Is NYU Schack (BS) worth it for Commercial RE/REPE/REIB
Background: I got absolutely destroyed in my applications for college and I’m looking at NYU’s Schack Institute of Real Estate because it’s not very difficult to get in to and it’s widely accepted as a Top 5 RE undergraduate program. (BS in RE)
I would like to place in REIB internships by my senior year and hopefully get into a BB’s REIB division as an alternative to entering “regular” IB. CRE is also a very intriguing and cool career path (not talking the about the WSO user CRE, although you are pretty cool man!)
I’m on track to getting my NYS realtor’s license when I turn 18 in a few months as I finished the state testing and class hours already. I don’t know if this means anything when it comes to recruiting but it’s always good to have to fall back on just in case.
Schack applications are due by next month so it’s a practical alternative. I could always transfer out into a finance program but I don’t think they would be receptive of a RE student when it comes to transferring.
Based on the insights from Wall Street Oasis, NYU's Schack Institute of Real Estate is indeed a respected program, particularly for those aiming to enter fields like Commercial Real Estate (CRE), Real Estate Investment Banking (REIB), and Real Estate Private Equity (REPE). Here are some key points to consider:
Acceptance and Reputation: NYU Schack is known for its relatively high acceptance rate, but it still maintains a strong reputation in the real estate industry. It's often considered a top choice for those specifically looking to advance in real estate rather than general finance or investment banking.
Career Placement: Students from NYU Schack have successfully secured positions in REIB, CRE lending at bulge bracket banks, and various real estate development firms. The key to breaking into these roles often lies in securing relevant internships during your time at the institute.
Networking and Resources: NYU Schack hosts major industry conferences and private events that allow students to network with top professionals in the CRE industry. This can be particularly beneficial for transitioning into CRE from other fields or enhancing your career prospects within real estate.
Educational Approach: The program employs working professional adjuncts as professors, which means you'll be learning from individuals who are actively involved in the industry. This practical approach to education can provide real-world insights and up-to-date knowledge of the industry.
Licensing and Additional Qualifications: Having a realtor’s license, as you mentioned, might not be directly influential in recruiting for REIB or REPE roles but it demonstrates a commitment to the real estate field and can be a useful credential in broader real estate roles.
Given your interest in placing in REIB internships and potentially moving into a BB’s REIB division, NYU Schack could provide a solid foundation, especially with its strong industry connections and focus on real estate. If you're considering transferring later, it's true that transitioning into a more general finance program might be challenging, but the specialized knowledge and network you gain at Schack could be highly valuable in your intended career path.
Sources: Which Fall 2020 MSRE program should I pursue to build towards a REPE or REIB career?, MBA or Masters of Science in Real Estate??, NYU Masters Real Estate vs. Non-Ivy MBA
are you going to have debt? i think you can make it work. best place to be to network. i went to a very non target UG and ended up at a well known PERE firm out of school. Frankly would love to have NYU on my resume in place of my shitty non target UG school but whatever.
realtors license - not really helpful unless you're going into brokerage.
are you only interested in REIB or acquisitions as well?
It’s like $35k/yr w/o aid, most likely I’ll get some form of aid within $5-10k, which is very affordable for an NYU undergrad program. I’m primarily interested in the REIB -> PERE route but brokerages and CRE are also interesting. I would need anything that brings in six-figs relatively soon after graduation to start accumulating wealth at a desirable pace.
if the cost isn't a huge issue/you are set on RE - i think it's a good option. good brand in RE - though Schack is historically a grad program. i don't see why you couldn't get an REIB/investment sales/acquisitions role right after school. i would just focus on getting as high of a GPA as you can and networking. join non-RE clubs (golf, tennis, stuff like that) and some RE clubs, I bet you could even find a developer/investment shop to intern at part time during the year.
The GOAT himself
Feels like real estate is one of the few financial/finance-adjacent industries that don’t significantly hurt your career if you are non-target. Not ignoring the great benefits and resources that schools like NYU have, either.
I’m sure you’ve done your research, but just know it won’t be the end of the world if you don’t go to a target school. Besides, it doesn’t really matter what school you go to once you have that first job.
Best of luck
Would help, but depends on the market. I graduated from NYU recently and I know many people who did not find roles and are still looking 6-12 months after graduation so just keep that in mind. Might be good, but really realizing the MBA is the best route. There are people who graduated in the last 6-12 months and are graduating in the next few months who are going back to get their MBA because the market is terrible right now.
Feel free the PM me with any questions.
Just PMed, in regards to getting an MBA the target is either Yale SOM or HBS, HBS is a tough one though, but look at the people it creates (Schwarzman, Dalio etc)
NYU'S MSRE in finance and investment (cannot speak on the BS) can definitely get you there, but you have to follow the prevailing wisdom that you must do all your own legwork finding internships and a post-grad role and treat the program itself like a job (i.e., attend all the events, conferences, etc). Assume career services will be of absolutely no use to you. That considered, a strong and finance-centric MBA would be your best investment. Not sure what level of extrapolation you can do from MSRE > BS given the aforesaid.
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