Written by: Darrell Graf, class of 2004, Vice President at Bank of America Merrill Lynch, Structure Real Estate Finance
Throughout my time at college, I always had the idea I would work on Wall Street. When I graduated in 2004, I sent out countless resumes, attended career fairs at numerous Universities, traveled to New York to meet with recruiters, but no calls ever came. I took a back office job in Richmond doing data entry for Wachovia Securities since it was on a trading floor. The job was not glamorous and I made little money; however, I had the chance to speak to traders every day. For over a year, I punched numbers into a computer screen, a function that did not require a college education, and spent my free time networking with the traders on the floor until one day they asked me to join the fixed income trading desk. This lasted for only three months since I wanted to be in a larger city so I quit my job and moved to New York. My brother was about to attend Columbia Business School and had partnered with a small developer to convert smaller apartment buildings into condos in Brooklyn. I slept in my brother’s basement and followed him around to learn the basics about real estate. I didn’t make a single dollar in those eight months, but I experienced enough to know I wanted to be in real estate.
The first break I got was when I met a Fund Manager who was running a small high yield mortgage fund. He agreed to hire me as an administrative assistant as a favor and though the money was not great (I was still living in my brother’s basement and commuting an hour each way), the access it provided me was invaluable. My duties included getting water for clients, taking out the trash, making photocopies, etc., but I was simply waiting for an opportunity to present itself. One day, he needed an IRR calculation run and asked that it be sent to an outside accounting firm. Given there were no analysts, a decent amount of work was outsourced allowing him to make snap decisions. I saw this as my opportunity to not only save the firm money, but also show why I should be an analyst. I created a simple model in excel and the following day I became the sole analyst of the fund, even though I didn’t know how to underwrite a loan. At night I would call appraisers and argue their assumptions. As they frustratingly explained why they were correct, I would take notes on how they looked at deals and how they created their financial models. Six months later I was underwriting with confidence.
Eight months into the job, I was being recruited by Countrywide to join their new capital markets platform underwriting CMBS (Commercial Mortgage Backed Securities) loans. The job was in Dallas and I had anxiety about going to an area away from family and friends, but felt it would give me greater exposure and growth in my career. I didn’t know a single person in Dallas and the city was culturally very different. I went into the experience open minded and it proved to be the most rewarding experience for my career. Unfortunately, the market crashed nine months into the job and with no commercial real estate positions available, I returned to New York.
During the recession I was a contractor for the FDIC assisting in the receivership of insolvent banks and became the youngest team leader managing men and women 25 years older than myself. Given there were few jobs, my sole goal was to stay relevant in the financial field and in contact with those in commercial real estate. Once the recession ended, a mentor of mine in Dallas reached out and offered a position as an associate for Citigroup’s CMBS division. I returned to Dallas to help establish the office. Three years later, Bank of America made me an offer to move back to New York for my current position.
Most in my field have either an undergraduate or graduate degree from well known schools like Harvard, Yale, Columbia, Cornell, Brown, UVA, Duke, etc. Most I speak to have a different path than mine, one that is much more linear. I share my experience for the student that wants to reach for a career that is difficult to break into and no immediate connections in hand. There may be a great amount of rejection and frustration ahead, but I encourage you to not give up and to look for a different angle.
The journey you’re about to embark on will consist of many tough decisions, but here are three simple tips to assist you at the start of your career:
Network and Build Relationships that Matter
Try to meet as many people as possible, not only within your firm, but within your field. Early in your career, attend every happy hour, lunch outing, or trade show and start building relationships with those on the rise. The majority of great opportunities presented both internally or at another firm come via a friend, not an online posting.
Take Pride in Every Task
For 99% of you, the start of your career will not be glamorous. You’ll be completing tasks that are mindless and it is easy to become careless. Take ownership of the task and make suggestions on how to improve the process. These tasks often translate to greater responsibility.
Don’t Worry About Money
Money is a by-product of expertise. For the first five to ten years, you should be a sponge and put yourself in a position to take on as much responsibility as possible. Volunteer to take on tasks that no one else wants because it is not in the “job description”. This will allow you to become an expert in various areas. Once this happens, everyone will rely upon you for information and you’ll become more valuable to the firm.
Mary Washington has prepared you with a strong foundation, but ultimately it will be you who will determine your own success. If you approach each day of your career with passion and an eagerness to learn, you’ll end up a great success.
“The purpose of life is to live it, to taste experience to the utmost, to reach out eagerly and without fear for newer and richer experience”.
-Eleanor Roosevelt
Speak Your Mind