Masters in Real Estate
I am a rising senior at H/Y/P/S/W looking to pursue a career in development in NYC. I feel confident in my ability to get a development job out of undergrad based on conversations I have had with different groups, but I am considering getting a masters in real estate to build on my technical skills. Will a masters help me in advancing my career/going out on my own or is this an unnecessary expense? If I were to get a masters would it be foolish to get it in Europe? I really like the idea of studying in Europe before working full time in NYC. Any input/suggestions would be greatly appreciated!
Experience > Education. The market where you cut your teeth matters, especially in development.
Would a masters provide me additional credibility if I want to run my own firm or does it truly only matter what deals I work on? How are European degrees viewed in NYC?
A masters degree will not give you more credibility in doing your own deals. 99/100 investors will choose to partner with the person who has real deal experience not the person who has a more expensive piece of paper.
You need experience at the end of the day, no one cares about a piece of paper. A professor from NYU would literally tell us 100 of you are graduating at the same time with the same degree, experience is what will differentiate you. It helps as a check, but as we're seeing now it's really about the market and how that's doing. In a good market you'd have jobs lined up, in bad like these you and everyone could be looking for 6-12 months. I know many people from NYU and Columbia that were looking for close to 12 months, are still looking, or wanted acq/dev and took investor relations roles and chief of staff (glorified secretary) roles to have a job. Many more moved home, left the city, or were hired then let go within a year of graduation due to the market.
But you need experience, if you came to me and said I went to xyz undergrad, NYU MSRE and are writing bs like you UW deals in class etc that would mean very little to me. Having gone through the program, we would all see good name but this experience isn't legit so it won't help you land a role per say.
If I were better at life I wouldn't have needed additional schooling.
Development as a discipline is practice-based and the learning is on the job. It has always been that way. The MSRE(D) is a much more recent species of the MSRE degree. Focus on experience and forget the MSRE(D), and is generally thought of as a "cash grab" (as opposed to a formal architecture degree). Plus -- the usual top suspects are ~$100k+ which can be spent in far better ways.
A master's can enhance your technical skills and knowledge, making you a more competitive candidate for senior roles or leadership positions. However, if you're confident in your ability to secure a development job without a degree, it might be an unnecessary expense. If you do decide to pursue a master's, studying in Europe can be a valuable experience, especially if you're interested in international real estate development. Ultimately, weigh the costs and benefits carefully to ensure it aligns with your long-term goals.
Look into other schools besides the names you mentioned. Like others have said experience matters more than a masters. Look at the MSRE as a slap ontop of your work experience to pivot into something else in real estate. UF has a pretty good masters program in FL if you’re interested. otherwise try and find an entry-level job in RE.
Agree. Financial modeling skills are needed, but if you don't have transaction experience behind them....not helpful at the junior level. Feel free to DM me.
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