A Master of Science in Real Estate Development
Real estate professionals have traditionally acquired their skills on the job. But as real estate practice becomes more complex, technical, and globally interconnected, the need increases for specialized education beyond the bounds of traditional MBA programs. Recognizing that need in 1983, MIT created the Master of Science in Real Estate Development (MSRED), the first one-year degree program of its kind.
Drawing heavily on the relationship with industry that characterizes education at MIT, our curriculum integrates knowledge from each of the major disciplines that contributes to the real estate industry in a rigorous course of study that balances theory and practice.
The program is distinguished from graduate-level real estate programs elsewhere by its 11-month duration and its full access to MIT’s academic resources. The program is headquartered at the Center for Real Estate, one of many interdisciplinary centers at MIT that promote the growth of knowledge in areas that cut across the boundaries of traditional departments. This structure enables our students to enroll in core courses taught by faculty in the departments of Economics, Urban Studies and Planning, Civil and Environmental Engineering, Architecture, and the Sloan School of Management, and in elective classes throughout the Institute.
Admission to the Master of Science in Real Estate DEvelopment Program (MSRED)
MIT’s innovative one-year Master of Science in Real Estate Development (MSRED) prepares men and women for key positions in domestic and international real estate. With a course of study that is rigorous, balanced, and grounded in professional practice, the program gives students a comprehensive understanding of real estate theory and practice — from initial concept to market reality and beyond. Small class size and emphasis on team projects bring together students from many backgrounds and levels of expertise, fostering working relationships that can last long after students graduate and return to the industry.
MSRED Admission Requirements
Admission to MIT’s Master of Science in Real Estate Development program is highly competitive. Up to thirty full-time students are admitted each September; there is no part-time or special student status. In addition, a number of joint degree candidates are admitted each year.
The admissions committee seeks a diverse group of students who possess undergraduate or graduate degrees in one of the disciplines that have traditionally provided a basis for work in real estate (for example, engineering, law, architecture, planning, economics, or business), coupled with substantial work experience in some area of the industry. The average age of class members is around 29-30 years.
The admissions committee looks for highly qualified candidates who have an extensive amount of professional Real Estate work experience (3-5 years), a strong academic background, as well as clear and focused goals and objectives. This requirement can be satisfied in any number of ways. Prior to enrolling in the program, students have been employed as brokers, construction managers, planners, architects, commercial loan officers, consultants, financial analysts, and engineers. Due to the work experience requirement, we do not admit students directly out of undergraduate studies.
Microeconomics and basic accounting principles at the college level is required. A student who is otherwise qualified but deficient in either of these areas will be admitted provisionally and required to satisfy the prerequisite before enrolling. Proficiency with micro- computers is assumed.
The admissions committee encourages applications from those in both the public and private sectors in this country and abroad, and in particular, from minority candidates. In addition to the formal academic requirements, the committee seeks candidates who possess integrity, managerial ability, and an entrepreneurial spirit. Of equal importance is an ability to work congenially and effectively with different kinds of people.