My Background:
I'm a Navy vet (4 years) and just graduated from a semi-target (Texas school that places okay in IB). I did 5 internships from sophomore year till graduation. PE > Loan Portfolio Analytics > Healthcare FC > Loan Portfolio Analytics > REPE.
Q&A:
400+ Applications sent, 100+ Interviews, landed FT offer days after graduation. The site has helped me a lot so I'd love to give back however I can. Ask me anything.
WSO Podcast: From the Navy to Real Estate Investment Banking
Member @Over-levered Monkey shares his path from being in the Navy to eventually breaking into real estate investment banking. How he was able to land multiple internships throughout undergrad, what hurt him in the interview process and how much he's making now.
I dunno about REPE but it’s really easy for a veteran with legit college degree to land a job these days in the financial industry, every large financial institution have veteran program, and we even have diversity and inclusion scorecard measure to hire above certain amount of veterans per year
Very true. It really just depends on what you want to do in finance. A lot of the more client facing roles are very competitive. I found myself landing a lot of interviews with BBs that went well and still didn't make superdays. At some point, I realized that while I was a strong candidate in the veteran diversity group, some of the people I was grouped with were stronger i.e. special warfare guys, mission commanders, ect... going to schools like Columbia, NYU or had gone to West Point / Naval Academy. My associate was one of those guys... And I don't mean to use that to vindicate myself, I'm just saying that competition for some of the more "sexy" finance positions can be pretty stiff, even in the diversity groups.
Also, a lot of those programs start in odd periods of the year i.e. Goldman in April or JPMC in October which makes things difficult. You're essentially waiting to have already graduated for a pretty meaningful amount of time to start which just wasn't my comfort zone to have nothing lined up.
How long have you been at your bank? How much time do you spend on run of the mill public capital raising like follow-ons and credit facilities vs IPOs, M&A, and Private Capital raising?
6 weeks. Still very fresh. We actually have a separate group that focuses on sourcing debt, as far as cap raises / IPO-related stuff, that's more of a REIT group. My group facilitates the actual transactions of RE portfolios - I spend a meaningful portion of my time pricing (or at least learning how to at this point) the assets through Argus and Excel modeling, spreading comps, and managing deal flow on my particular deals.
What do you mean by REIB? Do you work on M&A in the REIT space?
REPE was the last internship I did.
It sounds like he works at JLL or equivalent real estate brokers investment banking group. Traditional investment banks don’t typically have Argus. Still good experience I’m sure but it’s not the same as BB REIB
That is certainly not investment banking, but capital markets intermediary which includes equity raise and structured finance.
Yeah, think JLL/CBRE/HFF/Cushman/Colliers. And definitely, the Argus part, though most shops use it just to get to a starting financial statement that we will model in excel since Argus blows for pricing anything as you may, and probably do know lol.
I run all of the financials (amongst other deal-related things) for a team of brokers for our asset class.
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