Is it even worth learning excel modeling

Yes. It's obvious when I pop open a model and I can tell it was made by like a CPA or a CRE broker

While I appreciate you’re forward thinking and the fact that AI might be able to replace an analyst - modeling is table stakes to get in the door. You’ll need it to pass a modeling test to get a job. You will still need to learn excel for opening the door and highly likely you’ll need it on the job. This is because complicated debt structures still need a human touch. I’ve tried it with AI but it just isn’t 100% accurate yet.  I’m sure it’ll get there, but still need to know excel. 

for RE I think it doesn't really make sense, models are very simple, so your right

You’re conflating modeling and underwriting. Yes, decent amount of modeling will be handled by AI in the future, particularly first cuts. But underwriting is still going to be needed, and that’s where analysts and associates will spend more of their time. And then as far as top MBAs go - yes still valuable. That’s where you build soft skills required for higher level roles, and build a personal network. Those are the things AI can’t replace 

You are ambitiously thinking ahead and yet backwards at the same time.

Your post misses the point of the modeling tests (and the skillset) as a condition precedent to employment --- as they are testing your root to tip fluency in evaluating and understandng investments not your ability to create a technical model for them. 

Most firms have 3-5 core model that they use and what matters is that the users understand the process deeply as they will be the ultimate clerks of the works. They don't need model builders as 90 percent of that work is already done by the time you get there. Your post conflates technical skills with the artisanship of dealmaking (which is an intersection of many disciplines and dispositions personality-wise and  will arguably be the last thing to be replaced by AI).

Bad take my friend. It's 2025, you're not the first student to think of applying AI to commercial real estate. If this was a novel idea that can generate value, then the largest firms with CRE teams (that are ALSO backed by teams of software engineers, such as the large banks and the largest private equity firms) would have already done this.

As others have pointed out, modeling is essential to fully grasp a deal.

Besides, there's been so many firms trying to automate CRE that have failed. So many people try to get rid of brokers through automation, and they haven't made a scratch to the market.

Trying getting AI to build a full project finance model…

With the current push toward artificial general intelligence, I’m questioning the value of business and real estate degrees. Is an MBA worth the $200K headache? (Yes, I attend one of those so-called "target schools.")

Do you actually understand what an MBA or MSRED gives you?  It feels like you must be trolling, to conflate "excel modeling" and business school as the same thing.

Here's a secret - excel modeling is barely useful anyway.  No one gives a shit after you're 25 if you are good at modeling or not.  It's like 5% of the business.  It's the rest of it that is important.

Your MBA will give you connections you'll be able to leverage in the industry.  It'll give you expertise and skills in non-underwriting areas.  It will open doors professionally as you job hunt.

Your entire post (and this isn't unique to you, most WSO have this flaw in their thinking) is basically saying "there is a skill that generative AI can mostly replicate but which is only relevant for a few years of my career, should I make a decision which will impact the next 40 years based on what will save me in the extreme short term?"

If the big firms don’t adopt it, smaller shops will, and in-turn will be twice as efficient with time to delivery for clients. I think it’s coming.

I would also encourage you to look at software such as Built AI or even just excel plugins with LLM integration. It is not rocket science that we are solving just elementary mat

Automation and AI are extremely helpful when underwriting deals, many of the largest CRE intermediaries to this. However, it has become increasingly apparent that the younger folks in the business rely too much on add-ins, AI, etc. The point of modeling a deal is two fold: 1) clearly and concisely lay out the intricacies of a real estate transaction so that multiple parties can lay their eyes on it and understand the deal. 2) More importantly, is there for the analyst/associate to be in the weeds, learn the hot buttons of the deal, learn about what changes lead to what outcome. Modeling is there for the young folks in the business to LEARN THE BUSINESS. 

Some guy above nailed it.

I spent 8 years modeling....so now I can review an OM and structure a deal in 5-10 minutes. I know the right questions to ask off the bat and what the issues are with the deal. The people who i work around that don't...and now i work in lending take a much longer time to get to where I am, like they have to review in hours.

I'll bite based on my experience as a developer working for the biggest names in the business / deploying a discretionary fund model and also smaller shops that raise capital deal by deal.

1. MBA is for the network - that's why only "M7" or top 10 is worth it in my opinion. It's an expensive schmooze fest but if you can swing it at HBS or Wharton, and are likable/network while there, the six figures invested quickly seems negligible.

2. Real estate is not a science and the modeling is only worth so much. Garbage in, garbage out, only as good as your assumptions. At the end of the day, they are just that: assumptions. I know a lot of people with projects in lease up that are exceeding proforma rents with strong leasing velocity, but oops the interest reserve line item is light because of unpredictable macro-level political/economic events so now my project I theoretically didn't really miss on, is still not cash flowing.

3. There are prolific developers that drive a site, ask two or three questions, and make the call. That's it. Yes, some type of modeling potentially educated them on the two-three questions to ask, meaning they might have learned the levers to pull from staring at Excel long enough, but it's more likely they learned through experience and keeping their eyes open. Not technology or some complex financial model.

4. Someone else said people making $500k aren't looking to make things less complicated and destabilize their perceived value. Along those lines, real estate is an old school boys club that isn't full of tech nerds. They've seen Costar, Axiometrics, Real Page, Red IQ, etc. all enter the scene and they shrug somewhat. People have been trying to find tech that can revolutionize or make the real estate business more efficient for decades. It's a people business founded on relationships spanning generations and the newest cool tech is another flash in the pan. It won't get deals done and it's not going to find my next off-market site, at least not yet.

Bottom line, real estate is the last business to be replaced with AI and the financial model is a small fraction of the overall equation. Give me someone who knows the market, local zoning environment, and is a go-getter not afraid to talk on the phone or get out there and meet the right people in person. A real dynamic human being that can make things happen. I don't care if they've never even opened Excel. That's the easy part that one can learn. The hard part, and some people never get there no matter how hard they try, is being the dude.

No you shouldn’t learn modeling. Let me know how the interviews go though!

Classic case of tech nerds thinking they have all the answers to a business they don't know a whole lot about. Reminds me of being wide eyed and thinking about how to take down the rental brokers in NYC 10 years ago...before I realized they know theyre useless and so does everyone else but there's a lot of people with a lot at stake that will make sure it stays that way. Modeling is a small part of the business - acquistions guys run on relationships and creative deal structuring...not the speed of their models. Also the analysts are there as the MDs right hand / slave, taking that away from them will be an ego trip plus what are the MD gonna do the models now that you took away the kids they get to yell at whent they're having a bad day? LOL. So sure go ahead and make it but good luck convincing anyone to pay you money for it. 

This has been overstated throughout the thread but the purpose of spending years in the excel model through your analyst and associate years is not to become a world-champion excel modeler. It's to learn the business, know what levers can be pulled/the effects they have, and how to ask insightful questions when reviewing deals. 

Additionally, it allows you to speak fluently when meeting with people in the industry and prevents sounding like an MBA grad fresh into CRE. 

Just hold on tight and wait for Ai brother, soon it'll do all of our work for us

Half the time this business comes down to knowing someone will do something because you’ve known them for decades. LOL AI, enough with the tech nerd losers.