This course is taught on a full time, one year basis.
Please note this course is not available on a part-time basis.
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.
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.
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:
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:
Four core modules (30 hours each)
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.
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.
Three electives and a Business Research Project
You may choose from a wide variety of electives. Electives that were offered in 2013 were:
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)
Building Project Management and Procurement
Real Estate Fund Management
Real Estate Portfolio and Fund Management
Sustainability in Real Estate
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).
No work experience is required, but please provide details of relevant experience that might enhance your profile.
Every year we welcome students from around 100 different countries. It is essential that all students have an excellent command of English in order to participate fully in our collaborative learning process. If you are not a native English speaker but have been studying in English at a degree level for the last three years, please submit a copy of your most recent English language test scores/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 or TOEFL scores and possibly to resit the test to meet our academic entry requirements.
Please note that we assess each application on its own merit and you can help us to make decision by providing all relevant documents at the time of application.
We require all Cass MSc students who are not nationals of a majority English-speaking country OR have not successfully completed an academic qualification, at least equivalent to a UK bachelor's degree, which was taught in a majority English-speaking country as defined by the UK Border Agency, to have an overall IELTS score of at least 7.0 (with a minimum of 6.5 in writing). For TOEFL we require, 107 (internet based test) / 263 (computer based test) / 627 (paper based test). Our TOEFL code is 7650.
We do not offer nor accept a pre-sessional English class as an alternative to the listed English tests. Any pre-sessional course should be viewed as an aid to living and studying in the UK and not as a way of topping up an IELTS or TOEFL score.
No work experience is required.
The Royal Institution of Chartered Surveyors (RICS) accredits the course, enabling graduates to enter the RICS Assessment of Professional Competence (APC).
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