Advice on MRED in this market
I'm currently in my junior year and considering whether or not to pursue an MRED after I graduate. My plan has been to get some experience in CRE and then go look at UNC's RE focused MBA down the line with a long term goal of working in multifamily dev.
However, I've been having a rough go of the internship search (struggling to find paid opportunities) currently which concerns me for my post graduate employment options, ie if I can secure a stable job at a firm where I can grow and develop in the industry within 3 months of graduation. Seems with the slowed deal flow w/ rates up that there's less demand.
Which brings me to the idea of getting an MRED in 12-15 months post graduation while the job market improves. I know the conventional wisdom is to get experience and then go for a graduate degree, but I think the timing may make sense to make me a better candidate, expand my network, and get smarter while the market gets friendlier.
I'd likely end up doing the Clemson MRED as I'm in UG here + it seemingly does well in the Carolinas + Atlanta and that's where I'd like to end up. Any thoughts on this plan?
The job market is not going to improve for a while, so I think it's smart to keep your options open; however, you need to ensure that you land an internship while doing the MRED that you can subsequently convert to a full time offer (or at least be able to leverage that experience to land a FTO). I don't know how well the Clemson MRED program places people (it seems like you've talked to people), but make sure you feel comfortable with the program outcomes before taking on a bunch of debt. You should explore other MRED programs and compare their outcomes to Clemson. Personally, I would look at firms like Greystar and figure out what MRED programs they mostly recruit from.
Also, I don't know how much more value you'll get from an MBA from UNC if your plan is to work in multifamily development down the line. You're better off going through an MRED program and interning at a multifamily development shop with the goal of converting that internship to a FTO.
First of all, thank you for the feedback. It’s very appreciated.
I'm definitely keeping my options open. I haven't given up on a summer internship by any means and have a good lead at a MF group at a respected brokerage shop, so obviously that would be preferred as a way to leverage a FTO post grad without taking on debt. I just want to make sure I don't end up naked when the tide goes out.
I do have a solid level of comfort with the Clemson program. Handful of networking chats, some face to face with admin, and statistics/placement seem good. You need an internship to graduate and can do a 2nd one for credit hours to save $$ so that is a highly appealing component to the specific program. I'm supposed to take a tour and meet with the director sometime next month so that should get me closer to knowing if it's a fit. Some of the program's advisors/board are in Dev at Greystar which can't hurt.
Interesting note on the UNC MBA. To be honest, that was more just a vague concept on my plan if I was ever to do graduate education. Glad to hear that you think the MRED + interning at a MF dev shop is the optimal route. If I was to do a MRED, that would be my goal.
A lot of programs other than Clemson seem to either be really cost prohibitive (I'm going to graduate UG with no debt, picking up an 80k loan to go to, say, JHU feels silly when Clemson is closer to where I want to be anyway) or geographically irrelevant to me. Georgia Tech and Auburn both are also interesting but require work exp which sort of brings us back to square 1 I am looking at UF as well.
That’s great that you have a lead on a potential internship. Keep it up!
Brokerage can be tough and there will likely be more layoffs next year (although, I’m not entirely sure if analysts will really be affected), but I actually think starting your career at a brokerage shop is a great idea. I spent some time at brokerage shop working on the debt side and I found it helpful for advancing my career.
Honestly, the hardest part is getting your foot in the door. If by the time you graduate you don’t have a full-time gig lined up, then the Clemson MRED program might give you the time to network, sharpen your modeling skills, and find better opportunities.
I do really like the idea of starting in brokerage. I also love the people I've talked to in the office I'd be interning at so fingers crossed. Glad to hear I'm not crazy for considering the MRED, thanks for the feedback.
You would get a ton of value out of the UNC MBA for multi development in the SE. I can’t speak for Clemson’s.
Yeah, if he has the means to do so, but he hasn’t even gotten his foot in the door yet. If he gets an entry level position at a dev shop and works his way up, then I think experience is going to triumph the MBA. I can’t really speak for the SE, but the people I’ve seen go on to pursue masters degrees do so to pivot. For instance I know some people that were on the lending side that used their master degree to pivot to the principal side, but you can sidestep that if you network and work for the right companies.
Yeah didn’t mean to imply he should do that out of UG. He could try but getting actual experience first would be recommended over going straight into an MBA.
Dolorem distinctio est magni. Impedit eos id ad culpa in. Harum accusamus inventore temporibus ipsum nostrum reprehenderit. Quo animi est autem omnis quia quod et.
Iste aut et ipsa dolore voluptatem. Repudiandae aut asperiores aut molestiae.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...