Harvard MRE vs MIT MSRED vs Columbia MSRED
Can I get reviews of these 3 programs?
How are the career prospects with these programs in RE?
How are they viewed by employers? What kind of roles are salaries can one target from these programs (these programs are crazy expensive)?
When comparing Harvard MRE (Master in Real Estate, often referred to as MDes with a focus on real estate), MIT MSRED, and Columbia MSRED, here’s what you need to know based on the most helpful WSO content:
Program Reviews
Harvard MRE (MDes - Real Estate):
MIT MSRED:
Columbia MSRED:
Career Prospects and Employer Perception
Career Prospects:
Employer Perception:
Target Roles and Salaries
Roles:
Salaries:
Final Thoughts
Keep in mind that these programs are indeed expensive, so carefully consider your career goals and the ROI before committing.
Sources: Harvard MDes - real estate, MSRED/MSRE Megathread 2020, MSRED/MRED 2019 (MIT vs. USC vs. Columbia) WHICH ONE?, Q&A: Cornell MSRED Student, Cornell MSRED vs. Columbia MSRED or a mid tier MBA?
From my days of researching into MSRE programs and where people get jobs after, I concluded that MIT was the best and most respected
Thanks for your reply. Do you have an idea what kind of jobs MIT MSRED grads are able to pull (in terms of profile and pay scale)?
Haven’t taken a look at these specific programs but the ones I’m looking at all publish employment reports. Compensation seems to be in line with the applicable schools’ MBA employment reports for those that report being employed in the real estate industry. Seems to be $130k-150k base as the average/median starting salaries (west coast schools), with average bonus being $30k-$50k depending on function. They also typically provide a range which I believe varies based on your experience prior to the program.
It's been a while, but if you are interested in development, MIT MSRED is definitely passable at any developer; however, developers usually care less about pedigree than traditional finance
Did you end up attending a program? If not, why?
I went to NYU MSRE. I was living in NYC at the time and NYU MSRE is a joke to get into, but the name is pretty reputable. I was not trying to spend months prepping for GMAT.
Harvard’s program is brand new and they just graduated their first class.
LinkedIn is your best shot at finding these people vs this forum
I can’t ask people their salaries on LinkedIn.
The Harvard program is pretty weak, especially with PERE placement (even MM/LMM is minimal; most people in class 1 went on to do pretty random stuff), but now that Patrice is there, maybe things change. The practicum element is so-so, and people land all over the place as a result. So far, very limited (if any) traction with the UMM/MF shops, even the local ones (Bain, AEW, Baupost, etc.), which tend to recruit from the other side of the Charles.
The really senior/respected people who used to run the predecessor program are either retiring or have been pushed out for one reason or another. Lots of self-inflicted institutional value destruction on an already shaky brand due to petty politics.
The student body is not selective enough - the network is okay but not spectacular. A lot of ex-design/AEC people (since it’s in the design school) with no time in RE whatsoever, which means a lot of your classmates won’t have much to contribute in terms of networking. People from that background also tend to be less good at the social aspect of RE, unfortunately.
Housing RE programs in art schools works pretty poorly for the most part, so in this regard, MIT stands out. It’s also a lot more quantitative and integrates better with Sloan from what I understand.
Some thoughts here:
Placement in Class 1: It's important to remember cohort size when looking at something like placement. With 35 students, landing one student at a top shop is like landing 50 from HBS. While of course there's nuance there, it's important to note. I suspect the first cohort was more design-heavy given the lack of knowledge of the program's existence. From what I've heard, top students from the first/second cohort landed at places like BGO, CrossHarbor, Brookfield, NYLife, etc.
"Predecessor" program: There were students previously in a program called MDes (Master in Design Studies), this degree was a "make your own degree". It allowed design school students to take nearly any class they wanted. Given the interest, many students opted to focus on "real estate". In fairness to the MRE program, which was created from the ground up, I don't think they're the same.
Acceptance Rate: I would be curious to hear why you think the student body is not selective enough. They have the lowest acceptance rate of any Master in Real Estate program. The second cohort had an acceptance rate of 15%, a number which I hear is lower for the 3rd cohort. This acceptance rate rivals HSW MBA programs. I have met absolute RE studs who did not get into the Harvard program. Unfortunately/fortunately, admissions at these top schools take into account things other than purely academics/job history.
Home in the design school: The MIT program is housed within the Department of Urban Studies and Planning (their design/architecture school). They do a good job of not talking about this. From what I hear, they are no more or less design/urban studies focused than Harvard. The Harvard program has just one design class which is taught by Tim Love. His firm Utile is involved in nearly every new development in Boston.
For those East Coast focused, all four schools (MIT, Columbia, Cornell, and Harvard) are strong, but they all have their pros and cons.
Cornell (Baker Program, MPS-RE)
Cornell delivers a broad curriculum and strong alumni network. The two-year format gives you time for an internship and exploration, which is great if you’re early in your career or pivoting. That said, for those with work experience already, being out of the market for two years can be tough to justify.
Columbia (MSRED)
Columbia has historically been a top choice for those looking to build careers in NYC development. The network in the city is excellent. That said, with Patrice Derrington’s recent departure, some are watching to see how leadership transitions affect the program. Still, it remains a great fit if you know you want to be in New York long-term.
MIT (MSRED)
MIT is a very established real estate program, long known for its quantitative rigor and academic prestige. Even with David Geltner’s retirement, it remains a highly respected, globally recognized program. It’s particularly well suited if you’re targeting institutional real estate finance or want to strengthen your quantitative skills.
Harvard (MRE)
Although the Harvard MRE is newer, it’s benefiting from the long real estate heritage at the university. The school is putting major resources behind it, and the faculty, curriculum, and alumni groups are very strong. What really sets Harvard apart is the ability to tap into the entire university’s alumni network (HBS, Law, Kennedy, GSD, and the College), which is unmatched in scope and prestige. From conversations with recent grads, the networking opportunities have been exceptional. While its track record is still building, the program is already drawing attention from top firms that directly engaged with the students through the Real Estate Symposium (Blackstone, Brookfield, Hines, GreyStar, Trammel Crow, etc).
Final Thought
I think the Harvard MRE program has one of the deepest faculty rosters of practitioners that I've seen in a graduate program with extensive experience at firms such as Bain, LeFrak, Winn, Clarion, and CBRE Global Investors. Based on the long-term value of the brand, I think it easily makes Harvard a top choice. I also think the brand recognition will carry a lot further across the industry as well as internationally. Lastly, It's important to note that none of these programs is a golden ticket to your dream job. You will have to dedicate a lot of time of networking with alumni (curated by the program and on your own) to land your ideal job.
I have interviewed (and hired) many, many people from top 25 MBA programs and the major real estate master’s programs. The three best masters (excluding MBA programs) from my perspective are MIT, Columbia, & USC, in that order. The students from these programs are easily the most prepared, knowledgeable about real estate, and consistently personable. Cornell is probably next but I did not run into too many people from that program given I work in Multifamily; Harvard program is new as others pointed out. I think there’s a gap after Columbia, then another gap after USC. Other common master’s programs like NYU Schack and Georgetown SCS can teach you stuff, but don’t carry much weight in the industry with institutions. That said they do give you a good network.
When I hire, I put MIT, Columbia, and USC master’s on par with real estate MBAs from UT-Austin, UNC, Georgetown, UCLA, USC, NYU Stern, and the like. So recommend looking at those schools’ MBA salaries for typical comp. Given that, would expect something like $150-$180k all in for your first year out of school, provided you have somewhat relevant experience pre-master’s. If not, looking at probably ~$135k all in for Year 1. Keep in mind most MBAs at those comparable schools have 4-7 years experience as a reference point, and excelled in their pre-MBA careers.
Last thing I’ll say is that an advanced degree isn’t just about what you make right out of school. It’s really about what I call “the job after the job”. That’ll be your first promotion or 2nd position out of school - that’s when the money can start rolling in. Not all programs position people to make that jump 2-4 years out. It’s a big part of why I rank MIT, Columbia, and USC so far ahead of the other master’s programs, because those programs do.
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All great points here but the last point on “the job after the job” is especially good insight.
Your first role matters for skill acquisition/brand reasons (true for most investing careers in my opinion) but typically won’t determine your long term outcome.
(Ignore title) Would add that SMU have a very strong MRE program that is also new but extremely strong
SMU? Singapore Management University? Can you clarify?
Southern Methodist University in Dallas
The only 3 competitive programs are: Harvard, MIT, and maybe cornell.
You are almost guaranteed acceptance into the other programs as long as you can pony up tuition.
USC was competitive until they waived GMAT/GRE requirement, I feel
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