The discussion, moderated by Stan Ross, chairman of the board and senior fellow of the Lusk Center for Real Estate at University of Southern California, included Jonathan Schein, publisher of GlobeSt.com; Barry Barovick, president & CEO of Grubb & Ellis Co.; Ric Campo, chairman and CEO of Camden Property Trust; Dale Anne Reiss, global and Americas director of real estate, Ernst & Young LLP; Alice Connell, TIAA-CREF; and Michael Giliberto, president of PREA, among others. The survey's other sponsors were: PREA, ULI, NAREIT, Grubb & Ellis; Institutional Real Estate, Inc.; and Sarofim Realty Advisors.

Senior executives and employees agree that ongoing training is the most important factor for developing the next generation of industry professionals. However, the survey reveals that both groups show low satisfaction for their companies' training programs, with CEOs increasingly looking to professional organizations to provide the training their employees need.

"What we heard time and again in interviews with senior executives in charge of hiring was that they look increasingly to the industry's professional associations--such as PREA, ULI, the National Multi Housing Council and NAREIT--to provide the education and training their employees and recruits need to advance their careers," said Anthony LoPinto, managing director of Equinox Partners.

The survey also revealed that formal real estate education at the undergraduate and even graduate levels is largely disregarded by current CEOs of real estate firms when hiring new executives. Only 17.9% of all new hires in the last year by real estate companies surveyed were recent graduates of real estate or MBA programs.

In addition, companies surveyed indicated that their favorite hires continue to be executives with demonstrated deal-making capabilities. However, some CEOs attending the roundtable cautioned that these lone gunslingers are not always the best fit. Ric Campo of Camden Property Trust and Barry Barovick of Grubb & Ellis both emphasized the need for entrepreneurial executives able to work well within a larger team environment. According to Campo, stars often don't think beyond the deal, posing problems in times of downturns in the real estate economy when deals are sparse.

"Real problem-solvers, analytical thinkers who can find ways to create value within an asset or portfolio in up or down markets, are the often the best players for the team," Campo said.

Barovick concurred, adding that Grubb & Ellis has deliberately shied away from hiring lone gunslingers, out of a belief that long-term value for the individual is enhanced by nurturing a collaborative, team approach. "That's a tough stance to take in a very transient business like the brokerage industry," he said, "and you have to convince individuals that the team approach will be more rewarding in the end, but it's something we strongly believe in."

E&Y's Dale Anne Reiss referred to one finding in the survey that the old-boy network is alive and well and heavily relied upon by many hiring managers. "I don't think the old boy network is a bad thing if it is used on an inclusionary basis rather than to the exclusion of candidates," she noted. "In fact, we have a rapidly developing old-girl network in the industry today, and it is really helping to broaden opportunities for women at the upper levels of management."

While several participants pointed to the presence of women in the top tier of their companies, one of the areas providing the greatest challenge, they agreed, is broadening the cultural diversity of their businesses. "Even though we are looking to bring in more non–Caucasians, it's often a challenge to attract candidates," said Beth Tarter, head of human resources for Grubb & Ellis. "Real estate is not high on the list of key industries for many of these candidates, and we have to do better to market the industry to minorities as a career option." While there are initiatives such as Project REAP, which works with the Urban League and local universities to mentor African American students interested in real estate careers, they are still the exception rather than the norm.

One way of attracting a broader, more diverse range of candidates into real estate will be the Internet, according to Jonathan Schein, who is also president and CEO of Real Estate Media Inc. He challenged participants to look at the underlying message of the survey: "Your future workforce is online and using the Internet to source, compare and obtain jobs. Certainly, the old boy network is alive and well--and working at some levels--but increasingly, technology will become the way of the future for both sourcing talent and attracting it."

Stan Ross closed the session with a telling insight into the educational opportunities afforded by the current market. "The hardest metal comes from the hottest fire," he said. "The basic lessons you need to learn for a successful career in this industry--intensity, the ability to do more with less, create value, solve problems--can be really learned quickly in a down market. This opportunity doesn't come too often in a real estate career. Now's a great time for young professionals to come into the industry and make their reputations.