Course description
The MSc Real Estate courses (MSc in Real Estate and MSc in Real Estate Investment) provide an innovative mixture of theoretical rigour and practical application, preparing students for work within the real estate field. The two MSc courses in real estate are seen as leaders in the field, with the outcome that students from these courses are widely sought after in industry.
The courses are well respected and recognised by the main professional bodies. Students on these courses come from diverse backgrounds. Students normally have either a property-related first degree or one in a related subject such as economics, finance, mathematics. Some want to embark on careers in the real estate sector; others are already working in areas such as law, accountancy, banking, management consultancy and want a better understanding of the real estate and finance aspects of their work. 75 per cent of full-time and 25 per cent of part-time students are international.
Evaluating real estate as an investment tool is an increasingly complex process. Its relative illiquidity, the requirement for intensive management and wide-ranging performance characteristics have led to a reassessment of real estate as an investment class. At the same time, securitised real estate vehicles have required fund managers to understand real estate in the context of the equity and bond markets and to adopt greater rigour in measuring real estate investment performance.
Cass Business School has excellent contacts with the property industry's professional bodies and practitioners, and is able to arrange an attachment project for all master's and PhD students to gain practical experience of working in a City or West End company.
Course Content - Ahead of the game
We review all our courses regularly to keep them up-to-date on issues of both theory and practice. Therefore, there may be some change to the detailed content of the modules and occasionally to module titles.
To satisfy the requirements of the degree programme students must complete:
* Eight core courses
* Three electives
* Business Research Project
Two Induction Weeks The MSc Real Estate starts with two compulsory induction weeks, focused on:
* an introduction to careers in real estate and the opportunity to speak to representatives from over 75 companies during a number of different industry specific fairs.
* a refresher course of basic financial mathematics, statistics, computing and electronic databases
* Term 1
Four core modules (30 hours each)
Property Valuation
This module will provide students with an overview of current valuation techniques commonly used and the legal background to both the valuation process and to the real estate markets generally. Classes discuss current UK and international valuation methodologies, examining both the similarities and differences in approaches. The module also covers legal issues in the valuation process.
Quantitative Techniques in Investment
This module introduces investment mathematics and statistical techniques. The module seeks to introduce techniques and concepts within the context of investment and portfolio research. The techniques learnt in this module will be applied and expanded on in other modules.
Real Estate Economics
This module introduces students to the principles of economics, and the primary ways in which those principles are useful in the analysis of real estate performance and real estate markets. Particular attention will be paid to the impacts of changes in the economy on rental values, development activity, real estate returns and its returns relative to other assets.
Real Estate Investment Analysis & Development Appraisal
The aim of this module is to introduce and examine the various techniques used to analyse real estate development and investment. Students will examine real estate investment through the development or redevelopment process, will analyse the principle inputs to the real estate appraisal process, and explore the techniques and skills involved in financial real estate appraisal and feasibility.
* Terms 2
Four core modules (30 hours each)
Corporate Finance
This module will provide students with a framework of company financial accounting knowledge in order to examine current corporate finance issues. Students will review the management accounting techniques of companies in order to understand the corporate decision making process.
Real Estate Asset Management
This module provides comprehensive coverage of the management of real estate as an asset. While the module will examine many aspects of asset management from a portfolio perspective it will also examine other issues. The module will look at the asset management of properties and how investors can add value. It will also examine real estate’s role from the perspective of a corporate occupier.
Real Estate Finance
This module enables students to develop an appreciation of the various techniques available in commercial real estate finance, to identify the different sources, both of debt and equity finance and to examine how risk and reward can be shared.
Real Estate Market Analysis
This module provides coverage of key aspects of real estate as an investment class. The module covers applied material related to real estate cycles, investment trends and capital flows, underlying economic driving forces and market structure.
* Term 3
Three electives and a Business Research Project
Electives
You may choose from a wide variety of electives. For example:
* Building, Project Management & Procurement
* European Real Estate Markets
* Financial Regulation
* Real Estate Investment Law
* Real Estate Portfolio & Fund Management
* Residential Investment
* Securitisation & Structuring of Vehicles
* Work Space Planning
Research Methods module
This compulsory module trains students to undertake independent research either in the context of a single organisation or by using third-party sources. It provides the necessary tools and skills to initiate, research and write up a business project and includes training in research methodology, availability of data sources, project writing, time-management and presentation skills. These skills will be invaluable to students in their future career as well as when they are completing their Business research Project.
