MSc Real Estate Finance
This accredited Masters programme is designed to prepare you for a career in global real estate finance and investment management.
At a glance
- Gain an understanding of financial theory and its application in real estate assets
- Accredited by the Royal Institution of Chartered Surveyors (RICS)
- Offered jointly with our finance faculty at the ICMA Centre
- Programme recognised by the Investment Property Forum (IPF)
- Participate in the alumni association's RREF mentoring programme
- 97% students employed post graduation
- 89% of students would recommend their programme
- Our masters graduates secure positions at prestigious employers worldwide, earning competitive salaries. Explore our graduate outcomes.
- Locations
- Henley Whiteknights
- Subject area(s)
- Real Estate & Planning
- Start Date
- September 2025
- Duration
- 12 months
- Attendance
- Full-time
- Programme Director
-
Yuan Zhao
Overview
(Henley Masters Careers Survey 2024)
(Henley Masters Careers Survey 2024)
The MSc Real Estate Finance programme is designed to prepare graduates for careers in real estate finance and investment management. Real estate is the world’s largest asset class. The sophistication and complexity of real estate asset markets has changed radically over the past two decades. This has happened as a result of the expansion of the indirect market both in terms of publicly listed real estate specifically real estate investment trusts (REITS) and a range of investment vehicles in particular various forms of property fund. With this expansion has come the development of a comprehensive real estate investment management sector. The top 100 real estate investment managers now account for over 4 trillion pounds worth of real estate assets. Further relevant market drivers of change include the advent of investment strategies related to ESG and Sustainability, the increasing importance of Green Finance and applications of AI and Blockchain including tokenisation. As a result of all these changes real estate has become a mainstream asset class for a wider range of investors.
The MSc Real Estate Finance programme is designed and offered jointly by the Department of Real Estate & Planning and the ICMA Centre and thus combines the resources and expertise of two leading units of the Henley Business School. It is the only real estate finance programme designed and offered with direct input (e.g., core finance modules, trading rooms and databases) from a Finance Department within a Business School setting.
The combination of real estate and pure finance modules provide students with the skills to place real estate investment and finance within the context of the broader capital markets. Students learn the quantitative and conceptual skills needed to make the complex decisions in the real estate finance and investment sector.
Real Estate & Planning
Our School is the largest in the UK for teaching and research in real estate and planning. Established in 1968 at the University of Reading, we are the only major UK real estate and planning centre to be located within a business school. Being part of the Henley Business School reflects our close and longstanding collaborative relationship with industry.
We enjoy a worldwide reputation for excellence in both teaching and research and we are consistently highly ranked in all major league tables. We undertake internationally recognised, leading edge research into real estate, planning and land. Our programmes are held in high regard by leading employers. Many of whom come to us each year to recruit our graduates. We are proud of our outstanding employment record. More than 95% of our students enter graduate-level jobs within 6-months of leaving us.
Graduate success
"The programme is in line with the trend of future property market development. You are able to benefit from top educational and industry resources which is a rare opportunity to understand the real estate financial market."
Real Estate graduates 2023: where are they now?
The School of Real Estate & Planning has a worldwide reputation and a long history of providing postgraduate education in real estate that open up many options for employment in the real estate industry around the world.
Graduates are regularly employed by the largest and most prestigious global real estate service firms and wider real estate sector.
(Henley Masters Careers Survey 2024)
(Henley Masters Careers Survey 2024)
(Class of 2023 careers outcomes)
(Class of 2023 careers outcomes)
Real Estate and Planning Masters graduates are employed at prestigious organisations, including:
- JLL
- Knight Frank
- CBRE
- Cushman & Wakefield
- Savills
*The statistics on this webpage relating to careers and employment were obtained from the responses Real Estate graduates who completed the Henley Masters Career Outcomes survey 12 months after their graduation, in Autumn 2024.
Careers, accreditation & progression
Built-in employability and dedicated careers support
Support offered includes:
- Extensive bespoke careers support is provided, including an industry-led mock assessment day.
- Individually-assigned an industry mentor through the mentoring scheme of our alumni association – the Reading Real Estate Foundation (RREF).
- Career development and recruitment events for real estate students throughout the year.
- Evening lectures series with key industry speakers and an annual Careers Fair.
- A professional Careers Development Advisor, Jane Batchelor, who helps our students with every aspect of the career development process, including identifying work placement, internships and permanent career opportunities.
Become a part of our community of successful graduates
Upon graduation our students are employed by the largest and most prestigious firms including global:
- Real Estate Service Firms
- Investment Banks
- Institutional Investors and Investment Funds
- Consultancy Firms
- Investment and Development Companies
Accreditation
The MSc Real Estate Finance programme is also recognised by the Investment Property Forum (IPF), facilitating fast-track membership.
Receive dedicated support from our award-winning careers team
We have an award-winning careers team that will support you through your postgraduate studies and four years after graduation.
Here is how Henley Careers can help you:
Careers Consultant appointments
Our Careers Consultant are here to help and support you with any careers related concern that you might have. Whether it’s CV advice, practicing for an interview, providing feedback if applications aren't successful or support planning your career goals. We are here to help empower you to progress in your career.
Events
Henley Careers organise numerous events aimed to help you build your confidence, develop the skills employers are looking for. Additionally, network with employers and expand your industry knowledge.
Alumni support
You can continue to book one-to-one appointments with your Careers Consultant and use our online resources. For up to four years after graduating we’re here to help and support in your career.
Career Smart
Get a head start in securing a graduate job by taking part in our online course, Career Smart. You can expect to learn about the graduate recruitment cycle in the UK. As well as where to look and how to start applying to jobs, and the different roles available to you.
For more information please see our Careers page.
How we teach you
Our programmes are designed and delivered by internationally-renowned experts, with a wealth of academic and professional experience. All of our programmes are regularly updated to maintain their relevance in a rapidly changing industry.
Our teaching received an excellent score in the most recent independent Teaching Quality Assessment (TQA), highlighting our commitment to maintaining a world-class learning environment. You will enjoy access to our cutting-edge research, both academic and industry, ensuring that you remain at the forefront of the field.
We believe that our students should have access to good quality resources and, in addition to the facilities offered by the University, we fund a professionally staffed Resource Centre. MSc Real Estate Finance students have access to a variety of databases, from both Real Estate & Planning and ICMA, including Bloomberg; SNL Financial; Thomson Reuters; Datastream and Costar.
Most of the modules on the programme are specifically dedicated to the MSc Real Estate Finance. Students therefore obtain the benefit of both highly focused modules and small group teaching.
We aim to create a stimulating academic environment; you will be encouraged to develop individual interests and general skills as a basis for a career in the property industry, a related field or for further study.
Master the Language of Business: Your Competitive Edge at Henley
Success in business isn’t just about practical skills but also how you communicate your ideas, influence others, and collaborate across cultures. That’s why, as a Henley Master’s student, you have the exclusive opportunity to join our Effective Communication: Language Skills for Business module, designed to boost your confidence and fluency in English for academic, professional, and networking success.
This free, non-credit-bearing course runs in parallel with your studies and is delivered by Henley Business School in partnership with the International Study and Language Institute (ISLI) at the University of Reading. It is part of a series of innovations at Henley designed to support your academic and professional development, ensuring you graduate with the skills to succeed in a global business environment.
The course is designed to help you:
- Express yourself clearly and persuasively in seminars, presentations, and discussions.
- Write with impact, from emails and reports to case studies and reflections.
- Master the language of business, learning industry-specific terminology and communication styles.
- Boost your employability with key professional communication skills, from networking to interview preparation.
Who Can Join?
- Students who meet the selection criteria based on their English level will be invited to take part.
- Any other student who wishes to enhance their communication skills can voluntarily join, ensuring everyone has access to this career-boosting opportunity!
Taught in an interactive, business-focused format, this module integrates real-world business scenarios, digital tools, and personalised feedback to help you thrive at Henley and beyond.
Course structure
Exclusively available to Henley Business School offer holders, the Pre-study course suite comprises of innovative short courses designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms.
Building blocks of finance (Exclusive to Henley offer holders)
An innovative short course designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms.
Building blocks of maths and stats for finance (-)
This pre-study interactive course is designed by ICMA Centre faculty to prepare you for your learning journey at Henley if you are undertaking postgraduate study in any finance-oriented subject.
Study skills for success (Exclusive to Henley offer holders)
This course will provide building blocks of knowledge to help you prepare for your learning journey in the area of your choice as well as equip you with key employability and study skills for successfully navigating your studies and professional career.
In semester 1 the programme focuses on core skills. Core finance modules cover the mainstream capital markets and asset classes, whilst core real estate modules cover introduction to urban and real estate economics and real estate finance.
Investments (ICM401)
20 [10 ECTS credits]The module aims to equip students with the main principles of Investment Theory. It begins with an overview of the interaction between users and suppliers of capital and the theory behind investor behaviour towards financial risk and reward.
Quantitative Techniques (REMF37)
20 [10 ECTS credits]The module covers quantitative techniques and methods and their applications in the context of real estate. It aims to provide students with knowledge in statistics and econometric modelling with a focus on real estate data. This module will also introduce statistical software.
Real Estate and Urban Economics (REMF68)
20 [10 ECTS credits]The module aims to provide students with insights into the application of economic principles and formal economic models to understand urban socio-economic dynamics and how housing and real estate markets work.
Real Estate Finance (REMF70)
20 [10 ECTS credits]The module presents in depth concepts of real estate finance, both theoretically and empirically. It can be seen as an advanced course in corporate finance (funding and valuation) applied to real estate topics.
Semester 2 provides students with the opportunity to choose three, 20 credit electives from three baskets of options. Students undertake a compulsory 40 credit dissertation in the Summer Research Period which enhances both their research skills and capacity for independent learning.
Students must choose 60 credits of optional modules, one module from each basket.
Real Estate and Planning Dissertation (REMDISS)
40 [20 ECTS credits]The Real Estate and Planning Dissertation module provides a vehicle for an in-depth understanding of a chosen area of real estate economics, real estate finance and investment practice. Depending on the student's interest, this independent study requires students to select a relevant topic or issue in their programme area for further research and analysis. They will also be specifically required to display academic rigour in carrying out an agreed research programme, in presenting findings, and in producing a high quality, fully referenced dissertation that is supported by appropriate quantitative, qualitative and/or illustrative data.
Real Estate Funding (REMF57)
20 [10 ECTS credits]The module will present and analyse several sources of funding and their pricing. The process of raising equity for private real estate investment will be introduced and examined. As far as debt funding is concerned, alongside traditional methods (e.g. private lending and mortgages), the module will review structured products and hybrid forms of financing. Particular emphasis will be given to the implications of different funding structures on returns that are achieved or are achievable by equity investors.
Real Estate Development (REMF64)
20 [10 ECTS credits]The module aims to provide students with an understanding of: the nature of the real estate development process including the activities, agencies, events, relationships, skills and tasks involved; the factors which influence the process and its outcomes; and the types, characteristics, utility and quality of buildings and schemes. The module also explores the methodologies involved in the appraisal and financing of development projects.
Real Estate Securities (REMFRES)
20 [10 ECTS credits]This module aims to provide students with knowledge of market structures and the pricing of financial products available for indirect investments in real estate, in order to develop a critical understanding of the different features of real estate securities. It challenges the implications that specific characteristics of private real estate assets have on the pricing of such securities.
Real Estate Asset Management (REMF44)
20 [10 ECTS credits]The Real Estate Asset Management – REMF44 module explores the real estate management process; it is evaluated from the perspective of both investors and public/corporate occupiers. The students will be able to apply qualitative and quantitative techniques to analyse the real estate management process and thus make a better judgment on investment and tenure opportunities. Underpinning the module is the application of practical tools and conceptual understanding of the real estate management business.
Real Estate Portfolio Management (REMF52)
20 [10 ECTS credits]This module aims to enable students to develop and deepen their understanding of the concepts of investment strategy, portfolio selection and performance measurement and their application to property markets. It also aims to further develop students' analytic capacity. Upon completion of the module, students should have an understanding of key theoretical concepts in investment strategy, be able to appraise critically published work in the field and apply this knowledge to the analysis of practical real estate problems.
Housing Markets and Policy (REMF53)
20 [10 ECTS credits]This module will provide students with an awareness of the economic principles that underpin residential property markets and relevant government policies.
Housing has always been a fundamental basis for human life. Recently though, it has also grown to become the world’s largest asset class, powered by three decades of rapid global house price inflation. What happens in housing markets therefore affects almost everything; from financial market stability, to wealth inequalities; from national productivity, to rates of child birth.
Sustainability and Real Estate (REMF55)
20 [10 ECTS credits]This module focuses on developing a conceptual understanding of sustainable development principles and their applications in real estate markets. The focus is on the adoption of sustainability and ESG in the UK property industry throughout real estate life cycles, including how this is relevant to and manifests itself at various life cycle stages, i.e. development, design, construction, operation, refurbishment, retrofitting and regeneration. The module also focuses on drivers and barriers for the adoption of sustainable development principles for a range of stakeholders in the property industry, including the business case for sustainability and building resilience.
Students completing ICM306 can take the Fixed Income Certificate exam in order to obtain the ICMA FIC Certificate.
Real Estate Opportunities (REMF56)
20 [10 ECTS credits]The aim of this ‘capstone’ module is to integrate and apply both core and specialised knowledge obtained in the MSc Real Estate or MSc Real Estate Finance Programmes and to demonstrate originality in the understanding and systematic application of this knowledge. Students work as part of team to complete three group assignments related to an International Field Trip, an Industry Challenge and a Real Estate Strategy Game. The module has a strong emphasis on ‘experiential’ learning.
Financial Econometrics (ICM204)
20 [10 ECTS credits]Building on the material introduced in Quantitative Methods for Finance, this module covers a number of more advanced techniques that are relevant for financial applications, and in particular for modelling and forecasting financial time series. These include an introduction to maximum likelihood estimation and two-stage least squares, models of volatility, simulation techniques, and multivariate models. Case studies from the academic finance literature are employed to demonstrate potential uses of each approach. Extensive use is also made of financial econometrics software to demonstrate how the techniques are applied in practice.
Fixed Income Cash and Derivative Markets (ICM306)
20 [10 ECTS credits]This module provides students with a comprehensive view of the fixed income cash and derivative markets. Students will study the course material for the internationally recognised ICMA Fixed Income Certificate and will, additionally, also have the chance to sit for this qualification.
Private Equity and Venture Capital (ICM513)
20 [10 ECTS credits]This module is intended for students who may be interested at some stage in their careers in raising private equity or venture capital finance for an entrepreneurial venture or management buyout, or who see themselves working in a professional investment capacity.
Sustainable Investments (ICM516)
20 [10 ECTS credits]This module explores how financial investors incorporate sustainability considerations and environmental, social and governance (ESG) criteria into their investment decisions. The module offers an introduction to the main sustainable investment strategies, the main players (governments, supranational institutions, corporations, investment funds, banks) in the sustainable investment space and the application of sustainable investment in different asset classes. A particular focus in this module is on green and climate change-related investments, but the module also explores the social and ethical dimensions of sustainable investment.
Bond and Money Markets: Pricing, Trading and Portfolio Strategies (ICM519)
20 [10 ECTS credits]The module explores the economic drivers and relationships between bond, money markets and central bank monetary policies, and the impact of key economic drivers on the pricing, trading strategies and portfolio management for bonds and money market instruments. Students will gain an understanding of how these connections affect interest rates, trading positions, portfolio management strategies, funding liquidity management, and the challenges faced by bond issuers, investors, and policy makers. The course covers the overall functions, pricing, structure and operation of bond and money markets.
Modules or course content marked as optional are indicative and may be subject to change. Please note, constraints in timetable scheduling may mean you are unable to take some optional modules at the same time as others.
Fees & funding
UK/Home
| Year of Entry | Cost |
|---|---|
| 2025 | £20,700 |
International (incl. EU)
| Year of Entry | Cost |
|---|---|
| 2025 | £28,500 |
Current scholarships
Entry requirements
| Entry requirement | Criteria |
|---|---|
| Undergraduate degree | Minimum 2:1 or the equivalent from an Internationally recognised university |
| Degree discipline | Business and Finance, Accounting, Economics, Mathematics, Statistics, Sciences or Engineering. |
The academic requirement for mature students may be relaxed in light of relevant professional experience.
English Language Requirements
Studying in a second language can be challenging. If your English language ability is below the minimum requirement, we may ask for evidence of proficiency. Alternatively, we may ask you to attend an English language course before you begin your studies with us.
| Requirement | Criteria |
|---|---|
| IELTS | 6.5 with no component below 5.5 |
Pre-sessional English Programme
The Pre-sessional English Programme is for international students who need to meet their degree programme English language requirements. Our courses equip you with the skills and language needed for academic success, including critical thinking, self-reflection, learner autonomy, research skills and integrating sources. The Pre-sessional English Programme is accredited by the global association of Lecturers in English for Academic Purposes, which guarantees you will receive a high-quality student experience.
Find out about our comprehensive range of Pre-Sessional English courses
Acceptance of LanguageCert Online and DuoLingo English qualifications
We accept the non-SELT version of LanguageCert (which includes the online version) and DuoLingo as suitable English language qualifications. These can be accepted for direct entry onto Undergraduate (except Speech and Language Therapy), Postgraduate Taught (except Speech and Language Therapy) and Postgraduate Research programmes.
For information on individual programme requirements and other English language qualifications, please visit our English requirement equivalent page.
If you require specific advice on your qualification please contact admissions directly by email or telephone on +44 118-378-5289.
UK visa requirements
You may need to obtain a UK visa. This visa will allow to live and study in the UK. See the UK Border Agency website.
Graduate Route
The UK's Graduate Route post-study work visa allows you to apply to stay in the UK for up to two years after you graduate, with the opportunity to undertake skilled work. Visit the University website for the latest information.
How to apply
Apply for 2025 entry now
Apply online now through the University of Reading’s online application service.
The online application service allows you to complete your application information, attach electronic copies of your academic transcripts, certificates and other supporting information. It also provides a facility for an email request to be sent to your referees. This enables the referees to send your supporting references directly to us.
When to apply
We operate a rolling admissions system and it is recommended that you apply early to secure your place. There is no specific deadline and applications will be considered until the programme is full. However, to allow us time to process your application we recommend that you apply by the following dates:
| UK/Home applicants | International applicants |
|---|---|
| 1 August | 1 July |
After you apply
You will receive a confirmation email when we receive your application form. Your application is then reviewed by a member of staff. If successful, you will receive a formal offer letter outlining any necessary entry criteria you will need to meet. You'll then be asked to confirm your acceptance of this offer.
If you require a Certificate of Acceptance for Studies (CAS) for your visa, details will be sent by email once all conditions of the offer have been met.
Throughout the admissions process we will keep you updated with key information via email. We also provide opportunities to interact with faculty and staff online.
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Chat to our students
Our students and alumni are always keen to share their Henley experience. Whether you are a prospective applicant or already applied to a Masters programme at Henley Business School. You can ask questions to a current student by clicking the “Chat to our students” button below.
When contacting one of our students, please introduce yourself and the Masters programme you have applied for.
Speak to a current student
Contact us
If you have any questions, please contact us by email at postgraduate@henley.ac.uk or by phone on +44 (0)118 378 7593.
Studying at Henley Business School has been rewarding and impactful. The professors are highly regarded in academia and business, inspiring me greatly. The school regularly organizes professional events and forums to broaden students' horizons. The Careers Office provides valuable support and job recommendations to students.
The programme is in line with the trend of future property market development. You are able to benefit from top educational and industry resources which is a rare opportunity to understand the real estate financial market.
