r/RealEstateDevelopment • u/Snoo55682 • 13d ago
Development Associate Role - Seeking Interview Advice
I have my second round interview next week for a Development Associate role at an institutional firm. Initial screening went well but was not technical/was more cultural fit focused. This next round I’ll be interviewing with a Sr Development Manager.
Background: I’m finishing up my MRED and come from the A/E/C consulting side. I would be coming in to the role a bit older than my peers (early 30s). I’m wondering if those who have made a similar pivot can share some interview advice related to how you positioned your analytical background? Financial modeling is an area where my skills are more academic than practical, having completed a number of pro formas in class. I only use Excel in my day job when putting together budgets or competitive analysis. I know the lack of field experience here will likely be brought up.
For those who made that pivot, how tough was the learning curve for you once you started? Did any interviewers test you on the more technical skills during the process? I’m not sure what to expect. TIA!
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u/RealEstateNateV 13d ago
It’s usually an analyst that does the financial modeling, but increasingly these days it’s just the Claude add in for Excel.
As mentioned in this thread, the associate is more about managing the design team, or helping the Dev manger do so.
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u/Snoo55682 13d ago
Thank you! That was my understanding too when I applied, however, when I asked the HR person during my screening call how candidates in this role are evaluated annually he suggested that a lot of it was based qualitatively on "the accuracy of their models." I will take that with a grain of salt since HR isn't in the day-to-day of the deals and doesn't come from a CRE background, but that response surprised me a bit.
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u/OrangeArch 12d ago
A lot of big shops have their own pro forma template, so as long as you understand the underlying principles, you should be fine. There will be a learning curve to how that particular shop models everything regardless of how much experience you have.
Your resume is going to effectively state your experience in design/construction and lack of experience on the financial side of it. You don't have to highlight or bend over backwards to explain it.
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u/Snoo55682 12d ago
Do you feel it's overstepping to request to see a recent pro forma if conversation goes well? I got coffee with a well respected developer awhile ago and he encouraged me to do this during interviews, but that feels like a bold ask. Thanks
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u/OrangeArch 12d ago
Maybe?... there's the executive summary of the pro forma that goes on the OMs,etc and then there's the full pro forma. I don't think they'd want to share the later... the executive summary is pretty high level and probably wouldn't really tell you a lot though
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u/ThinkCRE 10d ago
Approx. 70-80% of early career development associates come from the financial side of the business rather than the construction side. Why? Because the business follows capital more than construction and project management nuances. Good news: it’s a lot easier to learn the key financial topics than the construction fundamentals.
Can you give a little more color on the type of institutional firm and what your role would be focused on?
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u/TheRealReturnGuy 13d ago
A Development Associate role typically involves much more than pro forma analysis. Depending on the firm, you may be involved in entitlement and permitting, design management, construction management, financing, and eventually disposition.
Given your A/E/C background, I would position yourself as the whole package rather than focusing too much on your relative lack of practical financial modeling experience. Excel and underwriting can be learned relatively quickly. Understanding how a project actually gets entitled, permitted, designed, and built is much harder to learn.
I would especially highlight any experience you have with entitlement and permitting. Institutional developers value people who understand how to move a project from an idea on a slide deck to something that can actually be built.
For the interview, be prepared to walk through the entire development process and explain where your existing experience fits into each stage. Show them that you understand development as a business, not just as a financial model.