NYU MSRE Thought Process
Hey all, first post on this website but I've been lingering for a long time now. Wanted to get some insight from others to see if I'm on the right track with my thought process for going to NYU for an MSRE.
Some background: I went to a target undergrad school and graduated with a 3.7 gpa. Problem is I also played a D1 sport during my time at school and decided to focus on that more than recruiting/networking during my time at school (still had some internships at smaller investment firms in NYC). Essentially, I wanted to try playing professional sports after graduation so I never locked in junior and senior year to land a full time gig. Spent the year after graduation bouncing around a few cities with lower tier professional teams and quickly realized I would be stuck doing this for the next 5 years with minimal progress and income. Decided to pivot and got a full time role in Dallas for two years doing RE asset management. I've been recruiting to move to New York but have only been getting looks for other RE AM positions at places I don't entirely want to go to.
I guess my main question here is about the NYU MSRE program. Would it be reasonable to use this program to essentially re-recruit for a position in New York for REPE or a REIB team? I would prefer to do this and get a role I really want to be in rather than recruit another 6 months to a year to land a role I don't necessarily want to do. I understand a lot of people are skeptical of the NYU program because of the cost and amount of people they let in, but I'm thinking if I combine this program's network in NYC with the prestige of my undergrad I will be able to get some looks at top firms.
Happy to hear thoughts to see if I'm missing something here, or if this seems like a reasonable path to take to break into the NYC market. Thanks.
Would you consider doing an MBA? or only real estate?
An MBA would probably be the better choice but I'm not in a position to wait until Fall 2024 to start a new program. Due to some family circumstances i need to move back closer to home(NY) as soon as possible and I would be able to begin NYU's Masters program starting Jan 2024
Why do you recommend MBA vs MSRE?
bump
Are you referring to the Master's in Real Estate - Finance and Investment concentration or something else?
Yes, sorry I should have clarified that. Masters in Real Estate with concentration in finance and investment.
The MSRE's finance and investment-focused program is very well known and well respected in NYC (perhaps one of the oldest such master's programs?) and has been known colloquially as "the program" in real estate professional circles for a long time now. Plenty of MSRE graduates get those roles in REPE and REIB as evidenced from looking at LinkedIn or casual bio / about us / team keyword Google searching. Unlike other MSRE/D programs in the area - NYU MSRE alumni base is very NYC-centric, usually strong family ties to the area and they mostly stay in NYC post grad. But unlike a top MBA program (and this cannot be overstated enough!) you will have to put a good/great amount of effort doing your own opportunity-finding legwork and as has been mentioned ad nauseum: definitely do not graduate without at least +2 completed internships under your belt in the relevant subject area. All considered, this program has become extremely expensive and only you can decide if that cost will ultimately be worth it.
In the program now and agree, many people are doing the program without an internship and what separates you from the next person when you graduate. You need internships, which seem to be slow. I was maybe in the 10% of people I know who landed somewhere in 2022 and similar 10-20% now. Market is not the best so if you're starting soon think about that.
Do you think working full time in a RE role while going to classes part time would be optimal?
Do you think starting this program during the spring semester has any disadvantages for internship recruiting? One concern I have is only having a few months to land a position for the summer. And I'm not aware of any reasonable availability for off cycle internships
What if I am coming with ~6 years of experience in REPE? Would I still need to complete internships or could I begin recruiting for a full time role immediately and drop the academic side to part time if I am able to find a role? My main use for the MSRE would be to anchor myself to NYC and build my network in a new market.
It depends on your connections, now it's tough to get a FT job and if you got a FT job why do you need to spend money on the NYU Masters program? It's more for people trying to move to a better firm which may be tough now or for those not in RE before. If you have experience you will beat out 99% of people here (currently in the program) and idk how much benefit you will get tbh.
I will second all that has been said and add that I usually don't think it's great value for money as compared to an MBA. If you don't come from a RE background, it can help you get your foot in the door, but the rest will largely be up to you. A lot of people in the program exit into analyst positions in REIB or REPE while comparable MBA grads are going into associate roles. It sounds like it might be a fit for you based on all that you have said, but I would keep the above points in mind when making such a large investment.
That's fair, currently in the program. I think part of it too is age, I know people doing the MBA are closer to 30 whereas MSRE/D are closer to 25 so makes sense on the Analyst/Associate distinction. To be fair the MBA program is much better than MSRE, but business focused and 2 years.
+1 coming in as REPE / REIB Analyst vs. Associate distinction makes sense. The post-MBA folks had substantive experience *before* they even entered the MBA program as that is part of their application requirement. I think the MBA is such a different species of degree than the MSRE/D, which is much more focused, subject matter oriented - it is not really an apples-to-apples comparison. Also a ~100k difference depending on where you go.
I graduated from the program last year. PM me if you have questions.
Given your background, I do think NYU's MSRE program would help you break into real estate finance/investment roles, but as others have mentioned, the most important value of the MSRE program is that you are a student again and can now use that card to do some internships. The program itself is a joke. If you do go the MSRE fulltime route, I would advise taking all night classes, so that you can intern during the day (this is what I did). Anyone who is doing the MSRE program and not doing internships in the real estate role that they want is wasting their time and money. However, as others have also mentioned, an MBA at a top program is much more valuable but also takes more time and is a lot more competitive. The only reason I would do the MBA route over the MSRE route is if you are trying to go MF REPE, but tbh, without any previous REPE experience, it will be tough to break into MF REPE from a top MBA program anyways.
Source: NYU MSRE Alum
Can you expand on why you think it’s a joke? I’ve heard the material really isn’t that difficult. Considering that some people do the program fresh from undergrad, I’d think anyone who’s been in the industry for at least a few years isn’t really learning anything they couldn’t learn on their own.
The reason it's a joke is basically the reasons that you listed. The NYU MSRE program admits applicants from all backgrounds ranging from candidates who already have a strong finance background to none at all. What ends up happening is that the classes are too easy for the finance background students because they basically just teach what NOI is, but then it is too difficult/fast pace for the kids who do not have a finance background.
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