Examination of top Real Estate MBA Programs: Implications for. Improving Education for Practitioners.

Transcription

1 Examination of top Real Estate MBA Programs: Weinstein 1 Examination of top Real Estate MBA Programs: Implications for Improving Education for Practitioners. By Dr. Margot B. Weinstein President & CEO, MW Leadership Consultants LLC Vice President, Kingston Group Inc N. Lake Shore Drive, 34C Chicago, IL ; FAX: [email protected] Abstract: University MBA programs with concentrations in real estate have increased in recent years to fill the need for well-educated practitioners in the industry. This qualitative study examines how business schools with graduate real estate programs consistently ranked as Best in the country by U.S. News and World Report, Business Week, the Financial Times, and the National Real Estate Investor provide education that improves practice. The information was gathered through formal and informal interviews with practitioners, graduates and academics, and an extensive literature review. Several major themes emerged that provide insight on how to improve education for practitioners. Paper Presented at the Eighteenth Annual Meeting of the American Real Estate Society April 10-13, 2002, Naples, Florida

2 Examination of top Real Estate MBA Programs: Weinstein 2 Examination of top Real Estate MBA Programs: Implications for Improving Education for Practitioners. Margot B. Weinstein, Ed.D. Vice President & Principal, Kingston Group Inc. Professional Advisor, DePaul University, Chicago, IL Abstract: University MBA programs with concentrations in real estate have increased in recent years to fill the need for well-educated practitioners in the industry. This qualitative study examines how business schools with graduate real estate programs consistently ranked as Best in the country by U.S. News and World Report, Business Week, the Financial Times, and the National Real Estate Investor provide education that improves practice. The information was gathered through formal and informal interviews with practitioners, graduates and academics, and an extensive literature review. Several major themes emerged that provide insight on how to improve education for practitioners. Introduction University graduate programs with concentrations in real estate have increased in recent years to fill the demand for highly educated practitioners (Lord 2001; Gair, 2001; Hartigan, 2002). As large real estate companies become prominent in the business world, such as Equity Office Properties Trust, the Nation s largest Real Estate Investment Trust (REIT) that in 2001 replaced Texaco on Standard & Poors (S & P) 500 index, there will be a demand for CEO s and practitioners to be highly educated to run these organizations. Increasingly, these new master s will be the must-have degree. Both students and employers are clamoring for the degrees. The real-world master s degree is beginning to elbow the fabled doctorate off academia s center stage (Hartigan, 2001, p. 1). Employers need more in the bank than general intellectual skills. Doctoral graduates are too narrowly focused for corporate tastes, while recruiters complain that undergraduate education barely compensates for the inadequacies of high school (Conrad, 2001, p.1). With changes in technology and in the industry, there will be an

3 Examination of top Real Estate MBA Programs: Weinstein 3 even greater need for well-educated real estate professionals to lead companies in the future. Although one of the main purposes for university degree programs with concentrations in real estate is to educate practitioners, a literature review revealed that most real estate degree programs are out of touch with the real world of practitioners (Souza, 2000). Many studies have examined degree programs in real estate based on such factors as: characteristics of curriculum, body of knowledge, history of education in business schools (Nourse, 1990; Lahey and Webb, 1987; 1995; Epley, 1996, Sirmans, 1992; Weinstein, 1998). However, few studies in real estate have asked students, practicing professionals, professors and administrators what programs should include to increase the value of the education for students and practitioners (Butler, Guntermann & Wolverton, 1998). The purpose of this qualitative study was to examine how top education programs enhances practice. Business Schools with graduate real estate programs that have been consistently ranked as Best in the country by U.S. News and World Report, Financial Times, Business Week and the National Real Estate Investor (NREI) were selected for the study. Although it is acknowledged that criteria used to evaluate these programs have been debated in the literature (Ziobrowski, 2001; Hattendorf, 1990), since the purpose of this paper is to examine how top education programs enhances practice, rather than to rank schools, the schools selected for this study are listed in alphabetical order in Chart 1. The paper is divided into three sections: the first section describes the methodology used, the second section lists general information on each university degree program and presents a summary of results based on interviews with students,

4 Examination of top Real Estate MBA Programs: Weinstein 4 practitioners and educators, and last, the third section gives conclusions and recommendations for further research. Methodology Business Schools that have consistently been ranked as Best MBA Programs by U.S. News and World Report, Business Week, the Financial Times and the National Real Estate Investor from 1997 to 2002 were selected for the study. Literature revealed that programs are ranked based on several major categories including academic reputation, retention, faculty resources, student selectivity, financial resources, graduation rate, alumni support, salaries of graduates, and sources often differ on categories evaluated as well as the weight given to each category (Bachhuber, 1999; Ziobrowski, 2001). Admittedly any ranking involves some subjectivity with respect to the measures that should be included and the relative importance of these measures (Ziobrowski, 2001, p. 4). However, this study was not an attempt to rank programs. Instead, these lists were simply used to select a group of programs that are repeatedly ranked as Best in the country in real estate MBA programs as a basis to answer two broad questions: How do these programs provide education that enhances practice? And, How can these techniques be applied to other graduate programs in real estate? The information was gathered through formal and informal interviews with practitioners, graduates and educators, extensive literature review, and data from university web sites and catalogs. The researcher conducted over 50 interviews in person, and through telephone and . Of the total interviews, 30 were former graduates who were practicing in the field, and 20 were current professors or administrators of top programs; 32 were men, and 18 were women. In order to examine

5 Examination of top Real Estate MBA Programs: Weinstein 5 the data from the formal interviews, tables were designed to display the data, and quotations from respondents and further explanation were presented by the researcher as needed to explain the data. The characteristics that emerged from these interviews were validated through review of tapes, transcriptions, and field notes of the interviews. The information was further validated through documents, websites and a literature review. After the completion of the data analysis process, another phase of data analysis, a search for themes, was begun. The process used "concept mapping" (Smith, 1990) as a diagnostic tool. "A concept map depicts in a diagrammatic form, ideas, examples, relationships, and implications about a particular concept. The center or core idea is placed at the center or top of the page, and radiating from it are a number of spokes or lines leading to other concepts related to, or indicated of the central idea" (Smith, 1990, p. 49). Concept mapping enabled the researcher to group similar examples of large concepts together, and smaller concepts were set aside until they could be integrated into the larger themes; this process allowed the dominant themes to emerge. This process led to rich, descriptive data of the phenomenon being investigated. Since this was a qualitative research study limited to interviews and examination of literature, findings from this research cannot be generalized in the same way as the findings from random samples. For this reason, this study should be the first step to lead to further research on the subject. Results and Discussion A extensive review of the top ranked programs revealed that the Universities differ widely in many ways from stand alone real estate departments such as Wharton to programs as a sub-discipline, typically under finance, economics, international business

6 Examination of top Real Estate MBA Programs: Weinstein 6 or urban land. There were also tremendous differences in the number of full-time and part-time faculty with specialties in real estate, number of scholarly publications, and number and content of their required real estate courses for a graduate degree from majors in real estate to minors or concentrations in real estate. Although there were enormous differences in programs, there was a wide consensus of opinions among practitioners, educators and administrators that led to several general conclusions: First, 95% of the interviews with students, practitioners and academics concluded that students give a tremendous weight and credibility to rankings, especially by U.S. News and World Report when choosing a graduate program. Graduates generally looked at three main aspects in the overall ranking: First, the reputation of school; next, ranking of the business department, and last, the overall ranking of the real estate program. Further, respondents (49 out of 50) agreed that in their opinion, their program enhanced education for real estate practitioners as well as enabled graduates to secure high-income careers in the field upon graduation. Career information supported career status of graduates. Respondents (49 out of 50) were also able to state clearly how their education program improves practice for students and practitioners. Several themes emerged from the data and are presented in this paper. This section first presents general information on the graduate programs at the 18 universities; the universities are listed in alphabetical order in Chart 1. Then, results from each university are summarized in Chart 2 and quotes from interviews that illustrate data are presented following Chart 2.

7 Examination of top Real Estate MBA Programs: Weinstein 7 Chart 1: Alphabetical List of Top Business Schools with MBA/MS Degrees 1. Columbia University, NY 2. Georgia State University (Robinson) 3. Indiana University - Bloomington (Kelly) 4. Massachusetts Institute for Technology (MIT) 5. New York University (Stern) 6. Ohio State University (Fisher) 7. Pennsylvania State University, University Park (Smeal) 8. Texas A & M University (Mays) 9. University of California, Berkeley (Haas) 10. University of Cincinnati 11. University of Connecticut 12. University of Georgia (Terry) 13. University of Illinois Urbana- Champaign 14. University of Michigan 15. University of Southern California (Marshall) 16. University of Texas-Austin (McCombs) 17. University of Wisconsin- Madison 18. University of Pennsylvania (Wharton) Chart 2: Alphabetized list of University Real Estate (RE) Programs & Degree Information University/Department/Degree/Research or Real Estate (RE) Center 1. Columbia University, NY (Companion RE Center Paul Milstein Center for RE) Columbia Business School Director of MBA RE Program & Millstein Center, Professor Lynne B. Sagalyn, Ph.D. MBA Real Estate Program housed in Finance & Economics Division: Focus is Finance and Investment Management. 2. Georgia State University, Atlanta, GA J. Mack Robinson College of Business, Department of RE Chair & Professor of RE, Dr. Joseph S. Rabianski, Ph.D,; Dr. Roy T. Black, Professor Master of Science in RE (M.S.R.E) (One of largest faculty dedicated to RE) MBA with concentration in RE Broad focus with courses such as: Quantitative analysis of real estate data, International real estate, Strategic Management of real property in the corporate environment. Accredited by Royal Institution of Chartered Surveyors (RICS), Headquarters in Britain; Access to experts in RE industry.

8 Examination of top Real Estate MBA Programs: Weinstein 8 Chart 2 Continued: Top University Programs RE with General Degree Information University/Department/Degree/Research or Real Estate (RE) Center 3. Indiana University, Indianapolis, IN Kelly School of Business Graduate Programs Dean Roger Schmenner MBA in RE: Core courses around marketing, finance, and human resources. Known for problem-solving curriculum. 4. Massachusetts Institute for Technology (MIT), Cambridge, MA MIT Center for RE William C. Wheaton, Professor of Economics & Director, MIT/CRE Master of Science in RE Development (MSRED): Core 8 course requirement & thesis. (First one-year Master s in RE Development) MIT Joint degree in Departments of Architecture, Urban Studies & Planning or Sloan School of Management 5. New York University, NY (In 2002, NYU abolished RE initiative for Stern Center of Business MBA; Process of building a new Program). Associate Professor in Real Estate, Dr. Crocker Liu (Strong Finance Focus) MBA in Business Administration: Focus Finance with RE courses. MBA Co-major in International Business or Entrepreneurial Studies with RE electives 6. Ohio State University, Columbus, OH (Emphasis on Teamwork & Collaboration) Fisher College of Business. Dean Joseph A. Alutto, Professor Anthony Sanders, Ph.D. Contact for RE MBA with RE minor: Focus on general business management finance with knowledge of leadership, teamwork, critical thinking skills & global perspective. MBA: Interdisciplinary Major combines 3 Minors to form 1 Major with RE 7. Pennsylvania State University, University Park, PA Since 2002, no RE Focus MBA The Smeal College of Business Administration, Department of Insurance and RE Dr. Kenneth Lusht, Chair of Department of Insurance & RE Abdullah Yavas, Professor of MBA & Director Institute for RE Studies MBA with Portfolio Classes in 2 nd year in which one choice is an elective course in RE. Core in general business background with an emphasis in convergence of the old and new economy.

9 Examination of top Real Estate MBA Programs: Weinstein 9 Chart 2 Cont. List of Top University Programs with RE Degree Information University/Department/Degree/Research or Real Estate (RE) Center 8. Texas A& M, College Station, TX (Nation s largest publicly funded RE Research) Lowry Mays Graduate School of Business Real Estate Jerry R. Strawser, Dean & Development Chair in Business; RE: Drs. Etter & Haney Master of Land Economics & RE (LERE): focus on urban land markets, RE investment & finance, & urban development. 9. University of California Berkeley, CA, Haas School of Business Fisher Center for RE & Urban Economic (FCREUE) Acting Dean Benjamin E. Hermalin Interim Dean, Dr. Nancy Wallace, RE Faculty Head MBA with RE emphasis: Focus Investment, Finance & Securitization, Management, Urban Policy, E-Commerce. (Full-time & evening MBA) 10. University of Cincinnati, Cincinnati, OH College of Business Administration: Department of Finance Dr. Norman G. Miller, Program Director and Professor RE MBA with concentration in RE MBA in Department of Construction Science of Applied Science can take 2 courses in Construction Management. 11. University of Connecticut, Hartford, CT (Emphasis on Lap Top Computers) Center for Real Estate & Urban Economics Studies Director, Dr. C. F. Sirmans MBA Concentration in Re: Flexible 57 credit, part-time, evening MBA Hartford. Concentration in Business, International Business, Technology, Marketing & RE 12. University of Georgia, Athens, GA Terry College of Business: Department of Insurance, Legal Studies & RE Dr. James B. Kau, Chair of Business Department & Professor RE MBA Major RE: Focus Asset management, Development, finance& evaluation. 13. University of Illinois-Urbana-Champaign IL College of Commerce & Business Administration, Department of Finance (Office of RE Research, Industry funded) Chair, Morgan Lynge, Ph.D. & Peter Colwell, Ph.D. heads Office of RE Research MBA in RE & Urban Land Economics

10 Examination of top Real Estate MBA Programs: Weinstein 10 Chart 2 Cont. List of Top University Programs with RE Degree Information University/Department/Degree/Research or Real Estate (RE) Center 14. University of Michigan, Ann Arbor, MI University of Michigan Business School, Rackham School of Graduate Studies Dean, Robert Dolan, Ph.D. MBA, specialization with RE Courses (60 credits), Strong Focus Finance & Entrepreneurial studies. 15. University of Southern California, Los Angeles, CA (Lusk Center for RE) Marshall School of Business & School of Policy, Planning & Development Dr. Stuart A. Gabriel, Ph.D., Professor, Director & Lusk Chair in RE Dr. David Dale-Johnson, Ph.D., Director, Program in RE MBA with concentration in RE Master of RE Development (MRED) MS in Construction Management 16. University of Texas Austin, TX McCombs School of Business Dr. George Gau, Chair of Department of Finance & Professor of RE MBA with specialization in RE Finance in urban land markets, real estate investment, finance, & urban development to accompany general MBA education. 17. University of Wisconsin-Madison, WI Urban Land Economics Research Center School of Business; UV Department of RE & Urban Land Economics Dr, Richard Green, Department Chair & Professor MBA with RE concentration in RE & Urban Land Economics MS in RE & Urban Land Economics 18. University of Pennsylvania Philadelphia, PA (Number One Program) The Wharton School (Samuel Zell & Robert Lurie Real Estate Center) The Real Estate Department (One of Largest faculty in RE) Chair, Dr. Joseph Gyourko & Director Zell/Lurie Center Dr. Peter Linneman, Professor & Former Director Zell/Lurie Center MBA with RE Major, 3 required courses & 2 electives with focus on RE law, development & finance. MBA with multiple or co-major, minor with RE; in co-major; must fill all requirements of each major. Offers 25 options for specialized study in MBA.

11 Examination of top Real Estate MBA Programs: Weinstein 11 This section presents a discussion of most notable insights from interviews on the value of the program for students and practitioners. 1. Columbia University, NY. Professor Lynne Sagalyn, Ph.D., Director of the Real Estate Program and the Millstein Center states, We have several competitive advantages in our real estate program located in NY: One is NY is home to many top real estate companies, especially in finance. Second, we are able access a diverse concentration of top real estate professionals in NY to help us build a program with extensive depth and breath by integrating theory and practice through case studies. We have developed over 55 in-depth, substantive case studies with industry leaders who participate in teaching the cases that they have been working on in our advanced seminars or capstone course. We are able to bring sophisticated real-world practice into the classroom along with the practitioners to teach theory and practice, and that has really been our competitive advantage in terms of our location. Also, as the strength of NY s business is finance, we insist that students speak both the language of advanced corporate finance as well as real estate finance. And we focus on complex problem solving with projects. Further, several of the professors who teach also work in the industry. In addition, the creation of the Millstein Center enables us to build relationships with business leaders and develop outstanding programs. At the dean s level at Columbia, the School has formed partnerships and global alliances with London Business School and University of California at Berkeley which also add to our resources.

12 Examination of top Real Estate MBA Programs: Weinstein 12 Andrew Jacobs, current Vice President at Angelo Gordon, NY and MBA graduate states, The programs at Columbia is terrific. First, because there isn t a better city for real estate than NY. Second, Dr. Sagalyn is instrumental in the program s success. Dr. Sagalyn s is well known in the industry, and she is able to get leaders to attend classes who provide wonderful real-world experiences that you cannot replicate. She is a good academician and professor, and she has tremendous connections with industry. Dr. Sagalyn helps students and academics meet leaders in business and build relationships; relationships with industry leaders are essential to the success of a program. The creation of the Millstein Center provides career roundtables, speaker forums, and formal and informal exchanges with leaders in the business. Although career services are helpful at the university, most students find jobs in the industry through informal connections with industry leaders. The program emphasizes developing skills in teamwork and collaboration through projects assigned in the first semester. These skills are important to see the big picture and to manage companies (Personal Communication, March 25, 2002). 2. Georgia State University, J. Mack Robinson College of Business, Department of Real Estate, Atlanta, Georgia. Professor, Dr. Roy Black explains, I feel that the greatest value of our real estate program to students is the breadth of course offerings. We offer courses that few, if any, other universities offer, such as graduate courses in quantitative analysis of real estate data, international real estate, and strategic management of real property in the corporate environment. A student in our program can graduate with a broad range of real estate knowledge

13 Examination of top Real Estate MBA Programs: Weinstein 13 or focus more on a specific area, such as finance or development (Personal Communication, April 4, 2002). A graduate student adds, I took a Master of Science in Real Estate. The department is the largest independent real estate program in the United States and includes scholar, Chair, Dr. Joseph S. Rabianski and Dr. Black. The Program integrates practice and theory through their faculty of scholars, many who also work in the industry. Their faculty was ranked among the best research productivity by the Academy of Management Journal. Also, the scholarship program benefits students by increasing diversity and motivation for all students; a scholarship was recently given to Junko Sanford, a senior majoring in real estate, by The Commercial Investment Real Estate Institute for its GSU CCIM scholarship Indiana University, Indiana. A professor says, the Kelly School of Business Graduate Programs offers an MBA which students can chose real estate as a major field in their second year or as elective courses. The core courses in business are in marketing, finance, and human resources, but what makes Kelley outstanding, is that our problem-focused core has received considerable acclaim. We are one of only five programs in the country that has been asked to serve as a benchmark in a study on curriculum innovation conducted by Educational Benchmarking, and we are one of four programs out of 48 that competed, to receive the prestigious Curriculum Innovation Grant from Procter and Gamble Foundation. We believe that students need to be able to analyze the industry through a problem-solving approach. Kelly is know for our use of cross-

14 Examination of top Real Estate MBA Programs: Weinstein 14 functional and cross-cultural learning teams. Students work in teams of people with different skills, backgrounds, and perspectives to analyze concepts. One graduate replies, What I liked most about the program, is the program was organized around actual situations and problems in business. The problem-focus core helped me in several ways: (a) interpret how markets function, (b) understand financial data, (c) learn how to apply quantitative tools to convert raw data into information, (d) review opportunities, (e) forecast impact of new technologies, (f) and learn techniques to evaluate and forecast various industry conditions that I can use in my practice. 4. Massachusetts Institute for Technology (MIT), Cambridge, Massachusetts Center for Real Estate. One professor explains, MIT offers a Master of Science in RE Development (MSRED): core 8 course requirement & thesis. MIT Center in real estate is headed by Dr. William C. Wheaton, Professor of Economics and Director of MIT/CRE. MIT is the first one-year Master s in RE Development. In the MS program, students achieve comprehensive understanding of all aspects of real estate. Courses usually combine lectures with case analysis and assignments, which simulate solutions in the workplace. Courses are often taught jointly by faculty members and professionals active in the field; guest speakers, provided additional insight. Students have opportunities to study living project as part of the fieldwork component. MIT also offers a Joint degree in Departments of Architecture, Urban Studies & Planning or Sloan School of Management.

15 Examination of top Real Estate MBA Programs: Weinstein 15 One graduate replies, What I liked most about the program was that it was organized around actual situations and problems in the business. The problemfocused core helped me in several ways: (a) interpret how markets function, (b) understand financial data, (c) learn how to apply quantitative tools to convert raw data into information, (d) review opportunities, (e) forecast the impact of new technologies in the business, and (f) learn techniques to evaluate and forecast various industry conditions that I can use in my practice. 5. New York University, Stern Center, New York. Dr. Crocker Liu, Associate Professor in the Finance Department and Professor of Real Estate at Stern, states, We are in the process of building a new program at the MBA level. Since the Dean of the Business School recently stepped down, we still offer real estate courses under Finance, but the courses are limited to finance electives. Because of our wonderful location in N.Y., at the dean s level, we plan to have a new facelift in our MBA program and reinvent it to continue with the School s reputation for outstanding programs with top students. There is a huge demand for graduate education with emphasis on real estate, especially since our School and our Finance Department are renowned, and there are so many opportunities for careers in the real estate industry for our graduates in New York City. We have one of the biggest undergraduates programs in real estate, over 80 students per semester, and we can provide a top MBA program (Personal Communication, Weinstein, April 4, 2002). An administrator states, as of March 2002, NYU no longer offers the Real Estate Finance Imitative. However, MBA students may still take real estate

16 Examination of top Real Estate MBA Programs: Weinstein 16 courses. Stern offers the Master of Business Administration degree with majors in the following: Accounting, Information Systems, Finance, Statistics & Operations Research, Marketing, Management & Organizational Behavior, Economics, Operations Management. In addition to a concentration in the areas, students may co-major in International Business or Entrepreneurial Studies in Real Estate. The curriculum provides a broad-based spectrum of the functional areas of business across the traditional disciplines. Courses have been revised; an international perspective has been formally incorporated into the core program. A students adds, I took the MBA at Stern, because of the School s reputation, focus on real estate finance, and connection to business leaders who make up Stern s Board. They provide connections with business leaders. I was able to meet and find my current career in the field through my relationship with industry leaders in New York. I enjoyed the classes that were taught jointly with professors and industry leaders. I learned basic content of real estate core courses and how to use new technology skills. You can t succeed in business today without a foundation in both. 6. Ohio State University. The Max M. Fisher College of business. A professor explains, The school offers a Master of Business Administration majoring in interdisciplinary studies with two options: (1) students can pursue a consulting major which combines with one minor area such as real estate, or (2) they can combine three minors to form a major; one of the minors can be in real estate. Twelve major fields of study are interwoven into a comprehensive business program. Students specializing in real estate, in addition to receiving broad

17 Examination of top Real Estate MBA Programs: Weinstein 17 training in general business management and business finance, are encouraged to acquire an interdisciplinary background by taking courses in urban sociology, economic geography, and related areas. The real estate minor allows students to specialize in areas of interests in real estate. The faculty contact for the real estate minor is Professor Anthony Sanders. The emphasis of the program is on Real Property Asset Management and Real Estate Finance and Investment with an international perspective. Courses are taught by our renowned faculty who promote a high level of interaction with peers and top executives from companies. Team-oriented curriculum is based on real-world learning experiences, especially in small group projects. A graduate adds, The program emphasize group projects and consensus building which helped me develop critical thinking skills which are important in today s business environment. I was able to make valuable contacts with industry leaders though the College. Since 1993, the College received a major support from alumnus Max M. Fisher, the College, under the leadership of Dean Joseph A. Alutto, narrowed the focus of its programs to promote higher academic quality, and recruit and retain top faculty. The college has fostered extensive scholarship and fellowship opportunities for students and promotes partnerships with national and international academic and corporate communities. Based on cutting edge faculty research, the Fisher College offers top management education and provides access to many opportunities for careers in field at The Ohio State University.

18 Examination of top Real Estate MBA Programs: Weinstein Pennsylvania State University, University Park, PA. Dr. Abdullah Ayavas, Professor of Business Administration and Research Director of the Institute for Real Estate Studies in the College of Business, states, The Smeal College of Business Administration, Department of Insurance and Real Estate Chair is Dr. Lusht. As of 2002, we are not going to offer an MS or an MBA in real estate anymore. We do have a very good general MBA that offers students a core general business background with an emphasis in convergence of the old and new economy. Students interested in real estate can take two elective courses in real estate. Our general MBA is made up the first year of core business courses, and in the 2 nd year, students choose among different Portfolios, two of which involve the elective real estate courses. We do still offer a very good undergraduate and Ph.D. program in real estate. A graduate of the MBA Program replies, I majored in general business with courses in real estate. The program blended theory and practice through case studies, simulations, and application of active teaching skills that helped me develop problem-solving skills that are crucial for success in the business world. The professors were true scholars who also understood the business. The professors really helped me to analyze and understand the field. 8. Texas A & M University, College Station, TX. Dean Strawser of Lowry Mays College and Graduate School of Business states, "the Master of Land Economics and Real Estate Program (LERE) is a broadly based program focusing on the business use of real estate. We emphasize the application of commercial property valuation principles in our courses; our students learn how these principles are

19 Examination of top Real Estate MBA Programs: Weinstein 19 applied in real estate consulting, lending, investment and development. Our Program is a small program, admitting about 30 students per year. We use a hand-on approach, which we think is very important in the business. LERE Program graduates have a strong organization that aids our current students in locating internships and full-time employment opportunities. The School provides Graduate Career Services for its master's degree students, but my sense is that the LERE students form relationships through networking and connections with the LERE Program's former students. They find jobs and careers through those relationships. Networking is critical in any career setting, but I think it is even more important in the real estate setting. The Program works closely with its Advisory Board that is composed of real estate industry leaders. Through our Advisory Board, we are able to provide many educational and career opportunities for our students (Personal Communication, April 2, 2001). A student replies, I received my Master of Land Economics & RE in The best part of the program was the 12-week internship in which I was able to integrate and apply economic theory and financial concepts to decision-making on the job. As a graduate, I am a member of the Society of Texas A & M Real Estate Professionals (STAMREP) where I am able to network and gain expert advice and career opportunities. I have also used the Real Estate Center that is part of the Lowry Mays College and Graduate School of Business to research many issues in business; the Center is funded by Texas real estate licensees. I am able to access RECON: Real Estate Center Online News to receive weekly electronic updates of news and research that affect the Texas real estate industry.

20 Examination of top Real Estate MBA Programs: Weinstein University of California Berkeley, CA. Nancy Wallace, Associate Professor, Haas Real Estate Group says, The education at UC Berkeley s Haas School is excellent, because we build upon a very strong general MBA foundation. Our curriculum is carefully designed to give students with a real estate focus an indepth training in real estate capital and asset markets (taught as two separate courses), real estate development, and a capstone case course on real estate strategy. We complement the classroom education with three competitions: A commercial real estate development competition against Stanford University sponsored by the NAIOP; a low income housing competition sponsored by Bank of American; and a securities case competition against Columbia, Wharton, MIT, Chicago, and Carnegie Melton sponsored by Merrill Lynch/Appaloosa. We also place our students in real estate internships their first summer of the MBA and expose them to a variety of real estate professionals through projects, mixers, tours, and firms nights (Personal Communications, March 19, 2002). An administrator states, The Haas School of Business offers undergraduate, full-time and evening MBA and Ph.D. degree. Their industry and community outreach is carried out through the Fisher Center for Real Estate and Urban Economics (FCREUE) and the Berkeley Program on Housing and Urban Policy. The mission of FCREUE is to educate students and real estate professionals and to support and conduct research on real estate, urban economics, and the California State economy. One graduate says, The Real Estate Center provides leading research on the California economy and excels nationally as a center for urban economic and

21 Examination of top Real Estate MBA Programs: Weinstein 21 public policy research. The Center also regularly provides practical forums for academics, government officials, and business leaders. Its Advisory Board are leaders in the real estate and finance industry who provide timely and informative board meetings, research, and hosts of conferences and career programs for practitioners. Crucial contributions are original cutting edge case-study materials that are developed and taught by industry professionals. 10. University of Cincinnati; College of Business, Department of Finance, Cincinnati, Ohio. An administrator says, The Department of Finance in UC s College of Business established a four-year real estate program on January of 1981, under the guidance of its current director and professor, Dr. Norman G. Miller. The MBA degree with a concentration in real estate was launched in September of 1991 in response to increased demand for graduate education across the nation, particularly among corporate real estate divisions and institutional investors. Dr. Norman G. Miller states, "We have been successful because of our program's focus on the region and our involvement with the business community. We try to put significant resources and time into career assistance. Our outreach programs allow for students to meet hundreds of professionals through our monthly breakfast seminars and have resulted in strong job contacts. We also assign mentors to each of our real estate MBAs. Additionally, we run a job database website, exclusively for jobs in the real estate industry. As faculty we specialize, staying involved with different academic

22 Examination of top Real Estate MBA Programs: Weinstein 22 groups, journals, and research topics, while trying to complement each other" (Personal communication, March 28, 2002). A graduate adds, The program helped me to develop competencies in communication and writing skills, microcomputer skills, negotiation skills, and problem-solving skills based on a strong general business education of core courses. The Real Estate Roundtable and Alpha Rho Epsilon programs gave a opportunity to meet members from the real estate industry. I also found a job through career services provided by the program. 11. University of Connecticut University of Connecticut, Hartford, CT. An administrator explains, Our MBA program was the first, and for many years, the only graduate business program in Connecticut to be internationally accredited by the Association to Advance Collegiate Schools of Business (AACSB) beginning in We still offer one of the best part-time, flexible, 57 credit evening MBA. Some areas of concentration available for students are: Finance, Management, Marketing and International Business. The MBA Program emphasizes the role of information technology and globalization across disciplines. The program has been rated as one of a handful of top programs worldwide because it has a laptop computer requirement as a tool of the trade, and the laptop s use is integrated in the classroom. Also, students are assigned groups to work together throughout their first years as members of cross-functional teams. The program structure enhances student technical, analytical, and interpersonal skills. The Center for Real Estate & Urban Economics Studies provides professional and practical assessment of issues in Connecticut, the region, and the national through

23 Examination of top Real Estate MBA Programs: Weinstein 23 education, research, and outreach efforts. The Center also serves as a resource to government and business. A former student states, I took the flexible, part-time, evening MBA Hartford that allowed me to continue working while taking the courses. The courses on international business provided information that has been essential to my career success. I developed my skills and knowledge in the field through the use of my laptop in the program and the integration of group work in the curriculum. I continue to read publications with leading academics at the University such as Dr. C. F. Sirmans; the information provides me with current information in the field. 12. University of Georgia, Terry College of Business, Athens, Georgia. A professor states, The Department of Insurance, Legal Studies, and Real Estate offers programs with a concentration in real estate. Dr. James B. Kau is a Professor of Real Estate and Chair of the Department of Business Administration. The MBA sequence in real estate is designed to improve students ability to make real estate acquisition, management, and disposition decisions. The courses combine theoretical foundations with applications such as case studies and market simulations. Topics in these broad areas include cash flow analysis, the role of real estate in increasing shareholder value, site selection, financing alternatives, control and disposition, negotiations, mortgage financing, mortgage backed securities, valuation techniques and problems, and computer methods of valuation. An MBA graduate replies, Upon completing the program, I possessed the ability to analyze the complex real estate environment using the strong technical

24 Examination of top Real Estate MBA Programs: Weinstein 24 skills and increased understanding of real estate markets. I learned from expertise of faculty and community leaders for course information and instruction. The information was relevant to practice and today s business environment. The use of case studies and market simulations really increased my understanding of the real business world. 13. University of Illinois-Urbana, Illinois. An Administrator states, the MBA program was designed towards students learning advanced concepts and methodology useful in consulting, research, and in teaching the various applications of real estate and urban economics. The School is recognized for its outstanding Research Center and close ties to professional organizations in Illinois. A graduate responds, I was able to receive a scholarship toward my education to pursue a real estate career in Illinois. The University has also many ties to real estate organizations that I have used to make contacts in the industry that led to my current job. Since graduation, I have used The Research Center and The Illinois Real Estate Letter to gather data on many topics related to my career in the industry. With constant changes in the business, the Research Center provides important information on cutting-edge topics in the industry. 14. University of Michigan, Business School, Michigan. An administrators says, The School offers a general MBA in Business. MBA students at the University begins with basic skills in the first year of the program and proceeds to specialized real estate electives in the second year. The University believes that

25 Examination of top Real Estate MBA Programs: Weinstein 25 the best education consists of a core of basic skills that allow students to adapt to evolving conditions in business. A graduate explains, The basic skills in the first year provided me with a terrific analytical foundation and prepared me for the field. I learned about the broad basics in business, statistics, management, economics, marketing, international business, and computer information systems. In my second year, I learned about specialized areas such feasibility, investment, markets, and finance. The School holds an annual Real Estate Forum and a Real Estate Club that is a think-tank for ideas. The department with Department Chairperson, Dr. Anjan Thakor and Associate Dean, Dr. George J. Siedel II., are scholars who really understand the business. 15. University of Southern California (USC), Los Angeles, CA. A professor states, USC offers three MBA degrees in real estate: The Master of Business Administration (MBA with a concentration in real estate), a Master of Real Estate Development (MRED), and the Master in Construction Management. The Lusk family, in early 1980s, enabled the creation of a Center for Real Estate Research, student programs, and professional education at USC. The Lusk endowment further established the Lusk Chair in Real Estate within the Marshall School of Business and the School of Policy, Planning, and Development and also funds scholarships for graduate real estate students, a Speaker Series, a Research Seminar and the Lusk Annual Retreat. Dr. Stuart A. Gabriel is Director and Lusk Chair in Real Estate, at USC, has been instrumental in Center s success. The combination of the curriculum and ties to the industry through the Lusk Center

26 Examination of top Real Estate MBA Programs: Weinstein 26 really enables students to understand the business, make connections to find jobs, and be successful in the industry. A graduate replies, The curriculum provides a basic understanding of the fundamentals in the business, and the professors helped me to see how theory and practice are relevant in today s real estate business. The Center s programs and ties to the industry have been invaluable in obtaining a job, finding mentors, building relationships, and learning current information in the field.. The Center provides many valuable activities for students such as: annual banquet, industry night, speakers series and panels, etc. 16. University of Texas Austin, McCombs School of Business. A professor explains, students can chose to either take a general MBA with 21 required course and 39 hours of electives; a MBA with a concentration with 15 credit hours of electives are taken from a functional area, or a MBA with a specialization in real estate finance. Students taking the MBA with a specialization in real estate finance receive training in urban land markets, real estate, investment and finance, and urban development to accompany their general MBA. The mortgage banking business recruits many of our graduates, because the programs covers both the breadth and depth in business finance. A student states, I received my MBA with specialization in RE Finance in I learned about urban land markets, real estate investment and finance, and urban development to accompany my general education in business. I was able to get a good job in the mortgage banking industry, because of formal and informal contacts with industry leaders.

27 Examination of top Real Estate MBA Programs: Weinstein University of Wisconsin-Madison (UV), Wisconsin. A professors states, The University of Wisconsin's Department of Real Estate and Urban Land Economics is one of the oldest real estate programs in the world, and has been consistently ranked as one of the top three real estate graduate programs in the United States The Department traces its history back to Richard T. Ely s 1925 program in Land and Public Utility Economics. Over the years, the program has had a renowned faculty, which includes Richard U. Ratcliff, Richard B. Andrews and James Graaskamp. UW awards a Master of Science in Real Estate and Urban Land Economics and a Master of Business Administration with a major in Real Estate. The MS program concentrations are available in urban land economics, appraisal and valuation, investment analysis, finance, development, and asset management. The MBA Degree in real estate is designed to provide students with general management training along with a core concentration in real estate and urban land economics so that they can make better decisions about the management of real estate resources. Students seeking an MBA with a real estate concentration must take five core courses in real estate. The MBA aims to prepare students for highlevel managerial positions in the real estate industry. UW is among top real estate programs for its breadth of covering all aspects of real estate from finance, appraisal, development, asset management, market analysis, law and the regulatory environment and urban land economics. Technical sublets are covered along with hands-on projects and many opportunities for field work in the U.S. and abroad. The Real Estate Club and the Alumni Association offer many opportunities for contact with industry leaders. The Center for Urban Land

28 Examination of top Real Estate MBA Programs: Weinstein 28 Economics Research (CULER) aids the faculty and top professionals in presenting educational programs, conferences and symposia on topics of relevance to the industry. CULER also serves as a tie between the Department and people in the industry. A graduate replies, I took The Master of Science Degree in Real Estate and Urban Land Economics, because it provides an intensive and flexible preparation for specific professional goals in real estate. MS program concentrations are available in urban land economics, appraisal and valuation, investment analysis, finance, development, and asset management. I liked the curriculum, because it covered both technical subjects as well as hands-on projects with opportunities to work in the field in both the U.S. and abroad. I also utilized the companion Center for Urban Land Economics Research that sponsors a program of applied research on a wide range of real estate and economic development topics. The Real Estate Club and the Alumni Association also provided contact with industry leaders which has been important to my career success, but the best part of the program was traveling to Europe and Asia to understand international real estate markets. 18. University of Pennsylvania, The Wharton School, The Real Estate Department, Philadelphia, PA. Dr. Joseph Gyourko, Department Chair, practitioner, professor and Director of the Samuel Zell and Robert Lurie Real Estate Center, explains why Wharton is consistently ranked as the number one program in RE in all sources, At Wharton, our Real Estate Department remains the number one real estate program, because of four essential reasons: First, the breath of the program. As the Real Estate Department at Wharton, we probably have the largest faculty

29 Examination of top Real Estate MBA Programs: Weinstein 29 dedicated to real estate, and we offer a wide variety of courses ranging from Urban Real Estate Economics to International Real Estate. We added two new courses in 2001: Real Estate Entrepreneurship and Advanced Real Estate Finance. The second reason is the commitment of Wharton to our Department. Third, we have a great faculty who are not only first-rate scholars, but they also know about real estate, and Last; because of the strong link between the industry and our Department though the Advisory Board of the Zell/Lurie Real Estate Center. The Center provides many aspects to add to the program s success such as: guest lectures, an executive visitors series, mentorships, and two very large members meetings which are day long programs for industry in which our students have an opportunity to interact with industry members (Personal Communication, March 23, 2002). Dr. Peter Linneman, professor, successful practitioner and former director of the Zell/Lurie Center from , adds, "Absolutely the program enhances practice. Both by creating more sophisticated students and by challenging the industry to think more strategically. Our publication, The Wharton Real Estate Review, and conferences are key components in this effort to improve practice. The Zell/Lurie Center conducts research through the Real Estate Department's faculty, and these findings along with those of industry thought leaders are published twice a year in the Wharton Real Estate Review, a journal designed for real estate executives, analysts, public officials and scholars. The Zell/Lurie Centers offers a wide variety of innovative programs and conferences including the Farash Distinguished Lecture Series, the Ballard Executive Visitor Series, the

30 Examination of top Real Estate MBA Programs: Weinstein 30 Sewak Student Research Competition, and our annual Members conferences (Personal Communication, March 28, 2002). Kelley Mast, Senior Financial Analyst for AIG Realty Corporation a division of AIG and 2000 MBA graduate, adds, I chose Wharton, because it is ranked as the number one business school; number one in finance, and number one in real estate. This is an industry where you must learn how to think and critically analyze situations; it is essential to have a combination of theory and practice applied to real life situations. Therefore, you want professors with hands-on experience who were in the industry; someone who has really lived it and is not in an Ivory Tower. Because many of the professors such as Dr. Linneman, are also part of the industry, they can design cases that they have personally worked on in the business to compliment the course material. Dr. Linneman was Chairman of the real estate investment trust that until 1996 owned New York City's Rockefeller Center. So when he writes and presents the case, students listen and learn. Also, the Zell/Lurie Career Center gives students many opportunities to meet industry leaders formally and informally through a variety of programs conferences, lectures, informal luncheons, etc. So when it is time to do your internship or find a career, you have already established your connections in the field (Personal Communication, March 18, 2002). Adam Anhang, of UMS Inc., New York, explains, I was a teaching assistant in MBA program for Dr. Linneman. Real estate requires a good understanding of fundamentals of the field including finance, cash flow, how to figure what is hot and not hot, what makes property valuable, etc. It is not book knowledge that you

31 Examination of top Real Estate MBA Programs: Weinstein 31 put it into practice. As are many of the professors in the program, Dr. Linneman is a professor, speaker, researcher, and practitioner. Under the direction of Dr. Linneman, Wharton established a lecture series for prominent leaders, career opportunities, internship, and research, scholarships, mentors. What differentiates Wharton from others is the breath of activities offered to students, qualities of case work, and ability to attract top people through relationships (Personal Communication March, 18, 2002). Randi Kahn, Salomon Smith Barney and MBA graduate says, I chose the MBA Program at Wharton because of the school s leading programs in both finance and real estate. As an undergraduate accounting major, my primary objectives in pursuing an MBA were to enhance my finance skills as well as to develop my personal and professional network. Not surprisingly, the most valuable aspects of my MBA experience were the relationships I developed with my classmates, particularly those who have pursued careers in the real estate. Second, the mix of academic theory with practical industry expertise provided an invaluable knowledge base. Wharton does a terrific job of using industry experts to speak on particular topics to augment the academic materials presented in a particular class. In certain classes, adjunct professors with significant industry experience were brought in to teach more specialized courses (e.g., development). The third aspect of the program that is very beneficial to both students and alumni is the Zell/Lurie Real Estate Center. The Center s membership boasts many of the industry s most prominent professionals. The Center hosts various events throughout the year that provide students with a terrific opportunity to network

32 Examination of top Real Estate MBA Programs: Weinstein 32 with industry leaders. These events also provide a forum for alumni to keep in touch. (Personal Communication, April 4, 2002). Deborah Moy, Resolution Capital Group in Philadelphia and 1998 MBA graduate says, I selected the School based on its reputation with graduates and in publications as the number one Business School, number one in real estate and number one in finance in the world. I learned through broad based activities of the latest innovations and trends in the commercial real estate industry, primarily from a finance perspective. The program also has a tremendous relationships and sponsors many activities: The Seevak real estate competition enabled me to gain a better understanding of international real estate. In a team environment, the Seevak competition simulated professional research, due diligence and presentation skills necessary when seeking funding from institutional investors. The Wharton Real Estate Center (now the Zell/Lurie Real Estate Center) is an excellent and well-respected organization, which gives students the exposure to top executive real estate professionals. The Center serves as a think tank for the industry and enables the academic world of professors and students to meet with industry professionals. Wharton also gave me the opportunity to travel extensively. Through trips sponsored by the school and with classmates in vacations, I was able to get a deeper understanding of the people, the local cultures and therefore the background behind doing business globally. As a student with Wharton, I traveled in the China Global Immersion Program. Four weeks in four cities: Beijing, Shanghai, Hong Kong and Taipei to learn about doing business in greater China from the perspective of small local business,

33 Examination of top Real Estate MBA Programs: Weinstein 33 quasi-governmental businesses and international conglomerates. The singular focus of the Wharton community on attaining good post-graduation jobs/careers for its students was instrumental in my success. I had a summer internship with Lehman Brothers real estate investment banking group, which ultimately let to a full time job after graduation. Also, Wharton s Learning Team concept of working with the same people on one-year projects proved to be an effective method of teaching as well as a great simulation for the real world. The contacts that I made at Wharton have been and will continue to be invaluable throughout my career. In those two years, I made lifelong friends and critical professional contacts. The extensive Wharton network (alumni, professors, etc.) is an invaluable resource (Personal Communication, March 15, 2002). Conclusions It is obvious from review of data that the programs listed differ widely in many areas such as: programs with stand alone departments in real estate such as at Wharton with the Companion Zell/Lurie Real Estate Center, number of real estate courses offered, content and focus of courses, and number of full-time and part-time faculty with experience in field. Even though there were tremendous differences in MBA programs, the similarity in the data from interviews with respondents (49-50) resulted in several themes that can lead to improve education for practitioners. This section discusses the main themes. 1. Core MBA Curriculum. Programs need to provide students with a combination of core courses in the foundation of real estate along with courses that add current information in the field, especially courses that deal with areas strong in a

34 Examination of top Real Estate MBA Programs: Weinstein 34 particular area where the program is located. For example, NY has a tremendous Finance industry; therefore, a course in finance should be part of a program based in NY. Moy, Wharton MBA Graduate says, Real estate education programs need to stay at the cutting edge of trends and innovations in the industry. Although buying and selling real estate has a long history, the industry has evolved significantly. For example, understanding REITs and their unique financial terminology has only come to the forefront over the last ten years. CMBS issuers have created a completely new financing market. Professors must be well versed on what is in today s Wall Street Journal, not yesterday s textbooks. And if they don t have all of the answers, then they need to ask the right questions, both academically and practically (Personal communication, March 15, 2002). Today, demands of global business and changes in world require practitioners to have both general and specific knowledge base. 2. Combination of Theory and Practice. Courses must combine theory with practice in the context through case study methods, simulation, critical incidents, etc. Moy (2002), Case studies are most effective when the key player of a case study either teaches the class or leads a discussion after the students present their own opinions as to what they would have done in that situation (Personal communication, March 15, 2002). 3. Competencies of Computer Skills, Teamwork, Communication Skills and Problem-solving skills. Graduate programs must teach students basic technology, communication skills, problem solving, and teamwork by designing a curriculum in which students use methods both in and outside of class. Wharton was one of

35 Examination of top Real Estate MBA Programs: Weinstein 35 the first programs to design a team approach in which students learn how to work in teams to solve problems and do projects. The problem-solving curriculum at Indiana University has received recognition by Educational Benchmarking and is one of four programs out of 48 that competed, to receive the prestigious Curriculum Innovation Grant from Procter and Gamble. Foundation. The University of Connecticut has integrated use of lap top computers with the real estate curriculum. Several programs use technology to teach curriculum. 4. Faculty of Scholars who understand the Business. Although respondents debated whether professors must have practical experience to teach as in the literature by Hardin III (2000), most respondents expressed ideas stated by Moy, At the very least, the program must have strong professors who can effectively teach the fundamentals of the real estate industry: finance, law, development and international markets (Personal communication, March 15, 2002). In addition to teaching the basics, faculty must understand the business, have interest in students careers and have strong ties to industry through practice or professional contacts. 5. Research and Publications. Ongoing research both quantitative and qualitative adds to the literature and bridges the gap between theory and practice. After students graduate, they continue to read literature published by their university on the latest trends in business. 6. Industry Ties. Formal and informal contacts with leaders in the industry are essential for practitioners to learn, network and find careers in the field. Key components are the support from the School, the Chair, professors, and

36 Examination of top Real Estate MBA Programs: Weinstein 36 relationships with professional organization, real estate centers, research centers and companies. Real Estate Centers such as Zell/Lurie Center at Wharton, the Lusk Center at University of Southern California, the Fisher Center at Haas School of Business, University of California- Berkeley, the Millstein Center, Columbia, NY are playing an increasing important role in establishing closer relationships with recruiters, alumni, and curriculum by sponsoring large conferences, seminars, speakers, etc. 7. Conferences and Seminars. Students and practitioners learn from attending seminars and conferences on a wide variety of cutting-edge topics that are of interest to the real estate business. In general, programs provide opportunities for industry leaders, professionals and students to meet both formally and informally, exchange ideas and build relationships. 8. Scholarships for Students. Scholarships increase opportunities, motivation and diversity of students in a program. 9. Career Opportunities. Respondents said career opportunities are an important component for a top program. Programs provide internships in the field, career services, resume books, and career fairs. Students can also place their resume on Real-jobs.com, a website exclusively for jobs in the real estate industry from all over the world created by University of Cincinnati. However, graduates said that they found many of their jobs through informal contacts with industry leaders at luncheons, conferences, seminars, etc. 10. Mentors. Mentors guide students in choosing courses and careers. Respondents felt that mentors really added to students depth of understanding of the industry.

37 Examination of top Real Estate MBA Programs: Weinstein 37 Recommendations The purpose of this research was to examine how business schools with MBA programs ranked as the Best in the country provide education that enhances practice. This research found that top MBA programs throughout the U.S. use many of the same techniques to increase learning for practitioners. Whether it was through leaders of the academic institution, the real estate center, or companies, close relationships enabled graduates to understand the business and establish careers in the industry. Regardless of a school s size or location, a university can provide a top MBA program through collaboration and partnerships with other schools, businesses, professional organizations, and real estate centers. Wharton in 2002 forged an alliance with INSEAD, a large top Business School in France. Columbia University, New York, has formed partnerships and global alliances with the London Business School and the University of California at Berkeley. These partnerships allow schools to offer more resources and contacts with leaders around the world. This supports the main conclusion that can be drawn from this study that in the future schools need to work together to provide the Best Graduate MBA Programs for practitioners. Practitioners will continue to seek MBA degrees to fill leadership roles in the ever-changing real estate industry. Therefore, further research should be conducted on this topic. References Anderson, R. I, Loviscek, A. L. and J. R. Webb. Problem-based Learning in Real Estate Education, The Journal of Real Estate Practice and Education, 2001, 2: 1, Bachhuber, T., Ed.D. The Best Graduate Business Schools: The inside story on today s top schools-with expert rankings, 1999, (3 rd ed.), NY: Arco.

38 Examination of top Real Estate MBA Programs: Weinstein 38 Black, R. T. and Rabianski, J. S., Real Property Brokerage Education and License Law. Journal of Real Estate Practice and Education. 1998, 1, 1, Butler, J. Q.; Guntermann, K. L. and Wolverton, M. Integrating the Real Estate Curriculum, Journal of Real Estate Practice and Education, 1998, 1:1, Conrad, C., Haworth, J. G. and Millar, S.B. A Silent Success: Master s Education in the United States, 1993, John Hopkins University Press. Diaz, J., Science, Engineering and the Discipline of Real Estate, the Journal of Real Estate Literature, 1993, 1:2, Dombrow, J. and Turnbull, G. K. Individuals and Institutions Publishing Research in Real Estate , The Journal of Real Estate Literature, 2002, 10:1, Epley, D. R., The Current Body of Knowledge Paradigms Used in Real Estate Education and Issues in Need of Further Research, Journal of Real Estate Research, 1996, 12:2, Gair, C., The next generation, National Real Estate Investor, June of 2001, 34:6, Hardin, W. G. III Practical Experience, Expectations, Hiring, Promotion and Tenure: A Real Estate Perspective, Journal of Real Estate Practice and Education, 2001, 2:1, Hartigan, R. Smart new degrees take center stage. Innovative master s programs drawn from a savvy mix of specialties can give a big boost to your career: Best Graduate Schools U. S. News and World, August 17, 2001, Hattendorf, L. C., College and University Rankings: Part 5- An Annotated Bibliography of Analysis, Criticism, and Evaluation? Reference and User Services Quarterly (RJ), spring 1990, 29:3, Lahey, K. and J. Webb, An Overview of Real Estate Higher Education and Research, Real Estate Appraiser, Spring 1987, 53, Lord, M., after a slowdown in the early 90s, demand for M.B. A. s is soaring. U.S. News and World Report, March 10, 1997, Miller, E., Guide to Graduate Business School, 2001, (12 th ed.), NY: Barron s. Monroe, L. Executive Education, 2000, Buildings, January of 2000, 94-1, Morse, R. J. and Flanigan, S. M., How we rank schools. U.S. News & World Report, 2002,

39 Examination of top Real Estate MBA Programs: Weinstein 39 Nourse, H. O., The Role of Real Estate Education in a College of Business Administration, Real Estate Educators Association Journal, Spring of 1990, Nourse, H. O. (1995). A note on the origin of real estate in collegiate schools of business administration. The Journal of Real Estate Research, November of 1995, 10-2, Rabianski, J. S. & Black, R. T. Real property brokerage education and license law. The Journal of Real Estate Practice and Education, 1998, 1:1, Sirmans, C. F. 1992, National Real Estate Center Survey, Storrs, Conn.: Center for Real Estate and Urban Economics Studies, University of Connecticut, Smith and Associates, Learning to learn across the life span. San Francisco, CA: Jossey- Bass, Souza, L. A., Point of view: Academic and applied real estate research: As two worlds collide or as two worlds divide? Journal of Real Estate Portfolio Management., :1, Weinstein, M. B., Continuing Professional Education in Real Estate, In W. H. Young (Ed.) Continuing Professional Education in Transition: Visions for the Professions and New Strategies for Lifelong Learning, Malabar, FL: Krieger, 1998, Ziobrowski, B. J. Ranking of Real Estate Departments by U.S. News and World Report, 2001, Working Paper.