Opportunities for Real Estate Studies: U.S. Economics Departments

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Opportunities for Real Estate Studies U.S.
Economics Departments

• Don Haurin
• Professor of Economics, Emeritus Ohio State
  University

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The U.S. Programs

• Real Estate is taught and learned in 3
  departments in the U.S.
• Economics, Finance, Real Estate (and affiliated
  units)
• They are housed in Colleges of Business, Arts
  and Sciences, or other.
• As professors, we find colleagues in many
  departments and we cross boundaries
• However, there are preferences for publication
  outlets based on the home departments location.

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Ph.D. Students Programs

• Students in Economics and Finance tend to
  determine their program in real estate.
• Economics departments will require a full first
  year core set of courses in micro and macro
  economics and econometrics. Finance usually
  follows the same path.
• They diverge in the second year.
• Economics students likely specialize in some
  areas of applied micro and often econometrics.
  Some take more theory
• In finance follow their disciplines specialties.
  
• Result finance students tend to specialize in
  commercial real estate and economics students in
  residential real estate. Those from real estate
  programs are more balanced, but may lack depth in
  economics and finance theory.

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Placements of Econ Ph.D. Students

• Students with an Economics Ph.D. writing a
  dissertation on real estate issues could be
  placed in academic jobs in
• Economics departments (most likely in an applied
  micro positionthe market is now worldwide)
• Real estate programs/departments
• Possibly in a public policy program in the U.S.
  (if a topical need)
• Somewhat less likely in finance (need training
  in core finance theory) or a business school
• Less likely city and regional planning
  agricultural/applied economics
• Criterion at top 50 departments in the U.S. used
  in selecting job candidates potential to publish
  in academic journals in the discipline (based on
  dissertation and other papers completed while a
  graduate student)

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Placement of U.S. Ph.D. Econ Students

• Outside of academia, U.S. placements are in
• Fannie Mae, Freddie Mac, Department of Housing
  and Urban Development, Federal Reserve (Board of
  Governors or regional Fec bank), other government
  agencies
• Criteria 65 proven skills in applied work, 35
  knowledge of real estate issues (i.e.
  dissertation topic)
• Less likely international agencies
• Criteria 75 proven skills in applied micro
  work, 25 knowledge of real estate issues
• Major consulting firms
• Criteria perhaps 90 proven skills in applied
  work, 10 knowledge of real estate

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Suggested Keys to a Successful Career

• Get significant experience in conducting research
  beyond the dissertation while getting your Ph.D.,
  often jointly with a professor.
• Learn how to polish a paper and make it worthy of
  submission to a good journal (important!!)
• Learn how to write a proposal for funding your
  research
• Learn how to communicate clearly (important!)
• In presentations at conferences and seminars
• As a discussant at conferences
• In informal situations (cocktail parties/dinners)
• Dont be shy about self-promoting your research
  accomplishments