CPA trying to break into CRE (preferably multi family). Guidance needed!
Hey everyone. After 8 years of auditing (internal and external) I’m finally ready for something new. My external audit experience (CPA Firm) was mostly audits of MF developer/prop mgmt companies. So I have some experience in the industry from an accounting perspective. I love nerding out in excel and attempting to forecast my own personal investments (including 1 single family rental). I’m super interested in RE as a whole and want to learn as much as I can for my own personal investing which is what is drawing me to look into analysis type roles within CRE, specifically MF (my thought process is: Why not get paid to learn something you’re already interested in?). I have a CPA, MS Accounting, MBA, and 0 interest going back to school for a MSRE.  

After scouring the internet and Reddit, I have a ton of questions. Acquisitions and asset management seem like the most interesting to me, but am open to anything at this point. 

-is an analyst role the only way to break in? I have 8 years professional experience, but no true CRE industry experience. Is it possible to obtain a Sr Analyst role without previous analysis experience? I’m CPA, worked in public accounting, so I feel like there definitely transferrable skills, just no real experience. 

-does it make sense to take an online course to learn how to model? I’ve heard of adventures in CRE, but not sure if they’re legit or if an employer would care if I told them I took the course. How long does it take to truly learn this and be able to apply in a job?

-what are hours like for an analyst/sr analyst role? I’ve seen some posts talking about 60+ hours. Been there done that… not for me. Definitely want a job that maxes out at 40, 45 tops. I’ve seen that REITs are typically lower hours. 

- what is the pay like as a sr analyst. I’m currently making over 100k + bonus leading audits at a large bank (pay is solid but the job sucks and is not interesting anymore). I’m worried I’ll have to take a substantial pay cut in the ST. How long would it take to get back to my current pay or above? I guess I would have to get to an associate level for that? I can handle a ST paycut if I can see the growth potential in the LT in a job that I enjoy doing. 

-what other roles are there that might have transferrable skills? One of the recruiters I’m working with suggested underwriting, but idk too much about that. I hear you can make great money in originations but might be eating rice and beans for a few years. Any money in appraisals? I like the idea of being able to go in the field and not be behind a desk 100% of the time. Brokerage could also be interesting but sounds like the industry is flooded with them atm. I’m moderately extroverted, so could probably learn how to sell, client facing roles, etc. I feel like I could learn a ton in prop mgmt, but seems like pay is pretty low until you become a sr prop mgr or higher. 

-do I have to live in a major metro area for this type of work. I have no interest in NYC, DC, etc. maybe there are remote opportunities? I’m actually moving to Greenville, SC soon. Not a major CRE presence, but I know CBRE and C&amp;amp;W have offices there. 

-are there any good sources for more info? Adventures in CRE seems like they have some good info. Maybe there are other sites like it? 

- how do I go about getting one of these jobs? Is it best to just scour indeed, etc for postings? Direct to a companies website? The recruiters I’m working with seems to mostly have connections to banks and not really CRE. Since I’m new, I don’t really have a network to reach out to unfortunately. 
Appreciate any help/info!!
[{"id": "ibrahih", "text": "How about tapping some alumni if the audit firm was larger, or possibly even client exec's? Totally worthwhile to pose the question of where and how you would go about doing this to them, and you might even wind up with some leads. Does the current role audit anything around CRE lending?", "replies": [], "depth": 1}, {"id": "ibrj6i7", "text": "Send me a message and let\u2019s chat a little. I left the firm I was at last year to a controller position with a construction company (was a client that asked me a half dozen times before I decided to say yes) and with the long term goal of more multi-family acquisition. I think I\u2019m your position, knowing how to underwrite and price properties, locations, etc. is going to be a big help with whatever direction you go. I\u2019m also guessing that you picked up some skills on the development side, and that could put you in a unique position as well. \n\nPersonally, I think if you are looking at the purchasing MF property route, such as value add deals (isn\u2019t everyone?) you are going to get a lot more with just finding properties to underwrite and some kind of basic model to use. It could be worth the few hundred dollars on the Michael blank excel tool, and just start signing up for some of the big broker emails in the locations you are looking. That should let you get deal packages to underwrite and try to get your feet under you, and from there it\u2019s all about networking. \n\nIt can be done as a \u201cside gig\u201d for some time, and partnering with some others will help with some experience. Happy to talk more. I would be interested what general location you are in and looking at. It might also help to reach out to some past relationships and just talk about it. The PA life can wear you out over time for sure. Most the the audit work I did was construction companies as well as EBP\u2019s, substantially multi-employer plans.", "replies": [], "depth": 1}, {"id": "ibswo7j", "text": "I was a tax manager at a regional firm after leaving big 4.  I left PA all together and transitioned to real estate. I took a job as an accounting manager and worked my way up to Controller .  The time as an accounting manager was crucial since I learned how to run accounts payable and budgeting.  There were a lot of skills from public accounting that transitioned such as managing people, being able to read loan documents,being able to analyze financials,etc. it  took me about 18 months to get to back to my PA salary.  I would also reach out to your network to see if there are any opportunities there.", "replies": [], "depth": 1}, {"id": "ibtc35k", "text": "A.CRE is WELL worth it.  Plus there's a job board with companies that (allegedly) snag candidates who have completed the A.CRE work.  \n\nGRANTED  I'm a recovering English/Philosophy Major with a trades &amp; legal background who works in Development so I admit the finance isnt my first place to geek out.  (Former Title guy).  But it is the thing that I personally  know  I need to actively WORK ON hardest to keep up, so I try to do that.  However, even after a CRE Finance certificate and an MRED, A.CRE's work is a step above and highly real estate focused.   Recommended.  \n\n...now, I need to get back to working on it again!", "replies": [], "depth": 1}, {"id": "ibziac1", "text": "I moved from audit to CRE, I am now an investment analyst in a small shop which specialises in multi family.\n\nI first moved to a FP&amp;A/commercial finance role to give me more exposure to modelling.\n\nThey actually appreciated my background as they are looking to setup the accounting function. \n\nHappy to DM if you have any questions", "replies": [{"id": "ij6w8y5", "text": "Trying to make the same transition. How challenging was it for you to find a job?", "replies": [], "depth": 2}], "depth": 1}, {"id": "icnah37", "text": "You could consider the development route. Development is very accounting intensive, although more for the adventurous, given the risk profile. ULI is the professional group to build that network.\n\nI find myself consulting a CPA every week and we'll hire him soon. \n\nCPA's that understand RE are not that common and development is a more specialized field.\n\nI model based on Roger Staiger's (creatively named) book Foundations of Real Estate Financial Modeling, because I took his online classes through ULI. The book and the classes are different. All you need is the book and then you'll be tweeking the models in no time.", "replies": [], "depth": 1}]