1st year Associate at RE Development firm in NYC. 2 years experience at Capital Markets Group prior, not RE related. Networked way into this job.
Working in development, acquisitions. Sourcing new deals for development arm of business. Very aggressive, lean group, well capitalized private equity backing. Enjoy culture, team, environment.
A lot of upward mobility bc no real junior ppl on team. Work hand in hand with partners.
Undergraduate degree in Finance. Looking at long term career path and how valuable obtaining a masters in RE Development would be from NYU Schack or Columbia or Columbia.
I've attended an open house at NYU and read requirements for both. Networked with a few grads from NYU Schack. I know the requirements for acceptance at NYU do not require GMAT and tend to be much more lax than Columbia.
Read books by Frank Gallinelli (professor at Columbia) and have researched grads of both programs..
That said, in terms of really propelling my career and increasing my worth, any advice would be appreciated.
Looking at starting my own RE development group later in life.
Thank you for your time and help.
Sounds like where you are is pretty awesome. What makes you think you need an MSRED?
I'm trying to think long-term, protect myself and dramatically improve my marketability within real estate specifically NYC.
Thinking down the line, I want to have both a track record of successful deals but also thinking about the possibility of having to raise equity.
Additionally, I have a very limited web of contacts in the real estate world especially within NYC. I have been networking but still feel that the contacts I will be making at Schack or Columbia will be invaluable for my future.
I agree with Prospie.
You are exactly where you need to be to accomplish your goals as nothing teaches like experience and instills confidence in future partners like a successful track record. Many seekers of the MSRE(D) are using it as a foot in the proverbial door. You have accomplished that. Spending ~$70k +/- (unless your firm will cover it) for a key you already possess, to a door that is open, seems onerous.
My advice is to focus hard on doing the best job you can do at work, network with all the varied ancillary players you come in contact with daily (these people all have their own aspirations of getting better, growing larger and are already active in the NY RE space), and bolster your acumen, if need be, with many of the resources (academic textbooks, re excel classes certified by respected members here).
Taking time off to go back to school from a job like you have would be a lose-lose in my opinion. That all considered, for contacts and overall connections, NYU Schack's real estate master's program would (on a more likely than not standard) be the most fruitful. It is a larger program with the lion's share of its students being active and currently working NYC real estate professionals who are typically from the metro area, some from local real estate families, and plan to remain in NY. That coupled with the litany of NYU real estate events in the City would further networking opportunities.
I'm going to agree with the sentiments here. You've got a great resume and doing a Masters, just in my humble opinion, would hinder where you've brought yourself in your career so far. Pardon me if you've already done something like what I'm abut to suggest, but have you considered joining organizations such as the Urban Land Institute? Joining these types of organizations is a double whammy in my opinion. Not only is it a great way to increase your knowledge in regards to all aspects of Real Estate; but, it's also a fantastic way to increase your network in New York and other markets in the country.
In your case, I'd specifically look into their Young Leaders organization. It should provide you with the increased networking opportunities that might be the catalyst in burgeoning your career. I'd provide a link to the ULI group, but right now I'm unable to do that. Cheers and best of luck with whatever you decide.
Thank you for the helpful advice. I agree that getting experience in the workplace is more critical than getting a masters in real estate for the time being.
I hadn't thought about joining the Urban Land Institute, and will look into the Young Leaders Organization.
The time and input from all is greatly appreciated.
Anyone else here a member of any RE networking groups or attended any helpful events?
NAIOP is one. But with NAIOP there's a lot of construction people, property managers, etc. in addition to people in development, finance, etc.
What about going back for an MBA in a few years if your career warrants it?
I agree with that thought process. The fact that I am paying off undergraduate loans pretty aggressively now makes me think twice about incurring more debt.
I feel pretty confident about being here another ~3 years. So, yes, you are right I can look at going an MBA in a few years or look at that masters in RE.
I'll add to the point that you should think about a top MBA in a few years. It depends on your long-term goals, but most of the senior mgmt at the top shops have them. If nothing else, it serves the purpose of "signalling" to LP's.
I finished the msred program at Columbia. Most people in the program are here to transition. You're already in the door- stay there. I would, in a year or two, go for a top mba. It would be much more valuable.
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