I went from starting a career in CRE brokerage in late 2008 (worst timing possibly in history) to a transition into public accounting in '09. My goal is to get into CRE private equity as an analyst. With the CPA license in-hand I will stay probably 1 more year to make senior and then begin applying to either Master's of Real Estate programs (notably Columbia, NYU, USC and G-town) OR MBA programs.
Does anyone have contacts that have gone through these MRED programs? Are they worthwhile? Do you think it would be more beneficial to go through the MBA first, even though MRED's are typically only 1 year? I am thinking that with the MRED degree I could land an analyst position, work a few years, and leverage that into a higher-ranked MBA school.
Thanks!
Hey man. I've been in trading for over 4 years now - but have always had an ancillary interest in CRE. My uncle is a Senior MD at a large RE shop. Coincidentally, I am going to see him tomorrow - if I remember, I'll pass on your question.
Honestly, I would recommend staying in accounting. Some MRE programs wont take you unless you have prior RE experience.
I have personally talked to alumni from MIT's program and the impression that I got is that it is unlikely for MSRED grads to transition to REPE without prior REPE or IB exp. Also, top REPE groups dont tend to recruit from MRE programs, they tend to recruit folks from top MBA programs with prior REPE/PE/IB exp.
Question: Have you tried to get into a pre-MBA real estate investing role already?
If you know you want to get into REPE, don't delay. Don't wait to add too many intermediate steps (i.e. degrees, certifications, etc...) prior to asking for jobs. Every year away from these roles raises your opportunity cost and makes you too experienced for junior level grunt work.
Try to network into it as soon as you can. Aim to get some form of CRE investing experience at the pre-MBA level. It will be tough, but could be easier than trying to get in at the post-MBA level without any experience. At the very least, the contacts you develop now through networking will help you when trying to get internships during your MBA.
In the US, I would recommend top MBA programmes over MRE programmes for REPE (assuming you get prior experience). Anecdotally, one of the MRE grads I know was asked why he hadn't gone to an MBA programme during his interview with Tishman Speyer.
Personally, I wouldn't bother with lesser ranked MBA programmes though, so if a top MBA is not an option for you, than an MRE from somewhere like Columbia might be better than a non-ranked MBA for these kinds of roles assuming you are junior enough and can get some experience, but it isn't going to be of much use to you outside of real estate. It might make sense to contact alumni of these MRE programmes who work in REPE and others who don't to get a sense of how employers perceive the degree.
I have been networking, and continue to network. In fact, contacts alone (not online applications) have gotten me a few telephone interviews thus far. I was considering staying in public accounting and then shooting for a top 15 MBA program, but I completely agree that this is what i'm passionate about and also agree that if i spend too much time in my current role, I will be less and less desirable as I get older to make the transition. Thanks for the advice and I'll keep hitting the pavement
If there is something I have learned from the real estate industry, it's that networking can get you in practically anywhere (unlike IB). Use LinkedIn, your alumni network, etc. Network, network, network.
Also, if REPE is your goal, make sure you're familiar with the financial concepts (DCF, Cap Rate, IRR, etc) and Argus. Some places only care about your level of proficiency with Argus. For example, I interviewed at a REPE firm a while back and was asked if I was proficient in Argus. I replied stating that I was VERY FAMILIAR with it but didn't consider myself an expert. The interview ended shortly after.
MBA > MSRE. Then again, networking can help just as much. MBA will only help you rebrand yourself.
PM if you have additional questions. Remember, start networking.
Thanks for the feedback. I have been networking a lot and have made progress (including a few telephone interviews.) As a follow up question though: do you think it would make sense to get certified in Argus software? It is quite pricey, and for the nearly identical cost I could pay for GMAT test prep courses with Veritas or Manhattan GMAT.
However, as mentioned before on here, Argus is not necessary for multifamily. Then again, a CMBS origination guy from a BB lender once told me they prefer their loan requests to be in Argus - EVEN multifamily properties. Why people like this program so much, I will never know, but it's used a lot. People have literally paid $10,000 to study Argus under certain experts.
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