Graduate Program for someone interested in Real Estate and Tech? MBA?

I recently completed my graduate degree in real estate development in NYC. My main emphasis, besides the business and wide spectrum of development projects, was finance and investments. I also took classes within the school's top MBA program focusing on Technology and Innovation (VC, Entrepreneurship/Innovation, corporate finance/Valuation). I, too, follow the tech and venture capital space very closely due to my own curiosities.

After attending grad school for a year, I structured my coursework similar to that of an MBA due to my own desires. Real estate, in general, is typically better learned on the job and through deals than within case studies. The fundamental analysis and reasoning are the greatest assets students have (experience aside) going into the job market, therefore, having many classes repetitive in nature is just not a great use of time. Think: Real estate finance, valuation, market analysis, economics,financial modeling, legal aspects, and basic corporate finance & accounting. The fundamentals. Everything past that comes with experience, as you are currently finding out within your CRE lending program at your bank. At the end of the day, I have a Master of Science and not an MBA. This is where my network becomes leveraged, especially being that folks would understand more into my background as being someone whom is intrigued by real estate, but can be satisfied by my curiosity into other things. Before graduate school, I also worked for a large commercial bank for a few years (finance undergrad).

You seem to have a variety of things you are interested in, and do not necessarily want to be confined in one particular space. Many folks are in the same boat. It is very common.

You are also correct in my view of schools/placement, etc. However, having completed a graduate degree I'll weigh in. Don't take any of it as directional advice, but just someone else's view based on their own experiences.

I also live in Los Angeles, and with your aspirations of returning at some point in the future, your options can vary. I completely understand (from a lifestyle standpoint) why someone would want to be in SoCal or LA, as all of my family reside on the east coast.

So, for one, do not get paralysis by analysis. But this is life, so it is understandable. You are goal oriented, and many folks who are simply want to just set themselves up for the best opportunities.

*If you specifically want to get into real estate development, and specifically work within Southern California. Go to USC. The network (similar to NYU & Columbia's for New York) will come into play many years down the line, and while many job opportunities are being offered to people with ties to the school. They tend to help their own. This applies specifically to real estate development. If someone is interested in the REPE space or in an acquisitions role, then other top schools for the most part are fine, but experience is weighed very heavily. Your network will be crucial again is this regard. I know this firsthand. Furthermore, opportunities within that realm (in Los Angeles) typically require at least a couple years of experience doing similar work. I could be biased, but I saw many people with little experience have an easier time getting a gig right out of school and no direct experience due to the size of the market. NYC is home to many financial analysis positions and the density of the market can absorb intelligent folks.

Spending extra time completing the MBA + MRED could be forgone by taking business oriented classes online with the phenomenal resources widely available (if you are determined and can set aside appropriate time). Using that extra time to work for a developer would be a great utilization of your efforts while also expanding your network. It also sets you apart from many other candidates when you attempt to make a move after graduating because you can specifically talk about those experiences, which are also in the same market you may be interviewing. People hiring want to feel a commitment to the industry from you for their comfort levels and peace of mind. This is very specific to smaller shops who have lower turnover and just simply can't afford to hire the wrong person.

As for if you would even be interested within RED: Many people like the idea and concept of real estate development. They typically say something along the lines of ...I want the ability to create something, etc.. Many who want to transition from more finance and analysis related role say... I just don't want to just trade assets and buy cash flow all day..or sit behind excel all day....or have a repetitive nature constantly...it just doesn't keep me motivated all day. However, you have to get your feet wet. You also have to have access to a quality opportunity in order to get the right analysis for yourself.

Real estate is a great industry and business to be involved in. Every type of personality can literally fit in. The roles can be vastly different. The goals can be vastly different. This is why there is so much content online regarding people's personal experiences in reversing roles or wanting to be on the other side of the table in the deal.

If you are okay with working outside of Southern California, then other top graduate schools focused on real estate are fine. At the end of the day it all comes down to the person, so it isn't necessarily USC or bust, but in SoCal working within RED - USC industry known. Many, not all, people attending schools or working within RED in NYC, could not even tell you if USC even has a real estate development program. That is how it is on a nationwide aspect. It is a niche area, which is understandable. Niche areas are quite regional, and the network you build will just compound. I have a great real estate network in New York. It is not as useful for a day to day standpoint, but it is still extremely valuable for me.

If you are unsure of what route/industry to jump into, I would advise getting an MBA (only if you are 100% going to graduate school; experience in a specific role or industry is what many other folks actually need). If you want to work within real estate finance, I would recommend getting an MBA. Many programs have specific degrees in real estate finance, but at the end of the day, they don't say Stanford, Harvard..etc. Yes, Cornell has a great Real Estate Finance program. NYU does as well. As do many undergraduate schools. However, you can learn the same things at these other top MBA schools. The fundamentals can only go so far before actual experience is needed to continue your learning projectory. If you are not accepted into a top program like that, work yourself into the role you want one day. You can also do this within real estate. And to be honest, I would recommend, the majority of the time, to not get a real estate graduate degree. Opportunity cost. However, graduate school is a great place, especially in places like NYC, LA, Boston, Bay Area, etc. People can network while there, and also have fun at the same time. You are older, may need the time to figure stuff out (I did), working on personal stuff, --all understandable. Make the most of your time there. Obviously. And when you are done, come out the gate strong.

Due to your interests, you seem to be similar to myself. Innovative stuff is curious to you, and real estate surrounds you everywhere you go. Going from Zero to One (book) can be done in both fields. It is exciting. With that being said, I'd say if you can attend Stanford. Go. It will open you up to most jobs in RED that USC would, based off of just the name. This still exists, and with reason. Many reasons. As there are many reasons not to go to Stanford, or any graduate school. It all comes down to the person. There is no direct path, nor is there a direct trajectory of career, especially with what your current aspirations seem to be. With that being said, UCLA Anderson is a great school, as is USC Marshall. However, you seem to understand the tier rankings/group of tops schools and its reasoning so I will not elaborate further. Also, Wharton (which has one of the best real estate departments in the US) could be another great option as they have been weighing more within the tech/innovation space as well. I believe Wharton even has a satellite MBA campus in San Francisco. Furthermore, the NYU Real Estate Institute dean is an acclaimed Wharton scholar in economics and real estate and is leading their next generation of alumni into the industry. At the end of the day, it is still Wharton, regardless of the area you are wanting to pursue. Philly is also an amazing city to live in for a couple years at the least.

Real estate grad schools are more locally based, which can not be understated. The real estate development programs are an extreme example of being local as far as network effects go. The area is niche. Therefore, a great option for many people (if they can get it) is to attend a top MBA program and take some real estate classes to get the fundamentals down. It will speak real estate on the resume out of school, or if not wanting to be in real estate -- then it will say MBA from whatever great school. You also have to think about the learning environment and discussion being had in and outside of the classroom. For instance, at NYU, the school is very practical and is housed within the school of professional studies (unlike Columbia's MSRED program being within the Architecture and Engineering School). Therefore, most professors are adjuncts and about half the students are part time while working within the real estate industry in New York. This type of environment is great for graduate studies, especially being that it is in NYC (endless networking and RE around). Cornell is a fantastic school....in secluded upstate New York. A completely different experience (check out the website started by two Cornell RE grads AdventuresInCRE(dot)com + One works in Development and the other in Finance.) Within an MBA, these students have wide ranging backgrounds (as do RE grad students before grad school), however they all tend to be focused within their own specific areas, which can make for great conversations. Real estate professionals love to talk about one thing. Real estate. So, don't think you won't be having great conversations there either. --All of this with a grain of salt, because MBA's have mixed reviews from those who hold them and those who are hiring (most tech jobs could care less, unless it is an operations or finance role).

Someone whom fits both of those worlds regarding graduate school and work experience would be Brendan Wallace, Co-Founder of Fifth Wall Ventures in Venice - the new $212mm VC fund focused specifically on "built world technology." Their LP strategy is very intriguing, as is the background of the two founders.

Read Marc Andreessen's ebook [download on a16z(dot)com] from his old blog posts before he helped start Andreessen Horowitz. He has a technical background, but is a pretty rationale thinker with his reasoning and understanding for a career projectory. It better be, it is his actual job at A16Z. It may be more of an easy read due to your tech and VC interests.

RED/VC/PE/any job, you are hired because of you and your network + most recent things you have accomplished in the career (which is built on everything else within the foundation of your own life). You have to figure out what you want to before committing yourself into a niche area (Masters in RED). This obviously applies to most things, but many people can't figure out what they want until they figure out what they don't want. You seem to have some of that figured out within CRE lending. Good.

Finding a great fit on both sides of the table is tough in the job hunt. Figuring out what industry you want to be in predicates it though. Keeping the drive and fire burning throughout an entire career is different for everyone, and is not the easiest of tasks. Good luck!

If you are ever back is LA, feel free to link up.

Cheers