M.Sc. Real Estate

Cass Business School

Application deadline: We have no specific application deadline, and an early application is recommended
Tuition fee: Not specified
Start date: September  2015
Credits (ECTS): 60 ECTS
Duration full-time: 12 months
Languages:
  • English
Location:
Disciplines:
Delivery mode: On Campus
Educational variant: Full-time

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Description

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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.

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.

Contents

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

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.

English Requirements
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.

Documents required for decision-making
* Transcript/interim transcript
* Two references, one of which MUST be an academic reference
* IELTS/TOEFL/GMAT, if reports available
* Confirmation of professional qualification examinations/exemptions/passes, if applicable

English Language Requirements

IELTS band: 7
CAE score: (read more)

Cambridge English: Advanced (CAE) is part of the Cambridge English suite and is targeted at a high level (IETLS 6.5-8.0). It is an international English language exam set at the right level for academic and professional success. Developed by Cambridge English Language Assessment - part of the University of Cambridge - it helps you stand out from the crowd as a high achiever.

75 (Grade B)
TOEFL paper-based test score : 627
TOEFL iBT® test: 107

IMPORTANT NOTE: Since April 2014 the ETS tests (including TOEFL and TOEIC) are no longer accepted for Tier 4 visa applications to the United Kingdom. The university might still accept these tests to admit you to the university, but if you require a Tier 4 visa to enter the UK and begin your degree programme, these tests will not be sufficient to obtain your Visa.

The IELTS test is most widely accepted by universities and is also accepted for Tier 4 visas to the UK- learn more.

Funding

We appreciate that a Masters degree is a significant investment. Applicants should therefore consider the financial commitment involved, and ensure that their personal finances for the year are fully thought through.

Each year, the Business School makes funds available for scholarships to outstanding students on each of the full time Specialist Masters courses. These include:

* · Stelios Scholarships
* · Santander scholarship
* · The Sareen Foundation Scholarships
* · September 11th Insurance Trust Scholarship
* · The Michael M Xylas MSc Scholarship
* · Pettman Scholarship
* · Cullum/Towergate Scholarships
* · The Dean's Scholarship, provided by The Curtain Foundation
* · Fondazione Pietro Barbaro Scholarship
* · The Hong Kong Alumni Bursary
* · Chinese Alumni Bursary
* · The Escola Nacional de Seguros Scholarship Awards
* · The Singapore Alumni Bursary
* · USA Alumni Bursary
* · Cass Class Gift
* · Cass Real Estate Club Scholarship
* · The NMG Consulting Scholarship award
* · Taiwan Alumni Bursary
* · Haberman Fund for Actuarial Science

Other funding opportunities
* Career Development Loans
* Chevening Scholarship
* Spencer Educational Foundation Inc. (MSc in Insurance & Risk Management)
* Entente Cordiale Scholarships (French Students)
* Schools Competition Act Settlement Trust (Students from specific independent schools)
* Mansion House Scholarship (Overseas students)
* Aga Khan Foundation

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Accreditation

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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