MIT Center for Real Estate Program Review

by Joe Stampone on April 27, 2009

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mitMike Tilford, a candidate for a master’s in real estate development at the MIT Center for Real Estate, was kind enough to participate in my questionnaire on graduate real estate programs. Here’s what he had to say:

What was your background in real estate prior to the program?
I worked as a development manager on a 151 acre mixed use, master planned development called Riverstone located in Coeur d’Alene, ID. In 2006, I left to pursue my MBA at Boston University which was a great experience. Upon graduation in 2008, I enrolled at the MIT Center for Real Estate. I graduate in September 2009.   ………………………………………………………………………………………………………………

What other programs did you look at besides MIT and why did you choose MIT over the other programs?
I was accepted by the Columbia program. I chose MIT because of the smaller class size, the far larger number of full time faculty devoted solely to real estate, the more powerful brand name (in my opinion) and the rigorous curriculum.  ………………………………………………………………………………………………………………………….

Are the professors primarily full-time or part-time? Do the part-time professors make themselves accessible outside the classroom?
The core curriculum is taught by primarily full time faculty and the electives are taught by a mix of full time and part time faculty. Both are very accessible outside of class.  ……………………………………………………….…..…………………………………………………………………………………
What kind of opportunities does the program provide to students outside the classroom?
We have frequent panel discussions with industry leaders on a wide variety of issues from specific development case studies to capital markets lectures. Further, students attend major industry gatherings and functions across the U.S. and have the option of taking a program sponsored trip either domestically or abroad.  ……………………………………………………………………………………………………………………………………………..
How is the program’s career counseling? Do they actively help students find summer internships and full-time positions? How willing are alumni in assisting current students?
The career service program places a heavy emphasis on networking. Further, we have two to three career fair events jointly sponsored with the Harvard Graduate School of Design. The alumni base is extremely helpful and always willing to meet with current students.  …..………………………………………………….……………………………………………………………………………………
What are your future aspirations in real estate and how has this program helped you to get closer to your goals?
I would like to own a development and investment firm. The MIT program helped refine my analytical skills and the programs reputation gives me recognizable credibility with potential partners, lenders and investors.   ……………………………………………………………………………..…..…………………………………………………………………………………….
Is there anything else about the program you think people should know?
The MIT program is a great experience and the small class size allows you to get to know your peers. The faculty are very committed to their field and the course work is extremely challenging.  …………………………………………………………………………………………………………………………………………………………………….
Rate the various aspects of the program from 1-10, 10 being the best:
Professors: 10
Curriculum: 10
Career Counseling:9
Outside Opportunities:9
Overall Rating: 9.5 ……………………………………………………………………………………………………………………………………….

* Note Adam’s comments below, he brings up some very good points.

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  • aph

    As a graduate of the program looking back, I would rate the career opportunities as a mixed bag. Fantastic if you plan to stay in Boston; OK for NY and SF; but pretty dismal elsewhere…

  • joestampone

    Adam, thanks for the comment. I think you make a good point; Where you want to work after the program should weigh very heavily in your decision. However, if you plan on working in a remote location where no such program exist, then I think reputation can be a deciding factor.

    If you could go back in time, would you consider a different program? If so, which one?

  • aph

    Let me add: The MIT program was fantastic, academically. I loved every bit of it!

    If I went back in time, I would have either done an MBA or taken a totally different approach to the MIT experience and adjusted my expectations.

    I am from Chicago, and mostly intended to return there. However, the MIT alumni network is almost nonexistent there, and I was competing with Northwestern and U of C MBA grads, who were able to build strong real estate networks in Chicago – just like in Boston for MIT and Harvard. Chicago can be very Chicago-centric, just like NY can be NY-centric. Hiring companies in Chicago just weren't familiar with the program and were more comfortable hiring MBAs. I half expected the best firms to jump to hire an MIT grad.

    Had I known that I would have limited luck in Chicago and still decided to go to MIT, I would have networked differently and had a completely different frame of mind towards the program and career options. I think I should have been more open minded about my job ambitions.

    Nonetheless, coming to New York has been a good experience.

    And by the way, great blog! I plan to read more of it…

  • Jason

    Are you going to do interviews with people who are currently enrolled in other schools with these programs, such as Harvard, Univ. of Southern Cal, and other west-coast schools?

  • http://www.astudentoftherealestategame.com Joe Stampone

    Hey Jason, I’ve reached out to a bunch of students, many of whom are still working to complete the program. Are there specific programs you’re interested in? If so, please let me know and I’ll make an effort to get in touch with students. Thanks

  • http://www.realestate.cornell.edu/ Nathan Fredrick

    Mike,
    I am surprissed you footnoted you thoughts with “Keep in mind that MIT is a 1 year program, where as most other programs are 2 years.” It was my understanding that the opposite is true. MIT, Columbia, and USC are all 1 year programs.

    Joe: Maybe a good bit of info on these questions would be how long the program is… just a thought. Great site though.

  • joestampone

    Nathan, thanks for the comment. I know it's unclear from the post, but I actually made that footnote not realizing that a lot of the real estate programs are in fact 1 year. I'll definitely add a question on the length of the program for future reviews.

    Thanks for the suggestion, I'll have your review of the Cornell joint degree program up tonight. I think people will find the information you provide extremely helpful.

  • http://www.astudentoftherealestategame.com/ Joe Stampone

    Nathan, thanks for the comment. I know it's unclear from the post, but I actually made that footnote not realizing that a lot of the real estate programs are in fact 1 year. I'll definitely add a question on the length of the program for future reviews.

    Thanks for the suggestion, I'll have your review of the Cornell joint degree program up tonight. I think people will find the information you provide extremely helpful.

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