Georgetown Master's in Real Estate
I'm curious as to whether this program would be worth it for me. Currently work as an underwriter for a bank with 10 years' experience underwriting deals in different CRE groups (construction, investor, CMBS, and REITs). I would like to move out of banking at some point and onto the equity side whether it be working for a developer, a family office, etc. I've done most of the modeling courses - A.CRE, BIWS, REFM, and others. While they're helpful for building a skill set, they are meaningless on resumes. My question is would be completing something like Georgetown's RE graduate program (I'm in NC and plan to be in the region for life most likely) worth it to improve my chances of landing a gig outside of banking? I understand a regional MBA may be a better choice, but most are more expensive than the Georgetown program and lack real estate tracks.
Considering your extensive experience in underwriting across various commercial real estate (CRE) groups and your ambition to transition to the equity side of real estate, the Georgetown Master's in Real Estate could indeed be a valuable step for you. Here's why, based on insights from the WSO dataset:
Skill Enhancement and Specialization: The Georgetown program is praised for its comprehensive content and ability to add more than just basic knowledge. It's designed to build on a solid foundation, which seems to align with your background. Given your experience and the modeling courses you've completed, this program could further refine your skills and provide specialized knowledge that's highly regarded in the industry.
Networking Opportunities: Although you're based in NC and plan to stay in the region, the Georgetown program offers networking opportunities that could be beneficial for your career transition. The program is known for its strong alumni network and connections in the real estate industry. These connections could be crucial in helping you move out of banking and into roles with developers, family offices, etc.
Credibility and Branding: As you've noted, while modeling courses are helpful for skill-building, they might not carry the same weight on a resume as a master's degree. The Georgetown Master's in Real Estate is a reputable program that can serve as a significant credential, enhancing your resume and potentially making you a more attractive candidate for the roles you're interested in.
Cost-Benefit Analysis: You mentioned the concern about the cost of regional MBAs compared to the Georgetown program. If the Georgetown Master's in Real Estate is more cost-effective and offers a curriculum that aligns with your career goals, it could offer a better return on investment, especially considering your specific interest in real estate rather than a broader business education.
Geographic Considerations: While the program is online and you plan to stay in NC, the skills, knowledge, and credentials you gain from the Georgetown program could still be highly relevant and beneficial in your region. Real estate is a field where specific expertise can be transferable across markets, and the prestige of the Georgetown name could carry weight even outside the immediate geographic area of the program.
In conclusion, based on your background and career aspirations, the Georgetown Master's in Real Estate seems like it could be a worthwhile investment to facilitate your transition out of banking and into the equity side of real estate. It offers a blend of skill enhancement, networking, and branding that aligns with your goals.
Sources: https://www.wallstreetoasis.com/forum/real-estate/is-georgetown-masters-in-real-estate-for-me?customgpt=1, Georgetown Online Master's and Other Online Graduate Programs, Q&A - Georgetown MPSRE Current Student
I graduated from the program and only had a year of commercial real estate experience prior. While I got a lot out of the program because of how early into my career I was, I don’t think you’ll learn much given your background.
Their alumni base is pretty weak and exit ops are driven by personal networking more than anything. Moreover, McDonough’s recent introduction of a new real estate program deprioritizes Georgetown’s commitment to the School of Continuing Studies program in my opinion.
Either network your butt off, consider going to a higher-ranking program (Columbia, MIT, Harvard), or get an MBA from a top university. The latter two options are certainly higher ROI alternatives as compared to Georgetown’s MSRE.
What did your classmates typically end up doing post-graduation?
Advisory, development, PE are the most common. Some don’t even work in real estate anymore, but thats due to economic factors and interest rates filtering people out of the industry.
The broader point to make is that the exit ops and network from top tier programs that I mentioned are concentrated towards Grade A firms, whereas most Gtown grads end up in less prestigious destinations.
Georgetown MBA graduate based in DC here, which is at the business school / main campus (unlike the program you are looking at). I recommend against the program at SCS for someone like you - moreso aimed at early career people looking to get out of a back or middle office role into a middle or front office role - e.g. get from accounting, loan servicing, tax consultant, etc to a portfolio management, asset management or acquisitions analyst role at mostly small to medium sized companies. The big guys recruit at MBA programs or the top MSREDs like Columbia, MIT, or USC.
Additionally, if you are in NC and know you will be there for life - you have the perfect school in Chapel Hill. UNC’s undergrad and MBA alums are ubiquitous in real estate in NC, SC, and DC, particularly in multifamily so you will have a massive network even if you go for a master’s.
One other FYI - some schools’ MBA programs won’t explicitly have a real estate track or certificate or whatever, but have a sizeable real estate presence and ample funding. My MBA diploma from Georgetown says zilch about real estate on it, but I was real estate focused along with ~10% of the full time class. There’s a whole real estate program (the Steers Center) with a ton of funding and its own faculty/board. Great experience and imagine comparable schools are similar (UNC being one).
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