Overview

Intake: September only
Duration: 12 months full-time
Fees: £18,000 (full-time)
Financial support: Please see our Scholarships page
Application deadline: None - rolling admissions

The MSc in Real Estate will equip you with a broad background in real estate investment, appraisal and development. The core modules cover a wide variety of topics including; real estate finance, valuation, development, market analysis and economics.

The course is aimed at students from a non-cognate background who wish to obtain a high quality route into the real estate industry. This Masters programme applies the most up-to-date rigour in the analysis of real estate and allows entry into a wide variety of career paths.

Cass's location has enabled us to establish links with leading companies in this field, and you will often be exposed to thinking and presentations from such companies. This also provides outstanding networking and career opportunities.

Both the careers service and course office work proactively from day one. They organise events and fairs to ensure that every student gets maximum exposure to job opportunities. Recruitment experts are also on hand to talk to us about how to prepare for interviews. Jones Lang LaSalle gave a presentation on campus at Cass and I ended up applying for, and getting, a job with one of their companies.
Kieran O'Flynn, MSc in Real Estate

Individual Appointments

If you would like to arrange an individual appointment to discuss this programme please email: donna.coombs.1@city.ac.uk

Course content

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

Whilst Cass teaches you the basics of property, the real appeal for me is learning more complex features and practices of how the property world operates. For example, the frequent use of excel lab tutorials to learn how to construct complex spread-sheets will undoubtedly prove to be extremely useful when starting work.
Henry Buxton, MSc in Real Estate

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.

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 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.

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.

Term 2

Real Estate Investment & Financial Analysis

This module introduces students to the primary issues in the evaluation of real estate investments. The course considers the primary valuation techniques, the financial modelling of investment appraisal of properties and also provides an introduction into the importance of financing structure. Students will examine alternative sources of capital and the impact on investment appraisals and performance.

Plus any three of the following modules:*

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.

International Real Estate

This course is concerned with the considerations real estate investors and developers need to examine when looking at investing in international markets. The module covers the differing risk factors involved in global investment, such as market maturity, transparency, country risk and political risk. The module will also consider differences in valuation methods and market structure.

Landlord and Tenant Law

Provides a sound knowledge of legislation and case law affecting the commercial property market in order to enable students to apply the legislation when undertaking valuations and appraisals of such premises.

Real Estate Development & Planning

The aim of this module is to examine the various techniques used to analyse real estate developments. Students will examine real estate through the development and redevelopment process, the principals of development market analysis and appraisal, the importance of financing on the development process and the legal structures in place due to planning/zoning legislation.

Applied Valuation & Taxation

Examines the statutory aspects of appraisal. Rating law and procedures, and taxation, particularly capital gains and value added tax, are also studied in depth.

*Modules must have a minimum of 15 students to run.

Term 3

Three electives and a Business Research Project

Electives

You may choose from a wide variety of electives. Electives that were offered in 2013 were:

  • Corporate Restructuring
  • Project Finance
  • Islamic Finance
  • Ethics, Society and the Finance Sector
  • Energy Markets (Taught in a block format in Dubai)
  • Project Finance & Infrastructure (Taught in a block format in Madrid)
  • Consulting Skills
  • Building Project Management and Procurement
  • Real Estate Fund Management
  • Real Estate Portfolio and Fund Management
  • Residential Investment
  • Sustainability in Real Estate

Accreditations

The Royal Institution of Chartered Surveyors (RICS) accredits the course, enabling graduates to enter the RICS Assessment of Professional Competence (APC).

MSc Research Project

The Project will be of approximately 8,000 words. This offers an opportunity to specialise in a contemporary real estate topic related to students' future careers. The Project should be based on independent research either in the context of a single organisation or using third-party sources.

Students are encouraged from the start of the course to think about a topic for their Project. A member of academic staff supervises the project, and the student may choose whom they would like to work with. The Project must be submitted by the end of August. Company sponsored projects are encouraged and a number of such projects may be available.

Many students use this opportunity to complete a project in conjunction with an organisation they might want to work for. This gets their foot in the door and can lead to permanent employment post programme, whilst earning course credit. Cass Careers Service works to coordinate projects with organisations and students.

Some recent projects:

  • Property Investment Vehicles and the Trade Off between Liquidity and Tax Efficiency
  • A Case Study of Sustainable Development
  • Exit Strategies for a Mixed-use Development in Bucharest, Romania
  • Residential Property Investment in Singapore
  • German Open Ended Funds
  • Property Valuation: Does it Pay to Develop?
  • Corporate Real Estate Ownership and Shareholder Value: The Empirical Evidence of South Korean Companies
  • The Refinancing Process in the Russian Market
  • Affordable Housing Policy in London: Myth or Reality ?
  • Tax-Credit and Regeneration
  • Financing a Commercial/Retail Investment - A Case Study
  • The Nature of the UK Commercial Property Lending Market
  • Life Insurance Companies Exposure to Real Estate in the European Union

Entry requirements

Degree level

To be accepted for this course you will need a good Bachelors degree, usually a UK 2.1 or above or the equivalent from an overseas institution.

If you have not yet completed your current course of study, your university should be able to provide an interim transcript showing your marks achieved to date. If you are still undertaking your Bachelors degree studies, you should provide a separate list of the modules that you are undertaking in your final year of study when you submit your application (if these are not listed on your degree transcripts).

Work Experience

No work experience is required, but please provide details of relevant experience that might enhance your profile.

Please note the GMAT is not required for this programme.

English Requirements

It is essential that all students have an excellent command of English in order to participate fully in the collaborative learning process. Every year we welcome students from around 100 different nations to study with us here at Cass and therefore require all students who have not previously studied in English to sit an IELTS exam. If you are not a native English speaker but have been studying in the UK for the last three years it is unlikely you will need to take the test. 

Please submit a copy of your most recent English language test/qualification along with your application and a decision will be made by the Admissions Panel. If you have done a 2+2 degree with two years in the UK you will be required to provide IELTS scores and possibly to re-sit the test to meet our academic entry requirements.

IELTS

The required IELTS level is an average of 7.0 with a minimum of 6.5 in writing.

Documents required for decision-making

  • Transcript/interim transcript
  • Two references, one of which MUST be an academic reference
  • IELTS/GMAT, if reports available
  • Confirmation of professional qualification examinations/exemptions/passes, if applicable

Please note that due to changes in the UKVI's list of SELTs we are no longer able to accept TOEFL as evidence of English language for students who require a CAS as of April 2014.

Tuition fees and term dates

Tuition fees 2014/15

Application fee: Nil

Tuition fees: £18,000 Currency Converter

Deposit: £2,000 (paid within 1 month of receiving offer)

First instalment: Half fees less deposit (paid at registration)
Second instalment: Half fees (paid in January following start of programme)

Term dates 2014/15

The programme starts with:

Compulsory Induction Period: 15 September 2014 - 26 September 2014

Term I
29 September 2014 - 5 December 2014
Term I exams
12 January 2015 - 23 January 2015

Term II
26 January 2015 - 3 April 2015
Term II exams
27 April 2015 - 8 May 2015

Term III
11 May 2015 - 26 June 2015
Term III exams
29 June 2015 - 10 July 2015

Submission deadline for Business Research Project 
1 September 2015

Official Course End Date
30 September 2015

Career opportunities

Graduates from the Cass Real Estate Masters are highly sought after and you will be well placed to take up positions in many areas within real estate. These include valuation, investment, finance and asset management.

Major real estate advisory firms visit the Business School and present to our students. Many of the large investment houses, management consultants and other businesses based within the City make similar presentations to students across the School.

MSc in Real Estate Employability

Our Graduate Destination Survey (pdf) of last year's MSc in Real Estate cohort shows that 82% of graduates are now either in work (78%) or not job seeking as they are in further study, military service etc. (4%)*

Some examples of where graduates from the 2010/11 MSc in Real Estate are working are:

  • EC Harris - Corporate Real Estate - Project Manager
  • Development Securities PLC - Development Group - Junior Development Surveyor
  • Societe Generale - Real Estate Fundraising Group - Analyst
  • Cushman & Wakefield - Development - Development Consultant
  • DTZ - Valuation and Advisory - Valuer

* Based on 2012 survey respondents

Cass Careers Service

'I Identified Cass's MSc in Real Estate as being the best within the UK, for the knowledge I required for my career aims. The programme provided a key emphasis on the financial elements of real estate markets, its analysis, and the ability to source a position within the relevant industries. The financial focus of the MSc Real Estate was well constructed, placing real estate within a wider financial market context. Industry contacts were also very evident, and helped provide a good balance of academic and professional experience. Overall the MSc provided an excellent grounding in the skill-set required to analyse real estate performance, especially its relationship with alternative asset classes.'
Joseph Kelly, MSc in Real Estate.
Now working as a Global Real Estate Investment Analyst for Property Market Analysis