A Research Analyst at HR&A Advisors is the analytical engine of the firm, transforming complex urban data into actionable strategies that shape the future of cities. HR&A Advisors is an industry-leading public policy, real estate, and economic development consulting firm. In this role, you will work at the intersection of public policy, private real estate development, and community advocacy to help public, private, and non-profit clients solve some of the most pressing challenges facing modern urban centers.

The impact of a Research Analyst is felt directly in the viability and equity of major urban development projects. Whether you are analyzing housing affordability policies, modeling the financial feasibility of a new transit-oriented development, or conducting market research for a cultural institution, your data-driven insights form the foundation of the firm's client deliverables. From major public infrastructure redevelopments to neighborhood-level master plans, your work helps clients build vital, resilient, and equitable places.

This position is a highly collaborative, entry-level role designed for professionals with 0–2 years of experience who possess a deep curiosity about urban systems. Because HR&A Advisors operates with a flat team structure, you will have the unique opportunity to work alongside senior leadership and industry experts early in your career. It is a demanding but deeply rewarding environment where analytical rigor is paired with creative problem-solving to drive real-world impact.

The interview process at HR&A Advisors is designed to evaluate both your technical capabilities and your structured thinking. The questions are representative of real candidate experiences and are structured more like analytical conversations than rigid question-and-answer sessions. Expect interviewers to probe your understanding of urban issues, market dynamics, and quantitative methodologies.

Quantitative & Financial Analysis

This category tests your ability to interpret data, understand real estate metrics, and demonstrate comfort with quantitative problem-solving.

• Walk me through how you would set up an Excel model to analyze the financial feasibility of a mixed-use development.
• How do you calculate and interpret net present value (NPV) and internal rate of return (IRR) for a real estate asset?

Preparing for an interview at HR&A Advisors requires a balance of technical preparation, policy awareness, and communication practice. You must demonstrate that you are not just a spreadsheet modeler, but a strategic thinker who understands the "why" behind urban data.

Quantitative Modeling & Excel – You must be highly proficient in Excel, as this is the primary tool for the role. Focus on mastering financial formulas, data visualization, and demographic analysis. Interviewers evaluate your speed, accuracy, and ability to structure a clean, error-free model.

Structured Problem-Solving – You will face case-study style questions during your interviews. Practice breaking down complex, ambiguous urban issues into logical frameworks. Focus on identifying the key stakeholders, economic drivers, and policy levers in any given scenario.

Written & Verbal Communication – As a Research Analyst, you will draft memos, reports, and client presentations. Your ability to write clearly and speak persuasively is heavily tested. Be prepared to discuss your writing samples and explain your analytical methodology concisely.

Urban Policy & Real Estate Knowledge – Stay informed on current trends in urban planning, affordable housing, real estate finance, and economic development. Read industry publications and familiarize yourself with HR&A Advisors' past projects to show genuine alignment with their work.

The interview process at HR&A Advisors is rigorous, highly competitive, and designed to filter for candidates who are exceptionally analytical and passionate about cities. Candidates should prepare for a multi-stage process that typically spans several weeks to up to three months. The firm receives hundreds of applications for each opening and maintains a high bar for selection.

The process begins with a thorough review of your application materials, which must include a cover letter and a resume with all undergraduate and graduate school names removed to support a blind hiring process. If you pass this initial screen, you will participate in a phone interview with a Recruiter or Senior Associate, followed by a comprehensive technical Excel assessment. The final stages involve multiple rounds of virtual or in-person interviews with senior leadership, the Chief Talent Officer, and prospective teammates.

The visual timeline above outlines the standard progression from your initial application to the final offer. While the technical assessment occurs early to verify your analytical foundation, the final rounds are highly conversational and focus on your strategic thinking and cultural alignment. Use this timeline to pace your preparation, ensuring your Excel skills are sharp early on, while saving your case-study practice for the final rounds.

To succeed at HR&A Advisors, you must perform exceptionally well across three core evaluation areas. Understanding what strong performance looks like in each area will help you target your preparation effectively.

Quantitative Excel Assessment & Real Estate Judgment

The technical assessment is a critical hurdle in the hiring process. It is a timed, take-home skills test that evaluates your Excel proficiency and your real estate judgment. You will be given raw data and asked to perform calculations, interpret the results, and write a brief summary of your findings.

Be ready to go over:

• Financial Feasibility Modeling – Understanding cash flows, operating expenses, revenues, and basic debt service.
• Data Manipulation – Using advanced Excel functions (e.g., INDEX/MATCH, XLOOKUP, nested IF statements, and Pivot Tables) to clean and analyze demographic or market data.
• Real Estate Metrics – Calculating and explaining Capitalization Rates (Cap Rates), Loan-to-Value (LTV) ratios, Debt Service Coverage Ratios (DSCR), and internal rate of return (IRR).

Advanced concepts (less common):

• Econometric modeling and regression analysis.
• Spatial analysis using GIS tools to map real estate trends.

Example scenarios:

• "Given a raw dataset of neighborhood rental transactions, clean the data and calculate the average price per square foot across different sub-markets."
• "Build a simple 5-year pro forma for a proposed commercial property and determine if the project meets a target 8% Cap Rate."

Case Studies & Scenario Analysis

During the conversational interviews, senior staff will present hypothetical urban development scenarios. They want to see how you structure your thoughts, identify key variables, and articulate a strategic recommendation.

Be ready to go over:

• Stakeholder Analysis – Identifying the competing interests of community members, developers, city officials, and financial institutions.
• Policy Trade-offs – Evaluating the pros and cons of different policy interventions, such as inclusionary zoning, tax abatements, or public-private partnerships.
• Market Dynamics – Analyzing supply and demand drivers in specific real estate sectors (e.g., retail, office, residential).

Example scenarios:

• "A city wants to convert an underutilized municipal parking lot into an affordable housing development. Walk me through the financial and political challenges they might face."
• "How would you design a strategy to attract tech employers to a post-industrial city without displacing existing working-class residents?"

AI Tool Integration & Research Methodology

Modern Research Analysts at HR&A Advisors are expected to be forward-thinking and efficient. The firm explicitly values proficiency in emerging AI tools (such as Large Language Models) for accelerating data analysis and deliverable production, provided they are used responsibly.

Be ready to go over:

• Responsible AI Use – Understanding how to cite AI-generated data and verify its accuracy independently.
• Prompt Engineering for Research – Using LLMs to summarize policy documents, draft initial outlines, or write code for data analysis.
• Data Verification – Demonstrating a rigorous process for double-checking AI outputs against primary sources.

Example scenarios:

• "How would you use an AI tool to accelerate your research on a new city's zoning code, and how would you verify that the information is accurate and up to date?"
• "Describe a time you used an AI tool to optimize a data analysis workflow or draft a technical memo."