MS Real estate vs MBA with a focus on real estate

Hi all, I'm considering pursuing a graduate degree to break into real estate, I have a 3.6 gpa from a top 50 business undergrad and a 730 GMAT. Im looking at the MSRE from NYU as well as the MSRED and MBA programs at Columbia. Does anyone have any experience from one of these programs? what would you recommend?

 

Thanks for the responses, would you still suggest I go with the MBA if I'm 100 percent sure I will work in real estate? The MBA Columbia definitely looks better on a resume but I would only be taking 4-5 classes on real estate whereas the MS Id be taking 14-15 classes on real estate.

 

According to my opinion, if you are sure about your goals and you think that you're interested in MS Real Estate, then I think you must go for it. You earned a good gpa as well. To be a real estate agent or to be a part of a real estate company is worthwhile. It's not an easy task. There are many real estate companies but all are not earning the same. Some are well recognized and well reputed as well. For example, Outpost Realty. This company belongs to Loreto Baja California and I know this company as I was searching on the internet for Loreto Bay Homes to buy a permanent home for me and my family. They are the Loreto real estate agents providing services to the people to invest in the real estate property as well as to buy the property from them. So, it can be a good business. I think if you have the skills and abilities, you must do MS Real estate.

 

Columbia makes you more marketable and has a better network, just get extra real estate textbooks...

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Best Response

I respectfully disagree with all of the responses above. Nothing can trump work experience and consistent network building, especially in a relationship driven industry like real estate, and especially if you are laser focused on honing a career in the real estate industry. I see much more value in working part time while attending a reputable MSRE program, with a major added bonus if that program is in the local market in which you want to work. The opportunity cost of taking 2 years off of work is huge. Frankly, I find it hard to believe that the majority of real estate decision makers would choose an MBA graduate with 4 years of work experience over a MSRE graduate with 6 years.

 
pe_re24:

@Ricky Rosay - The most prestigious funds would choose an MBA with 4 years, given all else equal.

I would be willing to bet that the median Sloan MBA is smarter than the median MIT MSRED guy.

if it's all about experience, why hire a young person anyway? Why not an MAI with 40 yrs experience?

 

After reading the comments I'm kind of split. Although this is a very imperfect example, the Georgetown MPS in real estate program is the one I know best. It's part-time, it's not ridiculously hard to get into, it's only $30,000 for the whole program, and it has very strong networking and job placement in the real estate sector, especially within its geographic market. If you honestly, truly only want to work in the real estate industry then I would go with a real estate master's program IF the program you attend is as strong as Georgetown's. I know zero about NYU's or Columbia's program, which is kind of the x-factor in my advice.

I do agree that if you want to work at one of the most elite RE groups then Columbia MBA is the way to go, but the reality is that there aren't too many super prestigious RE groups anyway--the real estate industry is a meritocracy that doesn't value "prestige" and "pedigree" the way other industries might. And for most people in real estate the ultimate goal is real estate development, which is basically a pure meritocracy.

 

I think solid arguments for both have been made above. Personally, I would go MBA route, but that's just me. If you are absolutely certain you want to do RE, than I think either one would set you up for great job placement if you have the relevant work experience to go along with it. My best advice would be put together a long list of the companies you would want to work for and look at their backgrounds/schools.

 

I mentioned this in another post, but I currently work at a Major (top 3-5)) REPE firm. Have been here for 4 years, joined out of undergrad.

I would definitely go the MBA route. With those stats you can probably get into CBS...I have similar stats (slightly lower GPA) and recently was accepted to CBS full-time MBA.

I know from a hiring perspective we would greatly prefer the MBA...and we only recruit from CBS, HBS, Wharton, Wisco, etc...

 

It is great to hear that you recruit from WISCO, have not heard of many firms that do despite the high ranking RE MBA program. I can go there for free so I am def looking into it.

Dominic Toth NYU 2018
 

I was in the same boat. After speaking with a number of individuals at various REPE funds, I decided that the MSRED at Columbia was the best choice. I knew I definitely wanted to be in real estate, and truthfully, I had no desire to take Stats, or Operations classes etc, not to mention spend the extra coin. That said, it really depends on your background.

I should also mention, that CBS kids don't always get into the MSRED classes, as it totally depends on whether or not there is enough room to accommodate them. MSRED kids are in the same boat, in that they can register for CBS classes, but will only gain admittance if there is enough room. In other words, you get first dibs for whatever program you are in.

Bottom line: MSRED might not get you into a Blackstone or Starwood, but if you network strategically, you shouldn't have much of a problem.

 

I've heard that Columbia's MSRED placement is almost entirely based on your work experience before entering the program. If you were IBD vs zero experience (looking to transition). The former will place into decent shops while the latter will end up at one of the brokerages. This was what a friend of mine who completed the program told me.

Please don't quote Patrick Bateman.
 

I think that is almost with anything though. If you don't have a background in RE, then I would probably go the MBA route, but if you do have a comprehensive background in RE, and a very specific plan in mind, not to mention a sizeable network within the industry (particularly in the fund world), then you can do just fine. I personally know of people who have worked in major brokerage houses prior to getting an MSRED, and later transitioned to the buy side.

 

Depends a lot on what your background is, and how much time you're willing to go unpaid. If you have 0 RE experience, maybe the MBA would be a good route because it is broader. If you have exposure to the industry and want to enhance your finance, development, etc knowledge specifically in RE, I think a strong MSRE program, part-time would be a good route.

Some programs may be easier to get into when looking at the stats of an applicant, however I know for a fact the classes in the good programs are rigorous and weed out anyone not interested or capable. My friend in the Georgetown program said more than half his intro finance class dropped out - just as an example.

 

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