The Georgetown University McDonough School of Business (MSB) will launch a certificate program in global real estate for MBA students.
The MBA certificate in global real estate, offered through the MSB’s Steers Center for Global Real Estate, aims to provide participants with the relevant knowledge and hands-on experience necessary to succeed in the real estate industry. Full-time and flex students will be able to declare the certificate come May 2022. The program consists of 7.5 elective credit hours in courses like “Real Estate Private Equity” and electives in topics such as private debt, public debt and public equity.
Nicola Chapple (GRD ’23) said that Georgetown’s real estate curriculum was the deciding factor in her enrolling in the MBA program at the MSB.
“In addition to building a strong skill set in Real Estate finance, I hope to gain a holistic, global approach to the industry shaped by experiential coursework,” Chapple wrote in an email to The Hoya. “I believe that by completing the coursework with classmates from around the world will allow me to think broadly about Real Estate not only in the US but globally, which suits my interest in European and emerging markets as a UK-American dual citizen.”
Matthew Cypher, director of the Steers Center for Global Real Estate, said their team developed the certificate after students expressed widespread interest in real estate studies.
“We had good enrollment in our real estate courses up until this point,” Cypher said in an interview with The Hoya. “When we formally launched the certificate, we had 59 people who qualified and will be capable of earning the certificate, which I think represents pretty good demand for a first-time certificate. The instinct that there is demand is proven by the number of people who applied and have been accepted.”
Many of Georgetown’s peer institutions already offer similar concentrations or minors that focus on the field of real estate, according to Cypher.
“One of the impetus for doing this is that our competition is doing it, so we need to be at least on par with our competitors,” Cypher said. “It will also help with recruitment. We are always seeking to recruit more people here and recruit high quality candidates, so it’s evidence that the school has made real estate a priority at the MBA level.”
Jeffrey Foster, adjunct professor in the MSB, teaches two courses within the certificate, “Real Estate Private Equity,” — the one required course — and “Real Estate Public Equity,” an elective course. In these courses, students learn about how to increase the value of property by implementing growth strategies, as well as how to perform valuations and earnings measures, Foster said.
Completing the certificate program will provide students with negotiation skills that pertain to real estate, investment banking and finance, according to Foster.
The Steers Center for Global Real Estate offers additional opportunities within the field of real estate, such as the Steers Environmental, Social and Governance (ESG) Solutions Group, an initiative within the center that allows students to work on paid real estate projects for six to seven weeks, Cypher said.
“If you are an undergraduate student or an MBA student, you have the ability to participate in an actual project with an actual company doing actual work on the topic of the intersection of ESG and real estate in which we pay you then,” Cypher said.
Tangible projects enhance learning that occurs in the classroom, allowing students to envision their own plans for the future, Chapple said.
“My interest in the industry stems from seeing my grandfather’s impact on the Great Boston community through his developments across multifamily, office, retail and industrials,” Chapple said. “Developments like these are the building blocks of our communities and have the power to transform neighborhoods and cities — this remains my ultimate professional goal.”