Is Transitioning from PE Audit to REPE/REIT Accounting to Investment Analyst at CBRE/JLL/Savills/Tishman Speyer Feasible in London?
Hi Everyone,
I’ll keep this brief. I’ve spent the last 5.5 years as an auditor in London—2 years at a Big 4 firm and the last 3.5 years with a boutique Audit firm focusing on private equity and venture capital funds. My initial goal was to use auditing as a stepping stone into finance or consulting. However, due to some exam setbacks and a challenging job market for FDD/Valuation roles in London, I’ve struggled to secure the transitional roles typically leading to investment banking or equity research—although, to be frank, my interest in equity research has always been a bit unrealistic.
Now at 30 years old, I realize that delaying my transition from Audit makes it increasingly difficult, and I’m feeling quite anxious about it. My primary aim has always been to find a viable path out of Accounting, ideally within the next 2-3 years, if not sooner.
A friend who works as an investment analyst at a major REPE firm encouraged me to take a real estate financial modeling course (BIWS), which I surprisingly enjoyed. I’ve started to formulate a long-term plan, believing that transitioning from Accounting to a front-office role in real estate will be easier than attempting the same in a generalist PE firm. Here’s my proposed approach:
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Exit Audit for REPE Fund Accounting or REIT Management/finance Roles: I believe I’d excel in either of these positions based on my background. My main question is: what are the long-term exit opportunities like for REIT vs. REPE accounting in terms of moving to the buy-side or remaining in accounting as a backup?
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Pursue the CFA: I’ve completed Level 1 and plan to take Level 2 in August 2026 and Level 3 in August 2027. While I know it may not be the most relevant designation for real estate, I’m eager to expand my knowledge, and I think it could be beneficial overall.
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Conduct Independent Research on London Real Estate: I’d like to start producing my own research reports in my spare time, although I’m still figuring out what format that might take.
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Network Aggressively: After completing all three CFA levels, I plan to leverage LinkedIn and my firm connections to pursue an analyst role.
How feasible is this pathway? Beyond this, my alternative options are either to remain in audit (not appealing), transition to fund accounting within a more generalist PE/VC firm (where I’ve never seen a successful move to a front-office role), or continue waiting for an opportunity in FDD/valuations/boutique M&A. However, after spending 2-3 years in either of those roles, what investment bank would actually want to hire a 32-33 year-old analyst? Additionally, I’m beginning to question whether investment banking is truly the right fit for me, or if I’ve simply been swayed by its prestige rather than genuine interest.
This is a major life decision that feels long overdue. I feel compelled to take the leap and embrace some risk. I’d greatly appreciate feedback from industry professionals on how realistic this proposed route is.
Thank you for your insights!
One response
Hi there,
First off, I commend you for being proactive about your career and seeking a clear path forward. Transitioning from Audit to a front-office role in real estate is definitely a feasible option, especially considering your experience and the steps you’re planning to take.
To address your points:
REPE vs. REIT Accounting: Both paths can lead to great opportunities, but they might serve you differently in terms of exit potential and exposure. Typically, REPE Accounting can align you closer to the investment side of the business, which may provide a more straightforward transition into a buy-side analyst role later on. REITs can provide valuable experience too, especially in understanding the operational aspects and financial reporting in a publicly traded environment. However, the nature of the work might vary between the two. If your ultimate goal is to move into a front office role, REPE might hold a slight edge, but both paths can be rewarding depending on the firm and the networks you build.
CFA: Pursuing the CFA is a solid decision, even if it’s not the primary credential for real estate. The knowledge you gain will definitely enhance your understanding of finance and investment principles, which can be beneficial in any role you pursue. It shows diligence and commitment to your professional development, which is always attractive to employers.
Personal Projects: Writing research reports on London real estate is an excellent idea. This will not only sharpen your analytical skills but also demonstrate your genuine interest in the sector. Sharing your insights on platforms like LinkedIn can help build your personal brand and expand your professional network.
Networking: Aggressive networking is key. Make connections within your new firm and beyond. Attend industry events, join relevant groups, and reach out to people in roles you aspire to. LinkedIn can be a terrific platform for this.
As for your transition timeline, I understand the urgency, especially at your age. However, it’s more crucial to make a well-informed move than a hurried one. The job market fluctuates, and your skills will still be valuable even as you reach your early 30s.
Overall, your path seems well thought out, and with dedication, it is realistic to transition into a role as an investment analyst in real estate. It will require hard work and strategic planning, but from what you’ve shared, you have the skills and a solid plan to make it happen. Best of luck with your journey, and remember that every step is progress toward your ultimate goal!
Feel free to ask if you have any other questions or need further insights.