The study of real estate at the graduate school level has taken many forms, giving rise to various educational models in different countries. Decisions for individuals who pursue higher education in this field often come to choose between a traditional degree with a focus on real estate (eg, MBA with concentration in real estate) or a comprehensive, interdisciplinary degree (eg, Master of Real Estate Development) focus entirely on real estate study.
Students who choose to study in the full-time Master of Real Estate program, should expect to take courses in such topics as financial analysis, market analysis, contract and agreement making, construction, design basis, asset management (property), construction management, basic design. Some programs offer studios, capstone, or course workshops where students engage real estate development projects. Some also provide access to internships. There is no established accreditation system in the United States in real estate development education, so students should investigate offers within each program.
While there are many financial real estate programs available to students across the country, there are very few developmental real estate development programs that handle educational tasks that more broadly to involve a wide range of real estate development (eg, Master Real Estate Development) - from property acquisition to planning and licensing, law and finance, design and construction, and culminating in marketing, commercial leasing, , portfolio, and asset management.
Video Graduate real estate education
History
Historically, postgraduate courses in real estate are limited to large or small businesses, or training in architecture and city planning schools. Although business school programs may emphasize the real estate business side, MBA students are typically lacking in understanding the principles and processes of real estate. Over the last few decades, the real estate industry has matured with great complexity and an ever increasing institutional ownership structure. Increased industry complexity creates demand for practitioners who have a comprehensive knowledge of real estate beyond those of traditional MBA generalists. A one and two year real estate degree program originating from the founding of the New York University Real Estate Institute (1967) (now known as NYU Schack Institute of Real Estate) and in 1983 with the establishment of the MIT Center for Housing. Soon after, another school followed with Harvard University (1983) Texas A & amp; M University (1984), Columbia University (1985), University of Southern California (1986), Johns Hopkins University (1989), and Cornell University (1996) all form a professional graduate program that focuses only on real estate education.
According to the Urban Land Institute, during the mid-1990s a strong academic interest in real estate "has never been greater, whether to reposition the product, rebuild the inner cities, or develop more affordable housing.The students seem to act on the premise that it's only temporary. " decline and graduate school is a good place for now. "As registrations grow, the real estate program responds by adding more course offerings to meet demand.
In early 2000, before a major recession, the industry again recognized the increasing need for graduates with superior qualifications - providing the research-based expertise needed to solve complex problems in contemporary real estate development.
The late 2000s saw a significant expansion of the real estate program into second-tier universities like George Mason University, as well as additional courses added by MBA programs that generally have no emphasis on real estate. To address the complexity of the field and its broad impact, industry professionals today require advanced training to prepare them for operations in an increasingly technical and interconnected field.
As education needs have changed, business schools such as the University of Wisconsin, the University of Pennsylvania, and the University of California, Berkeley continue to serve students interested in MBA flexibility. Wharton's real estate program, for example, leverages placed in one of the premier business schools in the United States and has some of the world's leading real estate professionals as an advisor.
Maps Graduate real estate education
postgraduate level education in the US
Ranking for graduate level education is not specifically formal like other professional disciplines. MBA programs with concentrations in real estate can be ranked by organizations such as AS. News & amp; World Report or Business Week , but not related to the depth of the real estate industry being studied in MBA concentration compared to a specialized master's degree in real estate or real estate development. Real estate education has increased in recent years to meet the demand of educated practitioners in the industry. However, there is much debate about what elements should be an important part of a graduate program to help students succeed in the industry. Ranking has been done by the representation of the editorial board of faculty members at the universities department of real estate, however, these results proved ineffective in assessing the program as a whole. Many graduate programs utilize additional professors or guest speakers from the industry, who do not sit on the board of editors of scientific real estate journals.
There is currently no undergraduate degree program in real estate development. The best method for evaluating various degree programs is through due diligence by individual applicants, including a review of each program's curriculum and how it applies to academic students and career goals. Although there is no formal rank for graduates of real estate education, and the program is subject to a greater location impact factor than the MBA program (due to the influence of regional and local policies).
ULI Hines Student Competition
A separate metric to evaluate the success of a real estate degree program is a review of the previous winners in the Urban Land Institute Student Competition Gerald D. Hines. The Urban Land Institute is a nonprofit research and education organization with membership by real estate developers, city planners, architects and professional allies. Each year graduate-level students form their own multidisciplinary teams (from real estate, city planning and business schools) and have two weeks to devise a comprehensive design and development program for real-time, large-scale, challenging sites and opportunities. Posts will consist of boards that include images, site plans, tables, and a myriad of marketable financial data.
The multidisciplinary team is not limited to including students from the graduate program of real estate development. Students may also come from the Master of Landscape Architecture, Master of Architecture, Urban Planning Master, Master of Urban Design or MBA.
ARGUS Software University Challenge
An additional measure of the reputation of the real estate graduate program is the ARGUS Software University Challenge, which has been held in 2009, 2011 and every year thereafter. In this challenge, participating teams from universities around the world are required to simulate a comprehensive real-life development analysis of fictitious commercial real-estate projects by modeling the assumptions made specifically using ARGUS software. Team submissions are assessed by industry panels and academic professionals. The winning team receives cash prizes.
Kellogg Real Estate Venture Competition
The Kellogg Real Estate and Venture Competition Conference is hosted by the Guthrie Center for Real Estate Research and Innovation Kellogg Innovation and Entrepreneurship. The conference will provide industry and research updates as well as relevant market information. The Venture Competition showcases MBA students, who have the opportunity to apply to a high-profile judge panel. The winning team not only receives $ 100,000 in cash and prizes, but also the opportunity to earn as much as $ 10,000,000 in equity financing. The main purpose of competition is to encourage entrepreneurial real estate business. The event also serves as an opportunity to promote leading student talents before leading industry professionals.
National Real Estate Challenges
The National Real Estate Challenge, a real estate event competition specifically invited a team of 20 organized annually by the McCombs School of Business at the University of Texas at Austin, is another metric for comparing real estate graduate programs. The competition tests teams from universities across the United States on issues regarding real estate finance and private equity. The event is sponsored by companies like JP Morgan, Equity Office Properties, and Hines. 19 universities competing in 2014 include: Berkeley, Carnegie Mellon, Chicago, Columbia, Cornell, Georgetown, Michigan, MIT, Northwestern, NYU, Rice, UCLA, UNC-Chapel Hill, USC, UT, Vanderbilt, Wharton, Wisconsin and Yale.
CASE on MIT
Practically the most prestigious competition to measure the quality of real estate graduate programs in the world, CASE is an annual real estate competition that provides today's graduate student teams from the world's top universities the opportunity to compete with each other, showcase their knowledge, and learn from each other through analysis of complex real-world development sites. The CASE is organized and organized by the Alumni Association of MIT Center for Real Estate.
Unlike other master's degree competitions, CASE focuses on real estate acquisition, development programming, and financial underwriting at the asset level. This competition mimics the state and professional assignments of interest to students in real estate financing, acquisitions and developments that are likely to occur upon graduation. Previous finalists include: Harvard, Georgetown, Columbia, Yale, NYU, MIT, Cornell, Wharton at UPenn, London Business School, Cambridge, and Hong Kong Institute of Technology.
Education undergraduate real estate
Like many MBA programs, undergraduate real estate education is generally offered as a concentration, or a focused field of study. Very few universities with diverse academic reputations offer a degree in concentration in real estate (usually two courses during the senior year). An undergraduate degree in real estate is not a prerequisite for admission to a graduate real estate development program. Students from diverse backgrounds in geography, urban planning, business, economics, liberal arts, architecture or seeking career change are encouraged to apply.
Real estate graduate program
There are twenty one multidisciplinary real estate programs that focus on academic studies on real estate primarily, Master of Real Estate Development, while most other programs are usually placed as part of business schools offering a more focused degree on finance and investment. The real estate graduate program can provide a number of degrees (eg Master of Real Estate Development, Master of Science in Real Estate, Master of Professional Studies in Real Estate, Master of Design Studies in Real Estate); however, the key is to review each Curriculum of independent degrees from naming conventions respectively, as there is a wide difference in content and their focus may not necessarily be reflected in the title name.
Two examples of naming conventions of a real estate appraiser include:
Master in Real Estate Development (MRED or MSRED)
The Master of Real Estate Development degree (MRED) (or sometimes called the Master of Science in Real Estate Development (MSRED)) mostly focuses on a particular area in real estate rather than taking a more general approach. Areas of concentration may include: real estate development, finance and investment, planning and policy, infrastructure and construction, market analysis, and real estate law. Students are generally exposed to various functions and most types of real estate products (eg housing, retail, office, hotels, and industry). The MRED program usually teaches subject matter through case studies and field experiences and by traditional classroom lectures. Whether in the context of urban rebuilding, historical preservation, or suburban growth, the MRED students learn from the perspective of investors and developers, the importance of relevant issues in law, economics, finance, market analysis, negotiation, rent analysis, architecture, and management. Many focus on the entire spectrum of real estate development processes ⠀ "from gross, financial to façade ⠀" and cover industry topics presented by leading local and national developers, financiers and other players in the market. This includes real estate asset analysis and existing partnership structures.
Master of Science in Real Estate (MSRE)
The Master of Science in Real Estate (MSRE) often combines a comprehensive learning of business management skills with an understanding of how the real estate market works. Graduate programs that provide a Master of Science (MSc) in Real Estate are sometimes an extension of a real estate program at a Business school into an increased level of specialization or they are organically forming a real estate center within a larger college. Students who complete the Master of Science in Real Estate degrees often go to careers as real estate project managers, asset management advisors, analysts, planners, and others. "Most of the Master of Science in Real Estate is completed in one year although a two-year option with the opportunity to complete a summer internship between the first and second year is available (eg University of Washington) The Master of Professional Studies in Real Estate is similarly found here, since it's just a naming convention at Georgetown University and Cornell University.
Course
Courses employed in real estate programs vary among universities. Many programs utilize HBS style case studies from complex real estate scenarios to enhance students' knowledge and strategic decision-making skills. Program duration ranges from 30 to 72 credit hours. Programs that have more than 33 hours will sometimes allow students to increase concentration. The required core curriculum is typical with core curriculum size and makeup largely dependent on the length and focus of the program.
Example of core curriculum:
- Principles of Real Estate Development
- Market Segmentation and Analysis
- Finance and Real Estate Analysis
- Real Estate Development Project Management
- Advanced Real Estate Finance
- Analysis and Design of Real Estate Sites
- Public Ownership Process
In addition to the core curriculum, most two-year programs and several one-year programs offer students the opportunity to pursue concentration, focusing on areas of special interest in the real estate industry. Concentrations vary between programs and universities.
Sample field of concentration:
- Development
- Finance
- Investment
- Consult
- Sustainable Development
- Asset and property management
- Real estate marketing and market analysis
- Concentration of international real estate
- Affordable housing
- Public-private partnership
- The contents of the city
Some programs, such as the MS in Real Estate Development at George Mason University, offer students the opportunity to combine elective courses from multiple disciplines including business management, public policy and civil engineering.
Real estate development practices require practitioners to work by choosing building type and design, determining the right dimensions, programming the internal space, shaping the site, and tailoring the project to its surrounding context appropriately. Several courses, including Master of Design from Harvard University and MSRED Columbia University include design education in real estate development studies. A new program established at the University of Buffalo, State University of New York, in 2015 emphasizes a studio workshop in which a group of multidisciplinary students under the supervision of a faculty is involved real estate development issues for an organization acting as a client.
Executive program in real estate
The executive degree program in real estate offers professional practitioners the opportunity to learn while they work. These programs are distinguished from distance programs through their unique residency classroom experience models, distance education modules, and executive field study courses. Classes meet at the beginning of each semester, usually from five to seven days, and then complete the course through synchronous webinar, asynchronous discussion board, and video lecture. Executive education in real estate is taught at accredited institutions like Auburn University.
List of US graduate real estate programs
List of real estate graduate programs outside the United States
A number of universities around the world offer bachelor degrees in real estate and related subjects. See a listing in a real estate graduate program outside the United States.
A nationally recognized research center
Alumni real estate and donor programs sponsor research by real estate faculty in various real estate fields including the property market economy, regulatory impacts, and sources of equity and debt funding. Additional research, in the form of student-supervised student thesis work, contributes to an ever-growing inventory of new information. The research program is essential for promoting new knowledge, advanced teaching techniques, and bridging the gap between theory and practice. Not all graduates of real estate programs do research.
Related postgraduate program offer
Professionals in real estate often hold a degree in related fields such as urban planning, construction management, accounting, property management, architecture or law. One of the most common programs continues to be the Master of Urban Planning, regional planning, or urban planning level with real estate emphasis. Planning programs tend to emphasize land use planning, transportation or infrastructure development, land use law and policy and other planning topics; students who take concentration in real estate development will learn how it relates to planning.
MBA with Real Estate Concentration
A business degree with a concentration of real estate generally provides students with an opportunity to pursue a general management degree, but to specialize in real estate development or some segment of the real estate industry through a sequence or a group of electives. For a long time, those who want to learn real estate have to settle themselves with mainly pursuing a Master of Business Administration degree, perhaps with a choice of concentration in real estate, and usually with a focus in finance. This MBA program usually includes only one or two programs that focus on real estate. Many MBA programs do not specialize in real estate.
For those who weigh the MBA versus real estate graduate education, there are a few issues to consider:
Concentration MBA real estate concentration
A number of MBA programs offer courses in real estate as part of a typical study in business.
Certificate program
Loyola University of New Orleans offers the Real Estate Investment Course as an option.
Career opportunities
Examples of careers include major public real estate companies; small private entrepreneurs organizations; regional investors; companies that specialize in one product (eg office/retail/multi-family); nonprofit involved in areas such as affordable housing; companies that own real estate; companies that finance real estate; and companies that provide services such as design and architecture companies, brokerage firms, investment banks, REITs, and various consultants. Careers in the public sector at the city, county, state, federal or military level offer exciting and rewarding career opportunities related to real estate. Skill sets can also be transferred to other industries and economic sectors.
Real estate graduate programs outside the US
See also
- Real estate development
- Real estate
- Master of Urban Planning
- MBA
References
External links
- The Urban Land Institute - Professional association for real estate developers and related professions
- MIT Professional Certificate in Finance and Real Estate Development
Source of the article : Wikipedia
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