Masters in Real Estate Programs - Are they beneficial?
Hi All,

I am looking to potentially apply to MSRE programs and wanted to get some feedback on whether this is a good idea or not as I have heard mixed results. I'm specifically looking at USC's MS Real Estate Development and Cornell's Baker Program. My other thought was to get a MS in Urban Planning. Both seem like great programs, but I am somewhat hung up on if this is the right decision for me. I am 3 years out of my undergrad where I majored in Real Estate and have experience in Private Equity acquisitions and working for a retailer.

My dream job would be working for a single-family home / master community builder. I'm really interested in retail, single-family, multifamily, and hospitality. Along with design, land-use, market analysis, and sustainability. Would these programs give me a leg up, or would I be better off networking my way into a role as I have my undergrad in real estate? I am not interested in working in Private Equity or finance job. Thank you!
[{"id": "gd9n0au", "text": "I\u2019m not sure if a masters will benefit you honestly. You say your bachelors is in RE? Why not find a small shop and work up and do an mba later if needed.", "replies": [], "depth": 1}, {"id": "gd9n7z3", "text": "Maybe consider a masters in construction management if interested in the development side. My undergrad is in CM and I\u2019ve considered an MRED or MSRE.", "replies": [], "depth": 1}, {"id": "gd9nma5", "text": "MSRED is a waste of money. Better to network and look for a job with like Lennar.", "replies": [], "depth": 1}, {"id": "gd9nmkn", "text": "What\u2019s your experience like so far? I used to work for a one of the top real estate companies in Canada / NA in their Multifamily team and I got the job straight out of undergrad. Some of my colleagues who were 3-4 yrs older than me and at the same level of seniority did their MSRED at Columbia which helped them get in. What I\u2019m saying is, while MSRED\u2019s are helpful they\u2019re not necessary. If you lace up and go for a shit ton of coffees, you build a network and form relationships and get your name out in the industry. From there, jobs open up based off a guy you met two months ago and have kept in touch with, his friend working at another company needs an analyst and he puts you two in touch. Let\u2019s say that company isn\u2019t your dream company but is solid experience, you use that company for a year to build solid experience, all the while networking w your dream company and then you\u2019re bound to get your foot in the door. This way, your investment is one year, albeit you\u2019re making money, creating relationships and building experience. This compared to MSRED where you lose 1-2 yrs, fork a lot of money, and then are still starting off as an analyst. Just my two cents. If you\u2019re good at networking and like the hustle go that route. If you\u2019re not good at it, then maybe still go that route? The hustle is fundamental to RE. Just my two cents. If you have the time and money and want to be in school, go the MSRED route.", "replies": [{"id": "gd9ox9r", "text": "I have good analyst experience and good undergrad academics which is why I think I would get admitted to these programs, but as you mentioned I do think I could network my way into my desired company. The only plus of a MS program to me was the network and expanding my knowledge base. I am comfortable in an excel model, but wanted to focus in on more of the development side of these programs. As you mentioned, I would end up in an analyst role regardless....", "replies": [{"id": "gd9qmqu", "text": "Just weigh both options. My personal experience is that real world, on the job experience trumps education. Same goes w networking. In the industry, you can setup a coffee / beer every Thursday and meet the same amount of people who are actually in companies and are in varying levels of seniority than in school where let\u2019s say 60% (random stat I chose) get into good shops and 90% start as analysts.", "replies": [], "depth": 3}, {"id": "gdb6it3", "text": "About the network, most students in these programs are working in other areas of CRE, and trying to get into PE/acquisitions/commercial lending. You\u2019ll likely be the most valuable person to network with of the group, and I doubt t there would be much reciprocation. As others have mentioned, take a few months to network and see if you can\u2019t get into the area of real estate you want to be in by trying yourself. You\u2019ll be doing exactly this in 2-years and an expensive masters. That\u2019s the only difference. Lastly, there aren\u2019t many single family builders in masters programs.", "replies": [], "depth": 3}], "depth": 2}, {"id": "gd9r0ab", "text": "What was your undergrad in ?", "replies": [{"id": "gd9r6ss", "text": "Econ &amp; Real Estate (commercial focused program)", "replies": [{"id": "gd9t1qb", "text": "Not worth the time/$$$", "replies": [], "depth": 4}], "depth": 3}, {"id": "gd9ra8s", "text": "Business. Tbf (this is going to sound like a self plug) I went to one of the top two business undergrads in Canada which most of the top tier finance / RE / consulting firm gravitate towards for recruiting. So having that on my resume when I graduated and networked definitely helped, esp when securing coffees w alumni that were high up in some of the shops. But from there, it didn\u2019t matter anymore bc it snowballs as your connections intro you to other ppl and so on.", "replies": [{"id": "gd9x33q", "text": "you went to Rothman Ivy or UBC, I'd guess IVY, \\\nColliers or CBRE? \nI may have had an internship at one,", "replies": [{"id": "gd9xiqo", "text": "Also is your username based off a Rick and Morty sketch ?", "replies": [{"id": "gd9y0o5", "text": "YES. FINALLY someone realized it. I realize it\u2019s spelt Plumbis but close enough", "replies": [{"id": "gdae2yo", "text": "I bet you know a cousin of mine, Message if you want", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}, {"id": "gd9xlkf", "text": "Yeah exactly. Ivey and then landed at Oxford. Ivey definitely helped given the big alumni base that\u2019s working in finance/RE, so reaching out to them saying \u2018Recent Ivey grad...\u2019 for sure helped get them to open the email. But from there you\u2019re kind of on your own when meeting them for coffee etc\nInternship was a boutique brokerage that eventually was bought up by Cushman Wakefield (best summer I had lol)\nEdit: added the second sentence onwards\n2nd edit: added the internship part", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gd9qfek", "text": "Networking is far more important.", "replies": [], "depth": 1}, {"id": "gd9reyf", "text": "I have an MSRE. I also taught a course in an MSRE program for 3 years. I would say the answer to your question, in your situation, is no, not worth it. Focus on finding ways to work on the projects that interest you, work longer and harder than everyone else and you will succeed.\n\n That said, if you need the structure to study and work harder, then it could be beneficial. If you need an outlet to network, that could be a channel. \n\nI had +/-3 years CRE experience when I started the MSRE and could pretty much teach the classes. (My undergrad was a BBA focused in finance and RE) So much so, I was asked to work with faculty to improve program. Once I had completed the MSRE I was asked to come back and teach, which I did. After year 3, I decided it was a lost cause and the department would never get their shit together to make it a good program for seasoned RE people. \n\nThat was 10 years ago. Since then, I started my own company, have developed and presently own the controlling interest in a $190m CRE portfolio. \n\nDid the MSRE help. Yes. It provided structure and networking opportunity that I needed. Could I have saved $60k in tuition and lots time and other grief that went with it, probably but you never know.\n\nBottom line, any investment in yourself will payoff. Don't stop pushing to work the deals that excite you.", "replies": [{"id": "gd9tsow", "text": "Wow, this is very helpful info! Thank you. I want to go back to school at some point because I do enjoy learning and challenging myself, but I can wait for an MBA. Thank you! I will hit the networking game strong.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gd9t5ql", "text": "If you\u2019re interested in SFH development, get in with a large builder. MSRE would be a waste of time. If you want to do MFH, get your masters after starting with a group as an analyst. I chose MFH because it was way more challenging. Currently I work for the top MFH developer and worked with the top luxury home builder. I have an undergrad in accounting and an MSRE.", "replies": [], "depth": 1}, {"id": "gd9xi4v", "text": "The only way to learn real estate is to do deals and the only way to get a \u2018job\u2019 in the industry (the money is NOT in salaried positions) is networking. That being said, if your parents or trust fund is going to pay for it, it will sharpen your underwriting skills and open your horizons. I wouldn\u2019t take on debt for these programs. Frankly, the successful MRED people I have interacted with all started with some type of family equity in CRE, so they already had assets to manage and we\u2019re learning how to leverage them to grow a portfolio.\n\nYou have to do what suits your personality best, but there is a lot to be said for diving in head first. I took a commission only position in brokerage and haven\u2019t looked back, can\u2019t even imagine doing something else.", "replies": [], "depth": 1}, {"id": "gdaebd4", "text": "If you have undergrad in RE, I\u2019d skip grad school altogether and get a job at a builder now. They are hiring like crazy and you\u2019ll get all the experience you need.\n\nEdit: I have a master\u2019s in real estate development and have worked in land for public builders for over 10 yrs", "replies": [], "depth": 1}, {"id": "gdakbja", "text": "I would steer you a different direction.  MBA with a focus in Real Estate (and Finance if you can do a double concentration).  I have been in the commercial real estate finance (mortgage lending for a large insurance company) for approximately 15 years.  I was with my company before I completed by MBA.  Did it at a top tier school in a part-time program.  Was it 100% necessary, maybe not, but I wouldn't discount it. Was it easy?  No.  Was it expensive?.  Heck yes.  Do I  regret it?  Not a day.  Would I do it again?  Certainly.  \n\nHappy to chat and make myself available.  Send me a PM if I can be of help.", "replies": [{"id": "gdapoa7", "text": "Awesome, I appreciate it!", "replies": [], "depth": 2}], "depth": 1}, {"id": "gdaqd0g", "text": "How about UW Madison masters? The undergrad program is #2", "replies": [{"id": "gdcdgfv", "text": "I'm doing that right now.", "replies": [{"id": "gevvixt", "text": "I took a bunch of undergrad RE classes at UW. I bet the masters level are comparable.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gdaxjok", "text": "MSRE is really only for people trying to pivot. If you already have experience AND an industry-related undergrad it would 100% be a waste of time and money IMO.\n\nEven for people trying to pivot, and MBA from a school known for CRE is a better choice.\n\nIf you have REPE experience at a firm where the analysts do the market research in house you can spin it to move your way into a dev shop. Single family and master planned community builders is a tougher sell as they usually want someone with that background, but definitely still feasible.", "replies": [], "depth": 1}, {"id": "gddbuin", "text": "MSRE is much more beneficial if done with 1-5 years of relevant RE experience rather than out of UG. I'd suggest networking and getting a decent entry-level job in RE so you have at least a baseline of what the industry is like. Then decide if you want to go back and get a grad degree. If you want to stay in RE, a MPRE from a top school can get you where you want to go. I speak from experience on that front. If you don't want to stay in RE or are unsure, get an MBA which will do the same thing the MPRE will do, but also allows you to lateral to non-RE in a way the MPRE won't. If you work while getting the degree, be prepared to have no life for 2-3 years while you grind!", "replies": [{"id": "gddekof", "text": "Thanks! Yes, I have 3 years if RE experience but I think I\u2019m going to wait it out and go for the MBA down the road.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gedy2k5", "text": "As someone who is making a pivot, the MSRE is helpful for sure. Learning all the macroeconomic factors that affect CRE, cap valuations, DCF modeling for different product types has all been brand new for me, especially how and why to put together different capital stacks to fund various deals... Pretty awesome shit for someone new to CRE.\n\nBut in your case?  I am going to say that it is likely a waste of time. We have a few in our cohort that have the BS in real estate and they are all pretty bored. \n\nI would say that if you want to work in development, and you also have a genuine passion for how land use decisions get made, then that planning degree might not be such a bad idea, especially if that program is housed in the same college as the real estate degree (for some facetime). You will get a lot more new material that you only touched upon briefly in your undergrad (urban theories of growth, competing frameworks for what planning is for, how to design transit and pedestrian friendly cities, etc). You will be the one who knows about Foucault, GIS *and* what and internal rate of return actually is saying. If you do the MSRE it will be mostly review. \n\nBonus: if you end up hating the suit and tie life, you can don the hipster sweater and do a PhD in Geography. Win-win.", "replies": [], "depth": 1}, {"id": "gitb2wz", "text": "Best move I could have made was getting mine, but I was in my late 20s and career transitioning, so this opened up a ton of contacts for me.  It was also 2012 so RE jobs weren\u2019t in big supply, and this helped me land an analyst position with a giant home building company.", "replies": [], "depth": 1}]