Applications for the 2024 cohort have now closed.

Applications for the 2025-2027 cohort will open in September 2024.


The ultimate goal is to educate the up and coming leaders in the industry, to equip them with the very latest knowledge and skills to lead and innovate within their organisations, improving the performance, efficiency and sustainability of the Real Estate sector.

The Real Estate Masters Programme is a Master of Studies (MSt) course offered by The Department of Land Economy drawing on the multi-disciplinary strength of the Department and the University. It is aimed at experienced professionals and those identified as future leaders in the real estate industry and combines academic rigour with significant industry input. The course aims to equip participants with a broader knowledge of all aspects of the real estate industry, insight into a range of long-term themes and strategic issues in the market as well as developing a range of research and other skills.

This is a two-year part-time masters course designed for those with several years of professional experience in real estate or associated business, have attained a leadership role, are identified as a potential leader or are seeking to take up a leadership role. The format permits students to continue with their professional career whilst studying. The course will enhance students’ technical skills and develop a range of other skills to enable them to be agents of change in the real estate industry and beyond.

Aims of the course

The aims of the course include:

  • Enabling students to build their knowledge across a range of disciplines around real estate including finance, investment, economics, environmental policy, planning and law.
  • Enabling students to build on previous study and work experience across real estate and related disciplines.
  • Equipping students to take leadership positions in the industry and develop their understanding of key skills in management, innovation, strategy, negotiation, partnering and risk management.
  • Providing opportunities to learn from colleagues from different cultures, work backgrounds and with experience from different countries with different social, economic and legal systems.
  • Providing students with the skills to manage information and resources effectively and to be able to manage their own research.
  • Building a passion for research and strategic thinking.


The programme aims to ensure that students have a solid understanding of the end to end processes in real estate investment and finance whilst promoting innovation in real estate through highlighting some of the trends influencing the industry and the opportunities that this will bring. The course breadth is reflected in the topics it addresses from looking at the high level drivers of capital flows in real estate and changes in the urban environment through to asset management of individual buildings and optimising their performance.

To view an introductory video by Course Director Nick Mansley, please click here.

To view an interview with MSt Graduate Elizabeth Smart please click here.

To view the MSt in Real Estate Prospectus 2024 please click the following link:

Course themes and modules

** Please be aware that the programme is continually evolving in order stay relevant to industry needs and reflect emerging trends. Therefore the course content and modules may vary from that published on this website.

The course has a number of themes running through it that reflect some of the key trends shaping the industry and will be explored throughout the programme:

  • The interaction between the economy and real estate markets
  • Globalisation and its influence on the market
  • Risk management and mitigation
  • The impact of technological change on real estate
  • Sustainable buildings and cities

There are six assessed taught modules and one non-assessed module on business management over the course of the two years:

  • Real estate as an asset class [REM1]

    • Real estate in a mixed asset portfolio
    • Understanding the global real estate market – markets, sectors and investors and other stakeholders
    • Drivers of risk and return across sectors
    • Valuation principles
    • Financing - capital structure decisions
  • Research methods [REM2]

    • Interpreting data and their limitations in a real estate context
    • Understanding the research process
    • Critical reading of research literature
    • Statistical and econometric tools for analysis
    • Data issues in real estate
    • Essay/dissertation writing
  • Private real estate, funds and international investment [REM3]

    • Private real estate – strategy and objectives
    • Structures, fees, governance and alignment
    • Real estate debt, assessing loan terms and hedging strategies
    • Global real estate strategies and implementation issues
    • Valuations and investment performance measurement (pre and post-tax)
    • Risk measurement in portfolios and managers
    • Assessing and selecting private real estate managers/partners
  • Real Estate Appraisal and Decision-Making [REM4]

    • Discount rates, growth rates and yields
    • Integrating debt finance and stressing cash flows
    • Assessing rental income flows with different leasing structures
    • Indexed and constrained index leases
    • Scenario analysis
  • Real estate securities [REM5]

    • Fixed interest securities
    • Asset and mortgage backed securities
    • Real estate securities and REITs
    • REITs/real estate securities and the underlying market
    • Analysis of REIT performance
  • Real estate development [REM6]

    • Development intro - Why develop?  Who involved?
    • Urban planning – UK and international practice
    • The development process
    • Development appraisal
    • Development risk management

Fees and Funding

The fees for the 2024-26 course will be £15,900 per annum and for the two-year MSt course a total of £31,800.  This is the fee for both for Home/EU students and for overseas students and includes both the tuition and college membership fees.

Students are expected to cover their own costs of travel, accommodation and subsistence during residential sessions in Cambridge. Costs for accommodation vary depending on the College.

Wolfson College up to £327* for each of the 7 residential weeks.

Downing College £645* for each of the 7 residential weeks.

*This is an estimated amount and costs may vary depending on room choices and availability.

MSt Real Estate Bursary
Other Funding



The Combined Graduate Fee

(University and College membership fees)


(£15,900 pa)


Based on an estimate of £327 per residential week at Wolfson College (Total of seven weeks over the two-year course)


Course Total

For the complete two-year course



Since the academic year 2016/17, the Government has provided a loan for postgraduate masters study. For courses starting after 1st August 2023 students can get up to £12,167 per course.  Further information including eligibility for the loan can be found on the Government website. Visit the Master's Loan website for more information.


Up to three competitive bursaries are available for Master in Real Estate applicants who can demonstrate their academic and professional achievements and can set out their ambitions to make positive change in the industry. Applications are welcomed from high-achieving professionals in all areas of Real Estate from anywhere in the world but particularly those from less developed regions and countries but the aim of the bursary is both to support those who would not otherwise be able to afford the programme and to improve the diversity of the cohort. The degree of financial support through the bursary is flexible up to 100% of the course fees. Accommodation, travel and other expenses are not included. Applicants will be expected to state clearly what proportion of fees they (or their employer or other support) will fund and what proportion they are applying for a bursary to cover and explain why the support is needed.

Applications have now closed for the 2024 Bursary.

A number of possible sources of funding for part-time study can be found on The University's Institute of Continuing Education (ICE) listings . Visit the ICE website to find out more.

The University of Cambridge has a variety of funding schemes administered by offices, departments, faculties, institutions and colleges. Find out more about potential funding from the University.   Please note  that many are not available to part-time students undertaking Master of Studies courses.

Further Information

  • Virtual Learning Environment (VLE)

    The Virtual Learning Environment (VLE) known as "Moodle" is a valuable teaching and learning resource and is the main means of communication between the course team and students throughout the two-years. 

    Assessment is completed via the VLE and supplementary materials, such as slides used by presenters and links to useful websites, articles, and other resources are also made available through the VLE.

    There are also forums for students to participate in discussions with each other and the course team, either generally or specifically about the assignments/dissertation.

  • College Membership

    All students who enrol on the Real Estate Masters Programme become full members of a Cambridge University College, which provides pastoral support within a collegial academic environment.  Once a college member students remain a member of that college for life which includes some on-going opportunity to book accommodation, formal dinners and be invited to College and alumni events.

    College life is an important aspect of the course and we believe that having students on the course together as members of a college helps contribute to a really positive 'Cambridge Experience'. However, if an applicant already has an affiliation with or a strong preference for a a particular college then this will be taken into consideration.

    The college provides accommodation and also offers meals, although students often prefer to sample the many different types of cuisine available from the wide variety of restaurants and cafes in Cambridge, along with their course colleagues.

    During the course both complimentary and optional formal dinners are held at the college and are again part of the Cambridge College experience and highly recommended.

    As members of a college students have access to all the resources and facilities of the college, including leisure facilities, library, IT resources and common rooms.

    General information about Cambridge colleges can be found here:

    The MSt in Real Estate have arrangements for students at Wolfson College and Downing College, and students are fully inducted and matriculated into their college during the first residential session.


  • MSt Class Profile

    We always seek to ensure each cohort is varied in work background, age/gender, and geographical location.  Each cohort has approx. 18-20 students.

    Each cohort has included people with real estate experience in one or more related areas and/or extensive experience in a particular area, such as an analyst for a global investment bank; a real estate investment manager for a major hotel chain; a project manager for a UK property development company wanting wider international knowledge; and a building surveyor wanting more financial expertise.

    Students vary in age from 25 through to early 50s and come from a wide range of professional backgrounds:  analysts, lawyers, bankers, consultants, real estate specialists (e.g. leasing managers and hotel asset managers), surveyors, architects, project managers and investment managers.  Female students make-up at least 25% of a cohort.

    Companies/organisations have included:  Arup, CBRE, Deloitte, Morgan Stanley, HSBC, JP Morgan, JLL, Argent, Citigroup, Goldman Sachs, Savills, Hilton Hotels and Cadogan Estates as well as smaller private companies and consultants.

    Many students bring international background and experience, and in recent years have represented 23 nationalities from Europe, the Americas and Asia.

  • Academic Requirement

    Applicants should normally have a relevant UK first or good upper second-class honours degree or overseas equivalent. In addition, students joining the MSt course will typically have relevant industry*or professional experience expected to be of a minimum of three years and, in some cases, a professional qualification in the discipline. They are therefore deemed to have achieved an acceptable level of knowledge and skills in order to meet entry requirements for the course.

    Those applicants who do not meet the standard entry criteria, but have alternative qualifications or experience and have the potential to bring valuable assets to the programme, will be evaluated on an individual basis and may be  required to provide further materials in support of their application. 

    *these include finance, investment, real estate and the more general built-environment professions

    If English is not your first language, then you may be required to submit evidence that you meet the University's English language requirement.

  • Selection Process

    Applications for our MSt programme are reviewed in batches. Candidates may be interviewed (via video call) and offered places after these reviews. Given the desire to get a diverse mix of skills and backgrounds, final decisions on most applications are not taken until after the closing date for all applications.

    We advise that applications are made as early as possible, particularly non-standard applications which are likely to take longer to process.

  • Language Requirement

    • IELTS Academic: Overall score of 7.5 (a minimum of 7.0 in each individual component)
    • TOEFL Internet: Overall score of 110 (a minimum of 25 in each individual component)
    • CAE: Grade A or B (with at least 193 in each individual element) plus a language centre assessment.
    • CPE: Grade A, B, or C (with at least 200 in each individual element).


    Those applicants who are subject to a language requirement are strongly encouraged to submit their language results with their initial application as failure to do so may delay the processing of applications.

    Potential applicants are also advised to consider carefully their capacity for balancing personal and professional commitments before submitting an application.

    Please check the Competence in English page for further information. 

Residential Sessions in detail

These are held in Cambridge where students stay in one of Cambridge University's famous colleges.  There are five sessions, totalling 8 weeks, over the two years:

  • Two 2 week and one 1 week residential sessions during year 1
  • Two 1 week residential sessions during year 2

The residential sessions are intense and focus on taught sessions, practical applications, case studies and collaborative working, including presentation of project work and case studies, as well as individual supervisions.  Students also participate in site or property visits during each residential, which are an important aspect of the course. 

These residential sessions enable students to learn from one another, exchange experiences and network with as well as learn from the academic faculty staff and external speakers, which in total provides a rich learning experience.

Support and facilitation for students is provided by team of faculty, tutors and supervisors from within the University.

What are the residential sessions?
How they work

The residential sessions are held in Cambridge where students stay in one of Cambridge University's famous colleges and teaching is held in a variety of locations within the University departments and beyond.

They are intense and focus on taught sessions, practical applications, case studies and collaborative working, including presentation of project work and case studies, as well as individual supervisions.  

Students are also required to participate in field trips to do site or property visits during each residential,  and these are an important aspect of the course. Previous locations have included London, Birmingham, Leeds, Edinburgh and most recently Madrid.

These residential sessions enable students to learn from one another, exchange experiences and network with as well as learn from the academic faculty staff and external speakers, which in total provides a rich learning experience.

Support and facilitation for students is provided by a team of faculty tutors and supervisors from within the University.

"The course is designed to be highly interactive and this naturally works better in a face to face setting."

There are five sessions, totalling seven weeks, over the two academic years (which take place over three calendar years: 2024, 2025 and 2026).

  • Two 2-week and one 1-week residential sessions during year 1
  • Two 1 week residential sessions during year 2 






      1 (2 weeks)

      Sunday 15th September
      Friday 27th September 2024


      2 (1 week)

      Sunday 23rd March
      Friday 28th March 2025


      3 (2 weeks)

      Sunday 29th June
      Friday 11th July 2025


      4 (1 week)

      Sunday 7th December
      Friday 12th December 2025


      5 (1 week)

      Sunday 12th April
      Friday 17th April 2026


  • Who awards the MSt?

    The Masters in Real Estate is conferred by the University of Cambridge as the awarding body and students graduate from the University of Cambridge.  Graduation is organised by the student's College. Students who successfully pass the course and graduate from the University are entitled to use the letters, ‘MSt ( Cantab )’ after their name.

  • Will I matriculate from the University of Cambridge?

    Most certainly.  All students are required to matriculate in order to become a member of the University, which involves signing a formal declaration agreeing to abide by the Statutes and Ordinances of the University and College. Only by signing these documents does the student become recognised as a full member of the University and College.

    The Colleges administer the formal processes, including matriculation (formally joining the University and College) and all  students then attend a formal dinner, ‘the Matriculation Dinner’ to celebrate the more formal admittance to the University and College.

  • Is it possible to live outside of the UK but fly into Cambridge for the residential sessions?

    Absolutely, the course is designed for those working and living away from the University.  The programme is modular and delivered through a combination of distance learning, a VLE and residential sessions.  There are 7 residential weeks in 5 blocks (2 residentials of 2 weeks duration plus 1 of 1 week in year 1 and 2 residentials of 1 week in year 2).  We arrange college accommodation for the duration of the residentials, which are focussed more on taught sessions, collaborative work, project work, site visits and supervisions.  Self study, theoretical work and assignments can be done between the residential periods. 

  • I am not sure what references to provide. I have been in full-time employment and have not studied recently. Will the University accept two professional references?

    You will need to provide the details of two referees who should be senior people acquainted with your work and who are able to comment on your academic and/or professional suitability to undertake the course. Ideally one reference should be academic and one professional. If this is not possible, two professional references may be accepted.

    You will be asked to provide email addresses for your referees so that they can submit their reference via the online referencing system, so it is important for you to ensure that your referee is able to provide a reference for you before you submit your application form.

    You should try to advise your referees to include the following information:

    • How long they have known you and in what capacity.
    • Their opinion of your experience, achievements, professional interests, and the capabilities which you will bring to the course.
    • Whether they believe you have the academic and analytic skills to successfully study at Masters level.
    • Whether they believe you will fit well on a Master’s level course concerned with Real Estate, requiring both group work and individual research.
    • Whether they consider you have the enthusiasm, commitment and determination necessary to complete the course successfully.

    If your referees are unable to use the online referencing system, or do not have an email addresses, please contact the ICE Admissions office for further assistance.

  • When will I hear about my application?

    Applications for the MSt in Real Estate are reviewed in batches throughout the applications cycle. Whilst applications are open until May each year, we may be able to offer places and possibly fill all the places before then – so early applications are encouraged and advised, especially if you require a language test score.

  • Is a full research proposal required for the application?

    You are required to complete a ‘Research Proposal’ as part of your application.  However, there is no need for a detailed proposal at this stage. There is no word limit, but just a couple of paragraphs (no more than a side of A4) is sufficient.

    We ideally would like to see an interesting research question with some idea of what literature already exists related to the question and how you would go about the research e.g. what data you would need and where you might get it from and what methods you would use.  However, at this stage, all we need is an indication of ideas (that could be shaped into a more detail research proposal during the first year of the course) to illustrate your interest in doing research for this degree and that if invited for interview you can briefly talk about these ideas thoughtfully.   The course is designed to ensure students gain the necessary research skills rather than expect them to arrive with them all in place.

  • After completing the MSt can I progress to PhD study?

    The MSt in Real Estate is a valid route to studying for a PhD Degree.  Students wishing to apply for continuation to the PhD would normally be expected to attain a minimum overall mark of 67% and dissertation 70%. 


Professional Accreditation

The Masters in Real Estate [MSt] is accredited by the Royal Institution of Chartered Surveyors (RICS) and The Investment Property Forum (IPF)




The RICS is an international organisation with over 100,000 members and membership of the RICS conveys a number of benefits. 

Graduates of the Master in Real Estate course are eligible to enter the Assessment of Professional Competence (APC), successful completion of which entitles full membership of the RICS.

The RICS also offers free membership to students whilst they are taking accredited courses.

Information about the RICS, the APC and the benefits of membership can be found on their website:




IPF Investment Property Forum

The Investment Property Forum recognises the MSt in  Real Estate as providing relevant skills necessary for those operating in the property investment market.

MSt students are entitled to free student membership for the duration of their studies and graduates from the course are offered membership of the Forum. A minimum of 2 years relevant experience in the property investment industry is required before becoming a member . This represents fast track membership compared to the IPF standard provisions.  Student membership affords the same benefits as full IPF members, being access to the programme of free seminars/briefings, previous seminar slides and all research reports.

More information can be found here on the IPF website: 

In brief

Course information

Course length   2 years part-time.

Teaching and Delivery

The Masters of Studies in Real Estate programme is of a modular design and delivered part-time over two years and through a combination of distance learning, e-learning through a Virtual Learning Environment [VLE] and attendance at five intensive residential blocks over the two year duration of the course.

The eight interdisciplinary modules are taught through a combination of:

  • Taught sessions, lectures, interactive sessions by leading academics and practitioners.
  • Group work including: working through case studies, dialogue, debate and presentations throughout the taught modules.
  • Individual work including:  working through course materials on the VLE, course reading, preparation of written work (primarily between the residential sessions).
  • Residential sessions.
  • Supervisions and support from the Land Economy faculty, tutors and supervisors from within the university.

Who should consider this course

It is aimed at experienced professionals and those identified as future leaders in the real estate industry and combines academic rigour with significant industry input. 

Please email