in $230k all in.", "replies": [{"id": "hrvu7wz", "text": "Wow! How old are you and what\u2019s your experience level to get that kind of comp?", "replies": [], "depth": 14}], "depth": 13}], "depth": 12}], "depth": 11}], "depth": 10}], "depth": 9}, {"id": "hrvpg8b", "text": "It always seems odd to me. But the guys that spend the money (underwriting) always have more prestige and money then those tasked with making sure the money isn't lost (asset management). Doesn't matter if it's equity or debt origination.... You might want to look into Captial markets (originating debt and additional capital for portfolio investments).  Those are cool roles. And very limited.", "replies": [{"id": "hrvs9km", "text": "That\u2019s so interesting because I always thought portfolio manager was a top tier position. I guess I am wrong", "replies": [{"id": "hs02ipy", "text": "portfolio manager in public equities is what you are thinking. In private markets it is different.", "replies": [{"id": "hs06reb", "text": "Oh so stocks is more harder to get into than RE?", "replies": [{"id": "hs3920r", "text": "that's a completely different question. the team's are structured completely different. a PM role in public securities is not the same as a PM role in private, many private firms don't even have PM, only the biggest shops do", "replies": [], "depth": 13}], "depth": 12}], "depth": 11}], "depth": 10}], "depth": 9}, {"id": "hrxpxnv", "text": "Underwriting trains you on what bad, ehhh, good and great deals look like. You get good enough and you\u2019ll be able to know what each looks like on a whim and it\u2019ll also help you just understand the basics. Granted you don\u2019t have to go into a whole job or career of it, but try to have an open mind to it.", "replies": [], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hrvqu46", "text": "I\u2019m really confused. Scrolling through your post history, it seems that your role is always changing. One day it\u2019s loan servicing, another day it\u2019s debt AM. So what exactly is it??\n\nHave you thought about where you want to be in the next 5 years? Stop obsessing about \u201cprestige\u201d", "replies": [{"id": "hrvsem0", "text": "I got my terms mixed up I guess. I am in the loan servicing department of my company but perform debt portfolio management.\n\nI want to pursue a more lead role in AM. Seems like the debt side may be an easier transition but would prefer equity", "replies": [{"id": "hrvsyoo", "text": "Well do you enjoy what you\u2019re doing now? How are the hours? Do you like the debt side more or are you more entrepreneurial and believe equity would suit you better? Are you a super motivated outgoing Type A individual who wants to chase deals or are you more analytical? \n\nThese are some of the questions you should ask yourself to see if ACQ, AM, etc are a good fit for you. I saw your recent post about not working &gt;55 hours. News flash! The \u201clucrative\u201d roles you\u2019re after will have you working way more than that. If it\u2019s WLB you\u2019re looking for, AM, whether debt or equity, might be the best fit for you (while still being close to the asset)", "replies": [{"id": "hrvtbbs", "text": "I really appreciate your feedback! I\u2019m quite young so I am still figuring it out and learning. I really do enjoy what I do. I feel like I\u2019m a crucial part of the company. WLB is amazing. I am waiting for a year to see if I want to stick with it or not.\n\nDo you have an idea of compensation in AM if you reach a high level?", "replies": [{"id": "hrvv84w", "text": "Salary for real estate is not linear. It completely depends on the firm. However, expect a 10-20% haircut compared to acquisitions/originations.", "replies": [], "depth": 5}, {"id": "hrxb62z", "text": "AM and Acquisitions typically have the same base salaries, but Acq have higher bonus potential. Acq is a lot more work than AM though, and this is coming from someone in Equity AM.", "replies": [{"id": "hrxlqf6", "text": "Where did you start to get into equity asset management?", "replies": [{"id": "hrxrz8r", "text": "First job out of school was underwriting loans for a lender. When Covid hit I got lucky and  they transferred me internally to a third party portfolio management team (we managed a portfolio of equity real estate for a REPE firm).", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hrxcoeg", "text": "I can provide some numbers for you, I started out at a Top 3 CRE firm, and have had exposure to all the segments of the industry you\u2019ve mentioned above. I\u2019m still new to the industry, 3ish years experience but below is the roles I\u2019ve been in as well as comp - I\u2019m happy to talk through any of the roles and answer any questions. I couldn\u2019t recommend which side of the industry for you to be in without knowing your priorities, WLB or $$$? \n\nKeep in mind these are Texas salaries. I\u2019d expect the comp to be 25-50% higher if I was in an NYC or CA market. \n\nUW analyst: $105k ($50k base,$55k bonus and OT)\n\nPortfolio Management Analyst (3rd party Equity AM): $85k ($70k base, $15k bonus)\n\nSponsor (GP) AM analyst: $105k ($90 base, $15 bonus)\n\nREPE (LP) AM analyst: $140k total ($110 base, 30 bonus)", "replies": [{"id": "hrypsyk", "text": "I'm currently a CRE analyst working in asset management for a relatively small company (~50 employees $3B AUM). I help manage the company REIT as well as a portfolio of Construction loans on the private side of the business. I work on a small team (&gt;10 people in my department which is asset management ) and I am putting in a solid amount of hours. It is my first job out of college and I only have one shit internship on my resume. I am grateful for the experience I'm gaining and understand I'm not in a bad situation by any means, but I feel that I'm being underpaid for the work I'm doing. I make $58k base salary plus a 20% target bonus, so my total comp is around $70k (I'm also in New York but not NYC, if that matters). I'm about 6 months into the job and I am looking for career advice as to what I can do to increase my comp or other career paths I can take from here to increase my salary.\n\n1- What other job opportunities can I pursue with a background in asset/portfolio management? Is IB a stretch?\n\n2- How long should I wait before considering other roles? 1 full year?\n\n3- Is going back to school to get a Masters in RE worth it?\n\n4- Am I an asshole who is making enough and should just take what I have?\u00a0\n\nAppreciate any input and feel free to rip into me if I have it good and I should just stay put and do my time at this company.", "replies": [{"id": "hw1szhj", "text": "Sorry I haven\u2019t replied to your post in a while, are you still looking for feedback?", "replies": [{"id": "hw3ijbq", "text": "Hey! Just sent you a pm. Wanted to see if you could give me some feedback in the industry and connect.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]