Title: Transitioning from PE Audit to REPE/REIT Accounting and Investment Analyst Roles in London: Is It Feasible?
Hi Everyone,
I’ll keep this brief. I’ve spent the past five and a half years as an auditor in London, with two of those years at a Big 4 firm and the remaining three and a half at a boutique Audit firm focused on private equity and venture capital funds. My original goal in pursuing auditing was to gain the qualifications needed to transition into finance or consulting. Unfortunately, some exam setbacks and a tough job market for FDD/valuations roles in London have hindered my job applications for positions typically seen as stepping stones to investment banking or equity research—roles I’ve always dreamed of, albeit the latter perhaps was a bit unrealistic.
Now at 30 years old, I realize that the longer I stay in Audit, the more challenging it will be to shift into a new field. I’ve become increasingly eager to pursue a path away from accountancy. My primary ambition has always been to find a realistic way to exit the Accounting profession. If not in my next job (which may be overly ambitious), then definitely in a role within the next 2-3 years.
After discussing career options with a friend who works as an investment analyst at a prominent REPE firm, I decided to enroll in a real estate financial modeling course (BIWS), which I enjoyed more than I anticipated. I’ve developed a long-term plan centered on the idea that transitioning from Accounting to a front-office role in real estate may be more feasible than doing so at a generalist PE firm:
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Move from audit to either REPE fund accounting or REIT management/finance. This seems like a realistic exit, as I’ve seen colleagues successfully make similar transitions. I believe I would excel in any position I secure for the next 2-3 years. My question is: What are the key differences between REIT and REPE accounting in terms of long-term exit opportunities—particularly in relation to moving to the buy-side or remaining within accounting as a backup plan?
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Pursue the CFA designation over my 2-3 years in one of these roles. I have already completed Level 1 and plan to take Level 2 in August 2026 and Level 3 in August 2027. While I know the CFA isn’t the most critical qualification in real estate, I believe it will enhance my knowledge and might be beneficial for my career.
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Start writing research reports on the London real estate market during my free time, though I’m still figuring out the best format for this initiative.
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Once I complete all three levels of the CFA (or even before), I intend to aggressively network on LinkedIn and within my firm to pursue an analyst role.
How realistic is this plan? I see minimal alternatives—remaining in audit (not an option), moving into fund accounting at a generalist PE/VC firm (where I know few transition to front-office roles), or waiting for another 6-24 months for a potential opening in FDD/valuations/boutique M&A. After spending 2-3 years in either of the first two roles, would any reputable investment bank consider hiring a 32-33 year-old analyst? Furthermore, I’m starting to question whether my initial aspirations for investment banking were fueled more by prestige than genuine interest, especially given that FDD isn’t necessarily more exciting than analyzing real estate.
This decision feels monumental and significantly overdue. I’m at a point where I feel compelled to take a risk and make a change. I’d appreciate insights from industry professionals on how feasible this path is.
Thank you all for your thoughts!
One response
Your plan is well thought out and certainly realistic, especially given your background and the specifics of your interests. Here are some insights on the different elements of your proposed path:
Both paths can lead to good opportunities in the real estate sector, but they have different focuses. REPE typically involves direct investments in properties or real estate projects, potentially offering a clearer path to the buy-side. REIT roles, on the other hand, may provide exposure to a broader range of real estate assets and could lead to operational roles within publicly traded companies. If your end-goal is transition to an investment analyst, REPE might provide more direct alignment with that aim. However, both can serve as valuable stepping stones, and your success will ultimately depend on how you leverage your experience.
CFA Progression:
Completing the CFA is a significant achievement, and while it might be more valuable in traditional finance roles, it does demonstrate a commitment to continuous learning and a solid understanding of finance principles. This can enhance your credibility with potential employers in real estate.
Research Reports:
Writing research reports is a great idea! It helps you build a portfolio showcasing your analysis skills and understanding of the real estate market. This can be a valuable addition to your resume and can provide interesting talking points during interviews or networking discussions.
Networking Strategy:
Aggressive networking, particularly within your firm and the broader real estate community, will be key. Be proactive about seeking informational interviews and attending industry events. Joining organizations or groups focused on real estate can also expand your network.
Timing and Age Considerations:
At 30, you’re certainly not too old to make a change—many professionals pivot into new careers in their 30s and beyond. Your existing experience as an auditor will still be highly valuable, and transitioning roles earlier than later could help position you better for your desired upward trajectory in the real estate sector.
Courage to Leap:
Conclusion:
This path is quite realistic, particularly if you remain open to learning and adapt as you gather insights about the industry. Stay confident in your experience and skills; they will help you provide value in your next role. Focus on building your network, enhancing your knowledge, and positioning yourself strategically to make the transition. Good luck!