MBA vs Master's in Real Estate
Good Morning:

Thanks for your input and help in advance.

I am considering going back to grad school next year, debating between a Master's in Real Estate vs an MBA.

I currently work in a Fortune 80 company as a registered rep / investment consultant. My career path trajectory is mostly client facing:  financial advisor then CFP then middle management etc. Some possibility of transition into institutional sales / support and product development for retail and institutional consumers

My father owns a successful architectural firm in NY, sister is getting a degree in structural engineering, mom did industrial plumbing design and helps my father w/ cad design. Real Estate and the Built Environment runs in the family. I am the odd one out due to some family history.

The wierd thing is I always loved urban planning / design, the thrill of a real estate transaction excites me in a way chasing down an asset transfer from another brokerage house cannot.

Is a Real Estate Degree worth it as an inflection point in my career? If I pursue a regular MBA highly likely I’ll simply continue along the current trajectory in financial services.  I asked my father for his thoughts and he says success in this industry is mostly based on risk-taking/instinct and experience. Any thoughts on that? 

My own personality always works best with a formalized curriculum in everything I did, winging it and just self-discovering before feeling adequately prepared gives me the shivers. 

Would appreciate any insight/ thoughts from you all. 

CHANGE:
Just a quick thing I forgot to mention I have 6 years before I have to use my GI Bill, use it or lose it... so there that kind of in the back of my mind 
[{"id": "e20ef0s", "text": "I\u2019d go with an MBA it\u2019s much more broad. ", "replies": [{"id": "e20iu2m", "text": "Thank you. ", "replies": [], "depth": 2}], "depth": 1}, {"id": "e20h8kn", "text": "Just finished the Master's at Cornell. Not headed in a good direction in my opinion. I'd just do an MBA, but make sure you network your ass off in real estate private equity from your first day (don't bother with consulting or investment banking, those jobs will always be there and crap jobs).", "replies": [{"id": "e20hrzs", "text": "Could you elaborate more on why you don\u2019t like the direction? MSRE or MSRED? ", "replies": [{"id": "e20jkx5", "text": "I'll admit most of the classes I took were interesting and I developed a lot of great skills. And we did not have to take core classes like the MBA does so every class we took was pretty relevant and useful. \n\nBut the faculty made no efforts whatsoever to get hiring managers on campus and the interview prep was terrible. You are pretty much left to yourself to build a network and explain what the Master's program is, and why you did it. \n\nNow that I'm interviewing I get beat out for experienced roles (see: $100k+) by people who have, well, real experience. And the entry level roles give me a polite \"you're too experienced\" response and won't even consider my resume.\n\nWith that being said... getting a job in consulting, brokerage, investment sales, or even debt isn't too difficult but those jobs are relatively boring and easy to get into without a master's anyways. Got for the asset management/development/acquisitions jobs.   \n", "replies": [{"id": "e21andf", "text": "Interesting. Your story directly contradicts the adventures in CRE link posted below, the author of which coincidentally also received their MSRE from Cornell. Not to say your recorded experience wasn\u2019t truthful, but just an aside at how drastically different they can be. ", "replies": [{"id": "e21da4a", "text": "I know the author of Adventures in CRE who went to our program, he's a fantastic guy who landed a great gig at Northwestern Mutual out of the program. But he also had over 10 years of mortgage brokerage experience before coming to the program, went to Minnesota which isn't as competitive of a market, and is genuinely a modeling wizard. \n\nAlso without a doubt the quality of the program has dropped massively since 2015. That's what I meant by headed in the wrong direction, under this new SC Johnson College of Business format a lot of things are just a mess. ", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "e20itap", "text": "Good feedback. You\u2019re #2 to suggest doing the MBA", "replies": [], "depth": 2}], "depth": 1}, {"id": "e20msti", "text": "I got a dual masters MBA/MSRE and I felt it was totally worth it as it sort of was like becoming a doctor before becoming a surgeon. Just network like crazy and learn as much as possible.", "replies": [{"id": "e20o3n7", "text": "So both were equally useful?", "replies": [{"id": "e20obtm", "text": "They were to me and the added knowledge to both real estate and general finance and operations has been very helpful.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "e20mtlc", "text": "I've thought about the MBA route myself.  However, I can't justify not working for 2-3 years to get it.  ", "replies": [{"id": "e20qp43", "text": "Executive MBA? There are also some pretty good part time programs out there too... night time and weekend! Look at University of Chicago ", "replies": [{"id": "e20s7tg", "text": "Hmm yea I guess I never considered Nightime or part time.  Just can't take three years off. ", "replies": [{"id": "e21cghr", "text": "I wouldn't... its tough to go back to being a broke student when you've been making money. Just a thought, because honestly I've thought the same thing! I'm trying to go to medical school, but I think an MBA or masters in finance could really benefit me...", "replies": [{"id": "e22cd2q", "text": "Going full time student is just not something I want to do, mainly because I don't want to take on 100k+ debt in 2 year span.  Not counting the loss of income from not working it grows even larger.  Similar to some other comments I would try for a M7 MBA Executive type gig or I wouldn't do it.   My local University has one though and it's fairly cheap so it might be worth it for me.  ", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "e20uwgl", "text": "Get the MBA but ONLY if you get accepted to an M7 program otherwise it isn\u2019t worth it. The MSRED isn\u2019t worth the paper it\u2019s printed on. ", "replies": [{"id": "e21djrc", "text": "I disagree with only M7 elite schools being worth it.  Will your probability of success be better coming from an M7?  Absolutely.  That said, having an MBA from a nationally recognized program will still provide greater opportunities than not having one at all.\n\nThe only time an MBA is not worth it is from say a University of Phoenix online MBA, or some school that isn\u2019t accredited like some Christian universities.  But if you think getting an MBA from USC, or Georgetown, or NYU isn\u2019t worth it, then I think you\u2019re wrong.\n\nAs for the MSRED, I actually kinda agree with you.", "replies": [{"id": "e21eg2p", "text": "I got a degree from an M7 and the quality of opportunities is drastically different than it would have been from a lower ranked school. Unfortunately pedigree matters at a lot of the top PE shops. The other investment firms that don\u2019t need an M7 degree generally don\u2019t seem to care / be interested if you have an MBA. \n\nI guess end of the day the question is what are you trying to do with the degree", "replies": [{"id": "e21fgs6", "text": "I guess my only counter is that I didn\u2019t, and I can tell you that my non M7 MBA got me my current role, where I tell a bunch of M7 MBA\u2019s what to do.  I manage several private equity funds where the only investors are the richest families in the world. \n\nBtw, I\u2019m not saying M7 doesn\u2019t matter, I\u2019m saying even if you\u2019re not from an M7, it can still be worth it.  You\u2019re saying unless it\u2019s an M7 it\u2019s not worth it, while I\u2019m saying as long as it\u2019s nationally recognized, it can be.\n\nBtw, I went to a state school for my undergrad, with a sub 3.0 GPA, and I\u2019ve worked for IBanks, PE firms, and as a real estate developer for a Fortune 1 company.  So while coming from an M7 is no doubt amazing, saying that\u2019s they are the only ones that matters is bad advice imo.", "replies": [], "depth": 4}, {"id": "e26bsuk", "text": "Same. Non M7 MBA and got a job with a national developer in a primary market directly through the program. 2 people within spitting distance of my desk got MBAs there and the head of my department went there for undergrad.  It absolutely made a difference.", "replies": [], "depth": 4}], "depth": 3}, {"id": "e24c1y5", "text": "@fenix1230, @stoweker\n\ndoes WAKE Forest MBA carry a good reputation?", "replies": [{"id": "e24smue", "text": "It\u2019s accredited and nationally recognized, and has a decent ranking:\n\nhttps://www.economist.com/whichmba/wake-forest-university-schools-business/2011\n\nGranted the article above is dated, but I think it\u2019s stated static.\n\nIn addition, notable alumni from Wake Forest\u2019s business school include Eric Wiseman, chairman, president and CEO of VF Corp., a clothing and footwear company whose brands include The North Face and Wrangler, and Charlie Ergen, co-founder of Dish Network Corp.\n\nOne thing you have to ask yourself, is will you be staying local, or nationwide in your job search.  What\u2019s the size of your target market?  If you\u2019re going to be in Charlotte, then I imagine the MBA and connections you\u2019ll make will be valuable.  \n\nNow if you\u2019re going to say a New York, San Francisco or similar large market, you\u2019re work tenure, coupled with your experience and strength of companies will also be extremely important in your ability to get job when coupled with your MBA.  Lastly, at $40k a year, if you do a two year program you\u2019re probably looking at $100k-to-$125k all in.  An M7 program would put you around $160k+.\n\nI think the Wake Forest program will help your career, and if you can do it while you\u2019re working, it would be best.  ", "replies": [{"id": "e25wm7r", "text": "Thanks @fenix1230, i think the part time route is where my mind is going as well.\n\nWake Forest has a weekend / Evening MBA - 2 years.\n\nMy thoughts are to stay in the SE market, not always charlotte but raleigh, charleston, columbia, atlanta etc", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "hxcpzut", "text": "I hold an MIT MSRED and got a job at a PERE top 10 fund and now manage my own fund. LOTS of the program\u2019s graduates work at top 50 PE funds and top 50 development firms.", "replies": [], "depth": 2}], "depth": 1}, {"id": "e20vqib", "text": "I would do neither - unless there is some specific knowledge you need or you are not planning on getting involved in the family biz.  \n\nSave your money and re-invest it in your business. All the best.", "replies": [], "depth": 1}, {"id": "e212dcs", "text": "My honest opinion- save 100K plus you would spend on on either degree. I'm sure your dad knows one developer, be an unpaid intern for that developer for 6 months. Learn the basics of real estate development on the job, ask questions be curious and shadow the various departments at the shop, the analyst at the development shop should be your best friend, sit next to him by his cubicle for six months, learn what the analyst does from writing pitch books/investment memos to underwriting deals. Once you go back home after the internship everyday, you should be reading on your own the Lineman textbook, property metrics website, etc, sharpen your underwriting/excel skills from adventures in CRE website (free) and take REFM courses (paid). If you do this diligently, for 6 months and put in the effort, I dont see how you cannot leverage that 6 month internship into an entry level paying job at an investment shop. You should be more than ready to hit the ground running in an analyst type job. Its the job that you will get out of a MSRE or MBA program anyway. You will not get an acquisitions job at Blackstone, but 99% of the MSRE and MBA folks are not getting that job too, and you would have also not spent the money they did, so it's not a bad deal. \n\nThat being said, you can still do whatever you feel is right to you, there is no one size fits all model. \n\n\n", "replies": [{"id": "e219xj9", "text": "Came to write exactly this. I went the MSREF route and most of my classmates used the program to get underwriting internships, then leveraged them into acquisitions roles at REITS/funds. \n\nIf you can leverage your dads contacts to get you an internship that\u2019s the best route. You\u2019ll learn way more than any program will teach you and won\u2019t take on debt. I went internship to consulting and now am on the brokerage side. It\u2019s a better natural fit for me, but one of the only goes with a Masters, so it\u2019s not necessary to make good money. ($300k -$400k)\n\nIf you\u2019re unsure if real estate is what you want to do go with and MBA. ", "replies": [], "depth": 2}, {"id": "e21bwel", "text": "Holy **** man that was fantastic advice. I think you said what my dad was trying to say but laid out some very good action steps. Thanks man! ", "replies": [], "depth": 2}], "depth": 1}, {"id": "e215cii", "text": "https://www.adventuresincre.com/why-i-chose-a-masters-in-real-estate-over-an-mba/\n\nGood article here that lays out the pros and cons.  Great website overall. ", "replies": [{"id": "e21bpzy", "text": "Thank you. This was a helpful resource ", "replies": [], "depth": 2}], "depth": 1}, {"id": "e21dcmg", "text": "Smaller school, but University of Houston has an MBA with a Real Estate focus. I'm considering it as I'm in architecture but want to transition to develoment/investment. You're likely looking into more prestigious programs, but maybe you'll find a hybrid like the one at UH.", "replies": [], "depth": 1}, {"id": "e22a2b3", "text": "MSRED programs seem to be oriented towards people who already have good jobs, or at the very least strong connections, in real estate. In fact, despite your impressive professional experience, many MSRED programs likely won't even take you, since you have no experience in development. \n\nYou could work in development for three years, then get an MSRED (though that won't meet the application minimum for some schools, like MIT), but know that it won't open any doors that an MBA wouldn't open; partners at REITs nearly all have one or the other. What it may do is give you the tools needed to excel in a few niches\u2014to find out whether that matters to you, you should try to think about what sort of developer you'd like to be. ", "replies": [], "depth": 1}]