MSt in Real Estate

The Real Estate Master's Programme is a Master of Studies (MSt) course offered by the Department of Land Economy drawing on the multidisciplinary strength of the Department and the University. It is aimed at experienced professionals and those identified as future leaders in the real estate and associated industries and it combines academic rigour with significant industry input. The course aims to equip participants with a broad and deep knowledge of all aspects of the real estate industry, familiarise them with models and theories that help understanding of market behaviour,  and develop insight into a range of long-term themes and strategic issues in the market  while developing a range of research and other skills.

This is a two-year part-time master's course designed for those with several years of professional experience in real estate or associated business, who have attained a leadership role or are seeking to take up a leadership role. The format permits students to continue with their professional career whilst studying. The course will enhance students’ technical skills and develop a range of other skills to enable them to be agents of change in the real estate industry and beyond.

COVID-19 and its impact on MSt teaching delivery

"The course is designed to be highly interactive and this naturally works better in a face to face setting"

As a consequence we are amending the dates of residential sessions to improve the chances of in person delivery, with the first residential of the 2020 programme starting in late November.   

We will work within the guidance of the authorities and University policy but to be clear whilst the University has a policy that large non-participatory lectures are delivered online in the next academic year this does not apply to interactive smaller group teaching of the type we do for the real estate masters programme. 

We will ensure that sessions are accessible to any students that are not able to attend in person.   Online delivery of teaching is a back up plan and our experience with this over the past few months suggests this can work well (albeit with challenges of time zones for an international cohort) and we will use this to reduce dependence on face-to-face deliver.  We will also use this to help students be better equipped for the first session.   

We know it is the interaction that students value most from their time in Cambridge and we are fully committed to making the course as interactive as possible - ideally in person but also online.

Nick Mansley, Course Director May 2020

The aims of the course include:

• enabling students to build their knowledge across a range of disciplines around real estate including finance, investment, economics, environmental policy, planning and law;
• enabling students to build on previous study and work experience across real estate and related disciplines;
• equipping students to take leadership positions in the industry and develop their understanding of key skills in management, innovation, strategy, negotiation, partnering and risk management;
• providing opportunities to learn from colleagues from different cultures, work backgrounds and with experience from different countries with different social, economic and legal systems;
• providing students with the skills to manage information and resources effectively and to be able to manage their own research; and
• building a passion for research and strategic thinking.

The programme aims to ensure that students have a solid understanding of the end-to-end processes in real estate investment and finance while promoting innovation in real estate through highlighting some of the trends influencing the industry and the opportunities and risks that this will bring. The course breadth is reflected in the topics it  addresses, from looking at the high-level drivers of capital flows in real estate and changes in the urban environment through to asset management of individual buildings and optimising their performance. 

The course has a number of themes running through it that reflect some of the key trends shaping the industry:

• Interaction between the economy and real estate markets
• Globalisation and its influence on the market
• Risk management and mitigation
• The impact of technological change on real estate
• Sustainable buildings and cities

Learning Outcomes

On completion of the course students will have developed a deep understanding of market processes in real estate investment and finance and have developed both their technical and broader skills to equip them to take key leadership roles in real estate and related industries.

These skills include the following:

1. Knowledge and understanding of the real estate industry and the factors likely to shape global real estate markets over the next 20+ years.
    
2. Intellectual skills: the ability to engage with complex issues and assimilate large amounts of information swiftly, to challenge and critically review evidence and evaluate countervailing positions, engage effectively with those with whom they disagree and apply own opinions and judgement in achieving outcomes and formulating  succinct arguments.
    
3. Practical skills: proficiency in techniques and methodologies applicable to the discipline, including data analysis, modelling and IT skills, case evaluation, the convergence of theory and empirical data and advanced critical analysis. The ability to study steadily, plan and implement projects effectively, author reports, and identify and use bibliographic materials.
    
4. Transferable skills: the ability to communicate effectively both orally and in writing; to work to deadlines and under pressure; to manage time; to set priorities; to formulate an argument; to work independently and with initiative; critical analysis; to present material convincingly in a seminar or meeting context; skills of analysis and interpretation; self-discipline, self-direction; listening and respect for other views. The ability to develop and present a major piece of work.
    
5. Research and technical skills: the ability to locate, utilise and organise a wide range of materials independently, on paper and electronically. The ability to assess and evaluate such material, to develop and pursue a critique of existing material. The ability to develop, structure and sustain a line of argument. The ethical use of research material.  Statistical/quantitative analysis and appraisal skills.
    
6. Communication skills: the ability to marshal arguments and present them succinctly and lucidly. The ability to effectively criticise the views of others powerfully but fairly. The presentation of written material in a persuasive and coherent manner.  Negotiation and listening skills.
    
7. Interpersonal and team-working skills: the ability to work with others, whether in a leadership or membership role,  towards common goals and to recognise relative strengths and weaknesses within a group. The ability to respect the views of others and to acknowledge deficiencies in one's own argument.

Continuing

The MSt in Real Estate provides a valid route for applying to study a PhD degree. Students wishing to apply for continuation to the PhD would normally be expected to attain a minimum overall course mark of 67 per cent and dissertation mark of 70 per cent. Continuation from the MSt is not automatic and students will need to follow the separate application procedure for the PhD and identify an appropriate supervisor.

Open Days

The University of Cambridge will be hosting its Cambridge Postgraduate Open Day on Friday 1 November 2019. Visit the Events page on the Graduate Admissions website for more details.

Teaching

The programme is of a modular design and delivered through a combination of distance learning, with course materials, in various mediums, released through a virtual learning environment [VLE] and attendance at five intensive residential blocks in Cambridge (two of two weeks and three of one week), over the two years.

The course is taught through a combination of the following:

• Taught sessions by academics and practitioners
• Individual work including working through course materials on the VLE, compulsory non-formative exercises, course reading, and preparation of written work (primarily between the residential sessions)
• Group work including working through case studies, dialogue, debate and presentations throughout the taught modules
• Supervisions and support from the Land Economy faculty, tutors and supervisors from within the University

Residential sessions focus on taught sessions, practical applications, case studies and collaborative working, including presentation of project work and case studies, as well as individual supervisions. The residential sessions enable students to learn from one another as well as from the academic faculty staff and external speakers.

Support and facilitation for students is provided by a team of faculty, tutors and supervisors from within the University.

One to one Supervision

Each student will be allocated a Supervisor at the start of their first year of study and a Dissertation Supervisor in the second year of study.  Supervisors provide general academic advice to students and subject specific advice relating to the dissertation.  Supervision is a regular and important part of the course and  students can expect to receive up to seven hours of supervision per year (14 hours over the two-year course).

Seminars and classes

Seminars are part of most modules and have largely been included in the lecture hours . 

In addition to those included in the lecture hours, there are 20 hours of managed discussions, debates and group exercises or workshops (in addition to those included in the lecture hours) over the two-year course.

Lectures

There are approximately 160 hours of lectures over the two-year course.

The number of hours may vary slightly as the course is constantly evolving in order to meet developments in the sector and in response to student and industry feedback. The lectures are intended to be interactive discussions with the lecturer. 

Practicals

Practical exercises and group work are, additionally, embedded in the residential sessions.

There will typically be eight site and property visits over the two-year course, equating to approximately 40 hours.

Students will also take part in a field trip to a European destination as part of their study.

Small group teaching

Small-group teaching forms a regular part of the course and is included as part of the lecturing hours above.

Literature reviews

Most assignments and the dissertation require literature reviews.

Posters

Students present various pieces of work during the residential blocks.

Feedback

Students receive regular summative and formative feedback throughout the course, formal and informal, individual and group, during face-to-face supervisions and through written exchanges with their supervisors and the Director of Studies.

First-year tutors or supervisors complete an annual progress report at the end of year one.

Dissertation supervisors provide termly reports in year two.

Students are also given feedback on presentation of their projects and case studies during the residential sessions.

Assessment

Thesis

Dissertation of 12,000 words maximum (including footnotes and appendices but excluding bibliography), to be completed during the second year of the course.

Essays

Students are required to complete six assignments during the first year of the course: three case studies and three essays, each of no more than 3,000 words. The assignments are normally released following each of the residential blocks.

Written examination

There are no written examinations. The course is assessed on the  written work, which can be completed between and during the residential weeks.

Practical assessment

There is no formal summative assessment of students' practical work throughout the course but students will receive formative feedback on presentation of projects and case studies.

Other assessment

Attendance at all of the residential sessions and full and active participation in all elements of the course is compulsory.

The fees for 2020 entry will be £13,500 per annum for Home/EU students and overseas students. This includes both the tuition and college membership fees.

Students will be expected to cover the application fee (£65 online) and any costs of travel, accommodation and subsistence during residential sessions in Cambridge. Costs for accommodation are estimated at £320 for each of the seven residential weeks (costs may vary depending on room choices and availability). 

Sources of government funding and financial support - including Professional and Career Development Loans

Applications will be accepted online until 30 April 2020. Applications are considered in batches, on a rolling basis. However, most final decisions are not made until after the application close date. We advise that applications are made as early as possible.

Supporting documents

Below are details of the Course Specific Questions and other supporting information you will be asked to provide before you can submit your application. These are marked with an asterisk (*). References and transcripts can be provided either at the time of submitting your application or shortly after.

If you have any questions, please contact ICE Admissions: mst.admissions@ice.cam.ac.uk and we will be happy to help.

References

You will need to provide the details of two referees who should be senior people acquainted with your work and who are able to comment on your academic and/or professional suitability to undertake the course. Ideally one reference should be academic and one professional. If this is not possible, two professional references may be accepted.

You will be asked to provide email addresses for your referees so that they can submit their reference via the online referencing system, so it is important for you to ensure that your referee is able to provide a reference for you before you submit your application form.

You should try to advise your referees to include the following information:

• How long they have known you and in what capacity.
• Their opinion of your experience, achievements, professional interests, and the capabilities which you will bring to the course.
• Whether they believe you have the academic and analytic skills to successfully study at Masters level.
• Whether they believe you will fit well on a Master’s level course concerned with Real Estate, requiring both group work and individual research.
• Whether they consider you have the enthusiasm, commitment and determination necessary to complete the course successfully.

If your referees are unable to use the online referencing system, or do not have an email addresses, please contact the ICE Admissions office for further assistance.

Transcripts

A transcript is a list of all the courses you have taken during a programme of study, with the result you obtained, and with the credit value if applicable.

If you are currently studying, please provide a transcript listing the courses taken during your programme of study, with the results or grades obtained for each.

If you have previously completed degree-level study, please provide a transcript or degree certificate for each degree-level programme you have studied, showing the date the degree was awarded and the final class or grade obtained.

The transcript should be uploaded via your Applicant Portal. Please note that we may also ask you to send the originals via post if we make you an offer of admission and supplying these may be a condition of your offer.

If your documents are not in English, you must also upload a full translation of each document, prepared by a registered translator.

Research proposal*

You are required to submit a ‘Research Proposal’. At this stage you may not have a specific research topic in mind but several areas of research interest. Please feel free to include a range of your ideas and topics, as the dissertation subjects and titles are not finalised until year 2.

Please write under the following headings:

• Research Problem/Question - specify the topic or topics that you are potentially interested in exploring further during the course. Please indicate why the topic might be of interest as a research topic and what its wider relevance is.
• Research Experience - please detail any relevant research experience that you have as part of previous academic study, in your workplace or other setting. Note the specific research skills you feel you bring.
• Additional Information - add any further information that you feel is relevant.

Curriculum Vitae*

You will be required to submit your CV on application. This should demonstrate at least three years’ experience in a relevant industry: in finance, investment, real estate and the more general built environment professions.

Professional qualifications

You should include details of any relevant professional qualifications or memberships in support of your application under the ‘Professional Qualifications’ section of the application form. You will also need to provide documentary evidence, stating the date the qualification or membership was obtained.

Personal statement*

Your statement should include:

• your reasons and motivation in applying for this course and to the University of Cambridge.
• your future aspirations and expectations
• your qualities and strengths
• what you would bring to the cohort
• any other information you wish to include in support of your application. 

You may also use this statement to expand on the information given in your application form. Please do not exceed 1,000 words.

Letter of support from your employer

If a student will be in employment during his/her studies, a letter from the student's employer is required stating that they support the application and understand/accept that in undertaking the course some time away from work to attend the residential sessions will be required. This may be provided following review of your application by the Department if you do not wish to approach your employer at this stage of your application, but any offer made will be conditional on receipt of an employer support letter.

Sample of academic work

Not required for this course, unless specifically requested.