2. Masters of Science in Real Estate Development
Graduate Degree Proposal
Matthew J. Dockery
Assistant Professor
School of Architecture and Design
New York Institute of Technology
07.09.12
4. 1. Executive Summary Course Name Credits
CORE COURSES 6
This proposal envisions a new, Financial Accounting 3
30-credit Masters of Science Applied Statistical Analysis for Business Decisions 3
degree in Real Estate
Development, co-offered BASE COURSES 15
through the School of Real Estate Finance 3
Architecture & Design and the
Real Estate Capital Markets 3
Real Estate Development 3
School of Management at the
Advanced Real Estate Investment Analysis 3
Manhattan Campus of NYIT. Real Estate Research and Project 3
The proposed three-semester ELECTIVE COURSES 12
degree is composed of a 6-credit Real Estate Valuation and Market Analysis 3
„Core‟, a 15-credit „Base‟ of Analytical Skills for Real Estate Decision Making 3
required courses , and 9 elective Project Management and Construction 3
credits, all of which would be Real Estate Taxation 3
earned overseas at one of Real Estate Marketing 3
NYIT‟s international locations. International Real Estate Marktets 3
Real Estate and the Global Economy 3
Total tuition would be $990 per Real Estate International Entrepreneurship 3
credit, or $29,700.00 Building Information Modeling (BIM) 3
Building Design and Visualization 3
6. Reason #1: A „Captive Audience‟ in Need:
(Undergraduate Architects Seeking an Exit Strategy)
“A once-thriving profession, one that requires considerable education and work ethic,
and which has traditionally served a wide range of functions…is in trouble. According
to the U.S. Department of Labor, employment at architectural firms nationwide
dropped from 224,500 to 184,600 (18%) between July and November (4 months) of
2009, and the numbers have kept falling.”
„The Architecture Meltdown‟ ,Salon.com / February 4, 2012
Among recent college grads, architecture majors have the highest unemployment
rate at 13.9%.
„Hard Times‟, Georgetown Center on Education and the Workforce, January 4, 2012
8. “The unemployment rate for recent graduates was highest in architecture, at 13.9
percent, probably at least partly because of the housing market collapse. Even
architecture majors who went on to receive graduate degrees, which usually
safeguard workers from unemployment, are doing poorly in the job market. With a
jobless rate of 7.7 percent, architecture majors who hold graduate degrees are still
more likely to be unemployed than newly minted college grads who studied journalism
(!).”
„Want a Job? Go to College, and Don‟t Major in Architecture‟
CATHERINE RAMPELL, NY Times, January 5, 2012
9. Applications & Enrollment Differentials
School of Architecture & Design / June 2012 vs. June 2011
Total Applications (All Arch. Degree Programs) -12%
Total Enrollment (All Arch. Degree Programs) -35%
First Year Enrollment (BARCH and BSAT Programs) -38%
Transfer Student Enrollment (BARCH and BSAT Programs) -28%
Graduate Student Enrollment (MAUD Program) -100%
Tuition Dollar Differential -$780,300.00
(Undergraduate = 27 Students x $28,020.00 per yr.)
(Graduate = 1 Student x $23,760 per yr.)
Source: „Admissions Funnel Report,‟ Fall 2012 as of June 8, 2012
10. June 2012 Undergraduate Enrollment
School of Architecture & Design
First Year Students (BARCH, BSAT, BFA-ID) 736
Transfer Students (BARCH, BSAT, BFA-ID) 156
TOTAL CURRENT UNDERGRADUATES 892
Projected Graduating Class of 2013 (BARCH, BSAT, BFA-ID) 90
Projected Capture Rate 10%
Projected Opening-Term MSRED Enrollment (in-house) 9
(Marketing & Recruiting Costs = $0.00)
Source: „Admissions Funnel Report,‟ Fall 2012 as of June 8, 2012
11. Reason #2: MBA (Existing)
Strong Foundations, Low Hurdles. WAIVEABLE CORE 18
Accounting I 1.5
Managerial Accounting 1.5
Principles of Economics I 1.5
Principles of Economics II 1.5
MSRED (Proposed) Finance 1.5
CORE COURSES 6
Principles of Management 1.5
Financial Accounting 3
Management Information Systems 1.5
Applied Statistical Analysis 3
Introduction to Marketing 1.5
BASE COURSES 15 Business Statistics 1.5
Real Estate Finance 3 Production and Operations Management 1.5
Real Estate Capital Markets 3 Management Science 1.5
Real Estate Development 3 Business Policy and Strategy 1.5
Advanced Real Estate Investment Analysis 3
Real Estate Research and Project 3 REQUIRED COURSES 21
Professional Development Seminar 0
ELECTIVE COURSES 12
Accounting Analysis 1.5
Real Estate Valuation and Market Analysis 3
Analytical Skills for Real Estate Decision Macro Environment of Business 1.5
Making 3 Microeconomic Industry Analysis 1.5
Project Management and Construction 3 Financial Policy and Value Creation 1.5
Real Estate Taxation 3
Executing and Reporting Financial Market Transactions 1.5
Real Estate Marketing 3
International Dimensions of Organizational Behavior 1.5
International Real Estate Markets 3
Business Enterprise Environment 1.5
Real Estate and the Global Economy 3
Real Estate International Entrepreneurship 3 Enterprise Resource Planning Systems 1.5
Building Information Modeling (BIM) 3 Branding 1.5
Building Design and Visualization 3 Operations Management 1.5
Multi-Criteria Decision Making 1.5
Ethics and Social Responsibility 1.5
Strategic Leadership Capstone 3
12. BSBA CORE (Existing)
LIBERAL ARTS 12
Fundamentals of Calculus 3
MSRED (Proposed) Principles of Economics I 3
CORE COURSES 6 Principles of Economics II 3
Financial Accounting 3 Statistical Sampling Theory 3
Applied Statistical Analysis 3
LOWER BUSINESS CORE 18
BASE COURSES 15
Real Estate Finance 3
Accounting I 3
Real Estate Capital Markets 3 Managerial Accounting 3
Real Estate Development 3 Legal Environment of Business 3
Advanced Real Estate Investment Analysis 3 Corporation Finance 3
Real Estate Research and Project 3 Principles of Management 3
Introductin to Marketing 3
ELECTIVE COURSES 12
Real Estate Valuation and Market Analysis 3 UPPER BUSINESS CORE 15
Analytical Skills for Real Estate Decision
Making 3 Information Systems 3
Project Management and Construction 3 Productions and Operations Management 3
Real Estate Taxation 3 Management Science 3
Real Estate Marketing 3 Business Research & Innovation 3
International Real Estate Markets 3 Busniess Policy & Strategy 3
Real Estate and the Global Economy 3
Real Estate International Entrepreneurship 3
Building Information Modeling (BIM) 3
Building Design and Visualization 3
13. MSRED (Proposed)
CORE COURSES 6
Financial Accounting 3
Applied Statistical Analysis 3
BSAT/CM MINOR (Existing)
BASE COURSES 15
Real Estate Finance 3 CONSTRUCTION MANAGEMENT 12
Real Estate Capital Markets 3 Construction Management Contracts 3
Real Estate Development 3 Real Estate Fundamentals and Development 3
Advanced Real Estate Investment Analysis 3 CAD Management and Administration 3
Real Estate Research and Project 3 Modern Construction Technologies 3
ELECTIVE COURSES 12
Real Estate Valuation and Market Analysis 3
Analytical Skills for Real Estate Decision
Making 3
Project Management and Construction 3
Real Estate Taxation 3
Real Estate Marketing 3
International Real Estate Markets 3
Real Estate and the Global Economy 3
Real Estate International Entrepreneurship 3
Building Information Modeling (BIM) 3
Building Design and Visualization 3
15. Reason #3:
Location, Location, Location.
Brand & Name recognition: „Center of the Universe‟ for the Real Estate Industry
Unmatched Faculty Talent Pool
Unmatched Internship Opportunities
Unmatched Job Placement Opportunities
Appeal to International Students
Currently only one other comparable program (MSRED at Columbia University),
which turns away hundreds of qualified applicants each year.
21. Programs of Note
Columbia University
http://www.arch.columbia.edu/school/section/programs/real-estate-development-0
MIT
http://sap.mit.edu/divisions/real_estate/overview/
Tulane
http://architecture.tulane.edu/programs/master-of-sustainable-real-estate-development
University of Maryland
http://www.arch.umd.edu/real_estate_development/
NYU
http://www.scps.nyu.edu/academics/departments/schack/academic-offerings/graduate/ms-in-real-estate-
development.html
BaruchCUNY)
http://zicklin.baruch.cuny.edu/programs/graduate/ms/ms-programs/degrees/real-estate
24. Recruiting Strategies:
PHASE I: (0-15 students)
Recruit from within ranks of recent alumni and the Class of 2013, (SofA&D)
Informal recruiting (outside NYIT) through Faculty networks
PHASE II: (16–30 students)
Ongoing recruitment from within SofA&D
Develop marketing strategy around a website centerpiece
Informal recruiting with local program coordinators / adminisrators
(Columbia & NYU)
PHASE III: (31-45 students)
Ongoing recruitment from within SofA&D
Enhance website
Seek a Patron, Establish a „Real Estate Institute‟ (e.g. Furhman Cntr at NYU)
Cultivate relationships with NYIT‟s International partners, stage recruiting events
overseas.
25. Start Up (Sept – Dec 2012)
- Develop & Refine Program towards „Final Proposal‟
-Coordinate & Execute Program Approvals:
(a) School of Architecture & Design
(b) Academic Senate
-Commence Phase I Recruiting
Total Start-Up Budget: 5 ELH (Release Time)
