GUEST COMMENT: Why I turned down a role at NAMA
When I returned to Ireland this year, it was after ten years working abroad (latterly in the Middle East) within senior private equity and asset management roles focused on the real estate sector.
It was clearly evident that, in terms of volume hiring, the National Asset Management Agency (NAMA) was just about the only gig in town. There were a few boutique asset managers recruiting, but opportunities were fairly thin on the ground.
The work at NAMA is focused on providing creative solutions to distressed debts, and helping to restructure and consolidate portfolios of property loans, so it's not a traditional property investment role by any means. Nonetheless, it's clearly a place where real estate and banking professionals can apply their skills and expertise.
The roles at NAMA are popular, and they only ever recruit directly rather than using agencies. In theory, therefore, you could just send in a speculative CV, but I got in touch with some old school and university friends connected with NAMA before applying, which I think helped my case a little.
Expect the application process to be relatively vigorous. The first interview will be with the head of HR and a team leader in the division you're trying to break into. It's not an overly taxing experience, and lasts around 40 minutes, but more of a chance for you to scope each other out and see if both parties are likely to fit.
If you make it through this, you have to undertake psychometric tests, which are currently set by a recruitment agency in Dublin, and last half a day. The tests have been developed specifically for NAMA, but if you wanted to practice, I'd recommend trying some numerical tests, looking into the Watson Glaser critical thinking aptitude tests and for more senior roles try the Blake & Mouton managerial values survey.
If you make it through here, you'll be given a much more technical interview from the head of the department you're applying to, which in my case was portfolio management, and finally an interview with the CEO, Brendan McDonagh, who has to give the final thumbs up to any new recruits.
So, after all this, why did I decide not to take a job there? Firstly, there's the prospect of working for a very bureaucratic public sector organisation, which didn't appeal.
I have over 10 years' experience working in real estate investment, and you become used to recommendations from your analysis being acted on. In NAMA, I got the impression any advice I gave would be double-checked by multiple teams and managers, and I found this a little restrictive.
Then there's the pay. NAMA doesn't break out its salaries currently, but seems happy to perpetuate the rumour that it pays over €150k for senior roles, as reported by the Irish press. In reality, it's offering under €100k to people with a lot of experience who would be used to earning decidedly more than this.
This wouldn't have been a huge issue for me, if I thought there was potential for relatively rapid promotion and the for compensation to grow to reflect my experience levels. Unfortunately, it was clear that wasn't the case, so I decided working for NAMA wasn't for me.
The author is a senior real estate investment professional, now working in London
