University of Southern California

Prerequisites

Prior to enrolling in the Master of Real Estate Development program, students are expected to have satisfied various prerequisites. Applicants are expected to address their preparation in these areas in the personal statement of their admission application.

» Academic Prerequisites
» Professional Experience
» Excel Spreadsheet Software
» Notebook Computer
» Recommended Readings

Academic Prerequisites
MRED applicants are expected to have preparatory coursework and/or training in general business finance prior to enrollment at USC. Some applicants have already completed such classes as part of a bachelors or masters degree program. Applicants in need of this training should consider university extension programs, community colleges, or specialized training centers as possible sources for this instruction. Applicants are expected to address their preparation in the areas listed below in the written statement with the application for admission. Applicants must demonstrate competency in:

  • General business finance (including the use of Microsoft Excel)
  • Accounting
  • Economics
In addition, a course on real estate principles may be helpful.

Professional Experience
MRED applicants are required to have a minimum of two years full-time work experience following completion of the bachelors degree. Experience must be in real estate or a closely related field. Students who have worked directly with real estate assets – such as development, construction, architecture, city planning, commercial real estate finance, commercial real estate brokerage, or real estate law – are best prepared for the MRED program.

Excel Spreadsheet Software
Students are expected to be able to work comfortably with Excel, knowing how to:

  • Create new workbooks
  • Format rows, columns, and numbers
  • Manipulate data
  • Create and use formulas
  • Create conditional formulas using "if" statements
  • Perform operations on ranges
  • Use functions
  • Calculate PV, NPV, PMT, and IRR
  • Sort data
  • Create a basic cash flow statement
  • Create, format, and modify charts
  • Graphics

Notebook Computer
Students are required to have and know how to comfortably use a laptop computer. The standard platform used in the MRED program is the PC. Minimum recommended configurations for laptop computer systems are:

  • Pentium IV microprocessor (minimum clock speed of 1.0 GB)
  • 1.0 GB RAM
  • 80 GB hard drive
  • CD/DVD RW drive
  • Built-in wireless capability
  • Windows XP Professional with SP2 or Windows Vista Home Premium Edition with SP1
  • Microsoft Office 2003 or 2007

Students should also purchase the following:

  • USB flash drive
  • Laser pointer (for class presentations)

Recommended Readings
As students prepare for enrollment in the MRED, the faculty has suggested a short list of readings. Students are encouraged to read as many of these materials as possible. The Bodie and Merton book, Finance, will be the required text for RED 541, Finance Fundamentals for Real Estate Development, the first class taken in the Summer semester.

  • Bodie, Zvi and Robert C. Merton (2000) Finance. Prentice Hall.
  • Fischel, William A. (1985) The Economics of Zoning Laws: A Property Rights Approach to American Land Use Controls. Baltimore: The Johns Hopkins University Press.
  • Frantz, Douglas and Catherine Collins (2000) Celebration, U.S.A.: Living in Disney's Brave New Town. New York: Henry Holt and Co.
  • Gans, Herbert J. (1967) The Levittowners: Ways of Life and Politics in a New Suburban Community. New York: Pantheon Books.
  • Garreau, Joel (1991) Edge City: Life on the New Frontier. New York: Doubleday.
  • Holcombe, Randall G. and Samuel R. Staley (2001) Smarter Growth: Market-Based Strategies for Lane-Use Planning in the 21st Century. Connecticut: Greenwood Press.
  • Jacobs, Jane (1961) The Death and Life of Great American Cities. New York: Random House.
  • Peiser, Richard B with Anne Frej (2003) Professional Real Estate Development, Second Edition. Washington, DC: Dearborn Financial Publishing and The Urban Land Institute.
  • Ross, Stan with James Carberry (2006) The Inside Track to Careers in Real Estate. Washington, CD: The Urban Land Institute.
  • Rybczynski, Witold (2007) Last Harvest: How a Cornfield Became New Daleville. Schribner.
  • Webster, Chris and Lawrence Wai-Chunghai (2003) Property Rights, Planning and Markets. Edward Elgar Publishing, Inc.