I was accepted into NYU and Georgetown's graduate real estate programs. I graduated from undergrad PE fund for the last year.
NYU seems to have a greater focus on kids without much work experience, has top notch faculty, and I like NYC more than DC. However, I'm really concerned about the large class size and how easy it is to get into.
Georgetown is roughly half the price, which is a big plus. I'm assuming it's tougher to get into just because of the smaller class size (although I couldn't get any admissions stats out of them). Also, from what I've heard, it sounds like a very loyal alumni network. My biggest concern with the program is
I would advise you to get a job with a real estate firm before jumping into either one of these programs. Nothing beats being in the trenches. The degree looks nice and is well regarded, but if you don't have actual experience as a foundation on which to build on, then what real good is the degree besides a talking point? You will get much more out of it with experience (and will be around the age of your peers). However, I'm sure this isn't the advice you're looking for so see below.
As a graduate of the Georgetown program, I can say that the NYU program has a significantly deeper alumni base and more loyalty. The small class sizes at Georgetown are a plus and the majority of the professors are nothing short of phenomena. The student body is smart for the most part, but there is a large contingency of the landlord/tenant rep guys as well as people from costar (HQ in DC). The former isn't bad and the latter adds little to no value, but again it goes back to bringing experience to the class room. I cannot speak for NYU, but would think there are a lot of landlord/tenant rep guys in that program as well. Do not get me wrong, Georgetown is one of the top programs, but like every other institution out there, they're in need of $$$ and allow some sub par students into the program. I'm sure it's the same at NYU, but Georgetown is notoriously bad at raising and spending their money wisely. Hope this helps...
This is really the best advice. If nothing else, at least get some sort of pre-program summer internship. Either program/degree is great, but they are supposed to enhance your current knowledge and skillset, not be the entirety of it.
My MRED program has a number of people without any prior experience and it certainly shows. They're not any less intelligent or less capable, mind you, but their knowledge of the industry is lacking. I worry about them a bit heading into internship season.
Finally, along those lines, if you're worried about "prestige" or acceptance rates in regards to MRED programs, you're in the wrong place. The market is amazing right now and every program is struggling to get applicants. I was amazed at the ULI conference that some of these programs have class sizes in the single digits. This naturally leads to a lower standard so that the schools can keep the lights on.
Ultimately, your job success coming out of a MRED program is far less tied to your classmates than it would be with a MBA program. A MBA coming out of school will generally find a job that pays similar and has similar responsibilities to his or her classmates. A MRED coming out of school could find a job wildly different from his or her classmates. One of the best differentiators between students is experience and you want to be on the higher end of that curve.
NYU has a large cohort of full time. The job you get after will come down to how much you network. You can get a top job, but you will need to get good grades and focus on networking each week. I recommend beginning the program in the fall, since it is 1.5 years if done full time with no summers, and then starting to network right away.
I can't comment on georgetown's program.
In regards to NYU, there are people in NYC at top firms everywhere, so you can find people to speak with and meet with, but not everyone will want to help and not everyone will have a job for you. Many people do internships while workings. I can't comment on where they will end up this May after graduating, however, currently, I am the only one I know out of the full time cohort with a good job lined up for the upcoming summer. One thing I have noticed is that many people want the top job, but they don't network for it or find a way in. They don't go for it. If you go for it and fight for it, you will find something. Also take advantage of NYU on campus recruiting. Many students don't take advantage of it because they don't know about it or don't think it is for M.S. students. You will need to reach out to the recruitment center and ask them to ask the company to open the job opportunity to M.S. students and you will be able to apply.
Thanks for the tip. Are you referring to OCR for Stern? I'm surprised they allow MS students to apply.
I really wish they housed the real estate program within Stern. I'm going to spend my whole life with Stern guys thinking I went to their awkward step cousin of a school.
No. You will be doing OCR with general NYU undergraduates. You will not have access to Stern OCR.
Can anyone that has gotten into the Georgetown program comment on references? It's Holiday exodus starting in generously two weeks as such I am a bit concerned.
When you guys applied, did the school reach out to the references who provided your reference letters?
I know a girl who went to WVU and had a
They provided a letter and that was the end of it. I thought that's standard procedure for most graduate schools?
Yup that's the process. Was just wondering since it's December when/if they contacted those references.
Also how long did it take to get a decision reply if you don't mind me asking?
I'm currently in the Georgetown program but think you made the right choice by going NYU. I think, with rare exceptions, that it almost always makes sense to go to the real estate program in the city that you want to live in. Georgetown has a ton of internationals and D.C. people. I'd struggle to see why someone would attend Georgetown if not an international or a D.C.-focused professional. The D.C. real estate market is vast and diverse, traversing countless cities and counties; therefore, much classroom discussion tends to focus on cases in the D.C. market. You can tell that the non-D.C. people look lost when discussing D.C. real estate/D.C. neighborhoods.
As far as admissions, CRE hit the nail on the head--you don't do these programs for "prestige" or the "difficulty of admissions". These programs have 1 mission in life for the school--produce revenue. Depending on a student's goals and level of experience, the student has countless ways to leverage the program. I've mentioned this in other threads, but for me the biggest win of the Georgetown program so far has been the 1 or 2 good contacts I've made each class and then the ability to "check the box" when/if I apply for higher level jobs on my career path in the future. My assumption is that you will use the NYU program in a manner that suits your goals.
Last year I was faced with just this choice. After doing a lot of research into both programs I chose NYU. The reason I chose NYU is the talent of the faculty. I'm now in the tail end of the program and here is my review. The program is thorough. It prepares students to go out into the world. There's a lot of emphasis on the financial aspects of real estate development and management. The cohort is a good mix of international folks and local real estate professionals looking to move up the ladder. Schack also does a great job of putting on important symposiums that allow students to network. Moreover, the department goes out of its way to provide students with opportunities to learn how to build financial models and gain a certification in Argus.
I'm glad I made the choice. The program is a little longer than Georgetown, but its worth it.
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