MSc: LSE REEF or Bayes BS RE Investment
Hello monkeys, I am in need of some help. I am a long time reader - first time poster. I know the title to most finance people will be a no brainer, but I have a couple of questions about the two.
I have been offered places at LSE for REEF and Bayes Business School Real Estate Investment.
Background: Currently working up North in the UK for a PropCo as an analyst (9 months). I applied to MSc courses for personal reasons and post-grad opps are much better than my current options now. Don't get me wrong the DCFing and debt market analysis is fun there, but I want something less specific to what their focus is this early in my career (and being in London would be much more fun) Hence not applied to Cambridge MPhil REFin.
Post-MSc Motivation:
I want to do a grad scheme at a large institution (think Abrdn/Schroders/BNPIM or maybe RE credit but unsure) then hope to move to a distressed REPE fund afterwards.
A) Which has the better reputation in the job market, and what would get me into these roles now and further down the line?
B) I am doing this as an academic but do you actually learn anything at a MSc at LSE, rather than academic work? Therefore, is Bayes a better option due to its practicality? Making the transition into the work force easier?
C) Side bar: Does APC matter as much going to work for a REPE MF?
Help is much appreciated.
Based on the most helpful WSO content, here's a breakdown to help you decide between LSE's REEF program and Bayes Business School's Real Estate Investment MSc:
A) Reputation in the Job Market
For your goal of joining a grad scheme at a large institution and eventually transitioning to distressed REPE, LSE's global brand might carry more weight, but Bayes' practical focus could make you more job-ready in the short term.
B) Academic vs. Practical Learning
If your priority is practical skills and job readiness, Bayes could be the better option. However, if you're looking for a prestigious academic experience with strong long-term benefits, LSE might be the way to go.
C) Does APC Matter for REPE MF?
Final Thoughts:
Given your background and aspirations, you might also consider supplementing your MSc with practical training, such as the WSO Elite Modeling Package or other financial modeling courses, to enhance your technical skills and stand out in REPE recruiting.
Sources: Best Real Estate Msc program in UK/Europe, https://www.wallstreetoasis.com/forum/school/uk-master-in-finance-advice?customgpt=1
The only opinions you should care about are the opinions of the people who work at your target firms, so take mine with a grain of salt
Depending on the WLB you want, there's a handful of firms who do small to mid cap credit, and you could get your foot in their door by emailing or networking
Course content: LSE has a focus on urban economics, and less of a focus on industry. Bayes is more relevant here
Industry: they're both relevant degrees with good reputations in industry. On the off-chance that you would like to pivot into corporate finance instead of real estate, you would do better with the LSE degree
Campus events and connections: LSE does a relatively poorer job, whereas Bayes puts more of an emphasis on it. However, the LSE brand may take you further if you leverage it
RICS: broadly, RICS only matters if you'd like to be a valuer, or a broker in JLL/CB/Savills etc
Thanks a lot for the insight.
In terms of pivoting, (now assuming that RICS is irrelevant), would either starting at a UMM Fund or working up or Schroders/BNPIM be the better route? And does this route have possible jump to MF and more that platform level underwriting.
I don't think there's a tried and tested way to land at a REPE MF. That being said both degrees could land you a role at a good REIB group, which has the highest chance of getting to a big name. However, a lot of people have landed in big names from many routes. I've also seen people work at UMMs part-time while studying, and end up lateraling after converting FT, or get into PIMCO with just Cambridge on their CV.
Broadly speaking, London/European experience on opportunistic/value add transactions would be ideal compared to core/core+ (even if it was from BX/Starwood etc). The analogy I've heard is that transacting a shed on a farm in Yorkshire will always be easy, if you've worked on a 5,000 unit pan-European portfolio. Direct vs indirect is a different discussion.
Keep in mind AXA IM / BNP IM are still figuring out the nuts and bolts of their merger. Regardless, they'll still be the biggest player in European RE debt afterwards. I don't know much about Schroders apart from the fact that Schroder's Capital (which their RE arm sits under) is looking to expand.
You mentioned that you're unsure of what you'd like to do - setting up calls with people in London would probably be your best bet. Repe MF is not the be-all-end-all! The only fixed variable I've seen in securing a role is the quality of relationships that you make. Perhaps a friendly northerner in London could help?
If the Yorkshire tithe barn analogy is the way, I might as well look for a UMM/SMM REPE fund straight out of MSc and get the experience lol.
Thank you for the detailed info, much appreciated.
Haha! Perhaps. Good luck with everything
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