Breaking into CRE Post-MBA - Which Route to Take?
I'm currently an MBA student going into my final year of studies with a specialization in finance and valuation. I have a long term goal of working in development or acquisitions, with a definite preference towards development but I'd be happy in either. I've got a few very solid leads on potential jobs post-graduation, and hoping to get some advice on the best route to take to end up where I want to be.

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Keep in mind this is a major Canadian market, so comp is quite different from US (average MBA graduating salary is \~$80-85K here except for Rotman).

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1. **Strategy Analyst at a Major Developer:** A hybrid role between internal consulting, hardcore analytics, and asset management work. People in the company have made the transition to development roles from this team later in their career, but it would definitely be a longer term plan. Comp around $75-80k all-in.
2. **Investment Sales or Debt/Structured Finance Analyst at top tier brokerage (CBRE/JLL/C&amp;W):** I have an extremely strong connection at a top brokerage and could likely get my foot in the door with a great team in either division - I'm leaning towards DSF as I've heard you get broader exposure across asset classes and generally greater volume of deals, as well as a more well-rounded financial acumen making you appealing to a broader variety of exit ops. Feel free to chime in otherwise. Comp $50-70k base, unclear on bonus structure.
3. **Big 4 Corporate Finance Associate (M&amp;A):** Again, have a very strong connection here, however my work experience and MBA internship do not position me well for this role. I'm confident I could ace the interview, but definitely would be the hardest to land. I figure this role gives me the widest variety of exit ops outside CRE, but is likely less transferable to development? Comp \~$85-90k + unknown bonus.
4. **Big 5 bank Associate rotational program:** Top rotational program that would give me access to a variety of roles - would likely target rotations in leveraged finance, asset-based lending, credit risk and macro strategy (most capital markets roles are fair game, excluding the M&amp;A group although its not unheard of to land a rotation there). Comp $85-90k, no bonus but the program does streamline a path to VP if I were to decide to stay in banking.

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My gut is telling me the DSF analyst position at the brokerage is going to be the most flexible and leave doors open for both acquisitions/development, but even though I'm sure I could negotiate $65-70k base, unless its a stellar bonus structure I'm taking a pretty big hit on salary coming out of b-school. Am I right in that feeling, and is it worth sucking up crappy pay for a year or two? What route would you all recommend?

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My only frustration with the analyst roles beyond pay is also title coming out of an MBA program, but I can humble myself...

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Also, if anyone on here has perspective on how the top brokerages structure the comp on their capital markets teams in Canada that would be great knowledge to have!

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Thanks!
[{"id": "ewxak0z", "text": "Sounds like a great problem to have. Good luck choosing.", "replies": [], "depth": 1}, {"id": "ewy1zij", "text": "These are all great opportunities. I went the brokerage route with a combo of debt and investment sales experience and it set me up to move into development immediately after. That said that was 4 years ago when it was a different market and development was going crazy. Make sure you take a position that won\u2019t lay you off when it gets slow.", "replies": [], "depth": 1}, {"id": "ex0o78c", "text": "Take my opinion with a grain of salt, as I'm an investor (fairly large) with no formal real estate education and a hatred for all things corporate but I would shoot for a boutique firm that puts as much responsibility on your shoulders as possible, as quickly as possible.\nYou'll learn way faster and make more money, quicker.", "replies": [{"id": "ex0qwya", "text": "Realistically I want to move to a boutique ASAP, and if I can land a position beforehand I'll gladly take it. These are just the ones I've got on the table right now.\n\nDefinitely not aiming to stay corporate for the long haul though!", "replies": [], "depth": 2}], "depth": 1}, {"id": "exjfkxo", "text": "If your already leaning toward development then go with the dev shop.  No point grinding out entry level work if it\u2019s not headed in the career path you want. I\u2019m on the development side and I would say it takes new hires about 2-5 years to get their sea legs under them and probably 7-10 to be really good at it.  Point being start as early as you can as you need the experience and opportunity to watch others and learn.", "replies": [], "depth": 1}]