Masters in Real Estate . . .?

Graduate School Business School - MBA
1

<p>Despite the current real estate market, I am interested in a career in real estate investment and development. </p>

<p>I have found some one-year masters programs focused in real estate (USC, MIT, Columbia, LSE, and Cornell), and am wondering if anyone has some experience with these types of programs. I like that these programs require some construction management and design classes along with finance classes.</p>

<p>If I ultimately want to be in the real estate business, would these programs be more beneficial then an MBA, which is more focused on general management? Are they reputable programs or just a revenue stream for schools? Would a MBA with a concentration in real estate be better? What are the career prospects after such a degree if I don't/can't go out on m own immediatly?</p>

2

<p>An MBA is always better than a masters in real estate. If you're going to pursue an MRED or something, you should also check out Stern.</p>

3

<p>^ I disagree with the above statement. Essentially, those programs are on par with top business programs in the country for real estate. However, the one advantage of an MBA is that you also have greater options outside of Real Estate.</p>

<p>There are other Real Estate programs that are clearly not at an MBA level (example: Texas A&M, which has a good real estate program, is more geared to those coming out of undergrad, and salaries are not on par with Texas A&M's MBA program).</p>

<p>If you look at Cornell's curriculum, you will see that it closely aligns with an MBA program's curriculum. The major difference is that all of the classes relate to real estate (ie instead of a Marketing course, you will take a Real Estate marketing course..etc).</p>

<p>Keep in mind that the most important thing about real estate is relationships..aka networking and location is very important. As an example, if you want to work in California, then a school like USC would be preferable over one of the top programs on the East coast. I've met some students from USC and many of them are in both the Real Estate program and the MBA program. At Cornell, just a few are in both programs.</p>

<p>If you don't have a real estate background it would be difficult, and likely impossible to get into a top real estate program (some require fulltime RE exp). However, regardless of whether you know Real Estate or you don't, the most important classes to take in grad school will be finance classes (specifically, real estate finance classes), not "real estate" classes. Finance is an area that the MBA programs will generally be stronger than the Real Estate Programs.</p>

<p>There are people interested in real estate in pretty much all the top MBA programs. However, I would personally only go to an MBA program that I know is strong in real estate and has a strong alumni base in the area I wish to live (unless u are flexible about location).</p>

4

<p>Thanks for the advice Vector. I have a strong background in RE, and don't plan on applying to any programs soon. However, I know that a master's at some point will be necessary for my career aspirations and so I am just trying to figure out a tentative plan.</p>

<p>I want to be in the Chicago area, so none of the mentioned schools have a geographical advantage as far as being able to from relationships in the local community. In your opinion which has the best program? </p>

<p>Chicago and Kellogg don't offer a Masters in Real Estate, Depaul does, but despite its geographical location, I think the other programs are better.</p>

<p>What MBA programs have a good concentration in real estate (Stanford, Wharton, Kellogg . . .)? It seems like all of the real "top" programs don't offer a joint MBA/MRED (at least their websites don't mention it, Cornell offers a 3 year program).</p>

5

<p>Kellogg MBA is probably your best bet for Chicago. They offer RE courses and have a good alumni base. Kellogg won the National Real Estate Challenge this year, so there are obviously talented students interested in Real Estate.</p>

<p>A lower ranked MBA program that deserves consideration is Wisconsin. It has one of the top real estate programs in the country and should have a strong alumni base in Chicago. My main concern with Wisconsin is that the avg class salary is low, but the salaries they have for RE are higher than the avg (which may be partially due to Real Estate I-banking jobs which it appeared they had a good amount of this past year).</p>

<p>Wharton is generally considered the top program for Real Estate. Other MBA programs I think of when I think of Real Estate are Harvard, Columbia, Texas, UNC, Berkeley, Darden, and USC. (just off top of my head)</p>

6

<p>These 2 discussions probably can answer a lot of your questions:</p>

<p><a href="http://www.cyburbia.org/forums/showthread.php?t=33461"&gt;http://www.cyburbia.org/forums/showthread.php?t=33461&lt;/a&gt;&lt;/p>

<p><a href="http://forums.businessweek.com/n/pfx/forum.aspx?tsn=1&nav=messages&webtag=bw-bschools&tid=73399"&gt;http://forums.businessweek.com/n/pfx/forum.aspx?tsn=1&nav=messages&webtag=bw-bschools&tid=73399&lt;/a&gt;&lt;/p>

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<p>^ great links. There is a lot of good info there (i've only scratched the surface on reading it because it is so long). I would especially recommend reading the businessweek thread. The other thread is filled with a bunch of urban planner types that are too focused on the design/planning aspects of Real Estate and not enough on the finance side (both threads had good pts though).</p>

<p>I read a couple of Jon Frank's posts in the 2nd thread and they are pretty much spot on. His points are pretty much why I recommended Kellogg if you wish to do work in Chicago.</p>

<p>His first post on the thread:</p>

<p>
[quote]
Hey guys, I couldn't help but notice these comments. There is some misinformation here, and I wanted to clarify a couple things. I graduated from HBS, and have been developing real estate ever since--first with Trammell Crow Residential and now doing more stuff on my own. So, I have some first-hand experience to offer...</p>

<p>If you are looking to get into real estate development or finance, don't get too focused on this idea of "who has the best RE program." Because honestly, it doesn't really matter. That's right, you heard me. What is more important, is that you go to the best program you can get into. Sure, Berkeley has a great RE program--but if you get into HBS or Stanford (which offer 3 RE classes between them?!), you will be better positioned to break into the industry. Obviously, HBS, Stanford etc. have incredibly deep, impressive real estate networks. Employers will appreciate a top-notch MBA more than the abstract idea that "Well that school does have a great RE program..."</p>

<p>Don't fall into the trap of only looking at schools with RE programs--go to the best school you can get into. Period.</p>

<p>Also (and Ive addressed this in the Ask Precision Essay Forum), as we all know real estate is a very local game. So as you look for programs, consider the fact that schools' local networks will be the strongest, as you stay closer to your school. So for example if you want to live in CA, look at Berkeley, UCLA, USC etc. If you want to be in the south, look at UT, UNC etc. Again, don't just focus your search on this idea of the best RE program.</p>

<p>Hope this helps, gang. Good luck!</p>

<p>Jon Frank</p>

<p>Precision</a> Essay

[/quote]
</p>

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<p>Thanks, great links.</p>

9

<p>I noticed that this conversation is 2 years old, is this information still valid? Also, I am located in Arizona and I am attending ASU for my undergrad degree, do you think that ASU’s MBA or MRED program is the best in my area?</p>