Interested in a Real Estate Career? Consider these College Programs.
Interested in a Real Estate Career? Consider these College Programs.
Posted on 12/14/2021
Program Highlight: Real Estate
There are several career paths available to students interested in real estate. The one with the largest number of jobs in the field, and the most well-known, is real estate agent. Real estate agents are salespeople who assist buyers and sellers of residential homes or commercial property for commission. To become a real estate agent in the state of Massachusetts, you need to complete 40 hours of pre-licensing education and pass an initial licensing exam as well as a real estate salesperson examination. You will also need to find a brokerage firm that will sponsor you through this process. Typically, firms will look for agents with previous sales experience. While a four-year degree is not required to become a real estate agent, for young people with limited experience, a degree in marketing, business, economics, or finance can help boost their chances of landing a job.
There are other attractive career options for students interested in real estate but less keen on a sales career. This article highlights two of these paths – property management and real estate investment analyst – and programs that can prepare you for these careers.
Wentworth Institute of Technology — Facilities Management Concentration
Wentworth Institute offers a facility management concentration within its bachelor’s degree program in Construction Management. The program comes highly recommended by several local experts we interviewed about career paths in the non-profit or commercial property management sectors. The Wentworth program trains students in the physical and financial upkeep of various properties, integrating training in technical, physical, and business skills. This curriculum covers a wide array of topics related to facilities management, including energy management techniques, building management, facility assessment, and real estate principles. The program emphasizes practical field experience, with all students participating in at least two semesters of co-op employment in facilities management offices. Wentworth also offers a graduate degree program in Facilities Management, which attracts both Wentworth undergraduates who opt to gain additional training and undergraduates from other colleges who want to pursue this career.
The job outlook for facilities managers in the Boston area is strong. Online postings for facilities management jobs more than doubled in the last five years and employment rose 9% (See chart below). Jobs for facilities managers jobs are projected to grow 6% a year through 2028.
Facilities management jobs also pay well. The average salary for facilities managers in the Boston area was $92,720 in 2020, well above the average salary of $73,850 for all jobs. The average entry-level salary was $61,540, compared to $36,100 for all Boston area entry-level workers.
Typical first jobs secured by program graduates include Facilities Manager, Project Manager, and Occupancy/Space Planner. You can explore the career paths of over 200 recent program graduates on LinkedIn by clicking this link: Wentworth Institute Facilities Management Graduates 2017-2021.
To learn more about the program, log into your Navigator account and click Wentworth Institute Facilities Management Concentration.
UMass Amherst – Real Estate Certificate
The Real Estate Certificate Program is an additional certification available to Finance Majors at UMass Amherst. This certificate program provides students with an in-depth study of the ins and outs of commercial real estate. Students learn the concepts and techniques required to analyze and evaluate, develop, acquire, and finance real estate properties. All students are required to complete a financial and market analysis of a portfolio of properties using Argus financial modeling software. Graduates of this program go on to work as analysts for commercial real estate investment or development firms. Real estate analysts research trends and statistics in the real estate market and make recommendations for investment opportunities. Some graduates opt to pursue careers as real estate agents and sit for their licensing exams.
Real estate analyst jobs are well-paying careers in the Boston market. According to Glassdoor, the average annual salary for real estate analysts is $77,000 and ranges from $52,000 to $115,000. While employment or projected growth data is not available for real estate analyst positions in the Boston area, data on the broader job category of financial analysts suggests continuing employer demand for financial and investment analysts. The number of people employed as financial and investment analysts in the Boston area has grown 10% in the last five years and is projected to continue to grow at 4% a year through 2028.
To learn more about the program, log into your Navigator account and click UMass Amherst Real Estate Certificate.
Notes on Data Sources
· Employment and Average Wages: U.S. Bureau of Labor Statistics, May 2020 Occupational and Employment Statistics for Boston Metropolitan Area (https://www.bls.gov/oes/tables.htm).
· Job Posting Data: Burning Glass Technologies: Labor Insight™. 2021.
· Projected Job Growth: Massachusetts Labor Market Information Office, Long Term Occupational Projections 2018-2028 (https://lmi.dua.eol.mass.gov/lmi/LongTermOccupationProjections).