Grad School Cost: is it worth it?

Hi guys,

My head is spinning with all the different factors to evaluate in applying to grad school. For a career switcher with some architecture experience, what are the most important factors in selecting a grad school? I would like to work in development and eventually open my own shop.

I'm going to assume I would get an analyst job with 65k + bonus pay after graduation. That being said, my options for school are:

  1. MRED at respected private school with great connections in a big secondary city. 70k tuition but I can work full time while studying part-time. I have some connections who own shops / could potentially hire or put a good word in for me if I went here.
  2. MSRE at public school, tuition around 20k in the same secondary city. I have no idea of any developers with this degree, most graduates seem realtor types. No course mentioning development in curriculum, lots of talk about CCIM and Argus
  3. MSRE at respected public school in the middle of nowhere with a good network all over my state. Tuition around 17k+living costs (total around 30k). Linkedin shows some developer positions.

What are your guys opinions? Is it worth 1. shelling out big bucks to be 200% sure of my first job being what I want, even if it means 5-10 years of student debt? Or 2. Enroll in a RE degree even if I'm not sure it's right for development if it means not being broke and staying close to my city and its deals? Or 3. Abandoning my existing network and friends to go to some suburban college town 8 hrs away from my target city for a degree that seems ok?

 

Option 1: University of Miami MRED+U Option 2: Florida International University MSIRE Option 3: University of Florida MSRE

As you can see I'm trying to limit my cost by choosing programs where I can part-time with my current job OR accumulate little debt with low cost living and public school tuition. Not thrilled about my list.

All in all I cannot afford 6 figure debt, hence the lack of MBAs or target - ivy schools

 

Those schools could place into real estate but the pay will be low. Six figure debt is a lot but if you come out making $90k + 20-30% bonus, which is pretty normal at a top 20 full time MBA, it’s easier to swallow.

 
Best Response

I second buggylovesfinance. I've been told "you need more real world experience" more times than I'd like to admit, even though I'm enrolled in an MSRE. Nothing outweighs real world experience.

Also "Is it worth 1. shelling out big bucks to be 200% sure of my first job being what I want, even if it means 5-10 years of student debt?" Not a guarantee but I don't think an MSRE/MBA hurts your chances. It becomes a time sink if you go full-time. You have to weigh the cost, everyone else graduating at the same time (or before you), and the opportunity cost of not getting real world experience.

Can't comment on Florida MSRE/MBA. I went to a Florida school undergrad and from my experience in the real world since, most of my classmate connections have stayed in Florida while I moved away.

Think of your connections/long-term goals in a city you'd like to stay in. Is Florida where you are now/want to stay?

Whatever you do, listen to everyone else on this forum and in real life: network, network, network, and then network more.

 

I'm not committed to Florida in the long term, the choice to study at the universities I mentioned is more of out of a need to keep working / save money. If I could move to LA, enroll in USC and sink 100k in a masters, or even some glamorous interesting city like Toronto or Barcellona, I would. But for now I'd like to know what I'm talking about in terms of financing deals and grow my network so I can pull together a few projects of my own.

 

Nobody has mentioned that a lot of companies provide tuition assistance. Consider getting a job first for all of the reasons mentioned by others, but pay attention to the benefits offered. A lot of the bigger shops provide tuition assistance, and some will even fund a full ride if you commit to a certain timeframe at the shop (two years is typical). I recommend doing a MSRE part time at night. No replacement for deal experience which just takes time to develop. Plus, MSRE curriculums are just not full time jobs. Unless you are supplementing a full time program with an internship you are leaving some time on the table.

 

Agree with the above poster...why are you not considering MBA? People who were architects or engineers in their previous lives were the top prospects for tier 1 development shops in my MBA program. They know you have a really specific knowledge base that no one else will have...and they also know you have the finance and management skills that we will all learn in B school. Also, why not shoot for a top program where your earning prospects will be higher? I'd rather pay $200k knowing my starting salary will be well into the 6 figures than pay $70K and cross my fingers that I get a slightly better job.

Check out trippple.net for real estate news / research / economics

 

The MS degree concentrates the study in a specific field, such as finance and trains students for careers in high level staff positions often involving research. So MS degree would provide you focused and concentrated information. We would advise you to talk to people in your industry if Msc will boost your career further or MBA would. The answer may vary individual to individual and industry to industry. Regardless HEC is a fantastic school and many congrats for making it in. Also given the tough economic times you may want to talk to alumni’s and career center wings to know further the opportunities the school provides you.

 

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