Newport Beach-based RETS Associates finds high demand for specific levels of experience.
NEWPORT BEACH, CA-Entry- or mid-level real estate financial analysts are in great demand, recruiting firm RETS Associates tells GlobeSt.com exclusively. The firm reports that employment in these two segments of the job category is “on fire.”
RETS surveyed more than 160 real estate financial analysts across the country with experience ranging from entry level to senior management on their role, career advancement, qualifications for their position and more.
The survey data indicated that real estate hiring managers prefer two specific profiles when hiring a financial analyst: either an entry-level candidate with two or less years of experience and a bachelor’s degree, or a mid-level manager with five to seven years of experience and an advanced degree. In both cases, candidates should possess a degree in a “numbers-related” field, such as finance, business or accounting.
“The objective of the survey was to provide real estate companies with insights into hiring and retaining the most talented financial analysts,” says Kent Elliott, principal of RETS Associates. “There’s a ‘voracious’ appetite for entry-level and mid-manager financial analysts in the market right now. However, there is a large pool of candidates and—if they fall outside of the preferred criteria, even if well-qualified in other disciplines—they may have a challenging job search.”
The survey also revealed that candidates’ priorities have shifted from career advancement—which last year’s respondents had listed as the number-one factor in looking for a new position—to compensation, the overwhelming top factor in this year’s results. According to Elliott, with the improved real estate market, top talent now demands much more competitive compensation packages. For example, respondents that earned a master’s degree reported an annual salary of $7,000 more than analysts who did not earn an advanced degree.
RETS also reports that 55% of financial analysts plan to pursue an acquisitions position after mastering their current role, an 11% increase from last year. In addition, 34% of respondents indicated that choosing the right degree is a more important factor for college students in advancing their career as a financial analyst, over the school they attend, building relationships or internship experience; last year, internship experience was the top factor. Also, office, mixed-use and retail were cited as the top three industry sectors that interest financial analysts for career advancement, with healthcare and hotel/hospitality as the lowest considerations.