Current CPA considering a switch to a CRE analyst position and seeking advice
Hey all,

I’m a CPA with 3 YOE considering a career pivot to CRE. I have a 2 years of real estate-specific audit experience, primarily in the multi-family residential space, and 1 YOE in Transaction Advisory. 

I’ve realized that I’d like to transition out of accounting and have been seeing some Real Estate Analyst and Acquisition Analyst roles that interest me. Responsibilities generally include analyzing property-level financial performance, preparing cash flow/valuation models, and identifying investment opportunities. As an auditor, I really liked the work I did assessing the reasonableness of valuation models which included comparison of discount/cap rates to similar properties, examining property-level rent rolls and lease data, and evaluation of capex projects amongst other things. 

Before I put all my eggs in one basket here, just wanted to get input from experienced folks on some of the basics. 

- How qualified am I for these roles? I understand that lack of direct modeling experience is a setback and I’ve been learning on my own time. I think my experience in audit/FDD would provide good fundamentals to handle remaining job duties. Most postings seem to want 2-3 YOE in real estate finance. 

- What kind of salary/bonus can I expect to earn? Given my very limited sample size, I’m seeing anywhere from $80-$140K base in HCOL. 

- What does career progression and earning potential look like for these roles?

- What does a typical week look like in terms of WLB? How many hours are typical? Is weekend work common?

Thanks in advance.
[{"id": "i3za9fn", "text": "There is a big difference from eastdil to like Marcus. In both cases, it is spreadsheet monkey work, but in one case it is prestigious and well paid excel work with a bonus structure and the other is a make these numbers pencil out kind of a gig. \n\nIf you already have a cpa I would just stick with that. \n\nHours are 8:30 to 5:30 most places, and you don\u2019t have to work weekends, so commercial real estate is very cushy and old school unless you are someplace new and terrible. \n\nCareer progression is up to you, it is a niche industry but who you know is a better indicator of your career path then an actual well defined promotion. Getting on the right persons team *cough* Eisendrath will make your career but underwriting 30 multi family oms for some mid-level douche will still get you a pay check", "replies": [{"id": "i41bx6o", "text": "You\u2019re going to be working quite a bit more than 8:30 to 5:30 at an Eastdil type firm", "replies": [{"id": "i41c3n9", "text": "You\u2019re also going to be working quite a bit more than 8:30 to 5:30 at Marcus too", "replies": [], "depth": 3}], "depth": 2}, {"id": "i4552c7", "text": "Yeah but at eastdil as an analyst your going to UW  sometimes &gt;$1B portfolio trades to invite-only institutional clients vs cold-calling on a ground leased $5M Walgreens for Marcus.", "replies": [], "depth": 2}], "depth": 1}, {"id": "i401ehv", "text": "I made the switch and it was well worth it. PM me if you\u2019d like to discuss.", "replies": [], "depth": 1}, {"id": "i40akyw", "text": "- How qualified am I for these roles? The true answer to this question isn\u2019t about your ability to learn the \u201cmath\u201d of the job. You are a CPA, so obviously you have the capacity, but make sure you are comfortable with being flexible with the \u201cmath\u201d of the job. Are you a personality fit for the industry in general, as well as whomever you will be working for? \n\n- What kind of salary/bonus can I expect to earn? Again, this can vary dramatically, but I would ballpark your starting base at the low to mid range of your estimate. \n\n- What does career progression and earning potential look like for these roles? \n- What does a typical week look like in terms of WLB? How many hours are typical? Is weekend work common? The answer to both questions really all depends on you and who you choose to work for. I know people who started in your position, worked their ass of for 10-15 years, and are now making well over a million+ annually. They hustled, got lucky with their manager/company, had zero WLB for 10-15 years, and were very strategic.", "replies": [{"id": "i41aj1b", "text": "This is the answer OP, don\u2019t listen to the guy who said CRE is a 9-5 job lol", "replies": [], "depth": 2}], "depth": 1}, {"id": "i41dkof", "text": "I made this switch as a CPA several years ago and am currently in a role with the responsibilities you outlined. I\u2019ve interviewed/hired a few candidates with your background.\n\nYou are definitely qualified for these roles. You may not have the direct modeling experience but you have enough base knowledge to grow off of. When reviewing valuation models did you dive into Argus at all or were you reviewing excel models (may be the case if you primarily dealt with MF)?\n\nYour questions on comp, WLB, career progression are difficult to answer because they all depend on where you work and quite frankly, you and what you want.\n\nFeel free to PM me.", "replies": [], "depth": 1}, {"id": "i4549je", "text": "Your skills would transition fine to an acquisitions role. Your growth areas would be market analysis, business plan formation, ie value-add plans, etc. All of that is smoothed out from UW a bunch of deals. At the end of the day, CRE analysis in any sector is all about getting reps modeling and deal experience. Work in multi REPE. Not HCOL, but in my market (southeast) base with your experience would ballpark be $85k with 15-20% bonus and at a good shop some bps on deals/fund promote.", "replies": [], "depth": 1}]