What types of opportunities can I expect to reasonably be qualified for with 2 years of experience as an analyst at a brand name brokerage shop (CBRE/JLL/Cushman) after a program like USC's real estate program? The idea would be to network my ass off during the 10 month program and possibly pick up a job while attending. Anyone have a similar story? THIS IS REAL ESTATE RELATED
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Don't go to those programs. Go to a top 20 MBA or dont go at all. ESPECIALLY for real estate.
Can you explain why? the average base placement salary for non-development roles from USC's 2022 class was $148.5k. The average salary for UCLA's MBA real-estate focused students was $142.5k from the same year. However, USC's MRED is a 10-month program vs a 2 year MBA program. It seems like an overall good deal unless I'm missing something.
You’re not accounting for the experience of people prior to the program. Those stats are meaningless because some people go into those programs with a ton of prior acquisitions experience at reputable firms. You can’t assume just because you do a 10 month program you’re gonna make $150k afterwards
Couldn't I make this exact same argument against an MBA? I need tangible reasons why MBA > MRED if the salary numbers are thrown out the window.
This isn’t a simple question. Depends what you want to do career wise. Depends what type of deal experience you have. Depends what the job market is like when your program ends.
Generally speaking, MBA programs are harder to get into, more respected, provide better networking opportunities (due to the quality of the class) and have clear pipelines to certain jobs. Also generally you want 4 years of experience prior to enrolling in an MBA.
this question can’t be answered on WSO. Go do a coffee chat with someone on their early 30s who has your dream job and get their take
Fair enough
"this question can’t be answered on WSO. Go do a coffee chat with someone on their early 30s who has your dream job and get their take "
Except for this... My initial post was pretty specific. I wasn't asking is a MRED > MBA. I was simply asking what can I expect with my background going into a very specific program. What others have seen/experienced. Not sure why the original commenter wanted to derail it into a debate about an unrelated degree but here we are...
They answered. They said with the background of minimal work experience the MRED is not as good as it seems. You can’t expect the compensation the program touts.
As an MS in RE holder, I agree. I did my program with minimal experience. I was able to compete with undergrads for jobs not MBAs. Came out of the program with an undergrad salary. Not MBA. It helped me get a job. But nowhere near 150.
What does "minimal" mean? (What was your work experience)
Did you work/network during your program?
Also, which program did you go to?
Minimal means 1 year. Went to NYU Schack. Of course I networked.
If I had to bet, the reasons salaries are so high out of the MRED is because people enter the program with many more years of experience. Schools do their best to increase the base salary upon graduation just like brokers do their best to increase projected stabilized NOI. Higher salaries means higher rankings. It’s all a game that can’t be taken at face value.
You haven’t stated what you want the MRED to accomplish for you. If it’s just a higher salary - I don’t think it’ll do that. If it’s your network. It’ll help but frankly being on a good brokerage team is better for learning and your network. I’m not sure you need an MRED if you want to move out of brokerage. Most firms will hire you. Leaving brokerage; you have a clear path to that $150k base salary you seek. You can find it if you want to work at a blackstone type firm. If you don’t, you can get there in 2-4 years of additional work experience.
The MRED isn’t going to be the reason you get to $150K base no matter how you network. Unless you go to a blackstone type firm or a big corporate with standardized salaries, the education isn’t going to allow you to get that higher salary without luck. You’re getting a better education in brokerage. Use that professional network to make your move.
You can get an entry level CRE role without it and an entry level role is what you would get WITH the degree. It's worthless.
I come from an unranked UG school and have worked at top developers, top brokerage teams, and now top fund. In my tenure I have seen NYU MSRED, USC MSRED, and Columbia MSRED kids get entry level roles and cry about their debt and how they want to be associates instead of analysts. Dont be like them.
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Just finished NYU's MSRE program in NYC, programs are too saturated with people (tbh mostly with none or little RE experience so you'd be better off in that angle) but its a money grab now. They don't care if you land a job, Columbia has resources as does NYU's MBA program to help you and a person that is dedicated to your program and job search.
You need to get RE experience while in the program as well, assuming you're looking to switch to principal side this would be good to work 20-40 hours a week while in the program at an owner developer if that's what you want to do.
You could probably land a position on the ownership side without doing the program so you can also save that money.
Thanks for sharing your experience, greatly appreciated
Some interesting takes in this thread.
I had two years of similar experience, went to a MRED program, got a internship in development with no prior development experience, and then graduated with a job as a development associate. It was the perfect reset, legitimization, and network expansion I needed to take my career from random ass jobs in real estate to the big leagues. The one thing I would worry about, in your case, is the lack of a summer internship in an 11-month program. USC is one of the best, but you're going to want to get some intern-level development experience on your resume, either by going to USC part time or by scratching and clawing during the year to get someone to call you a development internship for you working there a couple hours per week.
This take does not reflect reality. I went to a MRED program at a state school and interned right alongside Harvard, Wharton, and UNC MBAs. I graduated and got an associate-level job, just as they did. Classmates have had similar paths.
My experience was the complete opposite. About 1/3 of the class had prior real estate experience. 1/3 had prior real estate related experience like coming from an architectural firm or a GC, and 1/3 was straight out of college. No one had development experience, and I would argue that if you already have development experience, the last thing you need is a MRED. The programs are designed to get into development, not progress through it.
Thanks, CRE. Appreciate the effort in your response. If I did do USC full time, there's a bit of a gap between being accepted and starting. So to get around the gap of no summer internships, I'd hard network under the assumption that I've been accepted/looking to pivot. The goal would be to get an internship while attending full-time. Otherwise, part time USC doesn't sound bad either. I have a lot to think about but appreciate the experience share.
What's your current comp? Also what's the expected cost of the USC program? Those are two important factors to determine the ROI of going that route.
My personal experience: graduated undergrad with a degree in econ but knew I wanted to go the real estate route. I applied for the MRED program at my university during my senior year of undergrad, got accepted with a scholarship. All in cost was maybe like 50k for my MRED and it was a 1-year program. The overall opportunity cost was low as well since I wasn't working a full time job/had no work experience - so I wasn't forfeiting much. The MRED definitely helped me break into the industry but your scenario is quite a bit different since you already have relevant work experience and I assume a decent network.
$85k base probably $100k all in last year in a MCOL city. I'm 7 ish months actual experience (2 years before that in CMBS research) but posted two years in the title because that's the experience id have when starting the program. You're right on the cost of the program. Id hopefully get a scholarship. Thanks for the input.
Make sure to look at scholarships from outside the school too. I got 2 scholarships, one from a nonprofit (urban planning/historic preservation nonprofit), and one from the university itself. Btw, sometimes you can get the university to increase the scholarship amount they awarded to you. I figured it wouldn't hurt to ask so I crafted up a well-worded email to the program director about increasing the scholarship amount and I got increased by approx. 25%. I can't remember the exact numbers but that email saved me like $10k+.
Btw, I'm roughly 6 months into my role as a financial analyst at a brokerage. I don't have too much info on the exit opps for a position like this other than a few examples: the previous 2 financial analysts in my position now work at a large national developer and as an associate at a well-known asset management company. As far as I know, both don't have masters and got hired directly from their financial analyst position.
Did you apply?
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