No Guarantees
Goldman Sachs announced last week that it is doing away with two-year contracts for analysts hired out of college. According to the Wall Street Journal, the guarantee program has been around for over 25 years and has been viewed as a ticket to a lucrative Wall Street career. Goldman's move is a blow to junior analysts who put in long hours for a shot at moving up the ladder. It is the latest sign that the financial industry remains unsettled, and hiring practices are being impacted and affecting everyone, including analysts who are on the lowest rung of the totem pole. The job market is being reset as institutions continue to grapple with a changing economic landscape. Next spring, university job fairs are not going to seem the same as investment banks (especially Goldman) put away the check books, and bright-eyed and bushy tailed graduates will be forced to launch their careers without a security blanket. Welcome to the new world, kids.
Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author's own.
Job Opportunities LOCATE A JOB
CB RICHARD ELLIS
Divisional Research Director
(CHICAGO) The primary role of the director, research analysis will be to ensure that research departments throughout the region are strategically aligned with CBRE's business development objectives. This position will have supervisory responsibility for the research department staff in fulfilling this role. The research director forms ad hoc research teams and utilizes proprietary data and resources to support business development and proactively connects with sales professionals at all levels as well as the sales management team to generate ideas for the constant improvement of research-related client facing materials.
THE URBAN LAND INSTITUTE
Director, District Council Programs
(WASHINGTON, DC) The director will anticipate, advise and provide leadership in all aspects of the group's work program including but not limited to committee support, membership outreach, communications, event planning and other organizational requirements. The successful incumbent will support the group as needed with management of or assistance with other programs and initiatives. This position reports to the vice president, district councils. Bachelor's degree in a related field required; Master's in business, real estate, urban planning, public policy or communications or equivalent experience preferred.
CLARION PARTNERS
Financial Analyst - Asset Management
(ATLANTA) Clarion Partners is seeking an analyst to work in its Atlanta office as part of the asset management team that focuses on industrial real estate throughout the Southeast (GA, TN, SC FL). Primary responsibilities include assisting with asset management duties including modeling, client reporting, property valuation analysis, lease analysis and special projects. Bachelor's degree with a concentration in real estate, business, economics or finance preferred.
HOLIDAY FENOGLIO FOWLER
Senior Housing Underwriter - Freddie Mac:
(DALLAS AND HOUSTON) Responsibilities include keeping the transaction team (origination and credit) informed of project specific progress and issues on a proactive basis to facilitate smooth executions; ensuring all programmatic requirements are met for each loan application; analyzing and underwriting transactions with complex loan structures and borrower organizations; completing site visits on assigned transactions; conducting weekly meetings on each assigned transaction; communicating clearly with the supervisor, originators, counsel (as needed) and others involved in financing; and preparing, organizing and reviewing all due diligence material provided for transactions.
AMERICAN REALTY ADVISORS
National Director, Construction & Design
(LOS ANGELES) The national director, construction design will be responsible for overall project design and construction oversight, and coordination services for a national portfolio of real estate assets. Duties include reviewing asset management goals and objectives; sourcing, organizing and coordinating the architectural, engineering, and construction management disciplines for each project; managing overall project estimates, schedules and controls, and informing management regularly of project status; negotiating all design/construction contracts, and oversee administration and performance of said contracts; and overseeing design and construction activities related to company's customary use, operation and maintenance of the properties.
FREDDIE MAC
Multifamily Physical Risk Professional
(MCLEAN, VA) Position will work with the real estate services director in the Multifamily Credit Risk Management Department to manage a broad range of projects related to understanding, communicating, and mitigating risks associated with the physical and environmental dimensions of the multifamily loan portfolio and the mortgage purchase business. In addition, this position will research and analyze technical issues related to engineering and environmental topics affecting multifamily housing; interpreting construction documents and relate construction and design information to non-technical staff; monitor construction progress for new construction and substantial rehab projects; and identify, retain and direct well qualified environmental and engineering consultants.
CUSHMAN & WAKEFIELD
Account Director
(GLENDALE, CA) The account director will be responsible for the day-to-day management of a multi service line corporate occupier and investor services account. Key duties include assuming overall responsibility for overall overall CIS service delivery, facilities management, project management, transaction management, portfolio administration and strategic planning. In addition, this position will participate in all client meetings and making written/oral presentations; contributing to the development of occupancy strategies and identifying occupancy cost savings opportunities; responding to issues with overall CIS service delivery; and identifying CIS services opportunities and/or resources to be delivered to the client.
THE TOWNSEND GROUP
Investment Analyst
(CLEVELAND) Investment analysts within Townsend's Implemented Solutions Group (TISG) play a key role and will be responsible for the following: working closely with underwriting group to review and screen a wide variety of investment ideas and products across the private real estate space; meeting with leading real estate investment managers to discuss current offerings and opportunities and provide feedback to the firm; constructing detailed valuation models for direct acquisitions and secondary transactions; and writing investment recommendations and presenting to the firm's investment committee.
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