I wanted to get advice from individuals that have experienced an MSRE program and or people in the RE world who made a late transition into CRE.
I come from institutional investment mgmt (equity and fixed income) and was fortunate enough to obtain my CFA Charter (I know mixed reviews in RE). I made the transition into CRE within the last 6 months or so in an advisory/business development role with a shop, with day to day responsibilities of underwriting, sourcing deals for real estate owners and exposure to property mgmt. Due to recent news/COVID my job is very up in the air right now.
I have about 5 yrs of total experience and assuming worst case scenario of being out of a job, thinking of applying for an MSRE on the east coast such as Georgetown and Hopkins (recommendations are welcome). Given I don't have as much exposure, should I still expect an analyst type role out of an MSRE? I think if I was to approach an MSRE, I would a) go full time and b) try to get into a REIB, strong debt/equity shop, or something that provides the best financial ROI and avenues for longer term paths.
Aspirations I know are a bit vauge, but just trying to gauge if attaining a MSRE will land me in a well paid shop or given my lack of exposure assume an analyst role maxing out at a comp below 6 figures? If the latter is true, I will try to just network and land something else and defer an MSRE for now.
Really appreciate the insight in advance
Given that you already have a job CRE, you have made the 'transition', if COVID messes it up, you are still far more likely to get another/similar one (assuming hiring returns) given the last and since the COVID issue is like a free pass for job hunting, doesn't impact your resume. Personally, I think the CFA is very powerful in the right corners of the CRE world, but yeah, its not the same golden passport like in invest mngt.
That said, the opportunity cost for grad school may be much lower now if the market really does stay slow for the next year or so. Thus, if you think a grad degree is needed/helpful for you long-term career (I am assuming you do not have an MBA or anything), then now may be a relatively good time to go.
You may be better served by an MBA with an RE concentration (esp. if you want to do REIB), and you can find long debates here on WSO and elsewhere as to which is better. Still, an MSRE/D could be valuable (and is generally cheaper/faster).
All
Thanks for the insight, really appreciate it. Yes, I currently do not have my MBA. Tough for me wrapping my head around ~200k for top program. I would consider UNC, as it’s cheaper and I’m in state tuition.
MSRE/D is more enticing just given cost and some programs are 1 yr.
Just out of curiosity, if you attended MSRE or MBA, do you feel as if your ROI was worth it purely from a financial perspective?
UNC Chapel Hill is amazing, they have a student managed real estate equity fund, if you can get in and get in-state tuition, that's a no brainer.
I have an MBA from a so-called 'non-target' state school (I tend to think these designations are bullshit, and not from the way employers think, I did a post on this a while back). I also have a more advanced specialized grad degree, as my career path and background is 'non-standard' to say the least. I started my MBA about 1.5 years after UG, it was 3/4 time as I worked. I wanted to do an MSRE (like at NYU or Cornell) but really wasn't an option financially and I was working (not in NYC, secondary market).
For me, as my MBA was very cheap (+1 for in-state tuition at major state school), so yeah the ROI was off the chart financially. But if you pay 80k-100k for an MSRE/D that gets you a career path that legit lands you close to say $250k all in comp five years out (which is not crazy for sure). For the top MBA programs (not sure the cost tbh) but if it's 150-200k, then yeah that's expensive. But, there are legit some career paths and firms that it MAY open doors to that others will not.
Personally, I don't think the top MBAs are worth nearly as much as people on WSO think. They are NOT a guaranteed path to Goldman, BX, Starwood, Related, Hines, etc. Yet those firms DO sometimes preference any campus or grad recruiting to those top 7 type MBA programs.
My firm has a couple HYP type MBAs in top roles, but also from many other programs, or even no grad degree at all (but they did start careers a long time ago, so I wouldn't compare, all 'newbies' have grad degrees - MBAs/MSRE/MSRED/Archeticture/JDs). I am in a fairly senior role with nothing above 'non-target state school' for all my degrees, they could care less. I am also more specialized and experienced, but that is the point really, if you are good and get recognized, where you go to school is meaningless.
I think it really helps you get ONE job, they one out of school. But, that can make the whole trajectory. Tough decisions for sure!
Really great information, I appreciate it. Yeah more I think about it UNC just given cost would be my route if I was going to do MBA.
I sit with the development team (large multi family firm) and trying to gauge if they have an opportunity.
Again, extremely helpful and thank you for the insight.
Feel free to PM about MBAs. I also applied to JHU and they are generous with scholarships.
Why not both? You can use school as a fall back plan in case you get laid off and are unable to land another job. UNC MBA has a great real estate program.
Agreed, late to the game but started prepping for GMAT last couple of days. Early action decision is October.
Still time this year because of COVID. From their website "We have delayed the official start of the Full-Time MBA program to August 31 and have extended the Round 4 deadline through July 13. GMAT/GRE waivers are available for new applicants by request. See our COVID-19 admissions status page for more information on admissions for fall 2020 entry." If you can get a GMAT waiver and just focus on essays / recs you could probably get it in for a start later this year.
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