Should I apply to Masters of Real Estate programs?

Hey everybody,

I am a 2020 graduate of Cornell and have been working for nearly a year now. I work in a completely unrelated field without any experience in institutional real estate (however, my family is pretty invested in RE and have developed a few profitable properties but this is more small scale). I have always been interested in commercial real estate, specifically development and acquisitions (I know development is something people usually break into after having other RE experience under their built). I tried to break into the industry my senior year of college but things didn't work out. Thankfully I landed a pretty cushy job, but I absolutely hate it and cannot imagine staying at this place long-term.

I was wondering if it would be worth it for me to apply to some Masters of Real Estate programs in the Fall to make a career transition. I have been able to save a quite a lot of money (working from home and some lucky plays in the stock market), and would most likely be able to completely foot the bill for a 1-year program. 

I'm primarily interested in Columbia's MSRED program as I would like to stay in the NYC area and it is only one year. Is it worth going broke (but no debt) and forgoing a year's worth of income (~100k worth of income) to make this career transition? What kind of positions would I be able to recruit for and what would typical compensation look like starting out given that I have no previous RE or finance experience. I have researched the industry extensively for the past 2 years and I am 100% confident I want a career in it, and I would also like to make this career transition sooner rather than later as I hate my current job and hope to open my own firm one day.

Thanks everyone!