According to a story in The New York Times, many employers are beginning to view a master’s in real estate degree as a viable alternative to a master’s in business administration (MBA). Indeed, a graduate degree in real estate is an ideal option for students who want to obtain the proper education and training needed to move up the professional ladder in today’s evolving real estate market. Students completing this challenging graduate program will enroll in a number of business, real estate, finance, and economics courses, such as business management, real estate development, real estate investment, and more. Those who finish a graduate degree in this discipline should be competent business professionals, capable of understanding the ins and outs of owning, selling, renting, and leasing commercial and residential properties.
Why a Master’s Degree?
Oftentimes, students who choose a real estate masters degree online have already completed a bachelor’s degree in real estate or certificate in real estate. Master’s degrees in real estate aid students in honing and developing key specialties in appraisal, sales, property management, lending, and more. After completing their degree studies, many real estate graduates accept positions as mortgage brokers, property managers, real estate agents, and commercial leasing managers, among other positions. The U.S. Bureau of Labor Statistics (BLS) reports that a majority of real estate brokers have at least a high school diploma or its equivalent. Real estate appraisers, however, typically have a more formal education, with an associate or bachelor’s degree and a state-issued real estate license. Though a bachelor’s or master’s degree is certainly not expected or required to attain real estate careers, a formal education is essential in helping professionals move up the ladder much more efficiently.
Getting Into a Master’s Degree Program
A master’s degree program in real estate usually require students to meet various application credentials. These requirements commonly include:
- Bachelor’s degree in real estate or related subject
- Relevant work experience
- Current resume
- Academic and/or professional letters of recommendation
- Passing GMAT or GRE scores
Inside a Real Estate Master’s Degree Program
Typically with a year of coursework in business before moving on to real estate, most graduate programs in real estate last about two years. In addition to completing their master’s courses, students may also be encouraged to enroll in real estate license prep courses, complete internships in real estate businesses, and satisfy the requirements for appraisal licenses and certificates. However, it’s important to note that the real estate curriculum are different at every school.
One of the most efficient ways to earn a degree in real estate is through online colleges and remote learning programs. Unlike most traditional college degrees, an online real estate master’s degree helps students meet the demands of their full-time careers and personal lives while completing a full-time course load. Most online programs in this discipline also require students to enroll in an array of online accounting, finance, management, consumer behavior courses, thus providing a well-rounded master’s degree experience.
What’s Next for Real Estate Master’s Degree Holders?
Online real estate masters degree programs assist graduates in securing positions as mortgage brokers, property managers, real estate agents, commercial leasing managers, real estate investment officers, and more. The BLS reports that real estate brokers and sales agents make close to an average of $55,000 a year, though this average does vary throughout the nation. Those who work as real estate appraisers make an average of $48,500 a year. Moreover, the BLS reports that both real estate agent and real estate appraiser positions are predicted to undergo a respective 11% and 7% growth over the next few years. For more information on U.S. real estate careers, visit the BLS website.