Advanced Coursework in Economics --> RE Investment?
I'm thinking about taking the plunge into graduate school in econ, although in the long-run I'd like to work with real estate investors and developers. I'm not exactly sure what exact job title I want in the medium- to long-run (I don't know how anyone does), but I know that I'm interested in basically these things:
- real estate markets
- economics
- Asset Management & investing
- computing
- statistics/data analytics
Right now I work in computing. I haven't had much luck breaking into a role in CRE finance and an MBA is a huge time/money investments and I support myself. I'm starting to believe that a graduate degree would be the best credential I can attain in the next 2-5 years to advance my career. This also leaves the door open to other options working with training in economics -- but is it at all relevant to RE Fin in anything other than econometric research positions?!
I don't quite understand the logic of getting a graduate econ degree to get into Real Estate. IMO you would be better served putting in the time/money to get an MSRE or MBA. If you need to stay employed to an executive or night program. I don't anyone with an econ degree in the industry. Furthermore, the strategy you are employing in trying to keep your options open sounds like a good idea in theory, but I do not think it will work. You are coming from a largely unrelated field so everything you do needs to show a serious desire to get into RE. In picking a degree, pick one that the majority of the industry values.
It will also take more than just a graduate degree to break in. In fact, the degree is secondary, and possibly not even necessary. You need to show some sort of passion for real estate. Actions speak louder than words in that sense. Join an industry group (ULI, NAIOP, ICSC). Get a real estate license. Get certified in ARGUS. Read some books recommended in this forum. Meet some people in the industry and stay in touch. In your case, I think doing these things is much more important than earning a graduate degree.
Hi MBAREALESTATE,
Thanks for your comments. I do have certification in Argus. I also have read books in real estate by Linneman (intro), Geltner (intermediate-advanced), and coursework in real estate finance and economics through MIT Opencourseware. I have a solid background in finance & economics as well.
My problem is just getting interviews. I have never interviewed for a job in my life that I didn't get an offer for. Perhaps I need to get a membership in ULI and really step up my networking efforts, but I have indeed been networking. My problem most likely is that my resume has a >1 year gap on it as I pursued a hobby (well I was semi-pro trying to be pro at it) after graduating school, and I currently have 1 year of work experience at my current company. I don't know for certain what's killing me with getting interviews, but that may be it. Maybe I just need to re-write my resume to cover it up or paint it over? Or maybe I just need more experience?
The cost of an MBA is enormous and I'm concerned that I won't get into a decent program. Currently I work for a firm that provides software services to commercial real estate.
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