Real Estate MBA Interests Grow

Over the last few years, more colleges and universities have added curriculum related to the real estate industry to their MBA programs. According to an AACSB survey that was featured in Bloomberg Business, “fifteen percent of business schools surveyed reported having graduate and undergraduate degree programs with an emphasis on real estate, including MBA concentrations. The survey also stated that the percentage of schools offering programs with an emphasis on real estate has risen by more than 30 percent in the last ten years.

Bloomberg reports that the MBA programs in real estate are directed towards the importance of applicable business skills in the post-financial crisis landscape and that Business schools’ approach to real estate is no different. These programs are not solely for those who are already involved in the real estate industry. Many times, the program is designed for those who are making a career change. These programs are also typically not for residential brokers but usually for commercial brokers, redevelopment and financing for real estate industry professionals.

Morris A. Davis, the Academic Director of the Center for Real Estate at Rutgers Business School Newark-New Brunswick, explains that the programs usually start from the ground up academically to make the transition into the industry seamless for career switchers. “Even if you have more than five years of experience in the real estate industry, you haven’t had the classes taught by our professors with their expertise. It’s good for both kinds of students,” he said.

In addition to offering the MBA with the option to complete the customized concentration in real estate, Rutgers will launch two new certificate programs in real estate for the Fall of 2016. The two certificate programs will focus on Supply Chain Managment and Industrial Real Estate and Redevelopment and Public Policy. “We expect the certificates to be developed in to masters programs in the upcoming years,” Davis said.

Davis also explains that the heart of the real estate program is the school’s industry relations. Rutgers has been developing its advisory board to help develop the Center at Rutgers. The Paul Merage School of Business also focuses the development of its program around its advisory board. The Merage School’s Advisory Board consists of some of the top industry leaders that represent all segments of the real estate professional community in Southern California.

The Advisory Board works to develop the programs and to make sure that the classes taught are relevant and will be taught in a consistent way through out the school. Classes in real estate offered at Merage include, The Real Estate Development Process, Real Estate Capital Markets and Introduction to the Real Estate Process.

Real Estate MBA programs focus on the business side of the industry. The Real Estate MBA program at The Wharton School, which consists of two required credit units and three electives, focus on real estate law, finance and development. The Wharton MBA in real estate program has consistently been ranked as one of the top programs by U.S. News & World Report.

The program is taught in conjunction with The Samuel Zell and Robert Lurie Real Estate Center at the University of Pennsylvania. Students at Wharton also have the option of joining the Wharton Real Estate Club. The Wharton Club provides students, alumni and employers with networking opportunities, educational events,and career development activities.

According to an article on topmba.com, “Overall MBA trends within the industry have increasingly been directed towards the importance of applicable business skills in the post-financial crisis landscape.” The development of these programs in the real estate industry have helped students to increase their ability to be successful business leaders in the industry. The business of real estate has many aspects to it. As the world continues to become a global society, it is important that real estate business leaders have the knowledge and skills to compete in the global market and be successful in the industry.

 

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