NAREIM Member Survey: Analyst Program Structure & Training
Results. August 1, 2025
Nearly two-thirds of real estate investment managers use a specialized structure for their analyst programs, according to the latest NAREIM member survey.
One-third (35%) pooled analysts to work across multiple roles or responsibilities, while 20% had analysts rotate through different departments or sectors. Only 15% of firms assigned analysts to a single role.
Exposure and access to senior leadership is a key component of an analyst’s training and development.
The compensation package for a first-year analyst on average consisted of 83.5% base salary, 16% cash bonus and 0.5% carried interest. By the third year, the cash bonus component rose to 24.5% of total compensation.
STRUCTURE
Most participating firms (68%) hired up to five analysts for their real estate business annually. Just over a quarter (26%) brought on six to ten analysts per year.
In the past year, 40% of firms said they increased the number of analysts hired compared with the previous year, while 25% decreased analyst hiring. The remainder (35%) kept analyst hiring stable.
Nearly all responding firms hired analysts for Acquisitions; of those that did, the average number of hires was 2.3 analysts.
Most firms also hired for Asset Management, of which 3.1 analysts on average were hired.
Just over half of participants assigned analysts to Portfolio Management (0.8 analysts per firm) and the smaller number of firms that had analysts for other functions hired 1.3 analysts for these roles.
TRAINING
The top three standard components of respondents’ analyst training programs were exposure to senior leadership, mentorship and networking opportunities with senior professionals, and financial modeling and underwriting training.
Half of responding firms regarded exposure to investors as a standard component of training. Only a quarter had analysts rotate through different business units.
Outside of core work, survey respondent firms regarded access to senior leadership and on the job shadowing as the two most important areas of analyst training and development.
Three-quarters of firms had analysts sit in IC meetings.
External programs, such as industry certifications or conferences, were low in importance. One firm had analysts attend property tours.
COMPENSATION
All firms paid their analysts salary.
Carry was rarely offered to analysts; where given, it comprised a small portion of the total comp package and did not increase.
The survey found that 90% of respondents paid first year analysts a cash bonus. From the second year onwards, all analysts received a cash bonus.
The survey, conducted June 26, 2025, to July 18, 2025, represents 20 NAREIM member firms with over 7,000 full-time real estate employees.
Download the full survey via NAREIM's Info Hub.
NAREIM members often reach out to ask their peers about pressing concerns impacting their business. To enquire about potential future NAREIM surveys, email IvyLee Rosario, Head of Programs.