The title really highlights the point of the post, but here is the context:
I currently work as a middle office analyst in the capital markets and trading division at a top-3 bank, and I want to pivot to real estate development at some not too distant point in the future. I finished my undergrad (strong regional public school, graduated Magna Cum Laude in engineering) less than a year ago, that's why I am looking to make the pivot at least a year from now. The planning, however, starts now, and I see two ways to make the switch - go through an MSRE/D program or simply get certifications, learn specific RE modeling, network hard and try to just find a development job as an analyst.
I am looking for advice from experienced people in the field because both options seem to have advantages and disadvantages, such as extreme costs of the top programs for which I would very much prefer not to take out large loans (I heard UW Madison and UF have good programs for public schools and a good price). Lastly, location is obviously everything, and even though I am currently not in one of the markets I want to be in, I ultimately want to end up in one of them: NYC and the metro area, Boston, Miami, Chicago, DC, potentially Denver and Seattle (I listed all these markets so that if people responding to this are in one of the cities they can offer local insights).
I appreciate any advice, guidance, and suggestions, thank you!
I successfully pivoted into RE development via an MSRE/D, but I recommend that you not take that route unless you find that you're unsuccessful in networking your way into the field without a credential.
RE master's programs are, in my opinion, better suited to people on the arch/eng/construction side of the field whose weak point is finance than they are for finance people whose weak point is design/construction. A smart person can learn enough finance for RE in a year of grad school, but the design and construction side is very hard to learn without direct exposure to it in a job. Since you're already working in finance, the value that grad school would add would be lower than it would be for someone who works as a project manager for Turner Construction but has no finance background.
One caveat is that the most prestigious developers who do the huge, famous projects- the Relateds of the world- do prefer people with graduate degrees, but they tend to go for Harvard MBAs and the like. That said, in my opinion, caring about preſtige in RE development is dumb.
Thank you very much for your input, it's very helpful!
I 100% echo what he said as someone who went from construction to development with an MSRE. The finance was pretty easy and definitely you would be fine with your current knowledge and adding maybe an online course like A.CRE. The construction/ engineering portions of the classes were a complete joke, didn’t even get close to scratching the surface.
Absolutely do not do the MRED, you already have the background needed for the job and need to step up the networking. Worst case work the job for a few years and get your MBA in real estate from a good program. I started out in the MRED program at Cornell and looking at how abysmal the outcomes were vs the MBA, swiftly switched over
Thank you for the insight, that makes a lot of sense!
Agree with the previous comments, network first and then, if anything, get your MBA. I also did engineering (mechanical) but worked in construction out of school, I took the MBA route to move into development. It worked for me, but even then employers were still questioning my financial abilities. Having a background in finance will make it easier to land an analyst role.
Regarding location, going to schools in the city you want to work in will go a lot further than just chasing a higher ranked program (the only exceptions would be the big guys (Related, Tishman, etc.) do national recruiting, so there the best program is your best bet). Your alumni network will be most strong in the city the school is located in, and you'll be able to network with local companies and potentially get internships with them.
Thank you!
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