In this people-oriented program, you’ll focus on the development, investment and management of real estate as a business. With nearly half of all business investments in the United States involving real estate development and finance, it’s significant that you’ll understand risk and reward, how to make investment decisions, and the ins and outs of development. You may want to pair the real estate development major with another business concentration such as entrepreneurship, finance or sales. The real estate minor complements construction, geography and other physical space-related fields.
Points of Pride
CMU’s real estate development program hosts an annual conference where you can interact with senior-level corporate and governmental leaders.
Put Your Degree to Work
Many graduates begin their commercial real estate careers as bankers, brokers, investment professionals and property managers. Other career paths include appraisal, real estate law and title insurance.
U.S. Bureau of Labor Statistics sample data
|Job||Median Pay||Job Growth through 2022|
|Property and real estate manager||$52,610 per year||12% (35,000 more jobs)|
|Real estate broker||$41,990 per year||11% (46,600 more jobs)|
|Real estate appraiser||$49,540 per year||6% (4,700 more jobs)|
The course listings below are a representation of what this academic program requires. For a full review of this program in detail please see our official online academic bulletin AND consult with an academic advisor. This listing does not include the General Education courses required for all majors and may not include some program specific information, such as admissions, retention, and termination standards.
(Click on the course name or number for a complete course description.)
Real Estate: Development & Finance Major
The Real Estate Development & Finance major teaches students to make effective decisions about real estate investment including analysis of debt financing and valuation metrics. Invest, operate or develop office buildings, industrial parks, apartments, subdivisions and other real estate assets while considering architecture, construction, entrepreneurship, law and urban planning. This people-oriented program focuses on the development, investment, and management of real estate as a business. Learn how the built world operates, how professionals make investment/development decisions and understand risk/reward. The mission of the Real Estate Development & Finance major is to prepare students for employment and leadership across the spectrum of real estate development, finance and business in global society. The Real Estate Development and Finance program goals are (1) Provide tools to analyze risk-adjusted investment value of real estate assets, (2) Impart understanding of social, economic, legal and interpersonal aspects of real estate development, (3) Promote comprehension of domestic and global financial markets as they relate to real estate.
Total: 36 semester hours
Common Body of Knowledge Courses I
Essential Business Skills
Introduces students to the concept of a business, its disciplines, and essential business skills including decision making, team work, and oral and written communication. This course is approved for offering in a distance learning format.
Integrated Capstone-Strategic Management
An integrative capstone course applying and analyzing financial, marketing, supply chain and other business functions within a global strategic management perspective. This course may be offered in an online format. Prerequisites: 86 semester hours completed; BUS 300, 301; MGT/MKT 303; FIN 302; MKT 304; Tier 2 Admission to Professional Business Studies. Preference given to graduating seniors.
Common Body of Knowledge Courses II
Select one of the following:
Applied Business Statistics
Applications of statistical analysis to support business decision making. Covers collection of business data, analysis of business datasets, and presentation of results. This course may be taught in an online format. Quantitative Reasoning. Prerequisites: STA 282 or 382; 26 hours completed.
Business Process Improvement
This course applies principles and practices of Lean Six Sigma (LSS) and other operations improvements that have been demonstrated to bring value to business. LSS builds on a business statistics foundation. Prerequisites: STA 282 or 382; 56 semester hours completed.
Real Estate Law
The fundamentals of the law relating to land ownership and use, including possessory and non-possessory rights and interests in land. May be offered as Writing Intensive. Prerequisites: BLR 202 or 235.
Economics of Cities and Regions
Elementary theories of regional economic analysis used in solving specific problems such as pollution, housing, segregation, and conservation. Emphasizes urban regions. Prerequisites: ECO 201 or ECO 202 or ECO 203.
Real Estate Principles
An introduction to real estate practice, institutions and participants with a focus on investment decision making, valuation, and debt financing. Prerequisite: ECO 202 or ECO 203 or ECO 211 or ECO 213 or ENT 213.
Real Estate Finance & Investments
Survey of the institutional landscape of real estate finance, including debt and equity, public securities and private financing modes. Prerequisites: FIN 302 or FIN 320 or FIN 332; and FIN 335.
Real Estate Valuation/Appraisal
The application of valuation techniques to the appraisal of properties purchased by investors for their income potential. Prerequisites: FIN 302 or FIN 320 or FIN 332, and FIN 335.
Real Estate Development
A case studies and applied learning approach to real estate development integrating urban dynamics, architecture, construction, law, public approvals, finance, marketing and management. Prerequisites: FIN 335, 336; admission to Professional Business Studies or a declared Real Estate Development and Finance minor.
Internship in Finance
Enrollment confined to a limited number of students working in business situations for educational experience. Prerequisites: permission of the department chairperson; admission to Professional Business Studies or listed on signed major or minor.
Select the courses below for 6 hours, or select one course below plus another 300 or 400 level course in Finance & Law or Accounting for 6 hours.
Principles of Investments
Provides students with basic knowledge about different investments and sources of information to enable them to make wiser investments and prepare to build portfolios. May be offered in online format. Prerequisites: ACC 250, 255; admission to Professional Business Studies or listed on a signed major or minor.
Money and Capital Markets
Survey of money and capital markets, strategies for growth, and timing of financial policy. Prerequisites: FIN 302 or FIN 332; ECO 201 or ECO 204, ECO 202 or ECO 203; 56 semester hours completed; admission to Professional Business Studies or listed on signed major or minor.