BB CMBS Originations
Any insight on what this interview process, team structure, workload, comp, etc. look like?
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Had a buddy doing BB cmbs originations outta a west coast office like 10 years back making >200k as an associate. I imagine it pays pretty well overall, you get worked pretty hard, and the job security is pretty up and down.
Up and down is an understatement lol. There is zero stability. Bit of a hyperbole but know many who got burnt over the years. They are now in stable gigs at lifecos or Agencies. Much more stable, still good money and fewer hours as well
I would say try to get into a large loan group that just does SASB deals. Conduit experience is decent but not very technical and a lot of shitty real estate you’ll be looking at. Like unanchored retail deals and class B office for example. SASB experience is much better but probably longer hours.
Thanks. Any idea what comp looks like?
At the big banks (I’m at a CMBS group), Analyst base salaries are same as IB and bonuses are about 15k-50k. Associate is 140k base I think for associate 1 and then goes up I think 10-15k each year. Associate bonuses range from 50-100k. Honestly have no idea about higher level. I know one of my top performing MDs makes about 1-2MM a year all in, but can be higher in good years.
Analyst comp is $100-125k base plus $30-75k bonus.
Associate comp is $150-175k base plus $75-150k bonus.
Hours can range from 50 to 80+ hours per week depending on how busy it is.
VP all-in comp is in the $350-500k range.
Director all-in comp can be in the $400-800k range.
MDs should be making $750k+ and many are making $1-3MM.
Very lucrative skillset to have. Juniors grind hard on repetitive credit related deliverables. Seniors are half relationship managers and half capital markets professionals. Income volatility is about as high as it gets—you’re completely enslaved to the interest rates market and cap rates. Think it’s a wonderful place to have a career but def need to have a certain level of grit.
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