Career advice…development associate or capital markets analyst ?
Just like the title says, I have an offer to be an analyst for a national capital markets team and an offer from one of the largest apartment development shops out there. 

Based on what I’ve been told, medium term (2-3 years), I’ll be making more money in capital markets. However the compensation is very bonus dependent. 

Year 1 -&gt;Base is $70k with guaranteed bonuses of $30k but they think I’ll be closer to $120k.

Year 2 -&gt; I was told that year I’ll be closer to $180k+ all in with bonuses.


The multifamily development team is focused in Phoenix and Vegas. But they’re a national developer and manager. 

Yr 1 compensation is $110k base and 20% bonus.

FWIW I am 26 and have a masters degree.

Any help is really appreciated.
[{"id": "i5ojtbe", "text": "Development associate. You\u2019ll learn so much and if you really want to go to capital markets you can do that down the road, but the other direction is quite a bit harder. PM me if you have more questions (source, used to work for one of the largest developers).", "replies": [{"id": "i5pbmrv", "text": "Development is a challenging thing to learn and has the most nuance and complexity of any part in real estate. Capital Markets are great and can pay well or even more but if you want to prepare yourself with the knowledge to go wherever learn development. Most jobs in Capital Markets, PE shops, etc are just different versions of financial analysis.", "replies": [{"id": "i5qt0wl", "text": "I\u2019d add that analyst roles are more likely to be consolidated, automated, or otherwise made redundant over a career span \u2026\n\nWhereas learning development is far less likely so.", "replies": [], "depth": 3}], "depth": 2}, {"id": "i5r7pi4", "text": "Echoing this, happy to chat. I worked in institutional debt/equity placement (mostly development financing focused) prior to business school, and will be joining a top west coast REPE shop when I graduate", "replies": [], "depth": 2}], "depth": 1}, {"id": "i5okpsk", "text": "You will make more money short term with the capital markets team, but in terms of if you want to be doing developments, obviously you want to go with the mutlifamily development role.  Pay wise you're going to be fine either way, although $180k feels high, however with the way deals are going nowadays that's probably realistic.\n\nIt's a question of what you want to do?  More money now, however constant grind non stop with capital markets, or potential for equity in the future, learning more about the entire process, but still grinding, just not as much as the capital markets team.", "replies": [], "depth": 1}, {"id": "i5ol7ik", "text": "We need more context on your career goals/personality. Both are great options, but are you looking to be a salesperson, or a developer long-term? I\u2019d argue the CM position is a better call out of the gate. You\u2019ll get exposure to working with a variety of sponsors, and build a rolodex you can take to any apartment developer down the line if you so choose.", "replies": [{"id": "i5ousq5", "text": "I think I\u2019ve always wanted to have my own investments/development shop. So that\u2019s the ultimate career goal. I love finance and also talking to people.", "replies": [{"id": "i5qtesg", "text": "Learning development hands on is essentially the only way to master it. \n\nIf you\u2019re ambitious, I\u2019d ignore the short term money and consider it like getting a second masters degree where you get paid \u2026and the knowledge is invaluable.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i5oljrx", "text": "Capital markets is a cyclical business and the problem with salaried roles in that field is that they ultimately become a liability in down years. The total compensation figures you mentioned are absolutely attainable though and if you hit that early in your career you've got a great path ahead.\n\nDevelopment is probably more money in the long run, but you've got to co-invest on deals which carries with it more risk. A top broker can pull down $5m+ in a year with no skin in the game but down years are $0 and can sometimes outnumber the banner years. Whereas development you're probably co-investing on deals with a ~1.5-2x multiple over an 18 month horizon (EDIT: for industrial, MF / Retail / Office take longer for various reasons) and better stability. You put a decade of those returns together, along with increasing pieces of the promote and fees as your career progresses and it's a pretty good deal. Plus you get a lot of exposure that's valuable for brokerage if you ever want to give it a try.\n\nUltimately it's up to your disposition, risk tolerance, and sometimes even luck (in terms of what shop you land with). It's not an easy decision but it sounds like you've got two great alternatives.", "replies": [{"id": "i5p7le6", "text": "Where are you leasing up MF deals in 6 months assuming 12 month construction which could be very tight depending on the size? Genuinely curious.", "replies": [{"id": "i5qlyy0", "text": "Sorry didn't mean to imply that applied to MF. Industrial deals have a faster path to exit liquidity because you can lease them before CO", "replies": [{"id": "i5qmige", "text": "Oh for sure. Nothing better than build to suit industrial right now. On the GP side the promotes are wild.", "replies": [{"id": "i5qns6o", "text": "But it's a good point, I'll edit my post to clarify", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i5ou5c7", "text": "You mind if I hit ur PM\u2019s and just ask about your experience? Just looking to get some tips on interviews", "replies": [{"id": "i5ou7bz", "text": "Yes hit me up.", "replies": [{"id": "i5sm6ua", "text": "Hey op, I'm in the same position as @puzzle1998. Can I dm you for questions about your experience so far as well?", "replies": [{"id": "i5sq6y2", "text": "Please do.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]