gixxer, I'll address your questions from what I've learned thus far. Also, since it sounds like you are planning to apply next year, feel free and contact me while I continue through the MRE program at Cornell. I'll also try and bring what I learn to the board, since RE people are uncommon here.
gixxer1000 wrote:
You mentioned that if you could do it over that you would apply to the MRED programs instead of the MBA programs. Would the same hold true for some of the MBA programs that have a respected following in real estate. For example I agree that Cornell's real estate program would be better than say an MBA from Yale, but do you think it's better than an MBA from Wharton.
As I perceive it, the Masters in Real Estate programs seem to be the best options outside of the very top MBA programs with a real estate emphasis. Schools such as Wharton, Columbia, Haas, and UCLA, that have strong real estate concentrations within a top tier MBA school would still be hard to top. In my opinion, other strong MBA programs with real estate concentrations - Kenan-Flagler, Wisconsin, etc. - may not get you as far as the real estate specific programs. Again, I want to emphasize, this is only my opinion from what I have learned through the search process.
My decision in fact came down to Kenan-Flagler or the Cornell Program in Real Estate, and I am choosing Cornell. I will be able to tell you in a couple of years if it was the right decision, but my conversations with students at both schools were very positive. As you mentioned and artshep mentioned, real estate is largely about your network. Cornell's PRE has the largest dedicated real estate alumni network, so that was a big difference maker to me. Given a choice between Wharton and Cornell's PRE, I would probably choose Wharton. But I think either program is strong, with a great network, and each has its own advantages. And, of course, as your application process evolves, you'll get an idea of what feels right.
gixxer1000 wrote:
Or looking at Columbia's MRED program, it is only one year. If you go to their MBA program you'll be able to take advantage of most of the opportunites the MRED program has (classes, forums, etc.) as well as all the resources of the MBA program. So in my view their MBA program would allow you access to network with two MRED classes (which are smaller). I get the feeling that the their MRED program is more for people with more experience in the real estate field.
Regarding mixing with MBA students and the various resources, at Cornell's PRE, we actually take a number of courses with the MBA students. However, I'm not sure if the same thing goes at USC, MIT, or Columbia. Talking with current students, I have heard there is increasing preference among employers in the real estate industry to hire MRE students rather than MBAs. One student put it this way - they like knowing that after you come to their interview regarding real estate development, you aren't going straight to a finance interview.
gixxer1000 wrote:
For example Cornell recommends the joint degree program stating it is "Ideal for students with less real estate work experience".
I think Cornell is recommending the dual degree "for students with less real estate work experience" because if you haven't worked in real estate, choose only the MRE, and then find out you hate real estate, you're going to be a little bit stuck. Having the MBA as a backup will allow you to more easily transition out of real estate if you really don't enjoy it. But if you know you enjoy real estate, the MRE is the way to go.
I have also talked with pretty much every student at Cornell who will take my phone calls over the past month or so. Universally, they've told me that all connections to the real estate industry come from the PRE, not the MBA. All the students have also mentioned that there are basically two reasons people like me would choose the dual-degree option (PRE/MBA): (1) Brand name, (2) Uncertainty about real estate as a career. To elaborate, real estate programs are relatively new. MBA programs are still more recognizable. And, if you get a real estate degree, you better be planning to work in real estate. An MRE won't get you into investment banking.
gixxer1000 wrote:
Cornell is also the only school on that list whose program is two years. Do you think one year will be enough time for a career switcher to effectively make that transition?
I'm less sure about this, because I've grown up around real estate and am currently working in the industry. Even with my experience, I still prefer the two years at Cornell over 1 year in the other programs. There are a few career switchers in the Cornell PRE and there are also quite a few who have worked in real estate before attending. I think that mostly has to do with the focus that those of us with prior experience have on wanting to stay in real estate. If you are a good candidate and communicate clearly to the admissions people in the MRE programs that real estate is something you are passionate about with good reasons, they will appreciate that. The nice part about the MRE programs being so small is that they really do choose candidate by candidate.
gixxer1000 wrote:
What companies do you know specifically recruit at what schools. Outside of Wharton and Columbia I can't really seem to find any of this information.
Here's a list from MITs website:
https://web.mit.edu/cre/careers/recentemployers.htmlI know from my own research that I've seen at least a few MRE students from different schools working at the same place. Cornell PRE grad with MIT PRE grad, etc.
Here's an interesting link from the MIT real estate website that talks about the difference between MBAs and MREs. I found it very useful:
https://web.mit.edu/cre/apply/mba-msred.htmlHope this all helps!
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14 Apr 2008, 10:40
