For more information about Real Estate Investment at City, University of London, please visit the webpage using the button above.
Who is it for?
A Cass Masters degree is your gateway to a real estate career.
Four key features make us market leaders in Real Estate Masters programmes:
Cass Real Estate courses:
We offer a choice of two courses: the MSc Real Estate and the MSc Real Estate Investment.
MSc Real Estate Investment
The MSc Real Estate Investment requires a stronger background or aptitude in quantitative methods - from mathematics at final year high-school level, a degree with a quantitative element, or work experience. The course covers the same core 'real estate professional' skills as the MSc Real Estate but takes them at a faster pace. The MSc Real Estate Investment then extends to advanced methods in financial modelling, industry research and portfolio analysis, and covers in more detail the financial markets created by Real Estate Investment Trusts and Mortgage Backed Securities. Graduates from this course may enter the same businesses as those from the MSc Real Estate, but will but will be better qualified for 'real estate analyst' roles in investment strategy, financing and research. Like Cass finance degrees, the course gives exemption from some Chartered Financial Analyst examinations.
MSc Real Estate
The MSc Real Estate equips you for roles across all types of real estate business – surveying, fund management, development, banking - and is open to those with previous degrees or work experience in any discipline.
This degree offers a choice of pathways, which you choose between in the second term. One option adds more UK-specific skills in law, valuation and taxation for those who want to join the graduate-entry programmes of chartered surveying firms. The second give more on financial analysis and international markets for those looking to work in investment, finance, development or outside the UK.
If you are not sure which of our degrees is best for you, you can put both on your application form and we will suggest which is more suitable.
Overall the MSc Real Estate Investment could be labelled as a degree in finance which is focussed on real estate. Since the topics and methods you study are of interest to all real estate businesses, including the mainstream employers like chartered surveyors, the MSc Real Estate Investment may give you a wider choice of the role you play but it does not pre-determine what sort of firm you work for.
Term 1 gives you a grounding in the core skills of the real estate professional. You cover basic appraisal methods applied to valuation, development and financing of investments, plus a quantitative methods module incorporates econometric modelling. Those techniques are put in a wider context through a module on real estate economics and an investment markets module which ranges across all asset classes and financial instruments
Term 2 is more about applications of those core skills and principles. In Capital Markets you cover the different forms of indirect real estate – REITS, core and opportunistic funds, and derivatives. In Debt Markets you take in mortgage lending, mezzanine finance, mortgage-backed securities. In Term 2 you also look in more detail at the financial instruments based on real estate – REITs, Mortgage Backed Securities, derivatives. Portfolio risk management deals with the role of real estate in investment portfolios and the mix of assets within real estate portfolios.
Investors measure the performance of real estate and decide how much to invest in it against other asset classes. This module sets that context, covering market structures, pricing and performance measurement across equities, bonds, derivative and currency markets.
Quantitative Techniques (Advanced)
Across all modules in this course you will need good skills in data analysis and an understanding of the statistical methods used in performance analysis, portfolio modelling and risk analysis. This module covers those general techniques, and also shows one major use of those techniques as build a model to forecast rents and development.
Real Estate Investment and Financial Analysis
We begin with the foundations of financial principles and mathematics which apply across all asset classes. You then learn how those techniques are used in cash flow modelling, valuation and investment decisions for real estate investments and developments, both in the UK and around the world. Since real estate is often financed with debt, you will apply financial modelling to understand how senior, junior, equity and mezzanine debt affect returns and risks.
Real Estate Economics
A course in economics is standard for all Business School students. Here you will learn not only those general economic principles but also how they apply to real estate: what determines rent in different places, how differences in rent shape the skyline of our cities, why real estate development notoriously swings from boom to bust.
Portfolio Risk Management
Two of the biggest questions in real estate are show investors decide how much to invest, and then how they spread their portfolios across markets to deliver target returns and risks. You will learn in depth the performance measurement and portfolio construction techniques which drive those decisions, and how to apply them to portfolios spread across countries, sectors and regions. This module builds on the understanding of drivers of real estate returns from different types of investment vehicle covered in other Term 2 modules.
Real Estate Capital Markets
Investors buy into real estate in a variety of forms – by buying buildings directly, through fund managers' vehicles like Property Unit Trusts or Private Equity Funds, or buy buying shares in listed companies like Real Estate Investment Trusts. In this module you will cover the structures of these different vehicles, how they are modelled and priced, with the costs, returns, risks and liquidity they offer to investors.
Real Estate Modelling and Market Dynamics
This module uses applied statistics for an in-depth look at key issues in real estate – like setting risk premia, analysing returns from investment vehicles, constructing portolios, forecasting – which flow out of other Term 2 modules. You will use case studies and cutting-edge academic articles to understand both the statistical methods used and the practical conclusions from advanced financial analysis.
Real Estate Debt Markets
Debt finance in real estate is a critical factor for investors and for lenders – indeed as the Global Financial Crisis showed, for the financial system as a whole. This module looks at real estate debt from all those angles, exploring with you the impacts of debt on investor returns, the types of debt offered by lenders and the underwriting criteria they use, the debt explosion and Mortgage Backed securities of the mid-2000s, and the post-GFC world of new regulations and new types of real estate lender.
Business Research Project
The last block of your course, the Business Research Project (BRP), is the one you design and build for yourself. It takes the form of a report of around 8,000 words submitted in August. We see the BRP as your opportunity to have a showpiece which shows potential employers what you know, what you can do, your ability to produce good-quality individual work.
BRP's come in the full range of forms. To give a few examples:
Term 3 Electives
In term three, you also pick a set of three elective topics from around six modules specific to real estate plus a range run by other Cass Masters programmes – some of them taught on trips to locations outside the UK. So you can focus on:
All core modules in Term 1 and Term 2 are assessed by sight-unseen examinations (in January and April) plus courseworks set and delivered in Term time. Elective modules are assessed by coursework only.
Your courseworks will take a range of forms - essays, modelling projects, presentations, class tests. Some are done individually, others in self-selected or allocated groups of up to four coursework. The mix of assignments is designed to develop the general and soft skills employers expect – time management, team working, report production and presentations.
Overall your final Masters mark will be assessed on 50% exams and 50% coursework.Course Element% Weight in Final MarksTerm 1 + Term 2 total eight core modules 66.67%Examinations 50.00%Coursework 16.67%Term 3 Elective Modules - coursework16.67%Individual Business Research Project16.67%
How to apply
Documents required for decision-making
Documents which may follow at a later date
Please note the GMAT is not required for this programme.
We cannot comment on individual eligibility before you apply and we can only process your application once it is fully complete, with all requested information received.
If you would like to visit us to discuss your application please do arrange an individual appointment.Entry requirementsEnglish language requirementsEntry requirements
English language requirements
The required IELTS level is an average of 7.0 with a minimum of 6.5 in the writing section and no less than 6.0 in any other section.
Graduates from the MSc Real Estate Investment go into a wide spread of firms and roles – some into the graduate entry schemes of the chartered surveyors in the UK or abroad. Most are best suited to analyst, strategy or research positions major fund management houses and investment banks, or smaller private-equity type real estate funds, rating agencies and specialist research firms. Many will go on to professional qualifications outside real estate, such as Chartered Financial Analyst Institute.
Connecting with employers
Notes about fees for this course
UK/EU/International£23,000 Tuition fees are subject to annual change
Fees in each subsequent year of study (where applicable) will be subject to an annual increase limited by the All Items Retail Prices Index. We will confirm any change to the annual tuition fee to you in writing prior to you commencing each subsequent year of study (where applicable).
Deposit: £2,000 (paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met)
First installment: Half fees less deposit (payable during on-line registration which should be completed at least 5 days before the in-person ID–checks)
Second installment: Half fees (paid in January following start of course)
Contact City, University of London to find course entry requirements.
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