Programmes

MSc Real Estate Economics and Finance

  • Graduate taught
  • Department of Geography and Environment
  • Application code L8U3
  • Starting 2020
  • UK/EU full-time: Open
  • UK/EU part-time: Open
  • Overseas full-time: Open
  • Overseas part-time: Open
  • Location: Houghton Street, London

The MSc Real Estate Economics and Finance programme integrates current academic economic and financial analysis and research with an applied study of real estate markets.

The programme has an international focus that is transferable across countries and institutional settings. You will acquire significant theoretical and technical knowledge to equip you to understand urban economic processes, price determination in land and real property markets, and their interrelation with investment markets, investment analysis and portfolio choice as well as the impact of land use regulations, transport, public policy and socio-economic change. This programme will appeal if you wish to work, or are already working, in a specialised area relating to property and urban analysis, real estate finance or investment analysis.

The programme benefits from a partnership with the Investment Property Forum (IPF), which has included the programme on their selected list of graduate courses that it judges provide the relevant skills necessary for those operating in the property investment market. This recognition comes with a number of benefits for our master's graduates, including fast-track membership to the forum. In addition, the programme has an agreement with the Royal Institution of Chartered Surveyors (RICS), thus conferring professional recognition.

Programme details

Key facts

MSc Real Estate Economics and Finance
Start date 28 September 2020
Application deadline None – rolling admissions. However please note the funding deadlines
Duration 12 months full-time, 24 months part-time 
Applications 2018 414
Intake 2018 41
Tuition fee UK/EU: £25,872
Overseas: £25,872
Financial support Graduate support scheme (deadline 27 April 2020), ESRC funding as part of a four year award (deadline 10 January 2020)
Minimum entry requirement 2:1 degree or equivalent with a background in economic analysis and strong quantitative and technical skills
GRE/GMAT requirement GRE or GMAT is required from all applicants except those with (or expecting) a UK undergraduate degree, or who have obtained a UK master’s degree (GRE is preferred)
English language requirements Standard (see 'Assessing your application')
Location  Houghton Street, London

For more information about tuition fees and entry requirements, see the fees and funding and assessing your application sections.

Entry requirements

Minimum entry requirements for MSc Real Estate Economics and Finance

Upper second class honours degree (2:1) or equivalent with background in economic analysis, and good analytical, quantitative and technical skills.

In exceptional cases, when a candidate has a very strong academic background in a related discipline but insufficient background in (micro-) economics, as a condition of admission candidates may be required to take an LSE summer school course in Intermediate Microeconomics and obtain a specified grade.

Please note that due to the high demand for places on the MSc Real Estate Economics and Finance, those accepted on to this programme will not normally be granted a programme transfer. If you do not intend to follow the programme, you must withdraw your application prior to Registration and apply directly to your new programme choice using the LSE online application system.

ESRC-funded pathway onto a PhD programme

If you have studied or are studying outside of the UK then have a look at our Information for International Students to find out the entry requirements that apply to you.

GRE/GMAT requirement

GMAT or GRE is required for applicants without a UK undergraduate degree and for UK graduates who have not yet been awarded their master's (GRE is preferred). This must be no more than five years old on 1 October 2019.

We do not require a specific mark but we do typically expect candidates to score in the top ten percentile in the overall test. Other qualifications and relevant work experience will however be taken into consideration. We recognise that if your first language is not English, the test will present special difficulties and we view your score on that basis.

Find out more about GRE/GMAT

Assessing your application

We welcome applications from all suitably qualified prospective students and want to recruit students with the very best academic merit, potential and motivation, irrespective of their background.

We carefully consider each application on an individual basis, taking into account all the information presented on your application form, including your:

- academic achievement (including predicted and achieved grades)
- statement of academic purpose
- two academic references
- CV

See further information on supporting documents

You may also have to provide evidence of your English proficiency, although you do not need to provide this at the time of your application to LSE. See our English language requirements.

This programme is available as part of an ESRC-funded pathway onto a PhD programme. The 1+3 scheme provides funding for a one year research training master's linked to a PhD programme and is designed for students who have not already completed an ESRC recognised programme of research training. An application must be submitted for the relevant master’s programme, including a research proposal for the PhD aspect of the pathway. Applicants must also indicate their wish to be considered for the 1+3 pathway within their personal statement.

When to apply

Applications for this programme are considered on a rolling basis, meaning the programme will close once it becomes full. There is no fixed deadline by which you need to apply, however to be considered for any LSE funding opportunity, you must have submitted your application and all supporting documents by the funding deadline. See the fees and funding section for more details. 

Programme structure and courses

You will take courses to the value of four full units in total. You will take three compulsory courses, in addition to either Asset Markets A or Finance I, one optional half-unit course and a dissertation. If you are planning to apply for a PhD within the Department, please be advised that you need to take some methods training as part of the MSc. Contact your MSc programme director and the Director of Graduate studies to discuss this requirement.

(* denotes a half unit)

Applied Urban and Regional Economics
Provides a theoretical and empirical understanding of urban economic processes and price determination in land and real property markets within an institutional context.

Real Property Market Practice*
Provides an examination of how real property markets operate in practice and of the analytical techniques and data available for analysts and practitioners.

Real Estate Finance*
Examines concepts and techniques for analysing financial decisions in real estate development and investment.

Either
Asset Markets A*
Covers the fundamental concepts and tools underlying the asset markets side of modern finance.
Or
Finance I*
A first course in financial analysis for students with a basic knowledge of management.

Dissertation

Courses to the value of one half unit from a range of options

For the most up-to-date list of optional courses please visit the relevant School Calendar page.

You must note however that while care has been taken to ensure that this information is up to date and correct, a change of circumstances since publication may cause the School to change, suspend or withdraw a course or programme of study, or change the fees that apply to it. The School will always notify the affected parties as early as practicably possible and propose any viable and relevant alternative options. Note that the School will neither be liable for information that after publication becomes inaccurate or irrelevant, nor for changing, suspending or withdrawing a course or programme of study due to events outside of its control, which includes but is not limited to a lack of demand for a course or programme of study, industrial action, fire, flood or other environmental or physical damage to premises.

You must also note that places are limited on some courses and/or subject to specific entry requirements. The School cannot therefore guarantee you a place. Please note that changes to programmes and courses can sometimes occur after you have accepted your offer of a place. These changes are normally made in light of developments in the discipline or path-breaking research, or on the basis of student feedback. Changes can take the form of altered course content, teaching formats or assessment modes. Any such changes are intended to enhance the student learning experience. You should visit the School’s Calendar, or contact the relevant academic department, for information on the availability and/or content of courses and programmes of study. Certain substantive changes will be listed on the updated graduate course and programme information page.

Teaching and assessment

Contact hours and independent study

Within your programme you will take a number of courses, half unit courses and full unit courses. In half unit courses, on average, you can expect 20-30 contact hours in total and for full unit courses, on average, you can expect 40-60 contact hours in total. This programme comprises lectures, seminars, workshops and help sessions, projects and examinations. In addition there will be voluntary statistical/econometric workshops and support available in both the Michaelmas and Lent terms. Hours vary according to courses and you can view indicative details in the Calendar within the Teaching section of each course guide.

You are also expected to complete independent study outside of class time. This varies depending on the programme, but requires you to manage the majority of your study time yourself, by engaging in activities such as reading, note-taking, thinking and research.

Teaching methods

LSE is internationally recognised for its teaching and research and therefore employs a rich variety of teaching staff with a range of experience and status. Courses may be taught by individual members of faculty, such as lecturers, senior lecturers, readers, assistant professors, associate professors and professors. Many departments now also employ guest teachers and visiting members of staff, LSE teaching fellows and graduate teaching assistants who are usually doctoral research students and in the majority of cases, teach on undergraduate courses only. The majority of the lectures in the Michaelmas term are provided by senior members of faculty. You can view indicative details for the teacher responsible for each course in the relevant course guide

Assessment

All taught courses are required to include formative coursework which is unassessed. It is designed to help prepare you for summative assessment which counts towards the course mark and to the degree award. LSE uses a range of formative assessment, such as essays, problem sets, case studies, reports, quizzes, mock exams and many others. Summative assessment may be conducted during the course or by final examination at the end of the course. An indication of the formative coursework and summative assessment for each course can be found in the relevant course guide.

Academic support

You will also be assigned an academic mentor who will be available for guidance and advice on academic or personal concerns.

There are many opportunities to extend your learning outside the classroom and complement your academic studies at LSE. LSE LIFE is the School’s centre for academic, personal and professional development. Some of the services on offer include: guidance and hands-on practice of the key skills you will need to do well at LSE: effective reading, academic writing and critical thinking; workshops related to how to adapt to new or difficult situations, including development of skills for leadership, study/work/life balance and preparing for the world of work; and advice and practice on working in study groups and on cross-cultural communication and teamwork. 

LSE is committed to enabling all students to achieve their full potential and the School’s Disability and Wellbeing Service provides a free, confidential service to all LSE students and is a first point of contact for all disabled students.

Preliminary reading

You are not required to do any preparatory reading for MSc Real Estate Economics and Finance (unless specifically noted in your offer letter), but if you would like to prepare, the following is relevant to the programme:

E L Glaeser Triumph of the City: how our greatest invention makes us richer, smarter, greener, healthier and happier (Penguin Press, 2011)

J K Brueckner Lectures on Urban Economics (MIT Press, 2011)

J F McDonald and D P McMillen Urban Economics and Real Estate, Theory and Policy (Blackwell, 2011)

Professional development

Overview

In addition to our cutting edge academic programme, the Real Estate Economics and Finance MSc offers an industry-leading Professional Development Programme. We organise numerous networking events with high profile figures for the real estate industry, including asset managers, investment funds, investment and lending banks developers and consultants. Our dedicated careers advisor offers CV and interview workshops and our active network of alumni actively supports current students via a mentorship scheme.  

Events

This is your chance to meet professionals working in the property and real estate sector at different stages in their careers. There will be the opportunity to meet and talk with real estate finance professionals, finance analysts, surveyors, commercial analysts, PE specialists and more. 

Alumni events

Typically in the summer and in the winter. We have an active network of alumni who meet on a regular basis and support current students in their professional development.

The LSE careers event

Many of the global players in the real estate industry come to LSE to meet our REEF students during the hiring season in the Autumn.

Recent organisations at our careers events include: Goldman Sachs, BNP Paribas, Eastdil, Deutsche Finance, Optimum Asset Management and Landlease.

REEF Advisory board careers event

In addition to the LSE real estate careers event we also offer an exclusive event organised by the advisory board of our programme.

This is an opportunity to network with senior professionals who come to LSE to meet our students on invitation of the members of the advisory board.

Real Estate Club events

This student-led club operates with the support of academic staff and organises events relevant to the professional interests of its members. These include workshops and seminars on topics determined by the club’s committee.

Professional mentoring

REEF students have access to a specialised network of high-profile professionals. We match students who wish to participate in this program with a professional working in their field of interest. We have a network of alumni and friends of the programme stretching across numerous countries and specialisations within the broadly defined area of real estate. Mentors advise on career choices, professional development and help with the job market. 

Coaching

A dedicated member of LSE’s careers office provides individual support for real estate related careers. The office also works with groups and has very useful resources for improving interview and networking skills. 

LSE LIFE

LSE LIFE is a place where you can come to learn more about yourself, your studies and your goals. MSc REEF students can come to LSE LIFE to develop academic, communication, numeracy and research skills, get advice on personal effectiveness and in making life choices, and gain insights into graduate recruitment and career paths, all housed in a purpose-built space on the ground floor of the LSE Library.

LSE LIFE offer a wide range of workshops. Some workshops you may find useful include:  Make clear, concise and critical notes from your readings, How to read for academic work and Plan your Michaelmas Term. See more talks and workshops here

Software and methods training

Careers in real estate economics and finance require different analytical skills, methods training and proficiency in software. In addition to the compulsory teaching we offer complementary training in:

-          Excel / cash flow analysis

-          GIS (what it is and what it can be used for)

-          Stata (what it is and how it can be used for)

-          Data session (Library training in real estate data and why it is important)

Professional partnerships

Investment Property Forum Recognises LSE's MSc REEF

The Investment Property Forum, IPF, includes the MSc Real Estate Economics and Finance programme on their selected list of postgraduate courses that the Forum considers to provide the relevant skills necessary for those operating in the property investment market. This recognition comes with a number of benefits for our Masters graduates, who will be offered fast-track membership to the Forum. 

Partnership between MSc REEF and RICS

MSc REEF entered into a partnership agreement with the Royal Institution of Chartered Surveyors in 2002. Graduates from 2002 onwards receive RICS recognition; past graduates can apply to RICS for personal membership. 

Recognition of student success by professionals

Our students and their work are highly valued by different professional bodies and this is reflected in several prizes sponsored by different industry insututions. We currently award two prizes: the HSBC Global Asset Management Dissertation Prize and the IPF Postgraduate Dissertation Prize (Investment Property Forum).

Careers

Our MSc graduates enter a wide variety of employment including professional firms, finance, real estate research, consultancy, the public sector and education.

Further information on graduate destinations for this programme

Support for your career

Many leading organisations give careers presentations at the School during the year, and LSE Careers has a wide range of resources available to assist students in their job search. Find out more about the support available to students through LSE Careers.

Student stories

Tero Konttinen

MSc Real Estate Economics and Finance
Toronto, Ontario, Canada

 Tero-Konttinen-170x230

The programme contains a broad ambitious agenda to prepare students for the rigours of the real estate profession all in a one-year masters programme. For my particular programme, it has given me the opportunity to be part of one of the most active property markets in the world and to have access to indispensable resources in the professional field. LSE and the real estate programme has allowed me to focus on my own personal development – pushed my intellectual boundaries to learn something that I had not previously experienced.

The education at LSE will hopefully provide the basis in which I hope to link economics with property development and land use planning in some form, whether it be in professional practice or further academic pursuits.

Fees and funding

Every graduate student is charged a fee for their programme.

The fee covers registration and examination fees payable to the School, lectures, classes and individual supervision, lectures given at other colleges under intercollegiate arrangements and, under current arrangements, membership of the Students' Union. It does not cover living costs or travel or fieldwork.

Tuition fees 2020/21 for MSc Real Estate Economics and Finance

UK/EU students: £25,872
Overseas students: £25,872

Fee status

For this programme, the tuition fee is the same for all students regardless of their fee status. However any financial support you are eligible for will depend on whether you are classified as a Home (UK/EU) or Overseas student, otherwise known as your fee status. LSE assesses your fee status based on guidelines provided by the Department of Education.

Fee reduction

Students who completed undergraduate study at LSE and are beginning taught graduate study at the School are eligible for a fee reduction of around 10 per cent of the fee.

Scholarships and other funding

The School recognises that the cost of living in London may be higher than in your home town or country, and we provide over £13 million in scholarships each year to graduate students from the UK, EU and overseas.

This programme is eligible for needs-based awards from LSE, including the Graduate Support SchemeMaster's Awards, and Anniversary Scholarships

This programme is available as part of an ESRC-funded pathway onto a PhD programme. The 1+3 scheme provides funding for a one year research training master's linked to a PhD programme and is designed for students who have not already completed an ESRC recognised programme of research training. An application must be submitted for the relevant master’s programme, including a research proposal for the PhD aspect of the pathway. Applicants must also indicate their wish to be considered for the 1+3 pathway within their personal statement.

Selection for any funding opportunity is based on receipt of an application for a place – including all ancillary documents, before the funding deadline. 

Funding deadline for needs-based awards from LSE: 27 April 2020
Funding deadline for ESRC funding: 10 January 2020

In addition to our needs-based awards, LSE also makes available scholarships for students from specific regions of the world and awards for students studying specific subject areas.

Government tuition fee loans and external funding

A postgraduate loan is available from the UK government for eligible students studying for a first master’s programme, to help with fees and living costs. Some other governments and organisations also offer tuition fee loan schemes.

Find out more about tuition fee loans

Further information

Fees and funding opportunities

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