Is MBA required for Real Estate Finance? If yes, then does the location matter?
Hello All, I have a 2 fold question. But let me tell about myself first. I am working for the Real Estate division of a well-known bank (one of the largest in this country). It is a senior analyst position for the Residential Real Estate division. But I want to go to the Commercial side as a Commercial/Wholesale banker. So my queries are:
1) Do I need my MBA? I know MBA is very much needed if I wanted to go to IB or corporate finance or PE, but for entering the Real Estate world do I really need an MBA as well? Just asking because I am not that young (in my 30s) anymore and it is a huge time and money commitment. But also I am planning to change my field so it might be necessary. And even if it is not an absolute necessity, will it at least make it easier to enter the field? Also remember that I am planning to do an Executive MBA (considering my age Full time might not be a good option). Finally, considering my background (10+ years, mostly in the financial services; lots of Analytics experience, last 3 years in Residential Mortgage division) is it at all possible to enter Commercial RE field without an MBA? Let me know what your thoughts.
2) Now, ultimately I am planning to move and join the Commercial RE world in South FL. I have family there, plus it is a great location for Commercial RE; lots of projects are taking place all the time. So, shall I try to move down there first, get an MBA from universities down there (Florida Atlantic, Florida International, U Miami, UCF etc.) and start doing my networking? I heard RE is very much localized business, so the more people I know in that area will be helpful, isn't it? But the downside is, there are no "good" schools down there. I mean forget Harvard, Columbia, Wharton standard; not even a school compared to the standards of Duke, UNC, U Virginia. Or shall I try to get my MBA from a reputed school first, say of the likes of Duke, UNC, U VA (or if I am lucky then Cornell or Columbia) and then try to move down there? But then I lose out on networking and staying close to family and friends. How much advantageous (or disadvantageous) will it be if I get my part time MBA from one of the South Florida schools, provided I want to be in the Commercial RE world around there?
Any thoughts/suggestions are more than welcome.
Feel free to ask me in case of any more clarifications.
Thanks to you all.