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Masters in Real Estate and Planning

Masters in Real Estate Finance

This accredited Masters programme is designed to prepare you for a career  in global real estate finance and investment management.

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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
Level
Masters
Subject area(s)
Real Estate & Planning
Award
MSc
Duration
12 months
Attendance
Full-time

Overview

The MSc Real Estate Finance programme will help you understand real estate in the context of the international financial markets. You will learn the quantitative and conceptual skills needed to make the complex decisions in the real estate finance sector. The programme also places property investment into context with equity, fixed income and financial derivative products.

This Masters programme is accredited by the Royal Institution of Chartered Surveyors. It is also recognised by the Investment Property Forum, facilitating fast-track membership.

The Real Estate Finance programme is particularly suited if you have a degree in a quantitative discipline. Also, if you wish to develop specialist finance skills that can be used in the real estate sector. This programme examines investment in the underlying real estate sector. It provides extensive coverage of Real Estate Investment Trusts, Real Estate Funding, Mortgage Backed Securities and Real Estate Portfolio Management.

This programme is offered jointly with our specialist finance faculty at Henley Business School, the ICMA Centre. You will gain a thorough understanding of financial theory and its application in the context of real estate assets. In this programme, you’ll learn through a combination of academic rigour and commercial relevance. You will build a portfolio of skills and can choose from a range of modules taught across the Business School.

Our long-standing reputation in real estate ensures that you will have exposure to leading thinking in both academia and industry. You will have modules led by some of the world’s leading real estate finance academics. Guest speakers from industry will further build that experience. There will be several industry visits to and from leading global real estate finance companies in London. You will also have the opportunity to visit another major city/financial centre.

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.

The Henley Pre-Masters Course Suite

Exclusively available to Henley Business School offer holders, the Pre-Masters course suite comprises of innovative short courses designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms.

Optional modules Credits

An innovative short course designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms.

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. Through the course, you will appreciate the purpose of finance and investment, the main types of investment and financial markets, as well as the process of valuing investments and the role of risk and return in investment performance. These are all important fundamentals in understanding the workings of financial markets and being able to apply them to real and practical problems as part of your course. We encourage you to take the course even if you have studied finance before. The course is delivered online, requires around 15 hours of study and can be completed at your own pace.

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N/A

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.

This pre-study interactive course is designed by Henley Business School faculty, the University of Reading Study Advice Team and the International Study and Language Institute. The course aims to prepare you for your learning journey at Henley and focuses on helping you build important study skills to succeed in your Masters and beyond. Skills such as curiosity and independent thinking, effective communication and collaboration, digital capabilities, storytelling, empathy and professional integrity are not only important in your course itself but are also sought after by employers in all areas of business. Therefore, they are instrumental in succeeding in your professional career. The learning journey of our Masters programmes is designed in a way that allows you to build such skills and this course intends to demonstrate exactly how, and therefore help you to make the most of your Masters.

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N/A

Part one: Autumn term

Compulsory modules Credits

This module is designed to cover the basics of the economics of land and property markets to provide a foundation for economic commercial real estate analysis. The topics covered by this module include microeconomics of land use, demand and supply of real estate, and property cycles.

The topics covered by this module include demand and supply of real estate, fundamentals of real estate market research, and basic cash flow techniques for real estate investment valuation.

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10 [5 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.

Academic authors
Pin Te Lin 2018 75izlr166
Dr Pin-Te Lin
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20 [10 ECTS credits]

This module focuses on cash securities evaluation (fixed income, equity, and FX) and the use of these securities for investments (derivatives and portfolio theory).

Part I of the module applies general valuation methods to specific financial instruments: fixed income, equity securities, and FX. It describes the characteristics of each security/market and develops practical strategies for finding its value and assessing its risk.

Part II of the module provides an in-depth introduction to financial derivatives (futures and options) and their evaluation. Part III of the module analyses the main framework behind portfolio theory and optimum asset allocation, followed by the introduction of the main pricing models, their applications and limitation.

Equity and FX trading simulations sessions (INVEST sessions) are paired with the modules. Exercises based on Eikon, and Bloomberg data will be used.

The module deals with the valuation of fixed income and equity securities. It focuses on the basic characteristics of each security and the strategies used for approximating their fundamental value and assessing their risk. Its primary aim is to discuss how certain characteristics and relationships can affect the value of fixed income and equity securities and how can they be exploited to form optimal investment strategies. The module also develops ways of optimally selecting portfolios of assets and develops models of how these portfolios may be priced in financial markets. Through a detailed overview of derivatives instruments, their characteristics and valuation, it is shown how they can enhance portfolio returns and help in the management of investment risk. The analytical techniques introduced in this module are widely applied in other elements of the programme.

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30 [15 ECTS credits]

Part two: Spring term

Compulsory modules 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.

Academic authors
Xiaolun picture
Dr Xiaolun Yu
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10 [5 ECTS credits]

50 credits should be completed from optional modules - note that a minimum of 20 credits out of 50 should be from modules starting with REM.

Optional modules Credits

The main aim of the course is to provide a rigorous grounding of the theory and practice of corporate finance and more specifically the long-term financial management decisions of the firm pertaining to investments, financing and payout and how they affect its value. It deals with how corporations are governed, their financing structures, payout policies, the processes involved in the issuance of public and private equity, as well growing through inorganic investment (mergers and acquisitions).

This course also deals with advanced financial analysis and enterprise valuation methods employed by financial advisors/investment banks as part of providing advice to corporations.

Students on this course take part in a bespoke investment banking pitch-book simulation challenge whereby they work with their team to produce a real life pitch-book including financial analysis on a real transaction as part of assessing the company’s strategic alternatives. In addition to lectures and case study based seminars the module also includes a 2-day financial modelling and valuation training by Financial Edge, the company responsible for training the analysts of the top-3 investment banks.

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20 [10 ECTS credits]

This module introduces students to the theory and practice of corporate governance. The module then focuses on a critical discussion of the corporate form and corporate accountability.

Academic authors
Deepa govindarajan driver 750 3 Deepa Govindarajan 75e5pfi5e
Ms Deepa Govindarajan Driver
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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.

Academic authors
Professor michael clements 397 3 Michael Clements 75e5pfi6i
Professor Michael Clements
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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.

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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. Students will be able to assess the impact of different policy interventions in the housing market.

Academic authors
Foye c 288 268x268 3
Dr Chris Foye
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20 [10 ECTS credits]

Aims:
The module explores both practical and strategic aspects of real estate management primarily for commercial property, and examines innovation and change in this area. The subject is considered from the perspective of the various stakeholders (owners, tenants and owner/occupiers). Underpinning the module is the application of key management and business concepts to real estate advice and real estate management.

Academic authors
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Dr Brano Glumac
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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.

Academic authors
Pat Mc Allister 75e5pfiod
Professor Pat McAllister
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20 [10 ECTS credits]

This module presents the main sources of funding available in real estate markets, presenting the implications on returns, ownership and cash flows.

Academic authors
Dr Yuan Zhao Image
Dr Yuan Zhao
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20 [10 ECTS credits]

This module builds on the theoretical principles of portfolio management and asset pricing covered in previous modules.

Selected portfolio optimisation models are presented and specific features of real estate assets are introduced to examine their impact on performance measurement and on portfolio construction. Indirect investment in real estate is also explored as a possibility to gain exposure in this asset class.

Academic authors
Pin Te Lin 2018 75izlr166
Dr Pin-Te Lin
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10 [5 ECTS credits]

This module aims to provide students with knowledge of market structures and the pricing of financial products available for indirect investment in real estate, in order to develop a critical understanding of the different features of real estate securities and overall market products. It challenges the implications that specific characteristics of real estate assets have on the pricing of such securities.

Academic authors
Chen
Dr Chen Zheng
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20 [10 ECTS credits]

This module enables students to explore the concepts of strategic planning and strategic (or ‘capital’) budgeting. It introduces a range of techniques for strategic budgeting. It illustrates concepts using topical, real-world events and cases.

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10 [5 ECTS credits]

This module provides an overview of the purpose and operation of financial regulation, and the consequences of financial sector reform for different markets and jurisdictions, including that of the students’ home countries.

Academic authors
Deepa govindarajan driver 750 3 Deepa Govindarajan 75e5pfi5e
Ms Deepa Govindarajan Driver
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20 [10 ECTS credits]

This module builds on the REMF45 Investment Appraisal and Valuation module and studies the market valuation process; as distinct from the wider appraisal process. It examines both the valuation process and valuation methods, and as well as preparing students for the workplace, it critically examines property valuation practice at both a theoretical and applied level.

It examines both the valuation process and valuation methods, and as well as preparing students for the workplace, it critically examines property valuation practice at both a theoretical and applied level.

Academic authors
Dr pete wyatt 75ej3nfy8
Professor Peter Wyatt
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20 [10 ECTS credits]

Part three: Summer term

Compulsory modules Credits

This module is designed to provide practical experience and insight into the subjects studied throughout the year and prepares students for the workplace.

It provides opportunities for self-experience of real situations in real estate finance and investment in the context of a global real estate market. ?The practical learning experience is furthered through case studies and discussions, presentations and engagement with industry practitioners. The module strengthens the inquiry skills of students and their ability to offer high standard resolutions to real world issues.

Academic authors
Dr Yuan Zhao Image
Dr Yuan Zhao
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10 [5 ECTS credits]

The Real Estate and Planning Dissertation module provides a vehicle for an in-depth understanding of a chosen area of planning, real estate, and rural land and business management 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 statistical, qualitative and/or illustrative data.

Academic authors
Richard Nunes 75e5pfiod
Dr Richard Nunes
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40 [20 ECTS credits]

*The module or course content descriptions set out on this page are correct for those being taught in the current academic year. 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.

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.

Henley Business School provides students with the knowledge, connections and hands-on experiences they need to secure excellent graduate positions.

“Industry focused and career orientated course. Exposure to industry professionals through assignments, networking events and mentor programmes was particularly valuable.”
Real Estate graduate, now working as a Senior Associate at Deloitte, UK

Where are our 2020 graduates now?

97% employed post graduation
Masters Careers Survey 2021
89% of students would recommend their programme
Masters Careers Survey 2021

2020 graduates in this area have secured the following roles:

MSc Spatial Planning and Development:

Assistant Planner at Montagu Evans
Planning Consultant at Gerald Eve
Planning Officer at Hertforshire Council
Planning Officer at Surrey Council
Senior Planning Officer at Whiltshire Council

MSc Real Estate and MSc Real Estate Finance:

Analyst at Catalyst Capital
Analyst at Brookfield Asset Management
Assistant at China Resources Land
Assistant Land Buyer at Barratt Developments
Associate Director, Investment Advisory at Savills
Business Analysts at Aberdeen Standard Investments
Graduate Analyst at Aviva Investors
Graduate Surveyor at British Land
Graduate Surveyor at Montagu Evans
Graduate Surveyor at NHS Property
Graduate Surveyor at Savills
Graduate Surveyor at TfL
Graduate Surveyor at CBRE
Property Graduate at Frasers Group
Senior Associate at Deloitte
Senior property analyst at Knight Frank

Function of employment for graduates

22 MIS 037 REP Function

2020 graduates are employed in the following locations:

22 MIS 036 REP map

Please note the above statistics are based on respondents to our Masters Outcomes Survey in 2021, which was completed by our 2020 graduates.

Respondents are from the following programmes: MSc Real Estate, MSc Real Estate Finance and MSc Spatial Planning and Development.

How can Henley Careers work with you?

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.

Continuing your career

This programme is ideal if you're wishing to pursue a successful career in real estate finance, investment management and research. Since its launch, graduates from the MSc Real Estate Finance have secured employment at a variety of firms. This includes JP Morgan, Unibail-Rodamco, Schroders, CBRE Finance, LaSalle, LNR Partners, ICG Longbow, DTZ, Grosvenor and Knight Frank.

The School of Real Estate & Planning has a worldwide reputation and a long history of providing postgraduate education in real estate. All our postgraduate programmes open up many options for employment in the real estate industry around the world.

Our alumni association, The Reading Real Estate Foundation (RREF), organise career development and recruitment events for real estate students throughout the year. These include an evening lectures series with key industry speakers and an annual Careers Fair. To support your career development and interpersonal skills, you will also be assigned an industry mentor through the RREF mentoring scheme. Our innovative mentoring programme pairs your with professionals in the industry, both in the UK and overseas.

We have 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. The MSc Real Estate Finance students also have access to the ICMA Career Development Service.

Graduates from this programme are highly sought after. You'll be well placed to take up positions across a wide range of positions in real estate investment, finance, portfolio & fund management and research. RICS accreditation also facilitates entry into the main property service and advisory firms. Since its launch graduates from the MSc Real Estate Finance have secured employment at firms such as JP Morgan, Unibail-Rodamco, Schroders, CBRE Finance, La Salle Investment Management, LNR Partners, Grosvenor, Price Waterhouse Coopers, Savills, Knight Frank and Gerald Eve.

Our alumni have secured employment at a wide range of firms including:

Investment and Commercial Banks:

Barclays Capital, BNP Paribas, Deutsche Bank, Erste Group, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley, UBS

Institutional Investors and Investment Funds:

Allianz Real Estate, Aviva, InfraRed Capital Partners, Invesco, Legal & General, M&G Real Estate, PATRIZIA Immobilien and Union Investment

REITs and Property Companies:

British Land, Grosvenor, Hammerson, Hines, Land Securities, SEGRO and Vastned

Consultancy and Research Firms:

Accenture, Ernst & Young, Fitch Ratings, IPD, PriceWaterhouseCoopers and Property Portfolio Research

Real Estate Service Firms:

CBRE, Cluttons, Cushman & Wakefield, Deloitte Real Estate, DTZ, Gerald Eve, Jones Lang LaSalle, Knight Frank and Savills

Royal Institution of Chartered Surveyors (RICS)

RICS-accreditation demonstrates a globally-recognised standard of surveying education.

This programme is fully accredited within the University of Reading - Royal Institution of Chartered Surveyors (RICS) partnership arrangement.

Royal Institution of Chartered Surveyors (RICS)

The MSc Real Estate Finance programme is also recognised by the Investment Property Forum (IPF), facilitating fast-track membership.

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.

Apply now
Download brochure
View our Scholarships
An image of Xiaochen Guo
“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.”
Xiaochen Guo Masters in Real Estate Finance

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