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Some 20 years ago, real estate education underwent a dramatic shift in response to industry demands and the need for employees with increasingly sophisticated skill sets. In response to these changes in the profession, specialized masters degree programs focused exclusively on real estate were established. Today there are about fifteen such programs in the United States. While there are similarities across all of these degrees, there are significant distinctions which make a few programs stand out. Below is a comparison of four top-tier programs. This document has been prepared by the USC Master of Real Estate Development program with information gathered from the program brochures and websites.
Columbia University
Master of Science in Real Estate Development
Cornell University
Master of Professional Studies in Real Estate Interdisciplinary (City and Regional Planning, Hotel Administration, Architecture, Engineering, Design and Environmental Analysis) Two years 21 classes (62 credits) 19 classes (44.5 credits) 6 classes (17.5 credits) March 15 Accounting Not required but is preferred 20 full-time first-year; 20 full-time secondyear $73,000 total for two years (2008-09)
School
Time Period Required Number of Classes (Units) Core Classes Elective Classes Application Deadline Prerequisites Work Experience Class size Tuition
One year (Summer, Fall and Spring semesters) 15 classes (45 points) 12 classes (36 units) 3 classes (9 units) February 15 None Students usually have professional experience in related fields 95 full-time $58,000 (2009-10)
Eleven months (Fall, Spring, Summer) 8 courses and thesis 6 classes and thesis 2 classes February 15 Microeconomics, Basic Accounting Principles Applicants are required to have an extensive amount of relevant work experience before applying (3-5 years) 35 full-time $55,848 (2008-09)
Columbia University
Cornell University
Industry Seminar (core course) Mentor Program
Member Career Night Resume Book distributed to approximately 500 people Resume Book Affiliation with professional real estate associations, including ULI Student club: Associate Real Estate Council (membership open to students throughout Cornell) Internship in Summer semester
Affiliation with professional real estate associations, including ULI, PREA Student Club: MSRED Student Association Internship program in Spring semester
Affiliated with professional real estate associations including: ULI, ICSC, NAIOP, PREA, NCREIF, ARES, ARUEA
Comparison of Top-Tier Graduate Real Estate Degree Programs Course Requirements Massachusetts Institute of Technology
Columbia University
Cornell University
NCC 556 Managerial Finance
RED 542 Finance of Real Estate Development (3) RED 544 Capital Markets (2) RED 546 Applications of Finance (3) Economics Core Curriculum PPD 501a Economics (2) Market Analysis Core Curriculum RED 509 Market Analysis for Real Estate (4) Design Core Curriculum RED 573 Design History and Criticism (2) RED 574 Building Typologies (2) RED 575 Community Design and Site Planning (4) Construction Core Curriculum RED 547 Project Management and Construction (2) Legal and Approvals Core Curriculum RED 562 Legal Issues in Real Estate Development (4) RED 551 The Approval Process (4) Other Core Courses RED 598 Product Type Development (2 or 4) PPD 500 Intersectoral Leadership (2)
PLA 4312 Real Estate Finance I (3) PLA 4314 Real Estate Finance II (3) PLA 4314 Real Estate Finance III (3)
11.431 Real Estate Finance & Investment 11.432 Real Estate Capital Markets
H ADM 620 Principals of Real Estate H ADM 658 Real Estate Finance and Investments CRP 659 Real Estate Transactions & Deal Structuring
11.433 Real Estate Economics PLA 6352 Market Analysis (3) PLA 6348 Architectural Design for Non-Architects (3) 11.350 Products & Systems PLA 6350 Repositioning Real Estate (3) PLA 6356 Construction Management (3) PLA 6333 Real Estate Law (3) PLA 6354 Political Environment of Development (3) PLA 6338 International Real Estate (3)
PLA 6357 Trends in Real Estate (3)
CRP 556 Design in Real Estate Development CEE 595 Construction Planning and Operations
CRP 532 Real Estate Development Process CRP 533 Real Estate Marketing and Management CRP 537 Real Estate Industry Seminar Communication in Real Estate GIS Applications in Real Estate CRP 658 Residential Development
Capstone Requirement Comprehensive exam Real Estate Elective Courses RED 545 Advanced Financial Modeling (2) RED 563 Introduction to Asset Management (2) RED 564 Issues in Asset Management (2) RED 583 International Development Opportunities (2) RED 585 Comparative International Development (2) RED 598 Affordable Housing (4) RED 598 Entrepreneurial Approach Home Building (2) RED 598 Single-Family Residential Development (2) RED 598 Multi-family Development (2) RED 598 Office and Industrial Development (2) RED 598 Retail Development (2)
RED 598 Sustainable Development (2) RED 598 Time Share, Resort and Hotel Development (4)
Case Studies/Capstone (6) PLA 6339 Current Topics in Real Estate/Roundtable Series (2) PLA 6260 Center for High Density Development (3) PLA 8792 Research Methods/Internship Program (3) Related courses from throughout Columbia
Thesis 11.344J Innovative Project Delivery in the Public and Private Sectors 11.345J Entrepreneurship in Construction and Real Estate Development 11.346 Housing Markets 11.347 Topics in Housing Finance 15.401 Finance Theory I 11.430J Leadership in Real Estate 11.434 Advanced Topics in Real Estate Finance 11.435 Mixed Income Housing Development Related courses throughout MIT and Harvard
RED 598 Urban Infill (2 units) Related courses from throughout USC
Comparison of Top-Tier Graduate Real Estate Degree Programs Tenure-track Faculty Massachusetts Institute of Technology
Lynn Fisher, Associate Professor of Real Estate, Department of Urban Studies & Planning Dennis Frenchman, Professor, Department of Urban Studies and Planning David Geltner, Director, MIT Center for Real Estate Professor of Real Estate Finance, Department of Urban Studies & Planning William C. Wheaton, Professor, Department of Economics
Columbia University
Cornell University
Franklin Becker, Professor, Design and Environmental Analysis Richard Booth, Professor, City and Regional Planning John Corgel, Professor, Hotel Administration Milton Curry, Associate Professor, City and Regional Planning Jan DeRoos, Professor, Hotel Administration Ann Forsyth, Professor. City and Regional Planning Jerone Hass, Professor, Finance Kenneth Hover, Professor, Civil and Environmental Engineering Peng (Peter) Liu, Assistant Professor Vincent Mulcahy, Associate Professor, Architecture Porus Olpadwala, Professor, College of Architecture, Art, and Planning Rolf Pendall, Associate Professor, City and Regional Planning Patricia Pollak, Associate Professor, City and Regional Planning Daniel Quan, Professor, Hotel Administration Henry Richardson, Professor, Architecture William Sims, Professor, Design and Environmental Analysis Michael Tomlan, Associate Professor, City and Regional Planning Roger Trancik, Professor Landscape Architecture Peter Trowbridge, Professor, Landscape Architecture
Comparison of Top-Tier Graduate Real Estate Degree Programs Non-tenure-track Faculty Massachusetts Institute of Technology
Brian (Tony) Ciochetti, Chairman, MIT Center for Real Estate, Professor of the Practice of Real Estate
Columbia University
Cornell University
Robert H. Abrams, Senior Lecturer, City and Regional Planning, Cornel University Paul Carr, Adjunct Associate Professor, Cornel University Andrea Foertsch, Managing Director of Asset and Project Management for Haveland Estates David Funk, Director, Program in Real Estate, Senior Lecturer, Cornel University Adam Klausner, Adjunct Assistant Professor, Cornell University C. Bradley Olson, Senior Lecturer, City and Regional Planning Thomas Samuels, Executive Vice President, Higgins Development Partners
Mitchell Adelstein, Managing Partner, CRG Realty Capital John Alschuler, President, HR&A Advisors Tim H. Behle, Associate, Ernst & Young Mark Bhasin, Senior Associate, CW Capital Nicholas Bienstock, Managing Partner, Savanna Real Estate Fund Thomas Boytinck, Managing Director, Farragut Capital Michael Buckley, Director, Columbia MSRED, President, Halcyon Ltd. Michael G. Clark, Principal, Meridian Development Partners Scott E. Dyer, The Georgetown Company Gary Fogg, Development Manager, Kimco Realty Corporation Nansi Friedman, Attorney-at-Law Frank J. Gallinelli, President, RealData Mark C. Gibson, Principal, Ernst & Young Michael Gilliard, Vice President, Development, Richmond Group Dev. Corp. Martin E. Gold, Partner, Sidley Austin Joshua D. Kahr, Principal, Kahr Real Estate Group Charles Laven, President, Forsyth Street Advisors James F. Lima, Partner, HR&A Advisors John T. Livingston, President, Tishman Construction Corp. Bruce J. Murray, Senior Manager, Real Estate Solutions Group Kurt R. Padavano, Chief Operating Officer, Advance Realty Group Robert M. Paley, Vice President, L&M Development Partners Gregg Popkin, Managing Director, Beacon Capital Partners Richard R. Poznanski, Senior Project Manager, Gotham Construction Co. Robert Quaco, Principal, Q-Real Estate Partners Raquel Ramati, President, Raquel Ramati Associates Chris Schank, Partner, Savanna Real Estate Fund Charles A. Shorter, Senior Advisor, Davis Brody Bond Aedas Joel Silverman, Principal, Silverman & Associates John F. Tsui, Managing Principal, Peninsula House Marc Weidner, Managing Director, Franklin Templeton RE Advisors Carl Weisbrod, President, Trinity Real Estate
Christopher Gordon, Chief Operating Officer, Allston Development Group John Kennedy, Partner, Kennedy Ventures John Macomber, President, BuildingVision Tod McGrath, Lecturer, Urban Studies and
Planning
Jamie Pennington, Criterion Development Peter Roth, Lecturer Gloria Schuck, Lecturer, Urban Studies and Planning Yanni Tsipis, Senior Vice President and Partner, Development Group