Who is it for?
This master’s is for you if your goal is to succeed in real estate, in the UK or internationally, and across the residential, commercial or industrial property sectors. You may be a recent graduate from any subject (with the equivalent of a UK upper second degree), or currently working in finance or real estate, or looking for a career switch.
You already have an interest in real estate and some experience with quantitative methods. Now you’re ready to build your skills and industry connections to develop your career.
If you have a strong background or interest in quantitative methods please take a look at our MSc Real Estate Investment – you can apply for both and we will suggest which will suit you better.
I chose Bayes due to its strong international and financial reputation. Financial literacy is increasingly important in the real estate industry and compared to other programmes that I’d looked at, the MSc in Real Estate, offered a stronger focus on finance. Toward the end of my MSc, I secured a place on a graduate programme at JLL, a world-leader in real estate services. I am still with them today and I have progressed to the role of Senior Surveyor in the Central London Development Team. Now working in the industry, I see how much I learnt and got out of the experience both professionally and personally.
- Harriet Walke-Arnott
On the Bayes Master’s in Real Estate, you’ll develop the essential skills for a successful real estate career: valuation, financial modelling, market analysis, development appraisal and cash flow modelling.
Choose our more UK-focused path, covering law, applied valuation and taxation, if you want to join the graduate-entry programmes of chartered surveying firms and take the RICS Assessment of Professional Competence. Or, if your ambitions lie in investment, finance, development or outside the UK, choose a path that focuses more on development and planning, investment vehicles and portfolios, or international markets.
Both paths are underpinned by robust academic theory, quantitative methods and practical experience. You’ll learn from highly experienced staff and industry professionals, who provide you with the latest industry techniques and practical tools.
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- Take your next step to a successful career on a course that’s accredited by the Royal Institution of Chartered Surveyors (RICS) and valued by major employers in real estate around the world.
- Learn from experts in the industry, all with senior-level experience who are active in research, and from guest speakers from London, a global real estate hub.
- Develop the professional, financial and practical skills that are in high demand across the industry, from staff who focus on post-grad students.
- Opt for electives that best match your ambitions, including the chance to study in New York, Madrid, Dubai and Italy.
- Connect with professionals and employers from London’s thriving real estate industry through seminars, our students’ Real Estate Club, our mentoring scheme and industry events.
The first term covers the portfolio of core real estate professional skills – quantitative methods in data analysis, valuation, investment, asset management and understanding real estate markets.
In the second term, our two core modules, applied appraisal and financial modelling, will expand on and apply the core real estate principles and methods you studied in the first term.
Your second term module choices provide two learning “pathways”.
If your aim is to join the graduate entry programme of the major UK real estate employers and take the RICS Assessment of Professional Competence, you can pick modules that tilt toward UK-specific topics in law, taxation and applied valuation. If you aim to work in fund management, finance, development or outside the UK, you can tilt toward development and planning, investment vehicles and portfolios or international markets. Either way, your choice will not pre-determine the jobs available to you.
All of our MSc courses start with two compulsory induction weeks which include relevant refresher courses, an introduction to the careers services and the annual careers fair.
Principles of Appraisal
A module to set out the financial principles and core techniques used in valuation, cash flow modelling and investment decisions, which underpin the rest of the course. You will learn how to value a building, how to use forecasts to model future cash flows and investment returns.
Applied Data Analysis
To assess real estate markets and investments you will need skills in data analysis and business statistics. The module, from a base no higher than middle-school mathematics, shows you how to manipulate data and apply statistics to answering practical questions like measuring the return and risk on investments and using a basic regression model to explain market trends.
Asset and Fund Management
The management of real estate is critical to the success of all businesses. This module looks at issues like the role of real estate in firm strategy, cost control and benchmarking, layout and working practices which are critical for both occupiers of space and property owners who provide the space.
Economics and Market Analysis
A course in economics is standard for all Business School students. Here you will learn not only those general economic principles but also how they apply to real estate: what determines rent in different places, how differences in rent shape the skyline of our cities, why real estate development notoriously swings from boom to bust.
Shows how the principles and basic methods covered in Term 1 are extended to cover specialist property types like pubs and hotels, and are used in negotiations between landlords and tenants to decide terms for giving up, extending or transferring leases.
Real estate is often financed with a mix of equity and debt. Here you will learn the cash flow modelling techniques which underpin the use of senior, junior and mezzanine debt packages, and how to measure their impacts on the returns and risks of investment, with ample use of case studies and hands-on computer classes.
Plus any two of the following:
Applied Valuation and Taxation
Examines the statutory aspects of appraisal in the UK. Rating law and procedures, and taxation, particularly capital gains and value added tax, are also studied in depth.
Landlord and Tenant Law
Provides a sound knowledge of legislation and case law affecting the commercial property market in order to enable students to apply the legislation when undertaking valuations and appraisals of such premises.
Investment Vehicles and Portfolios
The module first covers the main forms of real estate investment – direct, unlisted funds and listed companies – to develop an understanding of the structures used in the capital markets, and their performance. It then examines the approaches used by investors and fund managers to set investment objectives and structure portfolios to meet those objectives.
Development and Planning
A development is like a new business start-up, with a sequence of high-risk steps to go through – planning, design, financing construction, letting, final sale. The development module shows how those steps are managed, the valuation and cash-flow appraisals that drive development, with a case-study and hands-on modelling approach.
Business Research Project
The last block of your course, the Business Research Project (BRP), is the one you design and build for yourself. It takes the form of a report of around 8,000 words submitted in August. We see the BRP as your opportunity to have a showpiece which shows potential employers what you know, what you can do, your ability to produce good-quality individual work.
BRP's come in the full range of forms. To give a few examples:
- Some are mostly about technical methods (a forecasting model for London offices, REITs and asset allocation in the USA)
- Others review trends and prospect in specific real estate markets (like housing in Hong Kong, investment in Africa)
- Or look at topical questions (like the impact of e-tailing on real estate, sustainability and building values)
- Or look in-depth at specific development projects (Kings Cross in London, a resort in Montenegro).
Term 3 Electives
In term three, you also pick a set of three elective topics from around six modules specific to real estate plus a range run by other Bayes Masters programmes – some of them taught on trips to locations outside the UK. So you can focus on:
- Added core real estate topics like building management, sustainability, residential markets.
- Or on the investment aspects of the industry like REITs, real estate funds and portfolio construction.
- Or pick up on more general topics such as private equity and project management taught by experts from other Bayes programmes.
Electives offered in 2021
- Corporate Restructuring
- Ethics, Society and the Finance Sector
- Hedge Funds
- Mergers & Acquisitions
- Private Equity Investment
- Visual Basics in Finance
- Retail Supply Chain Management
- Advanced Modelling and Risk Analysis
- Building Project Management and Procurement.
- FinTech (taught in Italy)
- International Real Estate Markets (taught in Dubai, UAE)
- Investment Strategy (taught in New York, USA)
- Project Finance and Infrastructure Investment (taught in Madrid, Spain).
Please note that electives are subject to change and availability.
All core modules in Term 1 and Term 2 are assessed by sight-unseen examinations (in January and April) plus coursework set and delivered in Term time. Elective modules are assessed by coursework only.
Your coursework will take a range of forms - essays, modelling projects, presentations, class tests. Some are done individually, others in self-selected or allocated groups of up to four. The mix of assignments is designed to develop the general and soft skills employers expect – time management, team working, report production and presentations.
Overall your final masters mark will be assessed on 50% exams and 50% coursework.
|Course Element||% Weight in Final Marks|
|Term 1 + Term 2 total eight core modules||66.67%|
|Term 3 Elective Modules - coursework||16.67%|
|Individual Business Research Project||16.67%|
Term dates 2023/24
- Induction: 11th September 2023 - 22nd September 2023
- Term one: 25th September 2023 - 8th December 2023
- Term one exams: 8th January 2024 - 19th January 2024
- Term two: 22nd January 2024 - 5th April 2024
- Term two exams: 22nd April 2024 - 3rd May 2024
- Term three - international electives: 6th May 2024 - 17th May 2024
- Term three: 20th May 2024 - 5th July 2024
- Term three exams: 8th July 2024 - 19th July 2024
- Resits: 12th August 2024 - 23rd August 2024
- Additional resit week - tests only: 26th August 2024 - 30th August 2024.
Course timetables are normally available from July and can be accessed from our timetabling pages. These pages also provide timetables for the current academic year, though this information should be viewed as indicative and details may vary from year to year.
View academic timetables (add timetable and search for your programme)
Please note that all academic timetables are subject to change.
Your Course Director will be Alex Moss. Alex is also the Director of the Real Estate Research Centre at Bayes and Course Director for the MSc Global Finance online course. He has previously held senior roles with Macquarie, Apax Partners, CSFB and BZW. He is currently Chairman of the Research Committee of the European Public Real Estate Association and runs a consultancy business advising institutions on their listed real estate strategies. He has authored numerous industry publications and academic papers.
Alex teaches on the following modules:
- Indirect Vehicles and Portfolio
- International Real Estate Markets.
Dr Mark Andrew (On sabbatical 1/9/2021 to 31/8/2022)
Mark has been at the Business School (formerly Cass) since 2007. He is a highly skilled quantitative analyst who has published over 20 papers in highly ranked journals and several governments commissioned reports on his research speciality in residential markets. He is currently serving on the IPF Research Steering Group.
Mark teaches on the following modules:
- Applied Data Analysis
- Residential Investment
Stephen has over twenty years teaching experience, at the Business School (formerly Cass) since 2005. He is an internationally recognised academic, who sits on the boards of the European Real Estate Society and the International Real Estate Society. He has published over 100 papers which break new ground in the field, mostly looking at investment risks and returns, asset allocation and portfolio construction.
Stephen teaches on the following modules:
- Asset and Fund Management
- Indirect Values and Portfolio
At the Business School (formerly Cass) since 1990, Bill is one of the most experienced teachers of appraisal in the country, with a particular specialism in the use of spreadsheet models. Outside the Buisness School, Bill has his own business that runs Executive Education and professional skills courses for surveying and investment businesses all over the world – which gives him a unique insight into the techniques they use and skills they need.
Bill teaches on the following modules:
- Real Estate Development
- Financial Modelling
Professor Sotiris Tsolacos
Sotiris is an academic with years of practical experience. Previously he was with Henley Business School and held posts at JLL and Property Portfolio Research/Costar from 1999 to 2013. He is a co-author of the standard textbook on real estate forecasting.
Sotiris teaches on the Economics and Market Analysis module.
At the Buisness School since 2017, Chris has more than 25 years' real estate experience, which includes private equity, investment banks and property company investor developers, with coverage in the UK and Pan European markets. Chris also manages his own real estate consulting business and combines this with running Excel based real estate CPD accredited training courses to property professionals, investment banks and sovereign wealth funds. Chris is Argus Software Certified for Enterprise and Developer, holds an MSc Real Estate Investment (distinction) from the Buisness School and is a Fellow of the Chartered Association of Certified Accountants.
Chris teaches on the following modules:
- Principles of Appraisal
- Applied Appraisal
- Advanced Modelling and Risk Analysis
How to apply
We only accept online applications.
Documents required for decision-making
- Transcript/interim transcript
- Grading system used by your university
- Current module list if still studying
- Personal statement - this should be 500-600 words in length and answer the following:
- Why have you selected this course? What are your motivating factors?
- What are your areas of interest within the course?
- What contributions do you feel you can make to the course?
- How do you see the course affecting your career plans?
Documents which may follow at a later date
- English language test result if applicable
- Confirmation of professional qualification examinations/exemptions/passes, if applicable
- Two references
- For a successful application to receive an unconditional status, all award documents must be verified, and should be provided to the relevant Admissions Officer via one of the methods stated in your offer.
We cannot comment on individual eligibility before you apply and we can only process your application once it is fully complete, with all requested information received.
If you would like to arrange an individual appointment to discuss the application process and be given a tour of the facilities, please complete this form.
Please note - these are subject to availability.
Terms and conditions
Students applying to study at Bayes Business School are subject to City, University of London's terms and conditions.
- A UK upper second class degree or above, or the equivalent from an overseas institution.
- Work experience is not a requirement for this course.
English language requirements
If you have been studying in the UK for the last three years it is unlikely that you will have to take an English language test.
If you have studied in the UK at degree level for less than three years (e.g. 3+1, 2+1, 2+2, etc.) you will be required to provide the results of an approved English language test and possibly resit the test to meet our academic entry requirements.
Full list of approved English language tests/qualifications and minimum requirements.
Fees in each subsequent year of study (where applicable) will be subject to an annual increase of 2%. We will confirm any change to the annual tuition fee to you in writing prior to you commencing each subsequent year of study (where applicable).
Application fee: Nil
Deposit: £2,000 (usually paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met)
First instalment: Half fees less deposit (payable during on-line registration which should be completed at least 5 days before the start of the Induction period)
Second instalment: Half fees (paid in January following start of course)
Your MSc in Real Estate opens up a broad range of careers connected with real estate. You could join the graduate entry scheme of a major UK chartered surveyor. Or find a role at a smaller agency, fund manager, developer, investment or lending bank, public agency, rating agency or research company. Recent graduates now work as analysts, property managers and surveyors all around the world, or have set up their own businesses.
You’ll get specialist support from the Bayes Careers Service, who have contacts with businesses across the industry. They arrange recruitment visits from the largest real estate employers and send regular job alerts.
Recent graduates from the MSc in Real Estate degree have secured positions in companies including:
- Analyst - Real Estate Investment - Eastdil Secured
- Graduate Surveyor - Healthcare - JLL
- Analyst - Acquisitions/Asset Management - Round Hill Capital
- Trainee Land Buyer - South - Land division - Crest Nicholson PLC
- Analyst - Portfolio Management - Greystar
Connecting with employers
- From week one, we host recruitment visits from all the largest real estate employers – like CBRE, JLL, Cushman Wakefield, Savills – plus other firms in real estate fund management, development, finance.
- Our real estate specialists in the Bayes Careers Service hold contacts with businesses across the industry, and will notify you of job opportunities as they come in through the year.
- You will have un-matched opportunities to network with professionals and employers across London’s vibrant real estate industry at seminars and an annual conference run by our students’ Real Estate Club, and through our mentoring scheme which matches you up with a Bayes graduate, and through industry events outside Bayes.
Previous graduates have gone on to work in property and real estate across the UK, EU and Asia.
(Data provided from alumni who completed the annual destination data survey for 2020/21 and 2019/20).
Hear from our alumni. Discover the real experiences of learning at Bayes and how Bayes helped to boost our graduates' careers.Read Flavien’s story
Course information and statistics (2022/23 cohort)
The Royal Institution of Chartered Surveyors (RICS) accredits the course, enabling graduates to enter the RICS Assessment of Professional Competence (APC).