Programme Specification: MSc Real Estate Economics and Finance
1. Awarding Body / LSE2. Details of accreditation by a professional/statutory body, eg ESRC; BPS etc / Royal Institute Chartered Surveyors (RICS)
Investment Property Forum (IPF)
3. Name of final award / MSc
4. Programme title / Real Estate Economics and Finance
5. Duration of the course / Full-time 12 months; part-time 24 months
6. Based in the Department/Institute / Geography (with participation of Accounting, Finance and Economics)
7. Relevant QAA subject benchmark statements / N/A
8. Application code / L8U3
9. First written/last amended / April 2005 / November 2012
10. The programme aims to:
· provide research-focused education on the analysis of real estate markets, to outstanding students from the UK and overseas;
· develop students’ understanding of economic and financial theory and its application to the analysis of real estate issues;
· provide a rigorous exposition of relevant analytical and quantitative tools;
· enable students to progress to higher degrees or to follow successful careers in the real estate sector, for both public and private organisations, in the UK and overseas.
11. Programme outcomes: knowledge and understanding; skills and other attributes
Knowledge and understanding:
At the end of the programme students will have a thorough understanding of:
· Basic principles of urban and regional economics with particular emphasis on the fundamentals of price determination in real estate markets;
· Investment and financing aspects of corporate finance theory and the application of this theory to real estate finance;
· The interaction between real property markets and investment markets;
· The role of real property market professionals in analysing real estate markets and in influencing market outcomes;
· The impact (including the impact on land and property prices) of regulation, transport, public policy and socio-economic change.
Skills and other attributes
At the end of the programme, students will be able to:· use appropriate theoretical and quantitative tools to analyse the process of price formation in real estate markets;
· explain how regional growth, policy and land market regulation will impact this process;
· apply a range of techniques for investment appraisal and asset pricing;
· use analytical tools necessary for understanding corporate finance decisions;
· design and apply appropriate research methodology to a wide range of real estate issues;
· write clear, succinct, analytical papers, based on evidence derived from multiple sources;
· prepare and deliver effective oral presentations in small groups.
See information relating to careers.
12. Teaching, learning and assessment strategies to enable outcomes to be achieved and demonstrated
Teaching/learning/assessment strategy
Students acquire their detailed knowledge and understanding of the course through lectures, classes, seminars and independent study. In the Applied Urban and Regional Economics course students normally give at least two presentations (individual or joint paper presentations, group work presentations etc.). In addition, for some seminars (particularly in the compulsory Finance course and in the Real Estate Finance course), students are expected to complete problem sets and to undertake quantitative exercises applying the theory they have learnt to actual data.Each compulsory GY course offers at least one piece of formative feedback (feedback on essay on past exam question, on mock exam or on project proposal outline).
All of those involved in programme delivery are at the forefront of research in the field – and as such, students have direct insight into current thinking in the field. In addition, there is a compulsory lecture series involving presentations by leading real estate practitioners. This aspect of provision is further enhanced through the array of LSE public lectures, which include senior national and international policy makers, politicians and researchers in this and related fields.
Students are strongly encouraged to make use of electronic information sources, where appropriate.
All course reading lists include references to current research, and other primary sources including official documents and web references, as well as original academic works, only using standard texts for introductory material.
Assessment
The core course in Applied Urban and Regional Economics is assessed by a 3 hour unseen written examination. Students have to take a compulsory Finance course; they have a choice between a full unit and a half unit course. The assessment depends on the course chosen but is in all cases an unseen written examination.A 3000 word project forms the basis for the assessment of the compulsory half unit. There is also a compulsory 10,000 word dissertation (see course regulations for details).
Teaching and learning strategies
Skills are developed through guidance and feedback from the MSc course tutor and lecturers in the context of:Seminar presentations on the two core courses
Problem sets and quantitative exercises (particularly in the finance course)
One-to-one tutorials.
The development of a research proposal, discussed over two supervision meetings, that will form the basis of a 10,000 word dissertation. (See departmental supervision policy document for more details)
Assessment
Formative assessment takes the form of feedback from the MSc course tutor or one of the course lecturers (see above). Formative feedback is also provided within seminars and is central to student development. Students undertake an independent research dissertation. This long essay draws together a number of their intellectual skills as well as checking their understanding of fundamental issues. This essay may be based on original statistical analysis and/or original fieldwork and is expected to directly relate to an area of real estate research.13. Programmes structures and requirements, levels, modules, credits and awards.
See the MSc Real Estate Economics and Finance programme regulations
14. Criteria for admission to the programme
· For applicants who are graduates from British Universities, a good 2.i or equivalent in Economics (single or joint), or a closely allied subject;
· Applicants with qualifications from other countries will be expected to have a similar academic background. It is also compulsory to submit a GRE or GMAT score. There is no threshold score, but a high score will count in the applicants’ favour. (Students are usually in the top 10% on quantitative and qualitative components of the tests.);
· Applications are welcome from individuals in the real estate field who wish to upgrade their technical skills and analytical insight. Such applicants might be accepted with a slightly weaker academic background, providing they meet a threshold requirement with respect to their economics training;
· Applicants must meet the school’s minimum English language requirement.
15. Indicators of quality
RAE (2008): 70 per cent of the department’s research was judged as either world-leading or internationally excellent.
RICS recognition
IPF recognition
The LSE Careers Centre website provides data on career destinations of LSE graduates.
16. Methods for evaluating and improving the quality and standard of teaching
· The Teaching and Learning Centre is available to monitor and observe teaching and offers constructive advice on how to improve the standard of teaching and quality;
· Departmental TLAC review once every five years;
· The Teaching Learning and Assessment Committee which regulates all aspects of teaching quality;
· The Graduate Studies Sub-Committee which oversees all graduate programmes and ensures that significant changes to programmes and courses pass through a sequence of formal stages, so that curricular changes are appropriate and compatible with other developments.
· Departmental Teaching Committee;
· SSLC meetings;
· Course teaching surveys by TQARO;
· The Department’s system of periodic review for its programmes.