Are you considering a career in real estate development? Look no further than the Columbia University Master of Science of Real Estate Development (MS.RED) program. Located in the bustling city of New York, this program offers an intensive one-year curriculum that covers the financial, physical, and legal aspects of urban real estate development. In this article, we will delve into the details of the Columbia MS.RED program, including its curriculum, admissions process, and whether it's the right fit for you.
Description
- College: Columbia Graduate School of Architecture, Planning, and Preservation (GSAPP)
- Program Name: Columbia Real Estate Development Program
- Location: 1172 Amsterdam Avenue, New York, NY 10027
- Year Established: 1985
- Program Director: Patrice Derrington (since 2015)
- Rankings:
- Undergraduate: Columbia University is 3rd on the 2018 U.S. News and World Report’s National Universities Rankings List
- Graduate Real Estate: No reputable rankings of graduate real estate programs exist
- Graduate School: The GSAPP is ranked 2nd on the Design Intelligence 2018 ranking of America’s Top Architecture Graduate Programs
- Degree(s) Offered: Master of Science of Real Estate Development (MS.RED)
- Dual Degree(s) Offered?:
- M.S. in Urban Planning and M.S. in Real Estate Development
- M.S. in Historic Preservation and M.S. in Real Estate Development
- No dual MBA and MS.RED
- Program Length: Three terms/one year (Summer Term + Fall Term + Spring Term)
- Program Website: www.arch.columbia.edu
Cost and Financial Aid
- Tuition: $28,470 per term; three term program = $85,410 excluding living expenses and books
- Cost of Living Comparison:
- New York, NY, home of Columbia University, is the 3rd most expensive city in North America.
- New York, NY is 20% more expensive than Boston, MA (MIT is in Cambridge, MA, across the Charles River from Boston)
- New York, NY is 17% more expensive than Washington DC (Johns Hopkins’ full-time real estate program is in Washington, DC; it also offers a part-time option in Baltimore, MD)
- New York, NY is 61% more expensive than Ithaca, NY (Cornell University)
- New York, NY is 37% more expensive than Los Angeles, CA (USC)
- New York, NY is also the home of NYU’s Schack Institute of Real Estate
- Financial Aid Available?:
- Subsidized housing: about 1/3rd of students live in university subsidized housing
- Need-based assistance: limited to US citizens and permanent residents; the average need-based award is $16,500
- Merit-based fellowships: All applicants are eligible; no separate application is necessary; no details available on how many are awarded each year and the typical amount of the awards
- Merit-based assistantships: Limited number of teaching and research assistantships offered each year; the assistantships provide up to half of tuition; summer term assistantships are rare; students typically apply after matriculation for fall/spring assistantships
- Work Full-Time While Studying?: While not expressly prohibited, the schedule and load of coursework make it impossible to work full-time; many students do, however, work part-time/intern during the school year
Curriculum
- Graduation Requirements: 30 core credits + 15 elective credits (approximately 15 credits per 12-week term)
- First Term - Summer:
- Concentrations Available?: No
- Courses Available Outside of GSAPP School?: Yes
- Students can take up to three credits cross-registration with other schools at Columbia University subject to certain requirements
- A list of available courses for cross-registration comes out each term
- Example Electives:
- Note on Electives: Within each term is a six or seven-week “A” and “B” section. Almost every elective lasts for only one section of the term, whereas the required courses last the full 12 weeks. Rarely does an elective last the full 12-week term.
- # of Full-time Real Estate Faculty: Information not available (one of my sources said he believes there are two or three full-time faculty, the rest adjunct)
- Faculty: (see more details here)
Culture
Are you curious about the culture at Columbia MS.RED? Here's what we know:
- Class Profile:
- Size: 90 - 120 students
- International (%): 30% - 40%
- Female (%): 25%-30%
- Avg. Age: Late 20s
- Age Range: 22 - 40s
- Avg. Years Work Experience: Varies greatly, but 3+ years is typical
- Median GMAT: Both GMAT and GRE are accepted, but no median GMAT information was available; best guess is in the 650-720 range, scores typical of students at top business programs
- Avg. Undergraduate GPA: Best guess is low to mid 3s, but no information was available other than anecdotal notes from sources
- Pre-Grad School Industry: Many students are transitioning into real estate from other fields; one of my sources said his class came from approximately 1/3rd architecture background, 1/3rd finance or banking, and 1/3rd other disciplines
- Extracurricular Activities:
- Clubs: Various real estate related clubs are available to join. A full list can be found here.
- Center for Urban Real Estate (CURE):
- "CURE identifies, shares, and advocates solutions for a rapidly urbanizing world. The center offers GSAPP faculty and students a cross-disciplinary approach that integrates theory and practice to solve unique development problems"
- Students can undertake independent research projects with CURE
- Lunchbox Lecture Series: hosted by the RED Student Association, this weekly event provides real estate students at Columbia an opportunity to hear from and interface with real estate executives and industry thought leaders
- Typically held every Monday
- Notable speakers have included Marc Holliday, Marty Burger, and Mark McGoldrick
- Companies recently represented at the event include Vornado, Silverstein Properties, SL Green, Thor Equities, Fortress Investment Group, Apollo, and Extell
- An excellent opportunity to network with industry professionals and other real estate students at Columbia
- Social Life:
- Social Chairs: Students elect "social chairs" at the beginning of the year to plan group functions outside of class
- How social are students?: How active and who MSRED students socialize with outside of class depends on a) whether the student is from NYC (i.e. already has a social network in the city), b) a student’s personal initiative to engage with other students out of class, c) how close to campus the student lives, and d) how good the social chairs are at organizing activities
- Types of Activities: Quote from one of my sources: "Everyone is usually invited to people’s birthday parties and such. There are always events for people to see each other, and there are always dinners being planned and nights out planned. Social chairs have arranged bar tabs, boat cruises around Manhattan, Central Park picnics, BBQ trips to Brooklyn, and a lot of the time stuff is planned from students aside from the social chairs too. It’s a free for all, and everyone loves being together because most students come to NYC without knowing anyone else here, so there is a lot of program bonding."
Careers
What career opportunities can you expect after completing the MS.RED program at Columbia University? Let's take a look:
- Areas of Focus: A majority of graduates land jobs in development, but there is also a strong representation of MSRED grads in other areas of real estate (e.g. acquisition, finance, investment banking, private equity, affordable housing, consulting, and entrepreneurship).
- Geographic Focus: The program is very NYC focused, and so it’s not surprising that most domestic students decide to stay and work in New York. International students generally return to their home countries to work.
- Career Service Offerings:
- Full-time Real Estate Career Development Professional?: Yes
- Career Programming: Speed networking with alumni, MSRED Alumni Mentorship Program, annual career fair (typically in February)
- Internships: About half of students seek internships during the school year to bolster their resume and potentially lead to full-time employment.
- Job Placement: No formal job placement statistics are available for recent graduates of the MS.RED program. However, GSAPP performed a survey in 2014 of all GSAPP alumni who graduated from 2009-2013. You can find these statistics here.
Admissions
Considering applying to the Columbia MS.RED program? Here's what you need to know:
- Pre-Requisites:
- Undergraduate Degree: Must hold a degree from an accredited college or university
- Fields Considered: All fields considered. From GSAPP’s website: “While graduate and professional academic preparation in development-related disciplines, such as architecture, finance, law, urban design, historic preservation, civil engineering, or urban planning is highly desirable, it is not essential for admission to the program”
- Work Experience: A minimum of two years of prior work experience is recommended
- Admissions Requirements:
- Online application
- $75.00 application fee
- Three letters of recommendation
- Scanned copies of official academic transcripts
- Personal statement
- Resume
- GRE or GMAT
- TOEFL (International students only)
- Admission Schedule:
- Admission Rounds: One
- Application Deadline(s): January 15
- Decision Letters Sent: Varies
Commentary
Now that we've covered the facts about the Columbia MS.RED program, let's hear some commentary from current and former students:
-
Strengths (per my sources):
- New York Location: If you're looking to work in New York real estate, the Columbia MS.RED program is a perfect choice. With a large alumni network in the city and professors who actively work in NYC real estate, you'll have ample opportunities to connect and learn.
- Development Focus: The program places a strong emphasis on development, offering a specialized curriculum in this area. While it also offers versatility, the development focus sets it apart.
- One-Year Intensive Program: The one-year program allows you to complete your degree quickly and get back into the workforce. The intensive coursework ensures that you gain the necessary knowledge and skills in a short period.
-
Admission Advice (per my sources):
- Take night classes or a few courses on real estate finance at a local university (or online) and include that in the application.
- If you know how to use Excel, maybe send in a model demonstrating your ability to use it.
- Reach out to current students and/or alumni and network with them. You can list referrals of current students or alumni in your application.
- Have work experience.
Other Resources
- 2015-2016 MS.RED Informational Brochure published by the school
Our goal is to provide you with an up-to-date and comprehensive profile of the Columbia MS.RED program. If you have any additional information that you think will enhance this profile, please share it with us. We are committed to making these profiles living documents that are regularly updated to provide the most accurate and helpful information to prospective students.