Real estate impacts as much as 20 percent of the Gross Domestic Product, yet career real estate education has never been taken seriously by the academic community except when offered as licensing curriculum as required by the state. Cornell University, now in its sixth year to offer the Master in Professional Studies in Real Estate degree, sees it differently, thanks to some high-powered alumni and dedicated administrators.

The two-year Cornell post-graduate real estate degree program is the only one of its kind in the nation, says Brad Olson, director. "The MPS is offered in different fields," says Olson, "but this is the first two-year master's degree for real estate.

The requirements to get the degree includes completion of 61 credit hours or about 21 courses for four semesters. Openings are few - about 20 per year, and the program graduates about the same number annually, and this is one degree where experience counts in the application process.

"We look for people who have three to five years experience," says Olson who says they value age and maturity. "Some come straight from undergraduate school, but others have a professional career in real estate. We feel if someone comes here with the understanding that this is what they want to do, they will bring a lot to the class room."

How unusual is it for a learning institution to offer a new degree? "It is quite unusual," responds Olson. "Until 1999, I was a professional developer and had a Cornell degree, so when they put together the program, I was asked to comment. The degree was suggested by alumni who recognized the need for training for future leaders in the real estate business. They worked with faculty to develop the two-year program so that graduates would leave with a solid basis to make contributions to the business. It took a number of years to get the endorsement, and it is backed by personal financial endowments to get it going to be a winner. It didn't cost the university anything. I researched other programs to see who else had something like this, and there are only two programs one in the University of Wisconsin and other was Cornell. I tell people this is the richest offering in the country.

So who are these mysterious benefactors? The Cornell Connection reads like a who’s who in real estate: Robert Toll, Howard Milstein and Robert Tishman are joined by Anne Evans Estabrook (’65), owner of the Elberon Development Company and past national Chair of NAIOP (National Association of Industrial and Office Properties); Robert Miller, Chairman The Search Group, Inc.; Lynn Gray, vice president Lehman Brothers; Arthur Gensler, president and CEO Gensler Properties and Robert Strudler, Chairman U.S. Home Corporation. Many of these industry leaders assist as guest lecturers.

"What leaders relied on was learning by doing," explains Olson. "My career was a perfect example, I never took a formal course in real estate. I went to work for someone who kept handing me challenges. The industry has become so sophisticated in terms of contracts, relationships, and more that if someone tried to learn by doing, it would be much harder. One graduate told me, 'You gave my career a fast-forward.'"

The comprehensive curriculum includes real estate investment and finance, land and project development, asset management, and property marketing and management, combined with courses in design, engineering, economics, hospitality real estate, city and regional planning, and major real estate products.

The first year, graduate students spend in core courses like principles of real estate, investments, finance, development, residential development, managerial finance, leadership, negotiation, and other core skill sets. The second year, they take concentration courses and electives. The second semester students are put into teams to solve real world problems like how to revitalize a city downtown area.

Says Ann Heath, an administrator and student in the program, "My interest is in sustainable development. I have a degree in environmental engineering, so I want to take certain courses on site construction and finance. I'm interested in the development side, so I want to take courses in planning, economics and education for more sustainable environments. Sustainable environments means I'm interested in energy efficiency, to help save energy and promote good air, keeping the environment in mind."

With a rare degree and a small graduating class, it isn't any wonder that the job placement rate out of the program is extremely high - 100 percent. "The dominant positions are in the private sector," says Olson, "and the employers are all over the world - consulting organizations like Ernst and Young, and private equity funds, so it is a full range of types of employees, consulting, developing, Wall Street. It depends on the student's background and what they chose as electives."

Do you have the right stuff? A typical application package needs to be turned in by January 15th, and requires a statement of purpose - why you want to be in the program, references, and a resume. "We don't require an interview," offers Olson, "but we invite applicants to visit the campus and meet the faculty."

Published: March 26, 2003

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