Comparison of Top-Tier Graduate Real Estate Degree Programs

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.

Program Requirements University

Degree

University of Southern California

Master of Real Estate Development School of Policy, Planning, and Development Eleven months for full-time; Two years for part-time (Summer, Fall, and Spring semesters) 15 to 18 classes (44 units) 13 classes (36 units) 2 to 4 classes (8 units) February 1 Accounting, Economics, Finance Minimum 2 years in real estate related field. Average is 6 years. 45 full-time; 15 part-time $63,000 (2009-10)

Columbia University
Master of Science in Real Estate Development

Massachusetts Institute of Technology

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

School of Architecture, Planning and Preservation

School of Architecture and Planning

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)

University of Southern California

Supported by USC Lusk Center for Real Estate Speaker Series presented on a weekly basis Lusk Mentor Program pairs student with senior level real estate executives Real Estate Industry Night with over 80 firms in attendance Resume Book distributed nationally to approximately 1,000 people Affiliation with professional real estate associations, including ULI, ICSC, NAIOP, BIA, PREA Student club: Graduate Real Estate Association (membership open to students throughout USC including MRED, MBA, JD, MCM)

Columbia University

Professional Development Services Massachusetts Institute of Technology

Supported by MIT Center for Real Estate Leaders in Real Estate, Career Profiles, and Real Deal Lecture series presented on a weekly basis

Cornell University
Industry Seminar (core course) Mentor Program

Lunchbox Lecture Series presented on a weekly basis

Careers in Real Estate Panel

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

June 24, 2008

University of Southern California

Real Estate Finance Core Curriculum

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)

11.303 Design for Real Estate Development

CRP 556 Design in Real Estate Development CEE 595 Construction Planning and Operations

11.340 Legal Issues in the Development Process

CRP 657 Real Estate Law

11.349 The Development Process

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

PLA 6568 Public-Private Partnerships (3)

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

CRP 655 Real Estate Project Workshop

Related courses from throughout Cornell

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

June 24, 2008

University of Southern California

Peter Gordon, Director, MRED Professor, School of Policy, Planning, and Development Raphael Bostic, Professor, School of Policy, Planning, and Development Delores Conway, Associate Professor, Marshall School of Business Richard Green, Director, Lusk Center for Real Estate Professor, School of Policy, Planning, and Development and Marshall School of Business Christian L. Redfearn, Associate Professor, School of Policy, Planning, and Development

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

Howard Bell, Professor Emeritus, Columbia University

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

June 24, 2008

University of Southern California

Bruce Baltin, Senior Vice President, PKF Consulting David S. Brown, Co-President, Grand Pacific Resorts Nancy Burke, Land Use Manager, Kaiser Permanente Robert D. Champion, President, Champion Development Corp. Terri Dickerhoff, Principal, CGR Development Joseph Dominguez, Senior Vice President, Archstone Communities Elizabeth Falletta, Clinical Assistant Professor, USC School of Policy, Planning, and Development Marcia Gordon, Partner, Holme Roberts & Owen Stanley L. Iezman, President and Chief Executive Officer, American Realty Advisors Bryan C. Jackson, Partner, Allen Matkins Leck Gamble Mallory & Natsis James Kasim, Chief Financial Officer, Pacific Office Properties Trust Steve Kellenberg, Principal, EDAW, Inc. Michael I. Keston, Chairman and Chief Executive Officer, Larwin Company Allan D. Kotin, Principal, Allan D. Kotin & Associates Alon I. Kraft, Vice President, Lowe Enterprises Carl F. Meyer, Partner, Rosetti Dusan Miletich, President, Arenda Capital, Inc. Ehud Mouchly, Vice President and General Manager, UniDev, LLC Tom Muller, Partner, Manatt, Phelps & Phillips Ira C. Norris, Chief Executive Officer, Horizon Communities Paul Novak, Planning Deputy, Los Angeles County Supervisor Michael Antonovich Mark Oliver, Appraiser, Cushman & Wakefield Richard Ortwein, Partner, Focus Real Estate Kirk Roloff, Senior Vice President, Shea Properties Tracey Seslen, Assistant Professor of Clinical Finance, USC Marshall School of Business Johannes Van Tilburg, Principal, Van Tilburg, Banvard & Soderbergh Dennis A. Watsabaugh, Senior Vice President, Thomas Properties Group Chris Wilson, President, Wilson Commercial 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