Historically, graduate level coursework in real estate was limited to a major or minor in business, or training in architecture and urban planning schools.
The increased complexity of the industry created a demand for practitioners who possessed a comprehensive knowledge of real estate beyond that of traditional MBA generalists.
[citation needed] According to the Urban Land Institute, during the mid-1990s strong academic interest in real estate "was never greater, whether for repositioning products, redeveloping inner cities, or developing more affordable housing.
To deal with the complexity of the field and its far-reaching effects, today's industry professionals require advanced training to prepare them to operate in increasingly technical and interrelated areas.
[7] As with many MBA programs, undergraduate real estate education is commonly offered as a concentration, or focused area of study.
Very few universities with varying academic reputation offer a bachelor's degree with a concentration in real estate (typically two courses during the senior year).
Students from diverse backgrounds in geography, urban planning, business, economics, liberal arts, architecture or seeking a career change are encouraged to apply.
Students are generally exposed to the full range of functions and most real estate product types (e.g. residential, retail, office, hospitality, and industrial).
MRED programs typically teach the subject matter through case studies and field experiences and by way of traditional class lectures.
Many programs utilize HBS-style case studies of complex real estate scenarios to heighten the student's knowledge and strategic decision-making skills.
[12] Example areas of concentration:[13] Some programs, such as the MS in Real Estate Development at George Mason University,[14] offer students the opportunity to combine elective coursework from several disciplines including business management, public policy and civil engineering.
Classes meet at the beginning of every semester, usually from five to seven days, and then complete the coursework through synchronous webinars, asynchronous discussion boards, and video lectures.
The research program is essential to promoting new knowledge, advancing teaching techniques, and bridging the gap between theory and practice.