Rethinking the MSRE/D Program
Real estate executives weigh in on the skill sets needed to get a job and grow a career over the next decade
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Since MIT launched the first program in 1983, Masters of Science in Real Estate (MSRE) & Development (MSRED) curriculums have taught students the required skillsets for landing a six-figure analyst job, providing a heavy dose of real estate finance and underwriting, sprinkled with real estate law and market analysis.
Upon graduation—and armed with Excel shortcuts, cap rate formulas, and a basic understanding of how deals are structured—new hires know enough to model an acquisition and write the first draft of an investment memo. The rest is learned on the job.
But now, AI is automating the rote tasks analysts typically spend years mastering.
Meanwhile, digital networks are changing how we access deals and share knowledge; tech-enabled operations are changing how we think about generating yield; and new asset classes are emerging to meet the energy, infrastructure and experiential needs of humanity.
These changes require us to rethink how we educate the next generation of real estate professionals to not only understand real estate fundamentals, but develop the practical skills required to make an impact in this fast-changing landscape.
So we polled real estate executives across different sectors—PERE, developers, operators, and global services providers—to share what they believe are the key skillsets to prioritize when hiring young talent today, and for long-term success in the future.
This letter covers:
How real estate’s evolving landscape is reshaping career paths
Executive feedback on MSRE/D programs (and the skills they’d hire for)
A hypothetical next-gen MSRE/D curriculum
Resources to begin building these skillsets today
How Real Estate’s Evolving Landscape is Reshaping Career Paths
It’s not just the skillsets that are changing—the very shape of real estate careers is evolving.
For decades, the standard path was clear: start as an analyst, build models, climb the ladder into acquisitions or asset management, then jump to a principal role after a decade or so. The skills needed were narrowly defined: Excel proficiency, market research, legal fluency, relationship building, and the ability to grind.
Today, that playbook is breaking down. AI is automating large chunks of traditional analyst work—from pulling comps to modeling cash flows to drafting the first turn of an IC memo. Meanwhile, digital networks are democratizing access to deals, data, and investors. It’s no longer just “who you know” inside your firm; it’s “who you can reach, influence, and mobilize” across platforms. Personal brand, digital fluency, and strategic networking are no longer nice-to-haves—they’re differentiators.
On the asset side, operations have moved from the sidelines to the center. Running a building, a brand, or a platform with efficiency and creativity is now as critical as buying right. Yield isn’t just about underwriting assumptions — it’s about execution on the ground: leasing velocity, tenant experience, operational margin optimization. The rise of real estate operating companies (OpCos) and the OpCo/PropCo model reflects this shift. Investors increasingly want operating partners who can do more than sit on assets — they want platforms that drive growth.
At the same time, the universe of “real assets” is expanding. Data centers, EV charging infrastructure, cold storage, experiential retail, surf parks, vertical farming — these sectors blend real estate fundamentals with specialized operational and technological expertise. Career paths are opening into areas that didn’t even exist a decade ago, and the next generation of professionals needs to be ready to move fluidly across asset classes and business models.
In short: the old model trained analysts to support someone else’s business plan. The new world rewards those who can create the business plan — and have the skills to execute it.
Executive Feedback on MSRE/D Programs (and the Skills They Want)
If real estate is evolving fast, our graduate programs are still stuck in slow motion.
“What’s an MSRED?”, quipped Jamie Hodari, co-founder of Industrious and CEO of Building Operations & Experience at CBRE. “I find too many people from these programs have basically just learned RE finance, which seems like it would take four hours. How do you actually ‘run the things’ is where the action is.” Finance is important, but operations — leasing, staffing, maintenance, tenant experience — is where real value is created and protected. Graduates need to be prepared to not just underwrite assets, but operate them.
Others emphasized the growing convergence between real estate, infrastructure, and technology. Matt Cypher, Director of the Steers Center at Georgetown, noted that their program has already moved beyond “real estate” to a broader focus on “Global Real Assets.” With asset classes like data centers blurring the lines between real estate and infrastructure, and institutional investors increasingly thinking in “real asset” terms, future leaders must be ready to think more expansively — beyond just office buildings and Southeastern multifamily.
Several executives also highlighted the importance of technological fluency. Mo Saraiya, Managing Director at Madison International, stressed the need for students to “understand how technologies like proptech, AI, and blockchain are driving value and reducing risk across operations, construction, financing, and even legal domains.” Darin Turner, former CIO of Listed Real Assets at Invesco, echoed this sentiment, emphasizing that AI is already transforming research, underwriting, and negotiation processes — and that corporate finance expertise will be critical for analyzing both assets and operating companies.
At the same time, intuition and street-level intelligence still matter. Roman Pedan, Founder and CEO of Kasa, said he’d hire for “the ability to efficiently obtain and analyze data around supply, demand, and regulatory trends — and combine that with ‘pound-the-pavement’ intuition about a neighborhood’s character and momentum.” It’s not enough to scrape data; future leaders need the judgment to interpret it in the context of real human environments.
Finally, Brandon Sedloff, Chief Real Estate Officer at Juniper Square, pointed out that even technical skills are increasingly becoming commodities. “The ability to tell a story — even if it’s just your own personal story — is what stands out,” he said. In a world flooded with deals, data, and pitch decks, authentic narrative and the ability to connect ideas to capital are becoming decisive competitive advantages.
Tomorrow’s top real estate talent will need more than spreadsheets and cap rates. They’ll need operational instincts, tech fluency, capital markets agility, and the ability to tell compelling stories that move investors and partners to action.
A hypothetical next-gen MSRE/D curriculum
If we had a clean whiteboard — no legacy curriculum, no sacred cows — what would a real estate graduate program look like?
It’s clear from interviews that the next generation needs more than just financial fluency. They need to know how to operate, innovate, raise capital, build brands, and adapt in a world where AI and digital networks are reshaping the playing field.
So here’s our take on a modernized, industry-driven MSRE/D curriculum:
Semester 1: Real Estate Fundamentals & Financial Fluency
Builds the technical core: financial modeling, market mechanics, legal frameworks, and operational fundamentals. Students learn how real estate deals actually move — from underwriting to entitlements — setting the foundation for making smart, real-world decisions.
1. Real Estate Finance & Underwriting I
Modeling multifamily, industrial, office, and retail pro formas
Cap rates, UYOC, IRR, waterfall models, and risk-adjusted returns
Hands-on Excel and AI-assisted modeling (dynamic scenario modeling)
2. The Built World Ecosystem
Who does what in CRE: LPs, GPs, brokers, lenders, vendors
Deal timelines, asset life cycles, and how money flows
Case study: Harbor Yards (ecosystem analysis across acquisition, development, and operations)
3. Legal, Zoning & Entitlements
What real estate entrepreneurs must know about law
Structuring land control, development rights, and permitting
Term sheets, leases, and common redlines for real-world transactions
4. Introduction to Real Estate Innovation
How the built world is changing: OpCo/PropCo models, tech platforms, infrastructure convergence
Overview of proptech, AI, blockchain, and alternative asset classes
Guest lectures from startups, PERE funds, and placemaking pioneers
With the fundamentals in place, Semester 2 shifts focus from analyzing deals to raising capital, building businesses, and leading in an evolving, tech-driven real estate landscape.
Semester 2: Capital Markets, Innovation & Narrative Strategy
Trains students to think like capital allocators and entrepreneurs. They deepen their structuring skills, explore emerging asset classes, and learn how to craft narratives that mobilize investors and partners — bridging finance, innovation, and execution.
5. Real Estate Finance & Underwriting II
Advanced deal structuring: preferred equity, mezz debt, JVs
Building multi-tier waterfalls, programmatic partnerships, and co-GP models
Portfolio-level modeling and debt optimization strategies
6. Narrative-Based Capital Raising
Investor segmentation (HNWIs, family offices, institutional LPs, retail capital)
Building and delivering a story investors will fund
Live mock investor calls, pitch competitions, and personal brand coaching=
7. Emerging Business Models & Asset Classes
Deep dives: cold storage, surf parks, BTR, experiential retail, EV charging, data centers
Understanding what drives value creation in specialized operating businesses
Case study: Vail Resorts and the chairlift model (OpCo/PropCo execution)
8. Real Estate Entrepreneurship Studio
Students source a real deal, underwrite it, create a GTM strategy, and raise equity
Weekly feedback from practitioners, GPs, and capital markets experts
Focus on cross-functional skills: operations, capital raising, and storytelling
Electives (Choose 2)
Building a GP Platform: Structuring and scaling an investment company
Proptech Sales & Go-To-Market Strategy: Selling to the real estate world
Placemaking, Brand & Experience Design: Crafting experiences that drive NOI
Public-Private Partnerships & Impact Investing: Navigating government and mission-driven capital
Productizing the Real Estate Stack (REaaS): Turning real estate services into scalable products
Capstone Project
Each student selects a real or fictional opportunity and creates a full investment package:
Dynamic financial model (leveraging AI modeling tools)
OpCo/PropCo or JV structure
Investor pitch deck + teaser
Recorded pitch session to real investors or a mock IC for live feedback
Program Format
12-month online program with live weekly intensives
1–2 day in-person immersion events (e.g., NYC, Miami, LA)
Cohort-based, project-driven, and outcome-oriented
Weekly office hours, investor reviews, and peer critique sessions
Resources to Begin Building These Skillsets Today
If a student (or career switcher) is looking at the evolving real estate landscape and wondering how to get ahead, they don’t have to wait for universities to catch up. Next-gen skillsets can be built today–for those willing to be strategic, scrappy, and proactive.
First, design an unofficial “internship portfolio.”
Instead of chasing a single big-name summer analyst job, create a diversified set of hands-on experiences across multiple companies and verticals.
For example:
A few weeks helping an AI-powered underwriting platform refine models or build training data sets.
A stint with a tech-enabled property operator focused on tenant experience, branding, or lease-up strategy.
A project with a small or mid-sized PERE fund helping with market research, due diligence, or pitch decks.
Shadowing a startup founder or developer trying to bring an unconventional asset class to market (think cold storage, co-warehousing, etc.).
Even if some of these opportunities are unpaid or part-time, the exposure to real-world operating challenges, tech applications, and capital raising strategies will pay dividends far beyond what any single internship at a giant firm could offer.
Second, learn to leverage online resources like a job — because it is.
Real estate used to be an opaque, insider-driven industry. Not anymore. Today, the smartest players constantly self-educate through:
Podcasts like The Distribution (Juniper Square), The Fort (Chris Powers), Masters of Scale (Reid Hoffman), Rebel Real Estate (Yardi).
Newsletters like Thesis Driven, Propmodo, Commercial Observer’s Weekender.
Courses and communities like Thesis Driven Courses, which offer practitioner-designed training in real estate capital markets, OpCo/PropCo structuring, underwriting, development entrepreneurship, and innovation strategy.
Third, personal brand has never been more critical to building a real estate career.
Creating a portfolio of thought pieces, deal analyses, or market research— and publishing it (even if it’s just LinkedIn posts or a simple Substack)--shows the ability to think, write, and synthesize insights that differentiate from competition and open doors traditional job seekers would never know existed.
Finally, lean into skill stacking. The most valuable real estate professionals over the next decade won’t just be good at one thing. They’ll combine:
Financial modeling
Operational understanding
Tech literacy
Storytelling and narrative strategy
Digital networking
Entrepreneurial intuition
No single course, job, or internship will teach all of this today. But by stacking experiences deliberately, students can compound skills faster than most formal programs can teach.
The next generation of real estate leaders won’t just model deals — they’ll build businesses, craft narratives, navigate emerging asset classes, and drive operational excellence in a digital-first world.
For anyone that wants to start building these fundamental real estate skillsets today, check out our 5-week course offerings at Thesis Driven Courses, or reach out directly to Thesis Driven’s Chief of Staff, Kam Klauschie, at kam@thesisdriven.com.
—Paul Stanton
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