Transition to CRE: NYU MSRE vs. Argus/Excel Home Courses and Networking
Hi there. I am trying to decide if NYU’s MSRE is the best way for me to make a transition into CRE finance and would love some opinions. For background, I am a 2017 graduate from a good/decent school looking to make a complete career pivot into the CRE space after a little under 3 years in financial software sales. I won’t get too into it but I took the role knowing it would only be a first job while I figured out what I want to do and ended up staying a little longer than I wanted to.
Acquisitions would be my ideal landing spot, so in February I purchased the Argus online courses and passed the exam to become certified. I also completed Justin Kivel’s CRE modeling bootcamp (nothing too complex but provides a good modeling base). I interviewed with a large bank for an acquisitions role in April and made it pretty far before they went with someone coming from brokerage, as I have no industry experience. One thing I have going for me is I know I interview well.
This all coincided with COVID and it seems like the job market has gone stale. My question to you in here is based on the fact that my Argus Cert and limited modeling at-home courses are the only industry relevant things on my resume, would NYU’s MSRE be a worthwhile investment to make this jump? I come from a decently well off family and can contribute myself but they definitely thought they were done with tuition checks. I also did go far in my lone interview process but I’m afraid I will continue to miss out to people with experience in the limited opportunities to come. I’m still in my sales role but would apply to the program part time and continue to job hunt in the industry. Any advice/insight would be greatly appreciated. Thanks!
I would personally do the MSRE as your family can afford it. Your highest priority there wouldn't necessarily be to learn, but rather to spend the time networking; then to find a summer internship before you graduate and accumulate more relevant RE related language/understanding of RE concepts.
I've heard a ton of good things about the NYU MSRE and it is considered to be among the trifecta of MSRE/D programs in the Northeast (Columbia, Cornell, NYU). If you're a rockstar I would have no doubt in your ability to secure an FO role (Acq, AM/PM, DCM/ECM) at a decent shop, or a support role that can transition into FO at a MF.
Thank you for this response it really is helpful and appreciated. Would love to hear multiple opinions from who ever else may be reading these.
The title of your post implies a comparison between a grad degree and self-study courses, this like asking the difference between majoring in math vs. reading math book and trying some problems out. In fairness, you may be able to learn a lot, but I don't think the experiences are anywhere close to the same.
I'd say grad degrees have 4 benefits.....
Knowledge/Skills - I.e. the actual subject matter of the courses. MSRE/Ds are very specialized and while some is covered in various self-study courses/books/online classes/etc., it is not really that easy to get comprehensive RE material in one place, like one could argue for the material of an MBA. Still, this alone is not worth going to grad school, yet is important.
Instruction/Testing - So, make to the math major vs. math book, the difference is the instructor and the fact that you have a grade on the line. That forces you to actually study and learn it. Yeah, could you be self disciplined and do it, sure. Most can't or don't, plus there is generally value in the courses, the discussions, overall experience.
Network - So this really why people pay for degrees at places like Cornell, NYU, Columbia, and MIT (the NE set). And of course why the WSO world is in love with top MBA programs. It's not bullshit, it is very valuable. It's a club you are joining and really, its not just where you go, but all the places like it and sorta like it. Hard to underestimate the value on this one.
Certification/Prestige - Getting any degree, let alone a grad degree in RE, is not easy, cheap, or fast. This why employers put grad degree preferred or required (hint... preferred means required as soon as a sufficient number of people with grad degrees apply for the job), they use it is an easy sorting mechanism to make sure only those worthy get in the door. Does really mean you need it to do the job? Of course not! But in a competitive world, those who have them get the advantage, and tons of people have grad degrees these days. This is where prestige comes in, and why NYU and Columbia can charge a lot more than Fordham for a very similar product (like all the Fordham faculty all teach or used to teach at NYU and/or Columbia and mostly use same syllabus). There is some value to the prestige, personally I think it's overblown, but its not bullshit either.
Frankly, making the transition you want to do is not easy, and a lot of people do those programs as their entry ticket. Why? Because it works, you can get an internship, then job, and at serious firms for decent pay. You could also get a real estate license and get hired as a commercial real estate broker and try and make it essentially on your own. This path does exist, but it is not easy, but again, it works for some. There are others like this, but really its a different career path.
Good luck!
This is great. Thank you for taking the time to write this out its appreciated more than you know.
Fuga inventore non qui dicta quo. Mollitia sequi est aut voluptatum odio dolorem fugiat recusandae. Quidem neque doloribus qui. Illo perspiciatis fugit omnis minima officia.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...