Invest in Yourself

Gain the special analytical tools and techniques unique to the real estate industry with a STEM-designated master's degree from the AACSB-accredited and internationally ranked Penn State Smeal College of Business. In just one year, emerge with the skillset to succeed in careers such as commercial real estate analysis, real estate portfolio management, real estate research, commercial lending, and more.

Complete In a Year

Begin in the summer with online coursework and finish in two semesters at University Park

High Returns

Increase your earning potential now and across your career in commercial real estate

Develop In-Demand Skills

Establish quantitative research methods needed in today's real estate industry

"We found that many career opportunities in real estate now require the specific analytic skills that you can obtain from a true Master of Science or even doctoral-level programs. Our program is designed to provide those skills for students to gain entry into the world of large institutional-grade investment analysis and decision-making."

Brent Ambrose, Smeal Professor of Real Estate, Director of Institute for Real Estate Studies, and program faculty director

Programme Structure

This 32 credit master’s program will provide students a solid foundation in the concepts associated with real estate finance, investment, and development analysis as well as quantitative research methods that are needed to solve problems in the real estate industry.

The program starts with online courses in the summer and spans two academic semesters divided into 7-week modules to provide an immersive study of course content.

Summer Semester

Financial Accounting (online): Basic concepts and principles underlying financial accounting practices.

Applied Statistics (online): Covers descriptive statistics, hypothesis testing, estimation, and more.

Fall Semester

Real Estate Colloquium: This course spans the entire year of the program and focuses on the research expertise of the faculty. Seminars will involve research presentations by leading academics from around the world. Examples of topics that may be covered include real estate finance, mortgage markets, real options and development, leasing, housing, urban development, tax policies, along with many others.

Module 1:

  • Foundations in Finance: Covers basic financial principles such as how managers use financial techniques to make business decisions and how firms use financial markets to solve problems.
  • Foundations in Managerial Accounting: Cost accounting and design of management accounting systems for planning and controlling operations.
  • Real Estate Institutions and Market Analysis: Reviews modern real estate analysis, overview of risk management, and develops a series of analytical techniques associated with real estate risk analysis.

Fall Immersion:

  • Real Estate Analysis Software and Tools: A week-long course between Modules 1 and 2 that introduces leading-edge real estate industry analysis software programs preparing students for industry certification exams.

Module 2:

  • Real Estate Financial Analysis: Provides a modern framework for the valuation and analysis of real property using both theoretical and empirical approaches.
  • Financial Engineering and Corporate Strategy: Describes important issues encountered in recognizing exposures to risk in financial and non-financial firms and explores methods of measuring, managing, and controlling risk.
  • Quantitative Analysis for Managerial Decision Making: Establishes construction and use of quantitative methods in business decision-making.

Spring Semester

Modules 3 & 4:

Communication Skills for Management: Provides students with the tools to clearly, forcefully, and professionally represent themselves and their ideas within a business context.

Contemporary Issues in Real Estate Markets: Surveys important issues in real estate markets including mortgage mechanics and calculations, valuing investment opportunities, financing corporate real estate and more.

Quantitative Analysis for Real Estate: Explores widely used quantitative methods and their applications in business to solve real estate, financial, marketing, and risk management problems.

Institutional Real Estate Investment (Capstone): The Capstone course details the latest developments of real estate as an institutional investment.

Module 4:

  • Real Estate Development & Analysis: Focuses on academic theories and research in relation to practical problems in the real estate industry.


Tuition for students in the Master of Science in Real Estate Analysis & Development (MS-READ) Programme from the Penn State Smeal College of Business is determined by the University and is based on the graduate rate for students in the category of Business, EMS, Science, IST, and Engineering.

The rate for Pennsylvania residents in 2018-19 is $22,976 per academic year, and the rate for non-Pennsylvania residents is $38,466. Tuition rates for the upcoming academic year are set by mid-summer by the University. For more information, visit

Admission Criteria

The Penn State Smeal MS-READ Programme features a multi-step application process, during which you will be asked to submit the following:

  • Penn State Graduate School Application
  • Admissions Essay: What are your short-term and long-term career goals? How does your past experience enable you to achieve these goals? How do you see your MS-READ experience fitting into this plan? (600-word limit)
  • Resume
  • Educational Transcripts
  • Video Application Response
  • Letters of Recommendation (2): Professional recommendations preferred
  • Visa Application (International Candidates)
  • Official English Language Proficiency Exam Scores (International Candidates)
  • Application Fee: $65

Application Deadlines

The Penn State Smeal MS-READ features multiple application deadlines throughout the year. Application reviews and decisions are made on a rolling basis. All aspects of the application process must be completed, submitted, and received by the applicable deadline to be considered for admission.


Program taught in:
Smeal College of Business, Penn State

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Last updated February 4, 2019
This course is Online & Campus Combined
Start Date
Full time
22,976 USD
for Pennsylvania residents. 38,466 USD for non-Pennsylvania residents.
Request Info
Mar. 1, 2019 (Final deadline for applicants outside the U.S.)/Apr. 1, 2019 (Final deadline for all domestic applicants.)
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Start Date
End Date
May 31, 2020
Application deadline
Request Info
Mar. 1, 2019 (Final deadline for applicants outside the U.S.)/Apr. 1, 2019 (Final deadline for all domestic applicants.)
Application deadline
Request Info
Mar. 1, 2019 (Final deadline for applicants outside the U.S.)/Apr. 1, 2019 (Final deadline for all domestic applicants.)
End Date
May 31, 2020