Once upon a time and not so long ago, real estate professionals learned on the job. Without formal university programs, most real estate professionals—even those with top business school degrees—gained knowledge through experience. But, that is now changing. Real estate specific degree programs at both the undergraduate and graduate levels are soaring in popularity, and young professionals are now joining the commercial real estate industry with a formal education in the field. Real estate degrees and certifications are quickly becoming a standard.
|WHY GET A REAL ESTATE DEGREE?
In most industries, it is common to have a degree or concentration specific to your career. Journalists have degrees in journalism; doctors go to medical school; and CEOs go to business school. Commercial real estate, however, never followed the same trend. But, for an industry with more nuances than a standard MBA program is fit to cover, a real estate-specific degree or concentration is just as beneficial. "Having a formal education in commercial real estate is an opportunity and advantage for anyone interested in a CRE career," says Thomas Sherlock, a principal at Talonvest Capital. "For many individuals, that formal education provides the opportunity to start a career with a greater understanding of important fundamental factors in a variety of the industry's interconnected specialties."
So which route is the best? Increasingly, many in the industry are leaning towards formal education. "Like most professions, I think both are critical," Emily Mandrup, founder of ECM Management LLC, tells GlobeSt.com. "However, a formal education in CRE gives context that usually can't be learned on the job. When someone takes a position, they are typically specializing in one area and aren't being educated on the other aspects of CRE. Even if it's not a full four-year degree, any supplemental CRE programs and classes are a benefit."
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