Is an MSRE worth it if you have already broken in?
I am an analyst at a development/investment firm across different asset classes. I have been here 6 months, and I've learned so much. Starting to underwrite deals myself for one asset class. For another asset class, I focus more on the capital markets side. It's awesome because I am getting exposure to multiple asset classes at the same time.
Given the above, would it be worth it for me for a specialized masters in RE? I can't imagine a degree giving me the same amount of knowledge as real life work, but wanted to know if any of you went for a MSRE/MSRED after already being in development.
Well it’d be helpful if you stated what your goal / preferred outcome was?
Want to stay in development and move up the ranks
It wont help you move up ranks imo. See what qualifications and certificates your boss and their boss has. Ask them if they were useful and go from there.
I would say probably not worth it. The exception to that might be if you're dead set on working for a big-name developer like Related, BXP, Hines, etc where a lot of the people on the development team have advanced degrees and degrees from elite universities. Even then, an MSRE would give you the biggest boost if you went to a non-target for undergrad and you were able to get into a target like Columbia or MIT for your master's degree. Those companies do tend to favor MBAs, although they hire MSRE students too.
In terms of actual learning, nothing beats job experience. Especially in real estate.
If you’re already in development, you will learn more on the job. If you’re trying to go somewhere like BX / Apollo / KKR, get a top five MBA. I did my MSRE only to break into development as part of the advanced degree arms race that was prevalent for those roles. I saw that as the lowest cost option with the most upside to help get my foot in the door. It was adequate and that approach successfully got me more legit looks, but not worth $50k+ solely for the knowledge or learned skills.
Yup, currently in the NYU MSRE program and I agree. Helps get in more doors as a lot of firms may only want to hire graduate level interns and from there a possibility of getting a FT offer. Especially in a big city, a lot of people have gone through NYU or Columbias MSRE(D) programs.
The most beneficial part of an MSRE is the network that comes with the program. You are essentially paying for access to the alumni network and connections with your fellow classmates. You will likely learn more in a job setting diving deep, solving day-to-day problems on live deals vs an MSRE where your learning experience will be a mile wide and an inch deep.
I would say if you are trying to "move up the ranks" stick with your job and keep learning. Though if you see yourself wanting to spin off and create your own small dev shop, an MSRE adds a lot of credibility to your resume and can help connect you with others that can help you achieve those goals.
While a graduate degree in RE pads the resume, companies don't typically pay a premium for that level of education at an associate level. Ultimately what you are getting with an MSRE is an expanded network.
+1
I think this comment sheds light on a critical and not often talked about aspect of the MSRE degree: if you open up your own shop it will give credibility to your endeavors and give you an already built-out network to source the critical pieces of any deal cycle. This is MSRE-specific given the depth and breadth of an all-real estate network (times the class size times the age of the program and how centric they are to the region where the program is located). The caveat here is -- you must stay connected to your network generally and over the long term (which many folks let lapse and atrophy given the demands of everyday life and the natural passage of time).
Disagree with both of the posts above to a certain extent - coming from someone with the degree in question who took classes in-person. Firms will absolutely pay a premium at the associate level, and the ‘network’ is overrated - this isn’t HBS. A lot of people move cities, switch industries, and even those who stay in the same space haven’t kept up. I am in touch with one person from the program frequently, and we both agree that when we do randomly come across former classmates, the story is usually that they haven’t spoken with anyone in a while. I guess if you know nobody in real estate going in, then sure you’re going to meet people but you could very well be disappointed. Posted about this topic years ago when I was fresh out, but clowns chase this degree too…Just my two cents but if you’re looking to expand your network so people take you seriously when you start your own shop, get a top tier MBA.
redever
kruzon Thanks for the shoutout! Oh, this popular question on WSO......... Okay, since requested my points/thoughts....
- To the OP, since you only have been in this role for 6 months (and it sounds like your first job by context), WAIT.... you may need/want a grad degree or maybe not, give it a few years... don't go spend a ton of money on a grad degree until you determine very clearly you want/need it.
Beyond that for the everyone reading....
- IF you have been working in real estate (within the specialty/focus area you want) or got a UG degree in real estate, and/or basically have the technical and some of the theoretical knowledge that is common in MSRE curriculums, then you probably should just look at MBAs or MSFs for grad school if at all. The MSRE is great for a person with a background in something other than CRE and needs to get educated/indoctrinated fast. If you have tons of YOE but no formal RE coursework, it could be valuable, but on net, the MBA could be better (down to personal choice/desires at that point, but I'd nudge towards the MBA most likely).
- Grad school (regardless of MBA or MSRE or whatever) is great when you want to 'reset' your career, ideally at higher/better level. This why people pay shit tons of $$$$ to get these fancy degrees most of the time. Specialized technical skills can help, but if already in the industry, the degree prob wont add tons here (again depends on what you know as a baseline). So, to the OP.... if you feel 'stagnant' at the 3-5+ mark... grad school may make sense OR if you want to totally shift focus OR level up (like go for BX or whatever), then grad school could be the ticket. Right now..... just work.
- As has been said above, grad school is more than just the 'knowledge/coursework' it's also the network and the certification (which is gained in relation to the program's 'prestige'). There really is no denying it, the networks and cert effect are why big name programs are so hard to get into and can charge so much. What is the value of this to the OP or anyone.... very personal! TBH, I know many people older than me who paid tons for fancy Ivy grad degrees and are not as far as I am in career terms or other 'state schoolies' like me; I also know some Ivy grads who are fucking MDs at big name firms prob pulling multiple millions in good years at same age or younger; this is very YMMV. In short it matters to some people a lot, and if you want to work at the firms they run, then it matters to you. But, you can have a great career without all that, however, you may live and die with some regret for not doing it... like a big 'what if', true for some, not other others... YMMV.
- Will note (has I have often on these type posts), the big deal of grad degrees is how ubiquitous having one is becoming! Like I'm in NYC, and TBH... it feels like everyone who works in high-end real estate and def finance along the Acela corridor has a grad degree, often from an expensive/fancy place. I've pulled the stats in market research, the percentage of people in Boston, DC, and NYC with grad degrees is huge. SOOOOO.... if you don't have one.... it could be a big drag/disadvantage in some horse races. Not just in going for promotions (in fact, not likely to be one at current firm), but in headhunting/recruiting (even if job doesn't 'require' it), and it capital raising and other things where your 'bio' matters. The shitty part of this is that getting the grad degree confers less and less 'advantage', and not having one seems to carry more risk and disadvantage. Now, go to the Southeast..... much fewer people will have a grad degree... and where it is from matters less (like in the SE, schools like U of Florida, Clemson, U of Georgia, etc. will honestly carry nearly as much weight as many of the Ivys at a lot of firms). So, to the OP and others... are you in a world where all your peers and aspirants have grad degrees?? If so, it is probably a bigger priority than otherwise.
Those are my thoughts, this stuff is hyper-personal and very YMMV. Where you get in, ability to get good grades, desire to go for 'top' jobs etc.... really not a one size fits all on this!
Realized I never thanked you for this great response. Thank!
If you can do it part time, then maybe, but if it's a fulltime program, I would say skip it.
Echo the same, part time at NYU vs full time at Columbia may be better. The idea is to also get work experience while in the program and Columbias schedule kind of screws you to where there is no option to work while taking the program and overall work experience is the most valuable.
2-3+ internships vs. ~1 internship, all things being equal, will have an impact on one's post-grad marketability and opportunities. Also, what is the percentage of students that stay in NYC vs. go abroad (or generally leave the City) after graduating from these programs? Relevant as to the size of the local MSRE(D) alumni base.
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