Overview

The MSc in Real Estate Investment is aimed at students wishing to enter or advance their careers in the fields of real estate investment management, real estate finance and the securitised real estate markets. As such, it deals extensively with the growth in the securitised real estate markets of Real Estate Investment Trusts and Mortgage Backed Securities. It also examines the real estate derivatives market.

The programme combines the rigour of a mainstream finance programme with the direct application of financial theory and techniques in a real estate context. To apply for this programme you should have a relevant undergraduate degree or work experience, along with strong quantitative skills.

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

Two Induction Weeks The MSc Real Estate Investment 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

Five core modules (30 hours each)

Investment Markets

Students will comprehensively examine the broad investment markets. The module will place into context the role of real estate as an investment asset by examining alternative investment vehicles. The module will examine asset valuation and the principles of portfolio diversification across a wide variety of asset classes including; equities, fixed-income securities, derivatives and the foreign exchange markets.

Quantitative Techniques

This module introduces statistical and econometric techniques with a focus on applied real estate research. The module will 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 & 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.

Term 2

Four core modules (30 hours each)

Portfolio Risk Management

This module covers key applied issues in relation to portfolio theory in particular the application of these models in practice. The module will also cover fund management issues such as regional, sector & economic diversification, portfolio construction and portfolio performance evaluation.

Real Estate Capital Markets

This module will provide comprehensive coverage of the real estate capital markets. The module will not only provide details on the structure of these securities and markets but also examine how they can be used in the context of issues such as real estate portfolio construction and asset allocation, hedging and financing. The module will also highlight the different characteristics of many of these securities to those commonly traded in the investment markets. The course will primarily cover Real Estate Investment Trusts, Private Funds and Real Estate Derivatives.

Real Estate Modelling and Market Dynamics

This is an applied econometric modelling course. It provides students with comprehensive coverage of the application of alternative modelling techniques. The module examines modelling issues across the range of real estate related assets and securities. In the context of the private real estate market the course illustrates the challenges in modelling markets due to factors such as data limitations. The module contains a mixture of theoretical constructs and the application of these in an applied econometric setting.

Real Estate Debt Markets

This module enables students to develop an appreciation of the various techniques available in real estate finance. The course will cover different sources and structures of debt finance, Commercial Mortgage Backed Securities, interest rate hedging and interest rate derivatives.

Term 3

Three electives and Business Research project

Electives

You may choose from a wide variety of electives. For example:

  • European Real Estate Markets
  • Financial Regulation
  • Housing Economics
  • Panel and Cross-sectional Modelling
  • Real Estate Forecasting
  • Securitisation and Structuring of Vehicles

Accreditations

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

The Investment Property Forum in the UK recognises the programme as a gateway to the real estate investment sector and as a clear entry route for membership of the Forum for all candidates aged over 30 with five years appropriate experience.

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:

  • The use of Financial Derivatives in the UK Property Market
  • Diversification in Equity REIT Portfolios
  • The Cyclical Nature of Foreign Investment in the City Office Market
  • Short Memory in Modelling and Forecasting Rents
  • Private Equity Real Estate & Opportunistic Funds
  • Price Discovery in the US & UK Property Market
  • An Analysis of REIT Mergers
  • The Price/Rent Relationship in the Residential Market
  • A Comparison of the Risk Premium on Equities and Property
  • The Impact of Residual Values in Debt Securitisation of Property Portfolios
  • Property Derivatives and Portfolio Risk Reduction
  • Real Estate Structured Finance as an Exit Strategy

Entry requirements

English Requirements

Every year we welcome students from around 100 different nations to study with us here at Cass. It is essential that all students have an excellent command of English in order to participate fully in the collaborative learning process. We therefore require all students who have not previously studied in English to sit an IELTS or TOEFL exam. If you are not a native English speaker but have studied or are studying in English at degree level, please submit a copy of your most recent English language test along with your application.

IELTS

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

TOEFL

For TOEFL we require 107 (Internet Based Test)

Our TOEFL code is 7650, department code 02

We do not offer a pre-sessional English class as an alternative to achieving these scores. Any pre-sessional course should be viewed as a way of settling into living and studying in the UK and not as a way of topping up an IELTS or TOEFL score.

Other qualifications

To be accepted for these courses you will need a good Bachelors degree, usually a UK 2.1 or above or the equivalent from an overseas institution. Some level of previous study in finance or quantitative techniques is preferred for applications to the MSc in Real Estate Investment.

Applicants will need to submit two references, one of which MUST be an academic reference. No work experience is required, but please provide details of relevant experience that might enhance your profile.

Tuition fees and term dates

Tuition fees 2012/13

£17,000 Currency Converter

Term dates 2012/13

Compulsory Induction Period
17 September 2012 - 28 September 2012

Please note that these dates are provisional and are subject to change. Contact the MSc office before making any travel arrangements.

Term I
1 October 2012 - 7 December 2012
Term I exams
14 January 2013 - 25 January 2013

Term II
28 January 2013 - 5 April 2013
Term II exams
29 April 2013 - 10 May 2013

Term III
13 May 2013 - 28 June 2013
Term III Assessments
25 June 2013 - 12 July 2013

Business Research Project submission deadline
2 September 2013

Official Course End Date
30 September 2013

Career opportunities

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

Our Graduate Destination Survey of last year's MSc in Real Estate Investment cohort shows that 75% of graduates are now either in work (65%) or not job seeking as they are in further study, military service etc. (10%)*

Some examples of where graduates from the 2009/10 MSc in Real Estate Investment are working are:

  • Benson Elliot Services Ltd - Structured Finance - Analyst
  • RBS - Structured Real Estate - Graduate
  • Vanguard Asset Management - Sales - Client Services Associate
  • Cushman and Wakefield - Real Estate Investment - Analyst
  • HSBC - Debt Capital Markets - Analyst
*Based on 2011 survey respondents

Cass Careers Service

Student quote

'The knowledge I gained on the MSc in Real Estate Investment has allowed me to move into advising banks and investors on funding structures for development finance as I gained insights into the mechanics and risks of investment finance. Modules in finance and funding, real estate development and real estate investment provided a solid matrix of knowledge which allowed me to provide additional insights in my working environment and provided to my employer value added skills.'
Corry Bourke, MSc in Real Estate Investment.
Now working as an Associate Director for Davis Langdon LLP