Students with clear career goals prior to beginning their education can tailor their coursework to best suit their professional focus. For instance, a new student who wants to work in real estate can research how to become a real estate developer, agent, or broker. This exploration can help learners earn degrees in real estate more quickly as they prepare for relevant licensing and certification.
The MBA in real estate can also help candidates with bachelor's degrees in other disciplines enter the real estate field. The MBA business foundation equips learners with leadership, communication, and financial skills, and can also address global operations and teamwork. These skills and knowledge can help graduates advance into management positions in other fields, while also enabling them to run their own business.
This page examines the MBA in real estate, related professions, and the necessary licensing and certifications for real estate careers.
What Can You Do With an Online MBA in Real Estate?
Organizations may require a degree for real estate brokers and sales agents, such as an MBA in real estate. These individuals boast a median salary of $50,300, with the Bureau of Labor Statistics (BLS) projecting a 6% growth for the profession by 2026. Likewise, companies may insist property, real estate, and community association managers hold a college degree. These professionals earn a median of $58,340 per year, with a projected career growth of 10% by 2026.
Real estate appraisers and assessors may need a bachelor's degree. An advanced degree, such as a master's degree, verifies advanced knowledge of the field for improved employment chances. These professionals earn a median salary of $54,980 per year. The BLS anticipates a 14% growth for these positions.
Real estate professionals can work with state or federal agencies. However, the BLS reports that the majority work in private sectors. An MBA prepares for this private practice since students explore financial and organizational business concepts in addition to real estate ideas.
An MBA also equips learners with leadership, organizational, financial, and communication skills for external careers. In particular, graduates can work in financial analysis, fund management, or consulting. They can also open a business outside of real estate. Obtaining a master's degree can also qualify graduates to work as postsecondary educators at colleges and universities.
What Certifications and Licenses are Needed for a Career in Real Estate?
Real estate development career paths may include licenses or certifications for particular careers. MBA programs do not include all requirements for these credentials, so candidates must pursue them in addition to the degree. Since licensure can differ among states, individuals should research their local standards and regulations. Candidates should also explore their career of interest to determine the necessary license or certification. A real estate broker, for instance, would need a credential in that area.
- Real Estate Broker Becoming a real estate broker requires a license. Criteria for this license vary by state. Generally, however, individuals must be 18, take real estate classes, and pass a specific test. Additional requirements may include training that explores legal and managerial real estate concepts and at least one year of relevant experience.
- Real Estate Sales Associate Although requirements again vary, states often mandate courses on legal and business aspects of real estate for this license. Licensing may also require passing a sales associate or agent exam. Candidates must typically be 18 years old and undergo a criminal background check. This credential applies to real estate agent careers.
- Real Estate Appraiser The Appraisal Foundation requires candidates to pass the Licensed Residential Real Property Appraiser assessment to earn this credential. Individuals need 150 hours in applicable coursework and 1,000 hours of related experience before taking this exam. This license applies specifically to real estate appraising positions.