Potentially, yes, but a simple 3-statement, valuation, or LBO test is most likely. Property-level modeling is not common for REIB groups.

It’s possible but not that common/likely because Structured Finance is quite specialized. But if you move quickly (within 1-2 years), sure, it is more likely.

Thanks for the advice Brian. Yes the CRE market is in trouble at the moment and the CMBS transaction volume is low atm. I would like to settle in private equity or private credit eventually. So I think IBD is a necessary step to achieve that. However, the last thing I want is getting stuck in Corporate Banking for long. If I can move from structured finance to IBD (DCM or Lev Fin) internally in a bank, that would be ideal. Do you think that is possible?

I don’t really think it makes sense to move from CMBS at a Big 3 CRA to corporate banking. Yes, it brings you closer to IB, but it also has all the downsides you mentioned, and I think you could probably join a capital markets-related group at a bank directly from your current job, even if it’s not official “investment banking.”

Unless you plan to use IB solely to win other exit opportunities, such as private equity, your plan to potentially move into Structured Finance makes more sense (or even the CMBS team at a bank if the CRE market ever recovers…).

I have a question regarding making a lateral move from corporate banking to REIB in the UK.

On average, I saw people making a successful lateral move within a 4 to 6 years time frame. I am not sure if I have missed anything but I guess the UK market is way smaller than the US. So people move around slowly as less opportunities are available.

I am currently working in the CMBS team in a big 3 CRA, and I am thinking if I should move to Corporate Banking with a real estate focus.

My concerns are as the following:

1. As the interest rate is still at a high water mark, alongside with tons of layoff in big banks, I am not sure if I can still keep job even if I get it.

2. Corporate Banking has no exit options to the buy side or credit research if the lateral move plan fails

3. There is no guarantee that a corporate banking job would lead to a IBD role. Let’s say if I stick with Structured Finance for long and move to the same field in a large bank. I think the salary will be higher than corporate banking as it is closer to Sales and Trading.

Would you still recommend people like me to make the switch to Corporate Banking, with the end goal to IBD?

Any feedback will be appreciated.

Thanks

Yes, you could do that. Generally it’s best to wait around a year to make a lateral move unless you can get a lot of deal experience before that.

Thanks. Does this sound like a good plan? I do real estate recruiting at my current bank and if I get into Blackstone REPE then just take that.

But if I don’t get that then try to lateral to a different bank. Also, how far into the job would you start trying to lateral. 3 months?

Yes, if you’re in a specialized group such as RE, you will have a lower chance of winning generalist PE offers. If you really want to win generalist PE offers at large funds, you should try to transfer to a more generalist group first and then go through PE recruiting there. The on-cycle PE recruiting process is increasingly crazy and not worthwhile for many candidates, as it now starts comically early, and many funds end up having to use off-cycle or later recruiting to get enough people anyway.

I know that the exits from my group to MF REPE are good. However, I haven’t really seen anyone go to generalist PE from my group. I’ve only seen one and they went to a lower middle market fund. I was wondering if the group I am in will restrict me from getting interviews at UMM funds for generalist?

Should I do On-cycle PE recruiting in my current group, or should I try to lateral after 6-12 months to a more sought after group, like EVR M&A, then do off-cycle PE recruiting there? Thanks!