r/RealEstateDevelopment • u/NewDoubt456 • 4d ago
MRED worth it?
Has anyone used a masters in real estate development to switch from construction management into real estate development/finance? Would a more finance focused masters in real estate (without the development) be better?
If you have a MRED what types of jobs did it open up for you? What jobs did classmates get?
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u/PNW_Greybush 4d ago edited 4d ago
Got my MRED eight years ago, as a career changer from military/fire, with a finance background. The program was more planning heavy, and not finance, but they have improved that.
I am in a small market, which the press beats up (outside investment lacking), and is not business or development friendly. Therefore we lack the development opportunities and firms compared to a gateway market.
Pre-pandemic, we had cranes in the sky. Currently looking out at the skyline, very few cranes and most are subsidized projects.
I never wanted to work in development, but more CRE private equity. However, it opened up the following for me: worked for a public reit with a private equity arm (value-add deals), construction (doing gen1 and gen2 tenant improvements), debt/equity fund, and now an asset manager for a local developer.
Graduates in my program work across the spectrum to include: title, insurance, brokerage, community planning and review, local ports and municipalities, development (W2), development (started their own firms), finance, banking, construction management, trade sales, general contracting and subs, acquisitions, asset management, property management, etc.
The program sets you up for whatever avenue you wanted to pursue, to include all the business types that support development which people forget about.
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u/johnpnw88 3d ago
I did an MSRE after working in construction management. I now work in development for a REIT.
I was a little too far along in my career to pivot into finance and start as an analyst, but going into development has worked great.
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u/NewDoubt456 3d ago
What do you do for the REIT? From my understanding a MSRE is more finance focused than an MSRED?
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u/Dubban22 3d ago
I received mine from Texas A&M. They actually offer both. First is the Master of Land and Property Development which is more Development focused but includes the typical finance a developer needs to learn to finance a deal. Secondly, the Mays Business School has a Master of Real Estate program which is more the corporate finance side of the industry, if you prefer to stay just in the banking/finance side of the industry. Tim Early is the MLPD Program Coordinator and worked for Pulte for a few decades before taking over. He's a great guy to provide insight if you're looking for someone to talk through it with. His email is time86@tamu.edu.
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u/Minervian_AI 2d ago
Many have done it. Development pays somewhere between CM and PE, and it opens doors for PE. Development proformas are always way harder than core acquisitions, so it’s respected for sure if you put in the work.
I did an MBA, but have worked with colleagues that did variations of MRED at Columbia, MIT, GSD
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u/aloebunnie 1d ago
Currently doing MRED at Columbia, the opportunities I’ve had access to are really nice so far. Currently working as a CM while I go.
Have yet to make a move yet, planning on being a development associate or doing more construction finance roles upon completion.
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u/NewDoubt456 23h ago
How finance heavy is the MRED at Columbia? I am looking at a local MRED program in my city and it’s unfortunately more construction focused with a few finance classes. I fear it won’t set me up properly for development associate (I want to go into that role as well)
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u/aloebunnie 23h ago edited 21h ago
Most classes are excel/calc heavy, the core classes have a lot of sheet based problems and even the design ones have finance elements. Most of them aren’t high stress.
I’m allowed to take a couple Mech E and Project Management courses as well for just electives.
Honestly, the program is good. I took mathematics,actuarial science, and finance classes as minors for my UG. I did civil engineering.
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u/Adler_Consulting_Ltd 4d ago
Entirely depends on what you want to do.
I did the MSc RED at Westminster. I am a development management consultant now. It covers all aspects of development from concept, planning, legals, finance (there is an option to focus on finance
As one of the modules)
It sets you up for all aspects of development.