Which one is the most practical MSRED course with heavy concentration on development aspects? MIT, USC, Columbia, or others?
Good morning!
I have some doubts about which practical master course in RED with focus on Development to choose in order to start my preparation, as I want to fully concentrate only on particular program.
So, please if you can make 2-3 minutes, read it carefully and give me a practical advice I would be grateful!
I have 2 goals:
1. To improve existing practical skills in development and obtain something new where I'm weak ( site selection aspects, high best use of land, different strategies for project implementation and so on...).
It means that after completion of the course I want to be able by my hands: professionally make site selection, to attract all needed contractors, account/consider technical risks, manage design, construction phase, manage approvals....
2. To obtain new skills in finance and investment ( again, I'm from development, but not from finance role, but I clear understand that finance is the most important aspect of any project).
It means that after completion of the course I want to be able by my hands to create at least professional finance model, clear understand how to attract money on the project and so on... I don't think so that I will start to like finance sector after future completion of the course and move to this role from development side, but I want to be professional and know it/ finance!
My research:
1. I understood, that I have to look only at 1 st tier programs. MIT, Columbia, USC and, maybe, I'm not sure: Cornell, NYU. If we speak about second tier, be honest, I'm afraid it will not to cover my expectations...
1.1. I am deeply convinced that programs are different, they can't be equal, some of them more practical, but some academic ( even marketing departments of these programs make statements " ...programs are very strong and practical!..."
2. Of course a lot of depends on region, but, as I'm international, for me only one priority: THE MOST PRACTICAL COURSE with concentration on development.
3. Of course brand is very important ( MIT, I think the best one...) and If I understand finally that the differences in content between courses are not huge I would choose brand, BUT If someone say one course ( as example USC) is more practical for several times than MIT, definitely I would choose practical course!
4. I haven't got a decision about amount of people on a course. I mean a lot of people on a course it is good or bad... Columbia MSRED has more students than MIT and USC as example.
5. All marketing departments work well. I mean they answer to my questions... Websites are good....
6. I don't rely on marketing departments of presented schools and will make final decision based on alumni responses, people from industry....
7. Internet searching shows me controversies/multidirectional trend: All says MIT the best... some say USC more practical... Some says MIT focuses on finance and investments but others say it also covers development area and it's not fair to say that program more strong in finance.... Some says Cornell and NYU not so famous as MIT, Columbia, USC and even you can't find detailed information about it...
Conclusion: As I need practical skills and my expectations from the course are clear ( focus on Development, strong and practical course, not academic) please advice and share your thoughts and experience......
There's a lot here, and I'm still not quite sure exactly what information you're looking for. Also, we need more info on you and your goals - how old are you? Where are you from? Where do you intend to work? (Geographically, and what type of firm)
I went to Columbia for their MSRED. I'll share a few thoughts with regard to your questions:
NYC is a great place to go to school if you can afford it. The smartest people in the country are here - and that's especially true for real estate.
Class size was, in my opinion, ideal. There were ~115 in my class. MIT's, which can be from like 15-25, is very risky. Perhaps the best part of my experience was learning from classmates, be it about their prior experiences in business/real estate or their cultures.
You will learn new things in every program. "Real estate" is a very broad topic, and nobody is an expert in all of it.
Nobody can tell you which is the best because nobody (presumably) gets the same degree from different schools. There are ~3-5 very good programs in the U.S.; choose from those based on which you can get into/afford, location, and which appears to put the most emphasis on what you hope to "learn" the most about.
I say "learn" because you're not going to graduate from any program ready be managing design, construction, approvals etc. on day one. That takes time and real world experience. School will only introduce you to terminology and ideas - not give you practical experience.
Go to this website: https://www.adventuresincre.com/. The author has done quite a few very good write-ups on this very topic, including one on Cornell literally this past weekend. He's done Columbia and a few others as well. Very solid information there.
Feel free to ask any specific questions about Columbia, and I'll answer where I can. Good luck.
Good morning, thank you for the reply. 1. According to the website adventuresincre I already know it. Agree, it is a good and informative. 2. Based on your comment I have made a conclusion that there are ~3-5 very good programs in the U.S and only I can really decide which one is the best for me, it's a personal decision. 3. Could you please tell me about Columbia approach of teaching ( lecture, cases, group projects) and your personal opinion does the program cover more finance or development aspects? Note: I'm afraid of 115 students... logically thinking, it will be difficult to get attention of Professors.... 4. And one more, if you don't mind. What do you think, after completion of the Columbia MSRED will I know all stages and specific process ( related to NY location) of development project implementation? Note: I know, sounds strange, but I am going to explain in order to make it clear. Well, I'm a professional PM. If you ask me how to implement project in Russia, I explain it easily with all details ( stages, timeline, costs, risks, taxes, land law, construction law . Where to go in order to obtain all kind of permissions/ public approvals, which contractors attract in particular situation and so on...), because I did and do it. But if you go to the Russian uni for MSC degree in order to solve this problem ( how to implement projects in Russia), sorry, but they will not help you! Maybe I'm critical, but it's true. Yes, some professional trainings are exist, but they also don't cover all aspects. So, I hope this explanation better shows what I mean by practical knowledge and t what I expect from the program. thanks gennadii
There are indeed lectures, cases, and group projects. The program is probably around 50/50 between finance and development, BUT you have the ability to really tailor the program to exactly what you want. The second and third semesters are made up mostly of electives, and there are many to choose from. So, as to the ~115 students, you're only with the whole group in the "core" classes, and even then you'll get plenty of chances to get one-on-one time with professors. The electives I took had between seven and 50 students in them.
No. As mentioned, you will NOT be ready to go out and confidently build a project, ground up, in NYC the day after you graduate. It's a great program, no doubt - but in my opinion the only way to comprehensively understand the development process from concept to completion is to actually DO it. Will it "help" you in your quest to understand development in the U.S.? Absolutely! But what would probably help you more would be to work with a developer here in the city. Perhaps that'd be a better course of action for you if you want to learn to develop in the states. Work (or intern) for a bit, and see if you still think that school would be a good idea for you. It would be a good opportunity to improve your English, and would let you get a feel for NYC before committing to a master's degree that might not help you as much should you decide to go back to Russia.
Dear spencerassess, thank you for the detailed answer. Let me express my thoughts based on your letter. 3.1. Good to hear that it's possibly to to really tailor the program to exactly what I want and that it's 50/50; 3.2. that "you'll get plenty of chances to get one-on-one time with professors.."; 4.1. Clear and again CLEAR that it will "help" me to understand development in the U.S. but NOT LET ME confidently start project implementation in NY ( even I have experience in Russia); 4.2. I agree, work on a project- the best way to understand process...; 4.3. "to work with a developer here in the city" - the best way to get practical skills, but as I'm foreigner without work experience in USA, with limited level of English I think it will be not possible. Let me make a joke about it. I will pay 85 000 $ to developer and ask permission stay on Project with PM and learn from him... Really, I don't see other way to get on project! 4.4. I'm sure that school a good idea. I'm sure it will help me to get connection, to understand development and maybe give me opportunity to take part in development project. I think if I have opportunity to work or intern now I wouldn't change my plan/wish to get MSRED course in the future.... 4.5. To improve English- it's a huge challenge! I try on my best every day. 4.6. Some people/ my colleagues think that USA MSRED will not help me in Russia , because it's "not applicable on the ground", but I disagree! I think if we work with foreign contractors, architects I have to know and understand them! Also I see a trend that all new trends in construction come from the west... And of course my personal goal- to get international experience by take part in development project.
Conclusion. 1. Again, thank you. 2. For now my plan is the same: As I want to get an international experience/practical skills, but can't be involved in a real project: a. choose and get the most practical MSRED with heavy concentration on development-----b. try to get practical experience by internship, real job( dream!)----------c. after graduation and practical experience or just after graduation ( if I'm not lucky with job, internship) came back to Russia or go to another country on international project ( Asia region as example), where I hope my existing experience and new educational experience will help. 3. So, if you have any additional comments or idea, please advice! 4. One thought just come to my mind: Maybe Cornell RE program is a good solution for me ( particularly in my situation), because it lasts two years( maybe it's plus than minus in my case, as I'm not a native)....... thanks, gennadii
Well, first of all I would say that you should not concentrate on one specific program just on the advice of us internet geniuses. You need to interact with the programs and the people at the programs to get a good sense of them. What is an ideal situation for one person might be terrible for the other.
As far as your questions:
Why are you only looking at "first tier programs?" I'm not saying there isn't justifications for doing so, but "from what I understand" is not a proper reason. If you're only chasing prestige, get a MBA.
What are your plans post-graduation as far as location goes? Heading back home? Staying in the states? Going somewhere completely different?
You can look up or request every course you can take at every program. Still, no one course is going to change your existence. Likewise, MIT's program is fantastic, but there's no definitive "they're the best." Again, if you want to chase rankings and prestige, MBA programs make that far easier.
There are benefits and downfalls to both large and small classes. Large classes obviously have more students, which means a greater chance of finding a friend group, far more connections in your class, and far more alumni in the field. Smaller classes however are might tighter knit and you get to know every single person like the back of your hand. It's all a matter of preference.
Definitely reach out to alumni and especially people in the industry. Be aware though, many people still aren't too familiar with the degree.
All of these programs are practical. All are academic. I understand what you're looking for but it's not as simple as saying "oh these three programs are totally top tier" or "these two programs are very theoretical while these three are practical." You have to personally research each one and come to your own conclusions - a skill very useful in real estate in general.
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